K92 Mining reports record production at Kainantu, revenue up 56%
(Kitco News) - K92 Mining (TSX: KNT; OTCQX: KNTNF) today announced record annual gold equivalent production of 98,872 oz at its Kainantu gold mine, located in the Eastern Highlands province of Papua New Guinea.
Gold equivalent production consists of 95,109 oz of gold, 1,853,078 lbs of copper and 36,067 oz of silver, representing a year-over-year AuEq increase of 20%. The company achieved cash costs of US$651/oz gold and AISC of US$782/oz gold.
The company said that its record annual revenue of US$159.1 million increased 56% from 2019. Operating cash flow was US$76.5 million or US$0.35 per share and EBITDA of US$79.6 million or US$0.37 per share. Net income was US$42.0 million or US$0.19 per share.
In addition, K92 successfully commissioned Stage 2 Plant Expansion to double throughput capacity to 400,000 tonnes per year and continued development of the twin incline following the lifting of the State of Emergency in June 2020.
K92 Mining is engaged in the production of gold, copper and silver from the Kora deposit at the Kainantu gold nine in the Eastern Highlands province of Papua New Guinea, as well as exploration and development of mineral deposits in the immediate vicinity of the mine. The company declared commercial production from Kainantu in February 2018 and is in a strong financial position.