– reach commercial production level
Australian-owned, Troy Resources Limited, yesterday announced that commercial
production has been declared at its Karouni gold project following successful commissioning and operation of all key components of the processing plant.
Commercial production is defined as the point when the mine is in the condition necessary for it to be capable of operating to the design specification set by management for long term sustainable production.
“It marks the completion of project development, commissioning and operational ramp-up of the mine and processing plant. The key design parameters considered include the mill reaching a pre-determined level of design capacity, recoveries, ability to produce a saleable product and maintaining ongoing production.”
Troy also announced that less than two months since the first gold pour at Karouni, the operation is now self-funding.
“The plant continues to perform in line with expectations and mill throughput of 80,000 dry tonnes per month is forecast to be reached in March 2016.”
Managing Director, Martin Purvis said: “Achieving commercial production is a significant milestone for the company. I want to thank all our employees and contractors for their dedication and hard work ensuring the successful transition from commissioning to commercial production.”
Commercial production was achieved after the investment of approximately A$133 million in the project which includes all expenditure relating to infrastructure, mining fleet, pre-production mining costs and first-fill inventories.
Troy is one of the major gold mining operations to start working last year. The other is Guyana Goldfields, a Canadian company.
Since the departure of Omai Gold less than a decade ago, there had been no large-scale gold operations in Guyana, though the country managed to reach record levels in light of high world prices.
Troy declared over 2,500 ounces last year and has declared over 11,000 ounces for this year, Government officials said.
Although, the price fell to over just over US$1050 per ounce last year, within the last few weeks, the price, reaching US$1,241 yesterday.
This year, Government is banking on both Troy and Guyana Goldfields to bring in at least 150,000 ounces with the country expecting a 550,000 ounces target.
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