Thursday, 24th July 2008 (550 views)

Pallancata mine is producing gold ahead of schedule, according to International Minerals.

Co-owner and operator of the mine Hochschild Mining announced that gold production for the second quarter of 2008 was 3,230 ounces. This is a growth of 67 per cent from the first quarter.

Of this, International Minerals share was 1,292 ounces of gold as it owns 40 per cent of the Pallancata mine.

Ore processed from the mine at the Selene plant owned by Hochschild increased by 64 per cent from the previous quarter to 83,517 tonnes.

The company said: "The current production rate of approximately 1,000 tonnes per day is double the production rate originally required to be achieved by the present date."

Due to this, the company predicts the target of 2,000 tonnes per day by the end of the year to be achievable and remarkable as mine start-up happened only last September.

Pallancata is located in southern Peru.

 

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