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Archipelago Resources (LON:AR.) today declared the start of full production at its 95 per cent owned Toka Tindung gold mine in Indonesia.
The mine is now achieving the targeted 1.5 million tonne per annum production rate. This means that the mine is expected to produce at least 60,000 ounces of gold this year, it explained.
This will equate to an annual production rate of 150,000 ounces of gold. This level of output is expected for the life of the mine.
“Meeting our production objective is a significant achievement for Archipelago and our ability to generate positive cash flow will provide the platform for meaningful growth,” said chief executive Marcus Engelbrecht.
Archipelago is currently mining from the Toka Tindung open pit as well as two other satellite deposits, Pajajaran and Araren.
Meanwhile the group continues its exploration of the area already covered by the Toka Tindung mining permit.
“Having successfully established our production base, the company is committed to pursuing further drilling programmes at Toka Tindung,” Engelbrecht added.
“This will support organic production growth at Toka through increased reserves, additional sources of ore and greater production optionality.”
The company also announced today that it will not proceed with the Pac-Lang joint venture in Vietnam.
The decision follows a comprehensive review of the work conducted there to date. The exploration results to date do not justifying further expenditure, Archipelago said.
“Archipelago maintains a strong management presence in Vietnam and the company continues to review other opportunities in that country,” it said.