Dual listed Philippines focused gold producer CGA Mining (TSX:CGA, ASX:CGX) slipped 2% in trading today despite reporting that its plant availability at the Masbate gold mine was 2.7% ahead of management`s forecast of 92%. The emerging gold producer reported the milestone in a brief update to shareholder this morning to coincide with its maiden year of operations at Masbate.
The processing plant at Masbate was initially designed to operate at a rate of 4 million tonnes per annum (Mtpa), but the Sydney and Toronto listed company reported today that a US$15 million investment program was `well advanced` which would increase throughput to 6.5 Mpta. In August the company achieved throughput of 0.538 million tonnes.
For the twelve month period ended June 30, 2010, CGA Mining milled 4.5 Mtpa at an average grade of 1.26 grams per tonne gold with plant availability of 88.9% and recoveries of 83.2%. This produced 150,143 ounces of gold at a an average cash cost of US$548 per ounce.
The Masbate Gold Project is the largest gold project in the Philippines and first gold poured in May 2009. It has a total indicated resource base of 4.55 million ounces, total inferred resource base of 3.22 million ounces with a probable reserve of 3.03 million ounces of gold.
The mine will produce at a annualized rate of 200,000 ounces of gold once at a steady state of operations.
Shares in the company are currently sitting just below their 52 week high of CAD$2.60 per share.
CGA also recently spun out its African assets into Ratel Gold (TSX:RTL), which listed on the Toronto Stock Exchange. Ratel Gold is earning a 51% interest in the Segilola Gold Project in Nigeria and holds a 51% interest in the Mkushi Copper Project in Zambia. CGA has retained a 20% equity stake in the Africa focused company.