Lower grades knocked revenues at ’ () Chepica gold mine in the three months to end December despite a rise in the amount of ore processed.
Mill grades were 40% lower than expected at 1.65 g/t and 8% below the previous three months, hitting the results, but chief executive Jan Nelson told Proactive: “We have a good idea of what we think the problem is and we will address it in the coming quarter.”
Revenue was 16% below the previous quarter at US$375,000, but profits rose by 39% to US$208,000 due to its cost-cutting measures and because the company “overachieved in terms of our volume” Nelson said.
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