Alacer Gold Corp
Alacer Gold Corp
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Alacer Gold has declared commercial production at its Çöpler sulfide plant effective May 31 after operating at design and delivering over 22,000oz gold for the month with processing costs in line with expectations.
President-CEO Rod Antal says Alacer is continuing to optimise the plant and expect further improvements quarter-on-quarter over the remainder of 2019, reaffirming FY2019 production guidance of 230,000-270,000oz at AISC of $US600-650/oz.
March qtr (Q1) production of 89,354oz gold at AISC of $US721/oz has Alacer Gold on track for its significantly higher FY2019 guidance of 320,000-380,000oz at $675-725/oz from its Çöpler mine in Turkey. The Q1 result compared to the Dec qtr’s 81,632oz at $1,021/oz.
With the ramp-up of Çöpler’s sulfide plant reaching 36,933oz in Q1, president-CEO Rod Antal says improvements in plant stability, throughput, utilisation and recoveries are expected to improve progressively through the year.
The newly discovered Ardich gold deposit continues to justify Alacer Gold’s rating as its first development priority by increasing its combined oxide and sulfide resources to 735,000oz – comprising 639,000oz (13.2Mt @ 1.5g/t) indicated and 96,000z (2.6Mt @ 1.16g/t) inferred.
Ardlich is just 6km NE of Alacer’s Çöpler gold mine in E Turkey and president-CEO Rod Antal says it’s assessing opportunities to process the oxide ore at the existing mine or construct stand-alone processing facilities.
An updated PFS has reinforced positive economics for the Gediktepe polymetallic project in western Turkey, but Alacer Gold says it remains the company’s second priority development target behind the Ardich project close to its producing Çöpler mine in the country’s east.
Gediktepe, a 50-50 JV with operator Lidya Madencilik, holds measured-indicated resources of 878,000oz gold, 29.8Moz silver, 537Mlb copper and 1.05Blb zinc.
Alacer aims to double gold production at its 80%-owned Çöpler mine in central Turkey in the coming 12 months as its new sulfide plant proceeds on target towards commercial production early in the year.
After lifting FY2018 output to 170,865oz at AISC of $US615/oz, Canadian-based Alacer predicts FY2019 production will grow to 320,000-380,000oz at $US675-725/oz – 90,000-11,000oz at $700-750/oz from the oxide plant and 230,000-270,000oz at $600-650/oz from the sulfide plant.
A productive Dec qtr has enabled Alacer Gold to lift FY2018 production from its 80%-owned Çöpler gold mine in Turkey to 170,865oz at unaudited AISC of $US615/oz, up from 168,163oz at $685/oz in FY2017.
The result includes the first production from Çöpler’s sulfide plant, which poured 21,916oz in its first full qtr.
Alacer ended the year with a cash balance of $106M and net debt of $350M.
Alacer Gold has come up with a maiden 379,000oz gold resource for the Ardich oxide deposit, about 6km NE of its 80%-owned Çöpler Gold Mine in Turkey, which it expects to have in commercial production early next year.
The new resource consists of a measured/indicated 294,000oz at an average 1.32gt Au within 6.9Mt. There is also an inferred 85,000oz at an average 1.20g/t in 2.2Mt, both resources representing the 1st estimate of a potentially larger deposit.
Canadian-based Alacer Gold remains confident of reaching commercial production in early 2019 and full 1.9Mtpa nameplate capacity by the end of the year after processing the first sulfide ore through its sulfide plant at its 80%-owned Çöpler gold mine in Turkey.
“We can now confidently say the Çöpler mine will deliver tremendous value for many years to come,” president-CEO Rod Antal said after the first autoclave came online.
Gold miner Alacer Gold has lifted Sept 2018 qtr (Q3 18) production from its sole-producing, 80%-owned Çöpler Gold Mine in Turkey to 26,160oz from Q2 18’s 25,198oz, with gold sales up to 29,270oz from 24,952 for revenue of $US37M from $32,342M.
With 9-months YTD 2018 production of 89,233oz and sales of 96,353oz for $124M, the company expects to meet the lower end of Dec 2018 year (FY/CY18) guidance of 160,000oz-230,000oz. Full Q3 18 financial/operating results planned for Oct 30, 2018.
Turkish gold miner Alacer has reaffirmed full year 2018 guidance of 160,000-230,000oz for its 80%-owned Çöpler project – but expects to come in at the lower end of the range after completing construction of its new sulfide plant.
Alacer told the Denver Gold Forum it is initially treating oxide ore in the staged start-up of the sulfide plant before transitioning to pressure oxidation treatment of sulfide ore, and expects to reach commercial production in early 2019.