Resources Correspondent
GOLD company Afrikander Lease (Aflease) said yesterday the commissioning of its new carbon-inleach gold processing plant (CIL plant) had started and the first gold from the CIL plant would be smelted this week.
The company warned last month that it might double its March quarter loss in the June quarter because of lower gold production as a result of the delay in the commissioning of its the plant.
"The CIL plant commissioning is in progress, with the primary and one of the secondary mills in operation together with four of the six leach tanks," the company said.
Aflease said all the components of the plant were expected to be in operation, as forecast, by the end of this month.
After the delay in the commissioning of the plant and the "premature" shut-down of heap leach operations, Aflease said it had to seek bridging finance. The company said it would give further details on this in due course.
The company has completed an update of its reserves and resources in line with requirements prior to the planned upgrade of its US Nasdaq listing.
Aflease reserves stand at 2- million ounces, with annual production of 200000 ounces, representing a reserve life of more than 10 years. The company's resources are now put at 6-million ounces.
At its underground operations the company said progress at the Bonanza section was on track. The underground operations at its New Kleinfontein section are closed.
Jun 05 2003 07:31:21:000AM Julie Bain Business Day 1st Edition
Thursday
05 June 2003
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