Beaconsfield gold production shrinks

The owners of the Beaconsfield Gold Mine in northern Tasmania say production at the mine for the March quarter is about six-thousand ounces down on projections.

Beaconsfield Gold blames several factors for the production downturn.

In a statement to the Stock Exchange, the company says these include problems with the processing of underground waste from its production shafts, and a reduction in trucking capacity.

The company's Chief Executive, Bill Colvin, says the 6000 ounce shortfall will be made up, but it will take time.

Mr Colvin says production for the second half of this financial year is therefore unlikely to exceed that of the first half, as had been expected.

But Beaconsfield Gold says it is making progress in introducing an enhanced mining method, and this has the potential to cut production costs by between $120 and $240 per ounce.

... read original article
Sat 13th March 2010 - 07:11am