TORONTO (http://www.cementprocesscrusher.com) – Idaho-based Coeur d’Alene Mines plans to begin mining operations at its Kensington mine in Alaska in July, the company announced on Wednesday.
Coeur said the mine is expected to produce around 50 000 oz of gold this year, up from an earlier forecast of 40 000 oz for the year.
The company has managed to keep construction activities for the tailings facility on schedule and on-budget, thanks to mild winter weather, and 85% of the tailings line from the mill to the new facility is now installed.
Blasting activities will take place along the Kensington vein this month, Coeur said.
Once the ramp-up is completed, Kensington is expected to produce an average of 120 000 oz/y of gold, at cash operating costs of around $475/oz.
The mine was allowed to move forward after the US Supreme Court in June last year overturned an appeals court ruling that withdrew the mine permit issued for Kensington by the US Army Corps of Engineers in 2005.
Kensington is Coeur’s third mine to start up in as many years, after it began operations at the San Bartolome silver mine, in Bolivia, in 2008, and started mining last year at the new Palmarejo silver/gold operation, in Mexico.
Both San Bartolome and Palmarejo have also had a good start to the year, Coeur said.
Palmarejo achieved a monthly production record of 546 738 oz of silver and 9 225 oz of gold, in March.
First-quarter silver production was up 25% compared with the December quarter, while gold output from the mine rose 23%.
At San Bartolome, March production rose 46% from February’s levels to 451 746 oz of silver, the highest monthly figure since October 2009.
Cash operating costs also improved at both mines, Coeur said.
„Coeur is off to a strong start the first quarter of 2010, in executing its key objectives of optimising silver recoveries at Palmarejo, obtaining access to important mining areas at San Bartolomé, and starting production at Kensington in July of this year,“ CEO Dennis Wheeler said in a statement.
„We believe that, along with a continued positive silver and gold price environment, Coeur is expected to achieve a record year in terms of revenues and cash flows for its shareholders.“
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