K92 Mining, a prominent mining company in Papua New Guinea, has experienced a temporary setback in its third-quarter production due to the suspension of mining operations. Despite this, the company remains optimistic about a strong finish to the year.
Revised Production Target
K92 Mining initially set their annual production target between 120,000 and 140,000 ounces of gold equivalent. However, due to the challenges faced in Q3, they have adjusted their target to a range of 111,000 to 116,000 ounces.
Impact of 3Q Setbacks
During the third quarter, K92 Mining faced various challenges that affected their production. The suspension of underground mining for nine days following a tragic vehicle incident on June 28 resulted in a delay of high-grade stoping tons originally planned for September. Additionally, a scheduled maintenance period of 4.5 days in mid-July further hindered production.
As a result, the gold-equivalent production for the third quarter dropped to 26,225 ounces. This was a decrease from 30,974 ounces in the prior quarter and 32,995 ounces during the same period last year.
Outlook for Q4
K92 Mining is confident that the final quarter of the year will be the strongest in terms of production. They anticipate improved performance driven by a higher grade stoping and ore development mining sequence.