Kainantu Mine Expects K7 Billion from Expansion
Operator of the Kainantu Gold Mine, K92 Mining Inc, says it expects revenues from its announced expansion in its current operation to be K7 billion over the 13 year development.
John Lewins, CEO of K92 Mining Inc, announced the expansion in the presence of Minister for Mining and Member for Kainantu district Mr Johnson Tuke and Managing director for Minerals Resources Authority Jerry Garry in Port Moresby yesterday..
Production at the mine is set to be doubled over the next 12 months.
“We have completed an economic assessment in January and that identified that we can produce 1.3 million ounces of gold and 130 million pounds of copper over a 13 life of this expanded project.