CGA Mining Ltd is looking forward to an increased production from its Masbate gold mine in the Philippines. The processing plant was originally designed to operate at a rate of 4 million tonnes per annum but a recent investment in it is likely to increase the throughput to 6.5 million tonnes per annum.
The construction of the processing plant was handled by Leighton Contractors Asia Limited. CGA Mining is also conducting a scoping study for the further expansion of the plant. The Masbate gold mine was acquired by the company in March 2007.
The Masbate Gold Project produced its first gold on 12 May 2009 and is considered the largest gold project in the Philippines.
For the year to June 30 Masbate milled 4.5Mtpa of ore, at an average grade of 1.26 grams per tonne of gold. Production was 150,143 ounces, at an average cash cost of $US548 per ounce.
CGA Mining was previously known as Central Asia Gold Ltd. The company is listed on both the Toronto Stock Exchange and the Australian Securities Exchange.