In the final quarter of 2011, a year that saw gold prices skyrocket to unprecedented levels, gold producers around the world reported record levels of production, indicating substantial gold mining activity could be seen in early 2012.
In Canada, San Gold Corporation recently announced that its operations at its Rice Lake Mining Complex in Manitoba resulted in major increases in gold production. A record 20,359 ounces of gold were extracted in the fourth quarter of 2011, with about 25,400 tons of ore in stockpiles representing an estimated additional 4,000 to 5,000 ounces.
In December, the company hit a new daily mill record of 2,056 tons per day, while its average throughput was determined to be 1,775 tons per day. When the mining operation first started in early 2011, it produced at a rate of 829 tons per day.
“This has been a tremendous year for our production team at Rice Lake. We’ve executed a very aggressive development plan, increasing our milling capacity by two-thirds while building out an extensive mine complex along a new mining horizon,” said San Gold president George Pirie.
The high levels of gold production extended into Egypt, where gold producer Centamin Plc increased its fourth-quarter output, helping the company rise 10 percent in London’s benchmark mining index.
“The final quarter of 2011 saw Centamin deliver record performance on all operating fronts, which was a credit to our operating team who remained focused and committed to successfully delivering on our targets during a challenging year,” Chairman Josef El-Raghy said in the statement.
The higher output that was seen in late 2011 is expected to continue into 2012, said Goldcorp, the third-largest gold producer in North America.
According to Mining Weekly, the company lifted its 2012 output by 3 percent to 2.6 million ounces, with a further 67 percent increase from 2011 by 2016, to 4.2 million ounces.
The Canada-based company also stated it will begin construction of a new $3.9 billion mining project in Chile.
In 2011, Goldcorp produced 2.51 million ounces of gold, at a cost of $530 per ounce.
CEO Chuck Jeannes stated that the company is positioned for success, with the five-year, 70 percent growth forecast expected to be followed by major output from the company’s new endeavors in Chile.
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