And K92 Chief Operating Officer, John Lewins, says the company plans to ramp up to full production by around April.
K92 Mining Inc. has spent in excess over K24 million in refurbishment and rehabilitation costs to bring the operation back into production.
“It had been sitting for eight years,” Lewins tells Business Advantage PNG.
“There was a fair amount of capital required for refurbishment and rehabilitation of the mine.”
The Kainantu gold mine had been on care and maintenance since 2008, when Barrick Gold acquired the operation from Highlands Pacific.
Barrick Gold then decided to sell it which K92 acquired.
Kainantu’s current resource is over two million ounces, which includes the Irumafimpa area and Kora deposit. K92 Mining says two million ounces is only a small part of Kainantu’s potential resource.
With no previous drilling in the area between Irumafimpa and Kora, Lewins says the area has significant potential for the company.
“It’s one of the most exciting bits of ground that I’ve seen, and one of the most exciting projects that I’ve been involved in—and that’s having spent almost 40 years in the industry.”