Gold miner Altyn expressed confidence in achieving its targeted production even as it reported a decline in production for 2016.

The miner operating in Kazakhstan produced 10,970oz of gold in 2016, which is down from 15,534oz in 2015. It produced 16,520oz of silver in 2016, down from 26,608oz in the previous year.

These drops have been attributed to development of the Sekisovskoye mine and are a result of resources being used to develop the platform in order to begin production at the underground mine, reported Alliance News.

In the second half of 2016, Altyn’s gold production stood at 7,276oz due to rise in operations in the underground mine, compared with 3,694oz in the first half, reported Digitallook.com.

The company expects its ongoing capital expenditure this year to be around $15m and $20m in 2018 in this region.

"The strong rate of growth of production in the second half of 2016 has been sustained in 2017, and will be further enhanced going forward as new capital equipment is acquired."

Altyn CEO Aidar Assaubayev was quoted by Alliance News as saying: "We are pleased with the development of the underground mine in 2016, which has built a solid platform for the future growth of the company, the results of which are now bearing fruit.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“The strong rate of growth of production in the second half of 2016 has been sustained in 2017, and will be further enhanced going forward as new capital equipment is acquired."

The company expects to achieve a targeted forecast gold production of 100,000oz in the future, with a forecast cash cost of $510.

Assaubayev added: “The Sekisovskoye mine project together with the added benefit of the development Karasuyskoye ore field, the exploration results of which are looking very encouraging are expected to generate substantial returns to the shareholders."