WGE gains additional gold mining site in Indonesia

29 August 2016 (Last Updated August 29th, 2016 18:30)

US-based WGE has acquired an additional mine site in Northern Indonesia, which it plans to operate in conjunction with its existing gold mining properties in the region.

US-based WGE has acquired an additional mine site in Northern Indonesia, which it plans to operate in conjunction with its existing gold mining properties in the region. 

Based in Indonesia’s West Sulawesi province, the newly acquired mine has a reserve area of 10ha and uses heap leach technology through a number of smaller pads.

These leach pads have a lower operating cost per ounce of production compared with the company’s existing leaching facilities.

WGE plans to start production of up to 2.5kg/month from the new mining operation in October.

"The company plans to start production of up to 2.5kg/month from the new mining operation in October."

Set to be renamed Consolidated Gold, the company completed a reorganisation and integration  process after acquiring a gold mining and production platform in South East Asia in July. 

The acquisition is expected to provide an opportunity for the company to capitalise on an attractive asset class for global investors through a fully operational and producing gold mining business in Indonesia.

Consolidated Gold’s operations are located in areas with volcanic hosted ore deposits, which stretch across the northern part of Indonesia’s Sulawesi province.

The company has operating gold mines in Indonesia and is in the process of acquiring additional capacity through gaining additional reserves and production capacity in Indonesia.

Furthermore, the company plans to acquire an existing deep shaft mine on a 50ha property in northern Philippines with estimated recoverable reserves of one million ounces.