The gold is there – ambitious miners are reminding the market - it’s just knowing where to look for it. Vancouver-based K92 Mining Inc. (TSX-Venture: KNT) announced Wednesday an expansion of its Kainantu Gold Mine in Papua New Guinea, aimed at doubling current capacity to 400,000 tonnes a year, and increasing annual production to an average of 120,000 ounces of gold equivalent (AuEq).
A news release out Wednesday morning earmarked total capital expenditure for the project for 2019 is projected to be $30 million U.S. It also projected production between 68-75,000 ozs AuEq in 2019 and 115-125,000 ozs AuEq in 2020.
Total production over the next 13 years would be 1.33 million ozs gold and 130 million lbs copper; total revenue around $2 billion U.S., and royalty payments upwards of $50 million.
Stock price for KNT climbed eight cents, or 6.2%, to $1.37, on 224,000 shares.