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Algeria Amesmessa gold mine missed February production targets, says GMA Resources
Source: BI-ME , Author: BI-ME staff
Posted: Mon March 9, 2009 6:05 pm
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INTERNATIONAL. Mining company GMA Resources said Monday gold and silver production in February was lower than anticipated because of supply chain problems.

In a statement, the company cited low availability of spares for mining equipment, delays in receiving the spares from ports and certain operational issues with a new leach as reasons for the shortfall. March production should not be negatively affected.

GMA Resources owns a controlling 52% stake in ENOR spa, an Algerian based operating company for the Amesmessa Gold project, with the remainder owned by Sonatrach, the Algerian state-owned oil and gas company.

During February 2009 the Amesmessa mine produced 3,037 ounces of gold and 590 ounces of silver. Whilst production in January 2009 was above management expectations of 3,000 ounces, the production for February 2009 was below expectations of approximately 4,000 ounces.

Chief executive Douglas Perkins, commented: “We are disappointed not to have increased monthly production for the fifth month in a row, even though it is hopefully a temporary situation. Supply chain continues to test our abilities to service the mine but the experienced team at site continues to quickly diagnose and resolve any problems that arise.”

Shares in GMA Resources initially dipped 15% on the update, but rebounded quickly.

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

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