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Olympus says its Vietnam gold production set record in May
Olympus Pacific Minerals Inc., a Canadian gold miner operating in Vietnam, said May production rose to its highest since it began mining in the country in 2005 because of greater efficiency in getting high-grade ore.
Gold output last month totaled 2,574 ounces, up 3 percent from 2,494 ounces in April, Toronto-based Olympus Pacific said.
Output in the first five months of the year amounted to 7,760 ounces, compared with the 11,191 ounces reported for the whole of 2008.
Accelerating production at Olympus Pacific’s operations may buoy the optimism of other companies hoping to mine in the country, including Asian Mineral Resources Ltd., Triple Plate Junction Plc and Zedex Minerals Ltd.
Olympus’ production year-to-date is about 20 percent ahead of its plan.
“We’re getting high grades and our plant is running more efficiently now,” said Chief Executive David Seton in a telephone interview Friday from Sydney, Australia. “Things are going better than we anticipated.”
Olympus Pacific, the first Western miner to produce in the country since a series of failed attempts in the 1990s, anticipates producing at least 6,650 ounces per month of gold by the end of 2011.
thanhnien, bloomberg
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