Gold price firms in holiday-thinned trade, spotlight on Fed and Trump policies
The yellow metal has gained 27% so far this year.
Yesterday rescuers bored a 70 cm diameter hole 38 metres deep to break through the chamber where a Newcrest Mining worker has been trapped for seven days in Newcrest’s Kencana Mine.
The company says Pak Mursalim’s health remains good and he has been speaking with his family using a newly installed telephone line. Kencana is a mine within the Gosowong Mining Complex in Indonesia.
In a statement, the company calls completion of the bore hole “significant”.
“Before attempting final extraction, the bore hole will need to be lined so that Pak Mursalim can be safely brought up,” says the company.
“It is expected that lining the hole will take several days. A second extraction option, which is a new lateral development drive from the main decline to Pak Mursalim’s location, is
also being progressed.”
Gosowong produced 141,000 ounces of gold in the December half, accounting for about 12% of Newcrest’s gold output.
Gosowong is located in Indonesia, 53km NE of Ternate. Gosowong is a gold (epithermal and epithermal – low sulfidation) deposit, with additional occurrences of silver. Gosowong is an underground operation, employing long hole stoping, undercut & fill, and overhand cut & fill technologies . Gosowong is 100.00% owned by Nusa Halmahera Minerals, which is 75% owned by Newcrest Mining. Map from IntelligenceMine.
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patentbs
God speed!