Vancouver’s Monument Mining Limited (TSX-V: MMY) (FSE: D7Q1) made its first gold concentrate shipment and sale from a newly constructed flotation plant at its Malaysia mine, marking a significant milestone for the company.
The achievement announced on Friday was described as a “momentous occasion” by the company’s President and CEO Cathy Zhai. Monument has now shipped 490 dry metric tonnes (DMT) of the concentrate out of an initial offtake agreement of 2,000 to an unnamed buyer.
The first shipment was sent from the Selinsing Gold Mine’s warehouse to Malaysia’s Johor Port on June 18 and the company says an appointed internationally recognized survey company is examining the concentrate. Monument has obtained all relevant transport and export permits.
“The initial offtake of 2,000 DMT of concentrate from Selinsing marks the beginning of a gold concentrate revenue stream and restores our operating cash flow,” said Zhai.
An additional 3,000 DMT are currently up for sale and the company says it has been receiving significant interest from other potential buyers. Monument says the concentrate will be shipped to buyers on a routine basis going forward and that it will be gradually increasing the number of trucks hauling the material.
Concentrate shipment at a truck scale/weighbridge. Image via Monument Mining
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Gold concentrate is an intermediate product or semi-processed material obtained through the processing of gold ore which results in a sand-like substance with a much higher concentration of gold than the original ore.
It is a product that requires further processing or refining before producing pure gold that would be used for jewellery, coins, or other goods.
“The processing of refractory gold ores begins with crushing and grinding, followed by flotation at the mine site which reduces the volume of material down to between 2.8 per cent and 4.2 per cent of the original mass by selectively enriching gold mineralization. The resulting concentrate is then transported to the pressure oxidization hub by road and/or rail for further processing and gold recovery,” says the Engineering & Mining Journal.
Gold concentrates in a tent at the Selinsing Gold Mine. Photo via Monument Mining
The Selinsing gold project has a processing capacity of 950,000 tonnes per annum, 260 kilo-ounces of mineral reserves and is estimated to have another six years of remaining life.
Calibre Mining (TSX: CXB) (OTCQX: CXBMF) is another Vancouver-based gold producer that has been observing improved revenue streams from its gold mining operations in recent days.
The company generated record revenue and gold sales during Q1 this year and recently had positive assessments from the Bank of Nova Scotia (TSX: BNS) and Bank of Montreal Financial Group (TSX: BMO) indicating that its open-pit operations in Nicaragua would further accelerate the company’s revenue and gold sales for the remainder of the year.
Calibre’s shares stayed flat at $1.36 Monday on the Toronto Stock Exchange where they have risen by 63.86 per cent over the past six months.
Monument’s stock rose by 11.11 per cent to $0.10 on the TSX Venture Exchange.
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