TMAC Resources, a mining company operating in Hope Bay, Nunavut, has recorded $7.2 million in profit for Q1 – 2019, the first time the company has recorded positive earnings. Revenues have increased alongside gold recovery rates and production thanks in part to the Falcon Gravity Concentrator upgrades they made in December last year. TMAC expects to continue this trend of success by further improving its gold recovery methods with additional mineral processing equipment later this year.
Increased Gold Production
First-quarter gold production at the Hope Bay mine increased from 20,650oz to 40,050oz. This helped TMAC double their first-quarter revenue from $33 million in 2018 to $67.9 million in 2019. Gold recovery rates also saw an increase from 71% to 84% during the same time frame, setting yet another record for the mining operation.
“In the first quarter, we produced a record 40,050oz of gold, 18% more than the previous quarter, which drives improved financial performance.” – Jason Neal, President and Chief Executive Officer
TMAC’s Equipment Upgrades
In December 2018, TMAC upgraded their Falcon SB400 Gravity Concentrators to the SB1350 models, and also added two Falcon C2000s to the mix. The additional equipment has allowed them to ramp up production and gold recovery rates simultaneously. TMAC’s goal is to increase recovery rates from 84% to at least 90% in the near future. Here’s what Jason Neal had to say about their recovery performance:
“We continued to commission our processing plant retrofit, focusing on increased gravity recovery and improved stability, with a realized recovery of 84% for the full quarter. We had improvement throughout the quarter and finished strong. As recoveries continue to stabilize and approach our targets, we will push throughput harder, driving our next step in growth.”
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