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Tuesday, 24th March 2009 (990 views)

Redback Mining has revealed that its Tasiast mine in Mauritania has more proven and probable gold reserves than was previously known.

The firm has said it has 27.2 proven metric tonnes of ore reserve in the mine, with the probable total standing at 20.1 metric tonnes.

Such a figure represents a 39 per cent rise on the previous estimate produced last April and is 119 per cent more than the level of reserves known when Redback took over the mine 19 months ago.

Earlier this month the company reported that its net income for 2008 was $61.9 million (£42.2 million).

This was the result of a number of factors, including the increase in reserves at Tasiast.

Other factors included a 76 per cent increase in overall gold production and a 48 per cent rise in the realised price of gold per ounce since 2007, from $587 to $866.

 

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