Mandalay Resources Expects Lower Production for 2023

Mandalay Resources, a Canadian gold producer, has announced that it anticipates ending the year with production at the lower end of its target range. The company operates the Costerfield mine in Australia and the Bjoerkdal mine in Sweden. According to Mandalay, the production guidance for 2023 is expected to be between 88,000 and 100,000 gold-equivalent ounces.

Production Outlook

Mandalay expects stronger production in the final quarter, with Costerfield's output predicted to improve due to planned mining of higher-grade areas. Bjoerkdal is also anticipated to see higher grades as the mine's eastern extension zone ramps up its tonnage contribution to the overall mill feed in late 2023 and throughout 2024.

Third Quarter Performance

In the third quarter, Mandalay produced a total of 19,601 troy ounces of gold and 395 metric tons of antimony, equivalent to 22,032 gold equivalent ounces. This figure represents a decrease from the previous year's third quarter production of 27,287 gold equivalent ounces, which included 22,817 ounces of gold and 582 tons of antimony.

Costerfield's production for the recent quarter was 8,377 ounces of gold and 395 tons of antimony, compared to 12,526 ounces of gold and 582 tons of antimony in the same period of 2022. The mine faced certain challenges that affected both milled tons and underground gold grades.

On the other hand, Bjoerkdal's production increased to 11,224 ounces of gold from 10,291 ounces in the previous year.

For more information, contact Mandalay Resources.