Minmetals Resources Ltd (1208), a unit of China’s largest metals trader, said its gold production climbed 62 percent in the first quarter, aided by high-grade ore from its Sepon mine in Laos.
Output of the precious metal increased to 34,082 ounces from 21,039 ounces a year earlier, Hong Kong-based Minmetals said today in a statement. Copper cathode output rose 21 percent to 22,246 tonnes from a year earlier.
Gold prices averaged $1,691 an ounce in the quarter on the London Metal Exchange, compared with $1,387 an ounce a year earlier, Minmetals said today. The forecast of 60,000 to 65,000 ounces of gold production from Sepon this year will be maintained as ore supply from the mine is expected to decline in second half, the company said.
While production of copper concentrate gained 47 percent to 6,010 metric tonnes, copper output fell 18 percent from the previous quarter because of a decline in processing volumes and the quality of copper ore, the company said.