Placer Pacific sets new pace

WHEN record production was achieved at the world-rated Porgera mine in the PNG high lands, it was their three principal Australian partners who picked up the most credits.

Porgera manager, Placer Pacific, has won repute in Australia as the country’s leading gold producer with the help of output from Porgera. It said in its production report for 1991, that it churned out 2 million ounces (62.2 tonnes) of gold last year, almost double the 1990 figure.

Output from five mines surged from 1.14 ounces to 2.06 million ounces.

With that it has replaced Western

Mining Corporation once involved

with Emperor at Fiji’s Vatukoula gold mines as Australia’s leading gold producer. Placer and Western Mining are expected to be virtually at level billing in terms or overall equity gold

production.

However, the Canadian controlled Placer Pacific should edge ahead in coming years, largely on the strength of Porgera. It said the main factor in the production increase was the strong performance by the huge Porgera mine in PNG, owned 30 per cent and managed by Placer.

Placer’s other PNG mine, the 80 per cent owned and managed Misima mine on the island of the same name, was also a strong performer. Its production for the year, 323.127 ounces was up only marginally from 317,167 ounces, but was well up on expectations.

Placer said production there was also helped by improved recovery rates (94 per cent) and increased treatment rates.

Exploration adjacent to the main pit area and elsewhere on Misima has continued, with Placer reporting ad ditional drilling planned for 1992. □