H

ong Kong-based mining company G-Resources Group Limited (G-Resources) announced on Friday it produced 34,624 ounces of gold in the last three months from its mine in Martabe, North Sumatra, in 2012 — 10 percent above its original target.

G-Resources president director Peter Albert said the firm’s activities at the Martabe mine, including infrastructure construction and ore processing, were currently on track after disputes between local residents last year had been settled.

Last year, residents protested the installation of a pipeline at a river near the Martabe mine as they were concerned the construction would harm the local environment.

“We are very happy that the output so far has surpassed the target. Our focus currently is to gear up, so the Martabe mine may reach its full production capacity,” Albert said.

According to the firm’s data, production costs were estimated to be around US$450 per ounce of gold.

Albert said full production might be reached in the second quarter of this year, noting that by the end of 2013, gold production was expected to reach 250,000 ounces while silver output may hit 2.2 million ounces.

In the last three months of 2012, the firm reported it had produced 134,877 ounces of silver from the Martabe mine.