Vancouver-based mineral processing company, Inca One, has announced that in February 2019, its gold production reached a record high, with 2,434 oz being extracted from its Chala One and Koricancha One plants. Compared year-on-year, the yield increased by 167%, in comparison to the 910 oz mined in February 2018.
At current Canadian market prices, 2,434 oz of gold is valued at approximately US$3.1mn, without taking into account increasing prices for purity.
Inca One's activities consist of the production of gold and silver from the processing of purchased minerals located in Peru. Peru is the 6th largest producer of gold in the world and the Peruvian government estimates the small-scale mining sector accounts for a significant portion of all Peruvian gold production, estimated to be valued approximately US$3 billion annually. The Company purchases its minerals from government-registered, small-scale mining producers from various regions and processes it at its 100%-owned Chala One and 90%-owned Kori One milling facilities, located in Arequipa, Southern Peru.
Edward Kelly, President, and CEO commented, "February is in the books as our strongest February to date, despite battling the Peruvian rainy season. Having now entered the final quarter of fiscal 2019, thanks to our team's efforts, we look forward to continued growth in production, fueled by this past years' acquisition of the Kori One milling facility."
February's growth in production is due to both Inca One’s acquisition of the Kori One facility in 2018, and the continued strong supply of gold bearing material to both Chala One and Kori One plants. This is notable as the rainy season continued well into the month of February.