Unlike ores obtained from open pits, those from deeper underground tend to be of higher grade with a higher density of precious metals, says CNMC CEO Chris Lim Kuoh Yang. “Our Sokor mine can be compared to a tree. At the surface, like the leaves of a tree, we have a large area to work with. However, the gold grade at the surface tends to be lower because the gold is spread out over a wide area.”
During elevated interest rates, gold hit a record high of US$2,448.98 ($3,308.98) per ounce on May 20. Analysts predict strong performance this year, supported by strong central bank purchases.
Against this backdrop, CNMC Goldmine Holdings aims to increase production by mining higher-grade ores. In 4QFY2023, the company completed an underground mining facility at Sokor Gold Field in Kelantan, Malaysia, enabling deeper ore extraction.
