Gold miner CGA Mining Ltd
(ASX:CGX) says it has expanded its mining fleet in order to service the expansion of its Masbate Gold Project in the Philippines.
CGA Mining has awarded the mining contract for the project to Leighton Holdings Ltd (ASX:LEI) who has requested the company expand its fleet in order to achieve an expansion to 6.5 million tonnes per annum at the operation.
CGA says it is completing a US$15 million investment program designed to upsize throughput to 6.5 million tonnes per annum at the project.
The company says the new fleet will improve the efficiency of the mining operation and will allow the acceleration of cutbacks to ensure ore is available to mill at the increased rates.
The gold project in the Philippines is forecast to produce over 200,000 ounces of gold per annum. CGA Mining booked profit of $18.76 million for the 2010 fiscal year.
