KCGM mineral resources double, ore reserves up 50 | Australian Markets
(*50*)
Northern Star Resources’ exploration actions have doubled the mineral resources at Kalgoorlie Consolidated Gold Mines because the company acquired the Super Pit 5 years in the past.
Northern Star says it has additionally elevated ore reserves by 50 per cent since 2020 on the famed gold operation the place the $1.5 billion mill enlargement at present going down goals to have it producing 900,000 ounces every year by FY29.
The company revealed this info in its latest annual mineral resources and ore reserves assertion launched to the Australian Securities Exchange on Thursday.
KCGM consists of not solely the Super Pit, but additionally the Fimiston and Mt Charlotte underground mines, and the Mt Percy project.
Northern Star mentioned KCGM mineral resources had elevated previously yr to 38.9 million ounces, up 7.2Moz, whereas ore reserves rose to 14.4Moz, up 1.2Moz, predominately from Fimiston underground.
The company mentioned mineral resources on the Kalgoorlie Operations — which incorporates the Kanowna Belle and South Kalgoorlie mines — rose 1.6Moz to 9.0Moz, whereas ore reserves elevated 0.3Moz to 1.9Moz.
It mentioned this included a maiden mineral useful resource of 0.9Moz and ore reserve of 0.25Moz at latest discovery Hercules, 35km south-west of the Fimiston processing plant, which supplied important exploration upside potential down-dip.
Northern Star mentioned exploration drilling contributed to a 0.5Moz uplift in mineral useful resource to six.4Moz at Jundee within the northern Goldfields.
However, the ore reserve dipped 0.3Moz to 1Moz.
Across the Thunderbox Operations within the northern Goldfields, the mineral useful resource elevated 0.4Moz to 4.7Moz, whereas the ore reserve decreased 0.2Moz to 1.9Moz.
The company mentioned the mineral useful resource at Pogo in Alaska decreased to six.1Moz, with grade maintained at 10 grams per tonne, whereas the ore reserve elevated 0.6Moz to 2.1Moz at grade of 7.2g/t, supported by improved milling throughput.
Northern Star mentioned whole mineral resources throughout its three manufacturing centres at Kalgoorlie, Yandal within the northern Goldfields, and Pogo elevated to 70.7Moz, up 9.4Moz, after mining depletion.
The company mentioned group ore reserves had elevated to 22.3Moz, up 1.4Moz, after mining depletion.
Northern Star managing director Stuart Tonkin mentioned exploration remained a extremely engaging lever for the company to create worth by including additional useful resource ounces at a value of $20/ozto help drive up shareholder returns.
“Our team continues to generate significant increases in group gold inventory through the drill bit,” he mentioned.
“At our largest asset, KCGM, the mineral resources across open pit, underground and regional areas increased 23 per cent year-on-year, while ore reserves increased 9 per cent year-on-year, highlighting the ongoing potential to extend mine life.”
Mr Tonkin mentioned the replace didn’t embody the Hemi gold project within the Pilbara, which Nothern Star acquired in its just-completed $6 billion takeover of De Grey Mining.
“We look forward to incorporating Hemi into our gold inventory, while progressing development for what will become our fourth production centre,” he mentioned.
(*50*)
Stay up to date with the latest news within the Australian markets! Our web site is your go-to source for cutting-edge financial news, market trends, financial insights, and updates on native trade. We present day by day updates to make sure you have entry to the freshest info on Australian stock actions, commodity costs, currency fluctuations, and key financial developments.
Explore how these trends are shaping the long run of Australia’s financial system! Visit us usually for probably the most participating and informative market content material by clicking right here. Our fastidiously curated articles will keep you knowledgeable on market shifts, investment methods, regulatory modifications, and pivotal moments within the Australian financial panorama.
