Gold Fields set to mine new deposit at St Ives by year-end
KALGOORLIE (miningweekly.com) – South Africa-based gold miner Gold Fields was expected to start openpit mining at its Invincible deposit, at the St Ives project in Western Australia, by the fourth quarter of this year.
St Ives exploration manager Julian Woodcock told delegates at the Diggers & Dealers conference, in Kalgoorlie, that the Western Australian Department of Mines and Petroleum had informed Gold Fields that the mining proposal would be approved shortly.
First ore production at the Invincible deposit had been scheduled for the first quarter of 2015.
“Invincible is shaping up to be the best of its peers, with a 1.3-million-ounce resource, which highlights that even after more than 30 years of ongoing mining at St Ives, we can still find significant deposits by investing in exploration,” Woodcock said.
Besides the 1.3-million-ounce resource, Invincible also hosts a reserve of nearly 500 000 oz, and with average ore grades of about 4.1 g/t gold, the Invincible deposit offers a higher grade feed option than which is currently being fed into the St Ives mill.
“The deposit offers robust economics and high margins that times well with the current economic climate,” Woodcock added.
In 2013, the St Ives project delivered about 120-million tonnes, grading at 3 g/t gold for 11.9-million ounces.
Gold Fields would spend about A$50-million on exploration at its Australian assets over the next year, which Woodcock said would feed the company’s critical need to continue exploration and new discoveries.
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