https://www.miningweekly.com

Keras targets 30 000 oz/y output from mid-2017

28th June 2016

By: Anine Kilian

Contributing Editor Online

  

Font size: - +

JOHANNESBURG (miningweekly.com) – Aim-listed Keras Resources is targeting the production of 30 000 oz/y of gold from mid-2017.

The company, which has gold mining operations in Australia, officially became a cash-generative mining company in March.

Chairperson Brian Moritz on Tuesday said the 16% increase in the Australian dollar gold price experienced in the first quarter of this year represented the strongest quarterly gold price performance in 30 years, adding that margins for gold mining operations had strengthened significantly. 

The company has four tribute agreements, which allows it to mine for gold on other parties’ mine leases.

In November 2015, Keras acquired its first tribute agreement, the Grants Patch gold tribute project near Kalgoorlie.

Another tribute agreement with Paddington Gold, a subsidiary of Norton Gold Fields, which was secured in the first quarter of this year, provided an entitlement to mine some of Paddington’s gold deposits for processing at the Paddington mill, located 25 km away, in return for a 22% royalty, as well as a payment to cover mining and processing costs.

First gold ore haulage was delivered to the Paddington Mill in April and the first cash payment received in May.

Keras has secured two further tribute agreements, taking its overall tribute gold inventory above 500 000 oz.
       
Meanwhile, the company’s Nayega manganese project, in Togo, remained an important asset within its portfolio, but development would only proceed once a mining licence was awarded.

Keras held an 85% interest in the Nayega project, which covered a 92 390 ha area in northern Togo.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Latest Multimedia

Magazine round up | 19 April 2024
Magazine round up | 19 April 2024
Updated 6 hours ago

Showroom

SMS group
SMS group

At SMS group, we have made it our mission to create a carbon-neutral and sustainable metals industry.

VISIT SHOWROOM 
Rittal
Rittal

Rittal is a world leading provider of top-quality integrated systems for enclosures, power distribution, climate control, IT infrastructure and...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Resources Watch
Resources Watch
17th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.187 0.228s - 90pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: