Photo by: Bloomberg
PERTH (miningweekly.com) – Gold miner Doray Minerals has reported record quarterly production from its Deflector mine, in Western Australia, exceeding company expectations.
Gold production during the March quarter reached 18 551 oz, with 966 t of copper also produced. This compared with the 16 810 oz of gold and 833 t of copper produced in the previous quarter from the Deflector mine.
The increase in production for the March quarter resulted from higher ore grades, as underground development at Deflector continued.
“This quarterly production at Deflector represents an annualised rate in the order of 75 000 oz of gold plus copper credits, which provide approximately 25% additional revenue. This overall performance is exceeding expectations on all metrics and is a significant improvement from what was contemplated in the life-of-mine model,” said Doray MD Leigh Junk on Tuesday.
During the quarter under review, Doray sold 18 240 oz of gold, generating revenues of A$38.7-million.
Junk noted that the quarterly results were further strengthened by Doray’s exploration success at the Da Vinci deposit, as well as new discoveries within the Deflector mine.
“We have successfully executed the turnaround strategy and Doray is now in the strongest position that it has been in recent years with its cash and debt positions,” he added.