PERTH (miningweekly.com) – The Penny’s Find gold mine, in Western Australia, delivered more than 18 300 oz of gold, generating higher-than-expected revenues, ASX-listed Empire Resources reported this week.
Final accounting for the openpit mine, which has now completed production, has shown that Penny’s Find generated 5% higher revenues than initial estimates, generating some A$31.1-million, to return a net profit of A$1.4-million after mining expenditure and financing of A$29.7-million.
In its last quarter, the openpit operation delivered 5 620 oz of gold, which sold at an average of A$1 743/oz, for total gold sales of A$9.8-million during the quarter.
Empire, which holds a 60% interest in the project, is currently assessing the potential to take the Penny’s Find project underground, with a final investment decision expected once the ownership of its joint venture (JV) partner Brimstone Resources’ interest in the mine is decided, and the current feasibility work on the underground project is completed.
Empire earlier this year appointed a receiver to Brimstone’s 40% interest in the project after Brimstone failed to make payments of over A$1-million to Empire under the JV arrangements.