VANCOUVER (miningweekly.com) – TSX-listed copper and gold producer RNC Minerals has declared commercial production at the Beta Hunt mine, in Western Australia.
The Toronto-headquartered company announced on Tuesday that Beta Hunt has met the commercial criteria of producing at least 3 500 oz of gold over a one-month period, which is equal to an annualised production rate of 42 000 oz.
The company reported that mine performance has improved significantly during the second quarter, with an average mining rate of about 1 600 t/d, 40% higher than the first-quarter average.
Mined gold grades during the month leading up to declaring commercial production averaged more than 2.3 g/t, 35%-plus higher than average grades in the first quarter.
"Achievement of commercial production at Beta Hunt is a key milestone. The Beta Hunt production ramp-up is now on track, with significant improvements in both mining rates and gold grades,” president and CEO Mark Selby said.
The improved development rates have also allowed the mining team to access and bring into production other mining areas as gold production ramps up.
RNC expects to produce between 50 000 oz and 60 000 oz of gold this year, at net all-in sustaining costs of $1 100/oz to $1 200/oz, falling to between $900/oz and $1 000/oz by the fourth quarter.