ABM sets production target for Old Pirate
PERTH (miningweekly.com) – ASX-listed junior ABM Resources on Tuesday revealed that it would produce between 50 000 oz and 60 000 oz from its Old Pirate gold mine, in the Northern Territory, during its first year of operation.
In July this year, ABM received federal approval to start mining at its Old Pirate gold project, following the receipt of approval from the Northern Territory government, as well as the Environmental Protection Authority.
Pending the receipt of the final approvals, ABM would look at a staged approach for the Old Pirate project, staging capital developing and allowing for the progressive exposure of the mineral system.
The miner was planning an initial five openpit operations, averaging 35 m depth, followed by pit expansions as production continued past the first year.
ABM had reached an agreement with a subsidiary of fellow-listed Tanami Gold to lease the Coyote gold plant and infrastructure, in Western Australia, to process ore from the Old Pirate operation.
During the first year of operation, some 150 000 t of ore would be mined, at an operating cost of between A$690/oz and A$790/oz, with an initial capital cost estimate placed at some A$6.6-million, which included a A$2-million lease payment for plant post the commissioning.
ABM was currently targeting development at Old Pirate before the end of the calendar year, and ore would likely initially be mined and stockpiled on site, while processing would start at a later date.
A mine management plan would be submitted in early October.
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