Alkane's expansion plans approved
PERTH (miningweekly.com) – The New South Wales government has approved the Tomingley gold extension project, allowing for the development of the Roswell and San Antonio deposits, south of the Tomingley operation.
The approval allows ASX-listed Alkane Resources to undertake opencut mining at the Roswell and San Antonio deposits, processing 1.75-million tonnes of ore and extending the mine life until 2032. The approval also allows for the relocation of the Newell highway.
Pending the applications for the environmental protection licence and the mining lease, which cannot now be refused, and completion of its updated management plans, Alkane intends to be mining ore from underground at Roswell before the end of 2023.
“We intend to be mining underground from Roswell before the end of the year and we’re targeting a 100 000 oz/y run rate in 2025. We’re continuing to explore nearby exploration targets, including Macleans, which is immediately adjacent to our vent rise at Roswell,” said Alkane MD Nic Earner.
Alkane on Wednesday also reported that the company had secured A$50-million in debt funding from Macquarie Bank to finance the extension project, along with 100 000 oz of gold hedging with a weighted average price of A$2 825/oz. The hedging will cover the period between March 2024 and December 2026.
First drawdown of the funding is permitted with the approval of the mining lease, which is expected mid-2023.
In addition to the Macquarie Bank hedging, Alkane also holds forward sales contracts for 24 500 oz of gold at a price of A$2 778/oz, which will be delivered throughout 2023.
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