Capricorn hedges first gold from Karlawinda
PERTH (miningweekly.com) – Gold developer Capricorn Metals has hedged 200 000 oz of gold from its Karlawinda mine, in Western Australia, at a price of A$2 249/oz.
The hedging amount represented around two years of anticipated gold production out of the current eight-and-a-half-year mine life, on the current ore reserve of 892 000 oz of gold.
“We are very pleased to have been able to work with Macquarie Bank to expedite a gold hedge to underpin the development of the Karlawinda gold project,” said Capricorn executive chairperson Mark Clark.
“Gold hedging of 200 000 oz at a price of A$2 249/oz should provide a very strong operating margin for the project.”
Capricorn earlier this week launched a A$65-million share placement to fund the development of Karlawinda, where construction is slated to start in the March quarter of 2020, with first gold production in the March quarter of 2021.
An optimisation study estimated a capital requirement of A$132-million to develop the 1.5-million-ounce Karlawinda project, which is expected to produce 660 955 oz over an eight-and-a-half-year mine life.
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