Costs rise at Gruyere
PERTH (miningweekly.com) – Gold production from the Gruyere joint venture (JV) in Western Australia remained stable during the three months to September, however, costs at the operation increased significantly.
ASX-listed Gold Road Resources on Thursday reported that gold mining at Gruyere reached 83 635 oz during the quarter, down slightly from the 85 676 oz in the June quarter, however, all-in sustaining cost (AISC) for the same period increased from A$1 250/oz to A$1 426/oz.
The miner told shareholders that processing costs at Gruyere increased quarter-on-quarter owing to increased maintenance expenses as well as higher energy costs and labour costs during the quarter. Increased expenditure on capitalised waste stripping, processing and sustaining capital, and the slightly lower gold production contributed to the higher AISC per ounce.
Gold Road noted that future energy costs and greenhouse-gas emissions should benefit from the installation of the 13 MW solar farm and 4.4 MWh battery energy storage system commissioned early in the September quarter.
General and administrative costs decreased quarter-on-quarter, in part owing to a reduction in costs associated with managing the Covid-19 pandemic. Sustaining capital costs were higher quarter-on-quarter with commencement of a 100-room village expansion and associated infrastructure.
Looking ahead at the full year, the JV partners have maintained the production guidance at Gruyere at between 300 000 oz and 340 000 oz, of which between 150 000 oz and 170 000 oz would be attributable to Gold Road, with AISC targeted at between A$1 270/oz and A$1 470/oz.
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