Dacian posts a solid end at Mt Morgans
PERTH (miningweekly.com) – Takeover target Dacian Gold has seen gold production drop during the three months to September, as the company completed mining at its Mt Morgans gold project, in Western Australia.
Gold production in the September quarter reached 21 525 oz, down from the 34 182 oz produced in the June quarter, with the all-in sustaining cost reaching A$1 594/oz.
Gold sales for the quarter reached 22 224 oz, at an average realised price of A$2 561/oz, and a total of A$7 500 oz of the quarter sales were delivered into hedge contracts, while the remaining gold was sold at spot prices.
The miner said on Thursday that underground mining was completed during the quarter with production performing strongly with positive grade reconciliations and processing recovery achieved, and the company has now safely and successfully closed its mining operations and transitioned to processing low grade stockpiles.
Grade control and metallurgical testwork programmes initiated over the historic heap leach stockpile, have identified opportunities for preferential treatment of 1.4-million tonnes of the heap leach at 0.49 g/t. A bulk sample of the heap leach material is being processed in October to confirm results from the recent metallurgical testwork conducted by the company. Preliminary results from the first few days of bulk sample testwork indicate the material is reacting in line with testwork results, Dacian said.
ASX-listed Genesis Minerals is in the midst of a takeover of Dacian Gold, offering 0.0843 of its own shares for every Dacian share held, implying a value of 10.2c a share for the Dacian holding, and an equity value of A$111-million, based on Genesis’ last closing price.
The offer has been unanimously recommended by the Dacian board, and to date, Genesis has secured a 76.1% shareholding in the company.
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