Dacian says Mt Morgan gold mine on track for March 2018 production
PERTH (miningweekly.com) – First ore has been mined at ASX-listed Dacian Gold’s Beresford underground development, at its Mt Morgans mine, in Western Australia.
The company on Monday announced that first ore was intersected about four weeks ahead of schedule, after mining at Beresford started in mid-May.
Executive chairperson Rohan Williams told shareholders that project construction at Mt Morgans was on time and budget, ensuring the company remained firmly on track to start production from March next year.
“At the same time, we are running a highly promising exploration campaign, including the ongoing drilling programme at the emerging Cameron Well discovery, which has the potential to generate substantial growth at Mt Morgans and generate further significant value for shareholders.”
The A$220-million project is expected to deliver 186 000 oz of gold over the first four years of an eight-year mine life, based on a 2.5-million-tonne-a-year carbon-in-leach operation.
A prefeasibility study into the expanded Westralia mine area has the potential to increase the mine life to nine years, with production in the first seven years expected to average 197 000 oz of gold.
Meanwhile, Dacian and fellow-listed remote power generation specialist Zenith Energy have inked a power purchase agreement (PPA) that will see Zenith build, own and operate a 17 MW gas-fired power station at the Mt Morgans project.
The PPA will see supply start on March 7 next year, for an initial eight-year term, with Dacian having the option to extend the contract for a further three-year term.
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