Gruyere posts solid quarter
PERTH (miningweekly.com) – The Gruyere mine, in Western Australia, produced 67 813 oz of gold during the three months to December, up from the 59 371 oz produced in the September quarter.
ASX-listed Gold Road Resources, which holds a 50% interest in the project, on Monday reported that the improvement quarter on quarter was largely the result of increased plant availability supporting record quarterly processing throughput and improving head grades.
Despite the improvement, quarterly production was down slightly on expectations owing to delays accessing higher grade portions of the Stage 2 openpit, partly attributable to labour force delays and inclement weather at Gruyere during December.
Yearly production in 2021 reached 246 529 oz, 1% below the guidance of between 250 000 oz and 260 000 oz for the full year.
Gold Road’s attributable production of 123 265 oz was delivered at an all-in sustaining cost (AISC) of A$1 558/oz which was 2% above annual guidance of between A$1 450/oz and A$1 525/oz largely owing to lower than expected attributable production during the December quarter.
Gold Road’s gold sales totalled 35 460 oz at an average price of A$2 309/oz and included the delivery of 8 800 oz into forward sales contracts. Gold doré and bullion on hand at the end of December 2021 was 1 598 oz.
Looking at 2022, the joint venture partners have increased the yearly guidance at Gruyere to between 300 000 oz and 340 000 oz, at an AISC of between A$1 270/oz and A$1 470/oz. The guidance was based on the Covid-19 pandemic and the re-opening of state borders not leading to material deviations to the current production and cost environment.
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