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Construction|drives|Gold|Mining|PROJECT|Resources|Equipment
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construction|drives|gold|mining|project|resources|equipment

Hemi gold project, Australia

Image of a gold nugget

24th November 2023

By: Sheila Barradas

Creamer Media Research Coordinator & Senior Deputy Editor

     

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Name of the Project
Hemi gold project.

Location
Pilbara region of Australia.

Project Owner/s
De Grey Mining.

Project Description
Hemi comprises the Aquila, Brolga, Crow, Diucon, Eagle and Falcon deposits for total mineral resources of 236.5-million tonnes grading 1.3 g/t gold.

Mining will start with the Brolga starter pit, which drives high rates of initial yearly gold production. Mining will be undertaken by a contract miner and conducted using large-scale openpit mining equipment.

The project is expected to have a ten-million-tonne-a-year throughput, with production envisaged at 553 000 oz of gold in years 1 to 5 and 530 000 oz in years 1 to 10. Peak production of 570 000 oz is expected in Year 2.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has a pretax net present value, at a 5% discount rate, of A$4.2-billion and an internal rate of return of 45%, with a payback of 1.5 years.

Capital Expenditure
A$1.3-billion.

Planned Start/End Date
The project financing process is targeted for completion by mid-2024, ahead of a final investment decision.

Full construction activities are expected to start in the second half of 2024 and, based on an estimated two-year construction period, first gold pour is targeted for the second half of 2026.

Latest Developments
None stated.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
De Grey Mining, tel +61 8 6117 9328 or email  admin@degreymining.com.au.

Edited by Martin Zhuwakinyu
Creamer Media Senior Deputy Editor

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