KalNorth shuts down Lindsay's
PERTH (miningweekly.com) – Junior miner KalNorth Gold Mines this week suspended openpit mining at its Lindsay’s mine, effective from the end of the June quarter, in response to the decreasing gold price.
The miner said that it had revamped the Lindsay’s mine plan in order to lower mining cost and improve profitability.
KalNorth would now accelerate the rate at which ore is mined from the Lindsay’s openpits, with the mine expected to yield some 165 000 t of ore, at 2.5 g/t for some 13 500 oz during the three months to June.
In addition, the strip ratio would decrease from the initial 17.1:1 to 7.4:1, which would result in a significant drop in mining costs, and an improvement in profitability, said KalNorth.
“Being able to respond in a timely manner to unforeseen events has shown that, even in this start-up phase, flexibility is an important asset to both the company and its long-term profitability,” said KalNorth MD John McKinstry.
He noted that while mining from the openpit would cease at the end of the June quarter, processing would continue at the Carosue Dam plant, at the existing rate of 25 000 t/y, through to December.
Any remaining ore would stay unmined, pending a rebound in the gold price.
McKinstry noted that the revised plan had resulted in an improved profitability, without detracting from the overall value proposition of KalNorth’s assets.
“We remain on track to advance plans for the next openpit mine at Kalpini, and to go underground at Lindsay’s,” he said.
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