King of the Hills gets go-ahead
PERTH (miningweekly.com) – The Western Australian Department of Mines, Industry Regulation and Safety has approved the mining proposal for ASX-listed Red 5’s King of the Hills gold project.
This approval was the final significant permit required for the restart of mining activities at King of the Hills in 2022, Red 5 said on Thursday.
“With all major mining approvals now in place and the debt funding process on track for completion this quarter, Red 5 has approved Phase 2 of the engineering, procurement and construction contract,” said MD Mark Williams.
“This will allow MACA Interquip to ramp up the mobilization of their construction teams over the coming months. The manufacture and delivery to Australia of all key long-lead items for the plant is also well on track, which will help to ensure that key construction and installation milestones can be achieved once construction of the plant moves into full swing in the second half of this year.”
The initial mine plan for King of the Hills estimated a mine life of 16 years, with gold production in years one to six expected to average 176 000 oz/y, while peak annual gold production of 203 000 oz/y will be achieved in 2024, benefitting from underground mining of one-million tonnes a year in years one to four.
To date, the project is some A$10-million under budget and on track to deliver its first gold production from the processing plant in the June quarter of next year.
Red 5 is finalising the debt financing for the King of the Hills project with a tier-1 banking syndicate, with completion expected in the March quarter of this year.
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