Kirkalocka gets govt nod
PERTH (miningweekly.com) – The Western Australian Department of Mines and Petroleum has given the final approval for ASX-listed Mount Magnet South to develop its Kirkalocka gold project.
“This is another significant step forward in our goal of becoming a gold producer in 2013,” said Mount Magnet South chairperson Reg Gillard.
As part of the approvals process, the state department also set an additional environmental performance bond at A$606 000, as opposed to the budgeted A$2.6-million.
Gillard said that the A$2-million reduction in environmental bonding was an unexpected bonus, as it reduced the company’s initial funding requirements. Capital costs for the project have been estimated at A$31.2-million.
Mount Magnet South said on Wednesday that the grant of the mining proposal and the project management plan enabled the company to now focus on the planned debt funding arrangements for a significant portion of the capital expenditure and working capital requirements.
A due diligence and debt facility documentation by a leading global banking and investment management firm would likely be completed by the second quarter of this year, while production was slated for later this year.
The project was initially expected to deliver some 50 000 oz/y over a mine life of around five years, but an optimised feasibility study projected that yearly metal production could increase significantly in the first three years of operation, ranging from 62 000 oz/y to 75 000 oz/y.
First-year metal production had been targeted at 68 000 oz/y.
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