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Exploration|flotation|generation|Gold|PROJECT|Projects|Resources|Maintenance
Exploration|flotation|generation|Gold|PROJECT|Projects|Resources|Maintenance
exploration|flotation|generation|gold|project|projects|resources|maintenance

Manuka raises cash to bring Mt Boppy into production

9th May 2024

By: Creamer Media Reporter

     

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Exploration and development company Manuka Resources has announced an A$8-million capital raise that it plans to use to bring the Mt Boppy gold mine into production this year.

The capital will be used to establish an onsite processing facility to recover gold from oxidised ore. First gold production is forecast for the fourth quarter.

Manuka has a five-year mine plan at Mt Boppy that is forecast to generate an average of A$19-million a year in earnings before interest, taxes, depreciation and amortisation.

The balance of capital needed for a flotation circuit for processing sulphide ore will be funded from project cash flows.

Cash flows from Mt Boppy will be used to potentially restart the Wonawinta silver mine, about 150 km south of Mt Boppy, as a dedicated silver operation in 2025.

Previously Australia’s largest primary silver producer, the Wonawinta mine comprises an existing mine and process plant and a resource of 38.3-million tonnes at 41.3 g/t gold for 51-million ounces, including a higher-grade component of 4.5-million tonnes at 97 g/t gold for 14-million ounces.

Wonawinta, which as recently as December last year was used to process ore from Mt Boppy, is currently on care and maintenance.

“Bringing a new processing plant at Mt Boppy online represents Stage 1 of the company’s staged self-sustaining growth plan, that is focused initially on production and free cash generation from our Cobar Basin gold and silver projects, and subsequently development of our world-class VTM sands project in New Zealand,” says executive chairperson Dennis Karp.

Edited by Creamer Media Reporter

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