Penny gold project, Australia
Name of the Project
Penny gold project.
Location
South-east of Mt Magnet, in Western Australia.
Project Owner/s
Ramelius Resources.
Project Description
A feasibility study on the Penny gold project has determined that metallurgical recovery will increase from 92% in the June 2020 prefeasibility study (PFS) to 95%, increasing gold production from 230 000 oz to 238 000 oz.
The project has an initial mine life of 3.8 years.
Ore from the Penny project will be processed through the Mt Magnet processing plant – a conventional carbon-in-leach/carbon-in-pulp gold plant, with single-stage crushing, primary semiautogenous grinding milling in closed-circuit with a pebble crusher and secondary closed-circuit ball milling part of an overall feed blend.
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$301-million and an internal rate of return of 240%, at a gold price of A$2 300/oz.
Payback is estimated at 26 months.
Capital Expenditure
The project’s upfront capital cost has increased from A$23.5-million in the June 2020 PFS to A$34.5-million in the feasibility study.
Planned Start/End Date
The project is expected to enter into production in the June 2021 quarter.
Latest Developments
The Ramelius board has approved the project to start development.
Key Contracts, Suppliers and Consultants
None stated.
Contact Details for Project Information
Ramelius Resources, tel +61 8 9202 1127 or email ramelius@rameliusresources.com.au.
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