Ramelius approves Galaxy underground development
PERTH (miningweekly.com) – The board of gold miner Ramelius Resources has approved the development of the Galaxy underground mine, at its Mt Magnet operation, in Western Australia.
Ramelius on Monday revealed that a prefeasibility study (PFS) into Galaxy had estimated that the project would require a capital investment of A$60-million, and 2.5-million tonnes a year of ore to produce 194 000 oz of gold, over a mine life of five-and-a-half years.
All-in sustaining costs (AISC) for the Galaxy underground mine have been estimated at A$1 708/oz.
Ramelius noted on Monday that the company had previously mined the openpits at Galaxy, meaning that all required statutory permits were in place to start the underground operation. Development is expected to start in March.
Meanwhile, Ramelius is also progressing a scoping study for the Hill 50 underground operation at Mt Magnet, which is targeted for completion by July this year. A desktop study on Hill 50, based on a mineral resource estimate of 1.6-million tonnes, grading 6.6 g/t for 340 000 oz of gold, has proven positive so far.
Additionally, Ramelius is also targeting the completion of a PFS into the Edna May Stage 3 openpit project for July this year.
A scoping study for the Stage 3 operation has estimated that it will require a capital investment of A$165-million, and an AISC of A$1 540/oz, to produce 408 000 oz over a mine life of nearly seven years.
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