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Ravenswood expansion offers up opportunities

2nd February 2021

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia


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PERTH ( – The expansion of the Ravenswood mine, in Queensland, could deliver more than 160 jobs to the region and contribute A$50-million in goods and services purchases, Resources Minister Scott Stewart has revealed.

He noted that the project would bring on an additional 60 permanent positions and more than 100 construction jobs this year.

“The Ravenswood gold project is a gold standard of the positive economic contribution a mine can bring to the regions. Just short of two years ago the government approved new mining leases and paved the way for the A$300-million extension of the Ravenswood gold mine.

“North Queensland businesses are seeing the benefits of this supply chain success story as the mine continues to secure a plethora of services from across the north including steel fabrication, concreting, equipment hire and servicing, engineering, surveying, environmental support, tradespeople and even a local coffee roaster.

“And things are looking up with more than A$50-million expected to be spent in 2021 as openpit mining ramps up and expansion development continues,” Stewart said.

Gold miner Resolute Mining in April last year completed the sale of the Ravenswood mine to a consortium consisting of private equity manager EMR Capital and energy and mining company Golden Energy and Resources for A$300-million, consisting of A$100-million of upfront value and up to A$200-million in potential payments, which will be contingent on future gold prices, future production from Ravenswood, and the investment outcomes from the Ravenswood project for EMR Capital.

Up to A$50-million of the consideration will be linked to the average gold price over a four-year period, and up to A$150-million will be linked to the investment outcomes for EMR.

New owner Ravenswood Gold previously said that it would look to expand the maximum capacity at the project from about five-million tonnes a year, to between seven-million or eight-million tonnes a year, after restarting the openpit operations.

Ravenswood Gold GM of operations Dave Mackay said the company is always looking to support North Queensland businesses.

“We’ve spent almost A$50-million in and around north Queensland and there’s plenty more to come,” Mackay said.

“Our local workforce of over 250 people and collaboration with almost 370 businesses in the region helps to strengthen the project and improve resilience in these uncertain Covid-19 times.”

“North Queensland has a lot to offer in terms of technical skills, goods and services to support the region’s resource industry and, in turn, the benefits of the mine’s expansion will pay back into the region and the state.”

Edited by Creamer Media Reporter



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