Name of the Project
Ravenswood gold mine expansion project.

Location
The Ravenswood mine is located in north Queensland, Australia.

Project Owner/s
Resolute Mining.

Project Description
Resolute Mining is examining the potential for a large openpit development at the Ravenswood mine. This will entail the development of two openpits – Sarsfield and Buck Reef West.

The Sarsfield deposit has a mineral reserve of 1.2-million ounces and a resource of 1.3-million ounces. Buck Reef West has a 1.2-million-ounce resource. Nolans East has a 71 000 oz reserve.

The expansion project has the potential to extend the Ravenswood mine life by at least 14 years.

The Ravenswood expansion project study plans to deliver 1.5-million ounces of gold production over 14 years.

Stage 1 of the expansion will include the recommissioning of the third grinding mill at the Nolans processing plant, allowing for the return of a processing rate of five-million tonnes a year. The increased processing capacity will enable Resolute to process more of the low-grade stockpiled material that was stockpiled during previous openpit operations.

The Stage 1 project has a targeted production rate of about 80 000 oz/y.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
Not stated.

Capital Expenditure
Initial capital expenditure has been estimated at A$150-million, with about double this amount expected to be spent over the next five years.

Planned Start/End Date
The third grinding mill is expected to be operational by the end of 2019.

Latest Developments
The Queensland government has granted gold miner Resolute Mining a new environmental authority permit for its Ravenswood gold mine, supporting the company’s ongoing Ravenswood expansion project.

The new permit will enable Resolute to expand the existing Nolans tailings storage facility and, ultimately, proceed with in-pit tailings storage as part of the project.

The approval and issue of the new pit enables Resolute to safely store tailings for the entire mine life and the expanded production profile expected to be generated by REP mining activities.

“The simplified tailings management strategy developed . . . has significant operating benefits and is now supported by the required environmental approvals,” Resolute MD and CEO John Welborn has said.

“Ravenswood represents an exceptional opportunity for Resolute. All major approvals are now in place for the development plan that can accommodate an expansion of annual production to 200 000 oz of gold over a ten-year mine life.

“With available gold resources of almost six-million ounces, decades of operational excellence in openpit mining, efficient processing infrastructure, low-cost grid power, and a stable skilled local workforce, the Resolute expansion project has obvious potential to deliver considerable economic benefits to Resolute shareholders, the local community and the Queensland government.”

Resolute in September this year approved a A$6-million capital investment for the Stage 1 Ravenswood expansion project, including the recommissioning of the third grinding mill at the Nolans processing plant, allowing for the return to a processing rate of five-million tonnes a year. The mill is expected to be operational by the end of 2019.

Key Contracts and Suppliers
None stated.

On Budget and on Time?
Not stated.

Contact Details for Project Information
Resolute Mining, tel + 61 8 9261 6100, fax + 61 8 9322 7597 or email contact@rml.com.au.