Red Mountain cuts back Batangas spend
PERTH (miningweekly.com) – Gold developer Red Mountain Mining has cut staff and tenements from its Batangas gold project, in the Philippines, as the hunt for a strategic financing partner heats up.
The ASX-listed junior said on Monday that it had reduced staff numbers at the Batangas project by about 25% and have relinquished or reduced exploration permits at its tenement base, which were not deemed prospective, or which were not required for the development of the Batangas project.
“By significantly reducing our burn rate, we will be able to devote more discretionary funding to high impact exploration,” said Red Mountain MD Jon Dugdale, adding that nonexecutive director fees have also been reduced in an effort to save costs.
“This is an exciting phase for the company as we look to secure a strategic financing partner at project level to fund and progress the low-cost Batangas gold project towards development and continue to target more high-grade ounces.”
A previously completed scoping study demonstrated the potential for a viable gold mining and processing project that could deliver about 90 000 oz of gold over a four-and-a-half-year mine life. However, a revised production schedule estimated that the project could deliver 100 000 oz of gold and 250 000 oz of silver over its 5.2-year mine life.
The company was now proceeding with the final phase of the definitive feasibility study, which had been targeted for completion, along with final mine permitting, for the first half of 2015.
It was expected that the funding partner would assist in the completion of the feasibility studies, as well as provide project financing to fund the development of Batangas.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Established on 1 March, 2000, by Barries Barnard, Advanced Fire Suppression Technologies (AFST) and the Advanced Group stands as Sub-Saharan...
VISIT SHOWROOM
As one of South Africa's leading manufacturers, Bell Equipment distributes and exports its wide range of heavy equipment globally to mining,...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
