Red River inks offtake with Glencore
PERTH (miningweekly.com) – Gold miner Red River has inked an offtake agreement with miner and commodities trader Glencore for gold concentrate produced at the Hillgrove mine, in New South Wales.
The gold miner started gold production from the Bakers Creek stockpile in December of last year, and trucked its first load of gold concentrate from the project in June this year.
Under the terms of the agreement, Red River would sell all of the gold concentrate sourced from the Bakers Creek stockpile to Glencore.
“It’s great to have the support of Glencore for Hillgrove, given our strong four-year working relationship to date. Also to commence trucking our gold concentrate to add to our Hillgrove gold dore revenue,” said Red River MD Mel Palancian.
“We are focused on the commercial ramp-up at Hillgrove while also increasing our Joint Ore Reserves Committee-compliant resource base,” Palancian added.
The mine previously produced more than 50 000 t of antimony along with material amounts of tungsten as a byproduct. The project is currently estimated to host a mineral resource of some five-million tonnes, at 4.3 g/t gold and 1.5% antimony, for some 692 000 oz of contained gold and 75 000 t of antimony.
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