Red5 improves Siana operations
PERTH (miningweekly.com) – The share price of ASX-listed Red5 jumped more than 10% on Monday after the company reported that productivity improved at its Siana gold mine.
After extensive efforts to address productivity and quality concerns at the Siana underground mine, in the Philippines, Red5 terminated its contract with the mining contractor.
The company then entered into a wet hourly hire-style contract with a new contractor. The company said that with direct control over the mining activities, superior production and quality outcomes had been achieved, and improvements had been noted in all areas of the mining operation.
Over the last two weeks of March, an average daily movement of 10 000 bcm had been recorded, representing a significant improvement from the previous month’s materials movement performance.
Meanwhile, the introduction of additional diesel power generators on site have also allowed the project to continue without interruption, while a holistic dewatering approach allowed for less reliance on in-pit pumping.
Red5 noted that surface water drainage initiatives were also well advanced to complement the overall strategy by minimising recirculation.
The company said that with efforts to more effectively manage water ingress well under way, coupled with increased materials movement capacity, the reliability of ore feed to the processing plant had also been greatly improved.
Red5 shares were trading at a high of 77c a share on Monday.
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