Silver Lake awaiting upturned gold price
KALGOORLIE (miningweekly.com) – Gold miner Silver Lake Resources was poised to add production ounces to its portfolio, as soon as there was an upswing in the gold price, MD Les Davies told Mining Weekly Online in Kalgoorlie.
He said that some 100 000 oz of gold could be added to the company’s production profile within an 18-month to two-year period.
“This time last year we had a gold price of A$1 700/oz to A$1 800/oz, and I think a price anywhere between where we are today and the A$1 600/oz mark is a good place to start, and we would consider bringing on these ounces,” Davies said on the sidelines of the Diggers and Dealers conference.
At the end of last month, Silver Lake outlined a number of cost-saving initiatives aimed at lowering overall cost. The miner deferred all expansionary capital, reduced exploration spend to A$7.5-million, reduced staff numbers, and lowered the salaries and remuneration of staff and directors.
Among the projects slated for capital deferral was the Murchison underground mine, with the mine optimised to produce gold only from openpit operations during the 2014 financial year.
“We have restructured the business to protect it during the downside, but also to catch the upside,” Davies told Mining Weekly Online.
For the full 2014, Silver Lake was expected to produce some 200 000 oz of gold.
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