Tropicana JV to build another underground mine
The Tropicana joint venture (JV) between Regis Resources and AngloGold Ashanti has approved development of the Havana underground project in Western Australia.
The A$114-million project will establish an underground mine beneath the currently producing Havana openpit.
When production from the new underground mine starts in the third quarter of the 2027 financial year, Tropicana will produce gold from three underground production areas.
“The approval of the Havana underground project is further demonstration of the underground growth optionality across Tropicana. Tropicana has consistently replaced underground ore reserves at levels beyond depletion, and the approval to develop the Havana underground project provides us with further confidence in the long-term future of Tropicana’s underground growth,” said Regis MD and CEO Jim Beyer.
Regis, with its 30% shareholding in the JV, will be required to put up A$34-million for its share of the growth capital.
Regis states that, at an assumed gold price of A$3 000/oz, the project delivers an incremental pretax net present value of A$55-million (for a 30% shareholding) and an incremental pretax internal rate of return of 62%.
The mine will operate between 2027 and 2029 and add 55 000 oz to Regis’ production profile.
The Tropicana deposit comprises four known mineralised zones, which include Boston Shaker, Tropicana, Havana and Havana South.
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