West Wits expecting 'material improvements' at gold project
PERTH (miningweekly.com) – ASX-listed West Wits Mining is expecting "material improvements" in the production and economics of its Witwatersrand Basin project, in South Africa.
The company is in the midst of updating the definitive feasibility study (DFS) for its Qala Shallows project to include information gained from underground survey works, optimisation of the mine plan and updated market assumptions.
The updated DFS is expected within the next month.
“The company continues to progress initiatives to optimise and grow the Witwatersrand Basin project while advancing discussions with potential funders,” said chairperson Michael Quinert.
“The underground survey work, optimisation of the mine plan and anticipated granting of the prospecting right application are expected to have a material impact on the Witwatersrand Basin project’s resource and production metrics. Coupled with the favourable movements in gold price and exchange rate, the quality of the asset continues to improve.”
A revised DFS last year estimated that the project would produce 55 000 oz/y over a ten-year period, with the mine to average 43 000 oz/y over its 15.7-year mine life, at an all-in sustaining cost of $962/oz at steady-state production. The revised DFS estimates peak funding of $63-million over a three-year period.
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