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McPhillamys clears approval hurdle

30th March 2023

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – The New South Wales Independent Planning Commission (IPC) has given final approval for the development of the McPhillamys gold project, 250 km west of Sydney.

ASX-listed Regis Resources on Thursday told shareholders that the company was pleased with the final determination, and could now move forward with its production ambitions at the project.

“The project holds substantial potential for Blayney and its surrounding areas in Central Western New South Wales and we look forward to working with local communities, stakeholders and companies to mitigate the risks and concerns surrounding the project and establish this gold mine in a collaborative way,” said Regis MD Jim Beyer.

“McPhillamys is one of Australia’s largest undeveloped open-pittable gold resources and underpins significant value potential for Regis.

“We anticipate a response on the Federal Section 10 application shortly and will now incorporate the approval conditions into the finalised feasibility study, complete the funding strategy for the project and expect announcing further developments late in 2023.”

The proposed opencut operation would have a throughput rate of seven-million tonnes a year and an estimated mine life of between 10 and 15 years, based on a mineral resource estimate of 2.3-million ounces and an ore reserve of two-million ounces. The project is expected to produce up to 200 000 oz/y of gold.

The Association of Mining and Exploration Companies (Amec) has welcomed the IPC approval, with CEO Warren Pearce saying it was exciting news for the region’s mineral sector.

“The McPhillamys gold project was first discovered decades ago and it is only after years of geological research and investigation as well as extensive environmental and social impact assessment that this project has been approved.

“This approval is an important milestone for NSW and the first new mine approved in ten years.”

“Mining projects such as the McPhillamys gold project are a great example of the rich natural mineral wealth within New South Wales and the determination that explorers and miners have to maximise the resource potential of New South Wales for significant public benefit,” said Pearce.


 

Edited by Creamer Media Reporter

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