PERTH (miningweekly.com) – Junior gold producer Beacon Minerals has received the first revenue from its Jaurdi gold project, in Western Australia.
Jaurdi poured its first gold in September this year, with commercial production scheduled to be reached on October 1.
Beacon on Friday told shareholders that approximately 257 oz of gold was recovered from the initial gold bullion, which has been sold at a price of A$2 190/oz.
A second dore bar was also produced and has been dispatched for refining at the Perth Mint.
“We are very pleased that important hurdles are continuously being achieved by the company. We are on track for full production in the fourth quarter of 2019,” said Beacon MD Graham McGarry.
“It is an exciting time for the company, with a record Australian gold price and the initial gold sale bringing first revenues into the company from production.”
The A$21.4-million Jaurdi project is expected to recover some 126 000 oz of gold over a five-year mine life, generating life-of-mine revenues of around A$208.5-million and surplus operating cash flows of A$98.4-million at a gold price of A$1 650/oz.