PERTH (miningweekly.com) – Gold developer Bellevue Gold is on track to reach gold production in the second half of 2023, with the first draw down of A$35-million from its project loan facility with Macquarie Bank taking place this week.
“We are in a strong position with the project running comfortably on time and on budget. The strong progress made in recent months, combined with the proceeds of the raising, has enabled us to continue pushing ahead at a rapid pace, further de-risking the project from both a production and timetable perspective,” said MD Steve Parsons.
Recent works include further acceleration of the underground development with a third underground jumbo rig mobilised to site by contractor Develop Global. The jumbo, which is being commissioned and is due to commence work at the start of January 2023, will be used to develop additional access in the Marceline area.
Underground development rates are expected to continue increasing with the ramp up of ore drives starting in the new year.
Overall development rates continue to exceed the project schedule, putting the project well on track to meet commercial production in the second half of calendar year 2023, Bellevue said in a statement.
During the first 12 months of commercial production, the project is forecast to produce between 180 000 oz to 200 000 at an all-in sustaining cost of A$1 000/oz to A$1 100/oz.