New joint venture (JV) partners Newmont Goldcorp and Saracen Mineral Holdings have initiated several management initiatives at Kalgoorlie Consolidated Gold Mines (KCGM), which owns and operates the Super Pit, in Western Australia.
The companies became JV partners in KCGM last week, when Saracen concluded the $750-million acquisition of Barrick Gold’s 50% interest in the mine.
Saracen announced on Tuesday that long-serving Newmont Goldcorp executive Ben Wessely had been appointed GM of KCGM, bringing both technical and operational experience to the JV.
The companies also agreed on a JV subcommittee structure, with committees to report to the KCGM executive committee, comprising two Newmont representatives and two Saracen representatives.
The subcommitees comprise exploration and growth, technical and operations, as well as financial and commercial.
The management initiatives highlighted a strong start to Saracen’s relationship with Newmont Goldcorp at Kalgoorlie Super Pit, commented MD Raleigh Finlayson.
Meanwhile, Newmont provided a calendar year production guidance for Kalgoorlie Super Pit of 285 000 oz at an all-in sustaining cost (AISC) of $1 035/oz for its 50% shareholding.
Saracen is forecasting a financial year production guidance of 245 000 oz at an AISC of A$1 470/oz for its 50% shareholding.