Leases pave way for gold expansion project
The new leases include areas within the operational footprint of the proposed Buck Reef West open pit and nearby land required for infrastructure including roads, water management and noise bunding.
The company has pre-funded and commenced refurbishing and relocating the historic Ravenswood State School to make way for the $150 million expansion project.
The project has the potential to extend the life of the Ravenswood gold operation, 150km south-west of Townsville, by at least 14 years.
“These new mining leases support our plans to expand production from our Ravenswood gold mine and continue a strong partnership with the government and the local workforce and community that commenced in 2004,” Resolute managing director and chief executive officer John Welborn said.
“We continue to create value at Ravenswood and we expect the ongoing strategic review will now be able to incorporate expanded production rates as we prepare for an investment decision on the Ravenswood Expansion Project.
“Ravenswood’s future is increasingly secure as a successful large-scale, long-life open-pit gold mine that will provide local employment, regional economic stimulus, community benefits, revenue for the State Government, and benefits for Resolute shareholders.”
The company plans to continue underground mining activities at the Mt Wright underground mine at Ravenswood until late 2019, with processing augmented with low grade stockpiles pending the development of the REP.
A Final Investment Decision is targeted for the second half of 2019 following completion of the strategic review.
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