West Wits Mining Ltd chairman Michael Quinert talked with Proactive about the company's recent A$14 million capital raise to fund the advancement of its Qala Shallows Project in South Africa. The funding marks a significant step forward in West Wits Mining’s journey to becoming a gold producer.
Quinert explained that the company is initiating development at a historically rich gold area where the targeted reef has remained untapped for over a century. “We are starting a new mine in an old area where the reef in this particular area has never been exploited,” he said. Despite grades of 3 to 4 grams per tonne, this section was overlooked due to higher grades elsewhere in the Witwatersrand Basin.
The raised capital will primarily fund mobilisation and equipment procurement. Quinert noted that contractors have already been engaged and work is underway at the site. In addition, West Wits is updating its definitive feasibility study, previously based on a gold price of US$1,850 per ounce, to reflect the current market of over US$3,000 per ounce.
The company noted it will increase ownership of the Qala project to 74%, up from 66%.
Looking ahead, Quinert said investors can expect steady operational updates as the project transitions from preparation to gold production. “There will be quite a bit of activity... eventually, actually pouring gold,” he added.
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