Resolute Mining Ltd (ASX:RSG) has outlined significant improvements to the Ravenswood Expansion Project in Queensland including lowers costs and an extended mine life.
The successful receipt of all required government approvals has allowed for an optimised mining and processing schedule, revised processing and tailings management strategy, and the incorporation of new technologies to improve efficiency.
1.5 million ounces of gold over 13 years
The updated expansion is expected to deliver 1.5 million ounces of gold production over 13 years.
The mine life has been extended by three years to 2031 from the original September 2016 expansion study.
All-in sustaining costs (AISC) have reduced to A$1,097 per ounce from A$1,166 per ounce with associated LOM project capital of A$327 million.
Average production will be about 115,000 ounces of gold per year.
READ: Resolute Mining’s updated study cuts underground gold mine costs by US$135 per ounce
Resolute’s managing director and CEO John Welborn said: “Ravenswood has been an integral part of Resolute’s business for more than a decade.
“Our performance at Ravenswood over this period has been exceptional.
“We have a strong history of operational experience based on open pit and underground mining.”
Welborn added: “The REP Update represents an enhanced development plan for Ravenswood which maximises shareholder value.”