West Wits Mining Limited (ASX:WWI) chairman Michael Quinert has purchased 180,000 shares through on-market trades.
The purchase has increased Quinert’s total holding in the company to about 38.5 million shares.
Qala Shallows DFS
Last week, West Wits released the definitive feasibility study (DFS) for Qala Shallows, the first stage of planned mine development at its Witwatersrand Basin Project (WBP) southwest of Johannesburg, South Africa.
The DFS forecasts the production of 663,000 ounces of gold for Qala Shallows over a 17-year mine life. Other highlights include:
- All-in sustaining cost (AISC) of US$1,144/ounce gold with a steady state AISC of US$1,027/ounce;
- 5-and-a-half year payback period for a US$50 million peak funding requirement;
- Peak steady-state production at 53,000 ounces per annum for 10 years;
- Pre-tax net present value of US$150 million;
- Internal rate of return of 35% at a gold price of US$1,750/ounce; and
- Total revenue of US$1.16 billion.
DFS key step in transformation
West Wits managing director Jac van Heerden said the completion of the DFS is a key achievement in the company’s journey of transforming from an exploration operation to a robust, mid-tier gold production company.
He added: “We are greatly encouraged with the result of this report, as we now strive to unlock significant value for our investors and shareholders and progressively stimulating the local economy as we start to engage skills, local contractors and service providers from the area.”
Appointment of joint company secretary
West Wits has appointed Paul Godfrey as joint company secretary, effective September 6, 2021.
Paul is a senior associate at law firm QR Lawyers and has practiced exclusively in corporate and commercial law since his admission in February 2017.
Paul is also the company secretary of ASX listed mineral exploration company First Au Ltd (ASX:FAU).
Simon Whyte will continue to act as joint company secretary of the company.