Significant improvements to the Ravenswood Expansion Project (REP) have been announced by Resolute Mining Limited (ASX: RSG). Adoption of an optimized mining and processing schedule has been allowed after the successful receipt of all required government approvals. The incorporation of new technologies to improve efficiency has been highlighted and there is a revised processing and tailings management strategy.
1.5 million ounces of gold production over 13 years has been expected to be delivered by REP. From the original REP study Mine life has been extended by three years to 2031. The Life of Mine, All-In Sustaining Cost (AISC) has been reduced to A$1,097 per ounce from A$1, 166 per ounce with associated LOM project capital of A$327 million. Around 115,000oz of gold per year will be the average production.
Deferment of approximately A$100 million of major project capital because of the extension of underground mining at Mt Wright is the significant benefit of the REP Update. The timely receipt of all major project approvals has allowed for the acceleration of the Buck Reef West open pit. The capital expenditure of REP is expected to be A$33 million in FY19.
Resolute Mining Limited traded at a market price of $1.347 and has seen a daily price change of -$0.023 or -1.68% in terms of percentage on July 11, 2018, before market close.
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