Alkane cuts the ribbon at Tomingley
PERTH (miningweekly.com) – Gold miner Alkane Resources on Friday officially opened its Tomingley gold mine, in New South Wales.
The ASX-listed junior poured its first gold at the project during February, following the successful commissioning of the stripping and elution circuit in the process plant.
The A$116-million Tomingley operation was expected to reach design capacity by the end of April.
“Delivering Tomingley on time and budget, funded without debt, is a reflection of Alkane’s capabilities, and with Tomingley now in production, surplus cash flows generated can be used to fund the company’s exploration and development projects and corporate expenses to assist with the financing programme for the A$1-billion Dubba zirconia and rare earths project,” said MD Ian Chalmers.
Tomingley is based on three gold deposits and is located 14 km from the Peak Hill gold mine, and 50 km south-west of the Dubbo zirconia project. It has a resource of 14.29-million tonnes, grading 2 g/t gold for 921 000 oz of contained gold.
The project was expected to produce between 50 000 oz/y and 60 000 oz/y, based on a yearly throughput of one-million tonnes, over a life-of-mine of seven-and-a-half years.
Alkane has executed a gold hedge of 25 000 oz, at A$1 449, for delivery in May this year, with physical gold to be delivered into the hedge or the contract to be rolled into a series of forwards, depending on the spot price at maturity.
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