Capricorn eyes 2025 start for Mt Gibson
KALGOORLIE (miningweekly.com) – Junior gold miner Capricorn Metals is hoping to start production at its second gold mine by mid-2025.
Speaking on the sidelines of the Diggers & Dealers conference, Capricorn executive chairperson Mark Clark noted that the company’s focus over the next two years would be to bring Mt Gibson, in Western Australia, into production.
“We are in a fortunate situation in that we have a genuine scale project that we can develop and it is in Western Australia. So while permitting is slightly frustrating and it is going to take time, it is real, it is simple and it has a relatively low capital cost.
“It will be a great value-creating opportunity for us to execute Mt Gibson,” Clark said.
An April prefeasibility study into the Mt Gibson gold project estimated that the project would require A$340-million in capital investment to support an average gold production of 152 000 oz/y over the project’s first seven-and-a-half-year mine life, with the mine to produce 1.34-million ounces over a ten-year mine life.
Mt Gibson currently has an ore reserve estimate of 48.7-million tonnes, at 0.9 g/t gold for 1.45-million ounces of gold. Over the project’s mine life, Mt Gibson is expected to generate over A$1.5-billion in operating cashflows, and life-of-mine revenues of A$3.6-billion.
Clark said that Capricorn would not need to tap the market for capital to develop Mt Gibson, with the company relying on its current cash on hand and existing debt reserves.
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