Mutiny receives mining proposal approval for WA project
JOHANNESBURG (miningweekly.com) – ASX-listed Mutiny Gold on Thursday announced that the mining proposal for its Deflector gold and copper project, in Western Australia (WA), had been approved, subject to the payment of security bonds.
The approval by the WA Department of Mines and Petroleum was the last of the key government approvals required before mining could start.
Mutiny Gold MD John Greeve said that, with the completion of the approvals process, the company’s project team could now focus on implementing the Deflector project plans leading to mining and production.
The company completed a comprehensive definitive feasibility study (DFS) on the project last year, which highlighted it as a highly profitable, low-cost, high gold grade project with significant gold recoveries, robust mine inventory and a vast scope to increase resources, profit and mine life.
The DFS forecast a A$223-million profit with an initial production rate of 65 000 oz of gold with a forecast average operating cash cost of $618/oz and an initial mine life of seven and a half years.
On December 6, Mutiny announced it had entered into a $43-million metals purchase agreement for Deflector with Canadian company Sandstorm Gold, which would complement traditional bank-provided finance, which was being finalised.
Greeve said the receipt of the mining proposal approval was an important technical step in completing bank project finance.
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