Name of the Project
Ravenswood gold mine expansion project.

Location
Queensland, Australia.

Client
Resolute Mining.

Project Description
Ravenswood has total mineral resources of 172.41-million tonnes grading 0.8 g/t gold and proven and probable reserves of 69.66-million tonnes grading 0.8 g/t.

A feasibility study completed on the project has confirmed a long-life, low-risk and low-cost development plan with robust economics.

The mine’s life has been extended by 13 years, with operations expected to continue until at least 2029.

The study envisages average production to increase to an estimated 120 000 oz/y of gold.

The study was undertaken to maintain continuity of production at Ravenswood by transitioning operations back to openpit mining as the Mt Wright underground mine prepares for closure in 2017.

It defines Resolute’s plans to complete the Mt Wright underground mine and extend mining operations at Ravenswood by restarting openpit mining in the Nolans East, Sarsfield, and Buck Reef West pits.

The plan comprises mining operations in three separate open pits, which include:
• Nolans East – a small pit is being developed at the eastern end of the present Nolans pit, which involves a cutback of the eastern and northern walls;
• Sarsfield – a cutback of the main Sarsfield openpit; and
• Buck Reef West – the excavation of a new openpit. The area has previously been the subject of small-scale underground and openpit mining.
The mining operations required for the development of the openpits comprise two separate components:
• Dredging of tailings from the Sarsfield pit; and
• Conventional drill-and-blast and load-and-haul operations at Nolans East, Sarsfield and Buck Reef West.

Jobs to be Created
The expansion project is expected to create an estimated 280 permanent jobs and lead to a significant number of jobs being created in the Ravenswood region.

Net Present Value/Internal Rate of Return
Not stated.

Value
The project requires start-up capital of A$134-million for prestripping and staged processing plant expansion to five-million tonnes a year.

Duration
The feasibility study envisages:
• Mt Wright underground operations continuing until eventual closure in mid-2017;
• first ore from Nolans East being processed in September 2016;
• an increase in processing capacity to 2.8-million tonnes a year from October 2016;
• approval for mining the Sarsfield openpit in January 2017 and the Buck Reef West openpit in mid-2018; and
• the expansion of mill capacity to five-million tonnes to start in the 2018 financial year.

Latest Developments
Resolute is working with the Queensland government to achieve an amended environmental approval for the Sarsfield openpit by the end of 2016. This is the final approval required to allow for mining activities to restart at the pit.

Key Contracts and Suppliers
None stated.

On Budget and on Time?
Not stated.

Contact Details for Project Information
Resolute Mining, tel +61 8 9261 6100, fax +61 8 9322 7597 or email contact@rml.com.au.