Name of the Project
Ravenswood gold mine expansion project.

Location
The Ravenswood mine is located in north Queensland, Australia.

Project Owner/s
Resolute Mining.

Project Description
Resolute Mining is examining the potential for a large openpit development at the Ravenswood mine. This will entail the development of two openpits – Sarsfield and Buck Reef West.

The Sarsfield deposit has a mineral reserve of 1.2-million ounces and a resource of 1.3-million ounces. Buck Reef West has a 1.2-million-ounce resource. Nolans East has a 71 000 oz reserve.

The expansion project has the potential to extend the Ravenswood mine life by at least 14 years.

The Ravenswood expansion project study plans to deliver 1.5-million ounces of gold production over 14 years.

Stage 1 of the expansion will include the recommissioning of the third grinding mill at the Nolans processing plant, allowing for the return of a processing rate of five-million tonnes a year. The increased processing capacity will enable Resolute to process more of the low-grade stockpiled material that was stockpiled during previous openpit operations.

The Stage 1 project has a targeted production rate of about 80 000 oz/y.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
Not stated.

Capital Expenditure
Initial capital expenditure has been estimated at A$150-million, with about double this amount expected to be spent over the next five years.

Planned Start/End Date
The third grinding mill is expected to be operational by the end of 2019.

Latest Developments
Resolute Mining has approved a A$6-million capital investment for the Stage 1 Ravenswood expansion project.

The increased processing capacity will enable Resolute to process more of the low-grade stockpiled material that was stockpiled during previous openpit operations.

The recommissioning of the third grinding mill at the Nolans plant is the first step in the eventual upgrading of the plant to support the expansion plans.

A strategic review of the expansion plan, which started earlier this year, is continuing to provide strong encouragement for higher throughput and production rates than envisaged in earlier studies. This work has indicated that the full expansion could be undertaken over a 24-month period, with Ravenswood having the potential to deliver about 200 000 oz/y over a 15-year mining life, starting in 2022.

The strategic review of the expansion plan will be concluded before the end of the year.

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.