https://www.engineeringnews.co.za

Red 5 fielding interest

21st November 2022

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – Gold miner Red 5 on Monday told shareholders that the company had been approached by "interested parties" in relation to transactions, including consolidation, acquisition and mergers.

The company at the end of September said that it, from time to time, participated in strategic discussions, however, the latest spate of interest in the company was in addition to these discussions.

The Red 5 board will continue with these discussions and diligence investigations regarding potential transactions, but told shareholder that there was now guarantee that any agreement would be entered into.

In the meantime, the company is expected to reach commercial production at its King of the Hills (KOTH) gold mine, in Western Australia, in the December quarter.

The company reported that during November, the KOTH process plant had performed well, processing a consistently harder ore feed blend. Overall, the plant utilisation averaged above 95%, with average mill throughput at 14 100 t/d, equivalent to a rate above five-million tonnes a year.

The initial mine plan for KOTH estimated a mine life of 16 years, with gold production in years one to six expected to average 176 000 oz/y, while peak annual gold production of 203 000 oz/y will be achieved in 2024, benefitting from underground mining of one-million tonnes a year in years one to four.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Willard
Willard

Rooted in the hearts of South Africans, combining technology and a quest for perfection to bring you a battery of peerless standing. Willard...

VISIT SHOWROOM 
The Steel Tube Export Association of South Africa
Steel Tube Export Association of South Africa

The Steel Tube Export Association of South Africa was established to develop sustainable, internationally competitive carbon steel tube and pipe...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.047 1.12s - 140pq - 2rq
Subscribe Now