Veris Gold to process Newmont ore at Nevada mill
TORONTO (miningweekly.com) – Veris Gold this week announced a toll-milling agreement with US gold major Newmont, under which gold ore from Newmont’s Nevada operations would be processed at Veris’ Jerritt Canyon mill complex, in Elko County, in the province.
Under the terms of the agreement, which would expire on December 31, 2014, Newmont would deliver up to 45 000 t/m of ore to the mill to be batch-processed. This would provide Veris with more flexibility in processing ores from its three Jerritt Canyon underground gold mines.
Newmont would pay a quarterly adjustable toll-milling fee to Veris to reflect any changes to input costs, while the agreement would lower the overall cash costs.
The agreement was structured so that all doré produced from the ore would remain the property of Newmont throughout the process and the associated toll-milling fee charged for each ton would be treated as a separate revenue stream, offsetting the processing costs.
Other terms of the agreement were not disclosed.
Veris senior VP and COO Graham Dickson said Jerritt Canyon successfully completed a test batch of Newmont ore, achieving recoveries of 90.3%.
“Now that the mill is running steadily at rates in excess of 4 000 t/d, this agreement will provide the company with a significant, stable third-party source of ore that will significantly increase our cash flow from operations, while using some of our excess capacity.
“We are continuing to source additional toll milling opportunities with other companies and expect to have additional toll-milling agreements in the future,” Dickson said.
The mill is also processing ore from Atna Resources’ Pinson mine and Klondex Gold’s Fire Creek mine.
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