Westgold adds additional A$100m firepower
Perth-headquartered Westgold Resources on Wednesday announced a new A$100-million revolving corporate facility, which it could use for general corporate purposes.
MD Wayne Bramwell said in a statement that the new corporate facility provided the gold miner with “additional firepower to move quickly on opportunities” emerging.
“With A$217-million of cash and bullion at the end of the first quarter of the 2024 financial year, Westgold is fully funded to develop organic growth assets, such as the Great Fingall mine, at Cue,” he said.
Westgold last month started decline development at Great Fingall, which at steady state would produce 45 000 oz/y at an all-in cost of A$1 801/oz over eight years.
First ore is scheduled for the first half of the 2025 financial year.
Westgold in September also restarted development work at its Fender project, having paused activities in August 2022 to focus on asset consolidation. With the business stabilised and profitable, the company restarted Fender.
At a mining rate of 330 000 t/y at 2.7 g/t gold, Fender will deliver about 17 000 oz in the 2024 financial year.
Westgold is forecast to produce between 245 000 oz and 265 000 oz at an all-in sustaining cost of A$1 800/oz to A$2 000/oz in the 2024 financial year.
The miner has forecast growth capital of A$130-million for the year and budgeted A$25-million for exploration.
“Westgold has demonstrated both intent and discipline regarding growth and will maintain that discipline. Critically, the company remains debt-free with the corporate facility fully available and currently undrawn,” said Bramwell.
Westgold is not required to enter into mandatory hedging as part of the new facility conditions.
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