WA’s Widgiemooltha gold project approved
March 23rd, 2018
Mincor has secured approvals for its 100 per cent-owned Widgiemooltha gold project in Western Australia, managed by Goldfields Technical Services (GTS).
The announcement comes following the completion of a successful enhanced feasibility study (EFS), the outcomes of which included pre-production capital costs of $2.2 million, all-in sustaining costs of $1133/ounce (oz), and after-tax cash flow of $30.7 million (based on an average gold price of $1600/oz).
Peter Muccilli, managing director of Mincor, said that the project would allow Mincor to attain significant value through its choice of an experienced project manager (GTS) and its low-risk development strategy, which possesses “very low upfront capital requirement [that] can be funded from existing cash reserves.”
Muccilli added that the project would also provide Mincor with a path back to short-term cash flow.
“With startup gold reserves of 77,000oz, the Widgimooltha gold project is expected to generate cash-flow for the company for the next two and a half years, with the potential to extend mine life through further exploration success,” he said. Read more…