Jun 13, 2019

Extra leases granted as Resolute eyes larger scale expansion at Ravenswood

Extra leases granted as Resolute eyes larger scale expansion at Ravenswood

The Queensland Government has granted a further three mining leases to allow Resolute Mining to advance its Ravenswood Expansion Project (REP).

It comes as Resolute works towards completion of a strategic review of the project, with a Final Investment Decision on the REP expected during the second half of 2019.

Resolute managing director and chief executive officer John Welborn said he was excited about the potential for an expanded REP to add value to Resolute.

“The grant of these licences supports the ongoing investigation of the potential for a larger scale Ravenswood Expansion Project,” he said.

“The Mt Wright underground mine will close in 2019 and we are increasingly confident we can significantly increase the proposed production profile and reduce Life of Mine costs of our Ravenswood open pit mining operations.

Resolute managing director and chief executive officer John Welborn.

“Our strategic review is consistent with our commitment to identify and adopt industry leading technology solutions to enhance our operations, successfully execute development plans, and deliver exceptional returns for shareholders.”

That review is exploring technical enhancements to expand production beyond that envisioned in the previously published REP study.

The three new approvals at Ravenswood come on top of nine new leases granted in May 2019.

They extend the surface area of Resolute’s existing tenure and include areas within the operational footprint of the proposed Buck Reef West open pit, noise bunding zone, and nearby land required for infrastructure including roads and water management.

Mr Welborn said the Ravenswood gold mine would deliver low-cost production for at least the next 14 years.

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