One of the most understated gold mines in Australia mining folklore is gathering speed.
Pajingo may soon wear another moniker like ‘Old Faithful’ as it enters its second phase operation which could be decades in the reckoning.
The operation south of Charters Towers has yielded more than 2.7 million ounces of gold in its 32-year mine life.
Pajingo has weathered bad times like when the Australian Government sold off billions of dollars of its gold reserve in the mid-90s price crash only to watch the price bounce back to US$1500oz or better this year.
The mine has fended off nay-sayers to realise a new lease of life in the Pajingo 2.0 staged expansion.
It’s now blue skies thanks to owner Minjar Gold’s investment, says acting general manager Tony Shearman.
“Without a doubt, we are fully committed to Pajingo 2.0 and we have the support from the parent organization and also the support from the local community in relation to that,” Mr Shearman said.
“But the commitment, as we stand here today at this opening up of the Lynne project, shows our commitment that we want to be here for another 30 years plus and that will be achieved.
“I have total faith in the Pajingo operation and the way it’s going to go in the future.”
The legacy open-cut operation has wound up and ore is being mined from the Vera and Camembert underground ore bodies.
A new round of exploration has been commissioned and Minjar gold owns two pastoral holdings and associated mining and exploration leases which Mr Shearman says hold plenty of potential.
The mine has consistently produced 65,000oz/year for the past decade and Mr Shearman said that should carry on for the coming year.