Randalls back and likely to lift 2013 production
Mark Mentiplay, 25th Jun 2012
JUNE 25 – It’s fairly certain Integra Mining’s FY 2013 gold production estimate of 100,000oz from its Randalls Gold Project, E of Kalgoorlie, Western Australia, will be increased with the addition of more early underground ore.
The FY2013 guidance currently does not provide for any underground production beyond the current trial mining exercise at the Cock-eyed Bob gold deposit. However, the trial mining is going very well and it is now planned for a 40,000t parcel to be batch-treated in October and the recovered gold reconciled against forecast production.
If, as expected, the trial is successful, Integra will likely continue underground production from Cock-eyed Bob and begin underground development of the Santa gold deposit early in 2013.
Further good news is that Randall’s crushing/milling operations have been repaired, are back on stream and will steadily ramp to full capacity over the next couple of days.
However, due to the mechanical issues experienced during the June qtr, Integra expects to produce 12,000-13,000oz at a higher than expected cash cost of about $A1,400/oz in the current qtr that is not expected to impact on future production and the previous FY2013 guidance of 100,000oz at an average cash cost of $850oz.
The higher costs are due to scheduling of higher cost stockpiles and production from the upper portions of the Maxwells open pit (higher strip ratio), the main feed sources for the first three qtrs of FY2013.
Costs are expected to reduce to $750/oz towards the end of FY2013 as higher grade Majestic openpit production begins to contribute in May 2013. That order of cost is also expected to be maintained into FY2014 as higher grade open pits, such as Lucky Bay and Imperial, come into the production schedule.
Integra’s current outstanding debt balance has been reduced to $8.4M from $11.2M at the end of the March qtr as the company continues with plans to replace its project debt facility with a $20M corporate facility, for which credit approval has been received.
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