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Australia Investing
Gruyere Project on Track for First Gold in June 2019
Oct. 15, 2018 03:00PM PST
As construction of the Gruyere gold project continues, the joint venture partners behind the Australian asset are standing by their first gold production date of June 2019.
The Gruyere gold project is on track to produce its first gold in June 2019, in line with the asset’s production gameplan.
Located 200 kilometers east of Laverton in Western Australia, the project is a 50/50 joint venture between Gold Road Resources (ASX:GOR) and Gruyere Mining Company, a subsidiary of Gold Fields (NYSE:GFI). Gold Road is the manager for the project.
According to the update, the project remains on schedule to produce its first gold during the June 2019 quarter. Good progress has been made on construction at Gruyere, with overall project engineering 96 percent complete and overall project construction 71 percent complete as of September 30.
EPC construction, which consists of the process plant and associated infrastructure, was 57 percent complete at that date. The project also now has over 630 workers on site.
“Construction of the Gruyere gold project, and preparations for the commencement of operations are progressing well, and we have welcomed the opportunity to recently showcase the quality of the project to a broad group of stakeholders,” said Stuart Mathews, Gold Fields’ Australasia executive vice president.
“Our own workforce, together with our contractor-partners, are motivated to achieve the first gold production target next year, whilst maintaining continued focus on safety and quality,” he added.
The project has a JORC 2012 mineral resource of 144 million tonnes at 1.3 grams per tonne gold for 5.9 million ounces of contained gold. Production expectations for Gruyere are between 170,000 and 230,000 ounces of gold during the 2019 calendar year.
“It is clear from my observations and discussions with both the Gold Fields and Gold Road teams that this world class, longlife gold mine development will deliver significant and sustained value for our shareholders into the future,” Gold Road Managing Director and CEO Duncan Gibbs said in a statement.
He continued, “I look forward to providing future updates on Gruyere’s development as we approach the first gold production target.”
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Securities Disclosure: I, Olivia Da Silva, hold no direct investment interest in any company mentioned in this article.
