- AustraliaNorth AmericaWorld
Investing News NetworkYour trusted source for investing success
- Lithium Outlook
- Oil and Gas Outlook
- Gold Outlook Report
- Uranium Outlook
- Rare Earths Outlook
- All Outlook Reports
- Top Generative AI Stocks
- Top EV Stocks
- Biggest AI Companies
- Biggest Blockchain Stocks
- Biggest Cryptocurrency-mining Stocks
- Biggest Cybersecurity Companies
- Biggest Robotics Companies
- Biggest Social Media Companies
- Biggest Technology ETFs
- Artificial Intellgience ETFs
- Robotics ETFs
- Canadian Cryptocurrency ETFs
- Artificial Intelligence Outlook
- EV Outlook
- Cleantech Outlook
- Crypto Outlook
- Tech Outlook
- All Market Outlook Reports
- Cannabis Weekly Round-Up
- Top Alzheimer's Treatment Stocks
- Top Biotech Stocks
- Top Plant-based Food Stocks
- Biggest Cannabis Stocks
- Biggest Pharma Stocks
- Longevity Stocks to Watch
- Psychedelics Stocks to Watch
- Top Cobalt Stocks
- Small Biotech ETFs to Watch
- Top Life Science ETFs
- Biggest Pharmaceutical ETFs
- Life Science Outlook
- Biotech Outlook
- Cannabis Outlook
- Pharma Outlook
- Psychedelics Outlook
- All Market Outlook Reports
Manuka Resources Aiming to Restart Mount Boppy Gold Mine in Q4
Manuka Resources expects the past-producing gold mine in New South Wales to be a low-CAPEX, high-margin operation.
![Gold nuggets in pan.](https://investingnews.com/media-library/gold-nuggets-in-pan.jpg?id=53175557&width=1200&height=800&quality=80&coordinates=0%2C0%2C0%2C0)
Manuka Resources (ASX:MKR) shared an update on the restart of its Mount Boppy gold mine on Monday (August 12), saying it's targeting the fourth quarter of this year for first output from the site.
The company is in the midst of building a fit-for-purpose processing and gold production facility at the Mount Boppy site for a cost of AU$11.6 million, a strategy it disclosed to the public last April.
Previously, ore produced at Mount Boppy was taken 150 kilometres south to Manuka's carbon-in-leach plant at the Wonawinta silver mine. A 400 kilowatt ball mill is now being relocated from Wonawinta to Mount Boppy,
According to Manuka, Mount Boppy, which is located in New South Wales' Cobar Basin, will be a high-margin operation with an average EBITDA of AU$19 million per year over an initial period of five years.
The company has already saved AU$850,000 following its AU$266,000 purchase of a new InLine Pressure Jig and Intensive Leach Reactor from Gekko Systems via auction; its original budget was AU$1.1 million.
Manuka said both items are currently undergoing refurbishment at Gekko Systems.
Mount Boppy is a historic mining site, and was formerly one of the largest gold producers in Australia. The company states on its website that underground mining at the property started in 1901 and last until 1923, with 417,000 ounces of gold from ore produced at a notional grade of 15 grams per tonne (g/t) gold.
Up to 7,000 ounces of gold production were added until around 2002. Manuka acquired the project in 2019, and started processing ore from the site in April 2020. In April of this year, it delivered an updated resource estimate for the site. Mount Boppy's resource now stands at 4.28 million tonnes at 1.19 g/t Au for 163,000 ounces of contained gold.
The company is currently looking at ways to the increase milling capacity at Mount Boppy and to accelerate the mine's gold production; it plans to keep investors updated in the coming months.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Manuka Resources is a client of the Investing News Network. This article is not paid-for content.
Latest News
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.Â