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Tuesday, June 29, 2021 - 14:42:42
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Mining News Pro - Gold miner Karora Resources has announced that it will double gold production over the next three years, driven mainly by an expansion of its primary asset, Beta Hunt, in Western Australia.
The TSX-listed company on Monday set a production and cost guidance of between 185 000 oz/y and 205 0000 oz/y by 2024, at an all-in sustaining cost of $885/oz to $985/oz.
The growth plan would be driven by an expansion of Beta Hunt underground mine production to two-million tonnes a year by 2024, from 0.8-million tonnes a year recorded in 2020. Increased production from Beta Hunt would be complemented by the Spargos Reward and Higginsville Central areas, with Spargos expected to begin mining ore in the third quarter. This tonnage would be processed by the Higginsville mill, which would be expanded to a capacity of 2.5-million tonnes a year by 2024 (Phase 2) an increase from the current Phase I expansion to 1.6-million tonnes a year that was currently under way.
Karora chairperson and CEO Paul Huet said that the plan would be funded from cash resources of almost C$80-million and cash flow from operations. Karora would also refinance its existing C$30-million debt facility.
Karora produced 99 249 oz in 2020.
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