The agreement represents a key milestone in enabling Resolute to progress development activities at Buck Reef West as part of the Ravenswood Expansion Project which will extend mining at the Ravenswood Gold Mine to at least 2032.
The cost of the relocation and construction to is slightly less than the capital budget allocated within the Ravenswood Expansion Project Study.
Resolute’s managing director and CEO John Welborn said “Resolute has worked closely with the Queensland Government and local community at Ravenswood for more than 15 years.
“The construction of a new State School is consistent with our commitment to the local community and to local heritage.
“The relocation and renovation of the currently uninhabitable heritage-listed residence will enable this historic building to be both preserved and utilised.
“We have a commitment to continual improvement of our assets through exploration, adopting available technologies and disciplined investment in operational expansions and improvements.
“In July 2018, when we published the updated Ravenswood Expansion Plan, we advised that we planned to intensify our efforts to identify further cost saving and revenue enhancements as our plans at Ravenswood develop.
“We are now ready to incorporate additional advantages and opportunities into our development plan. I am excited by our work to date and look forward to updating the market once our review is completed.
“Resolute is proud to support the local communities where we work and build partnerships with governments in large scale projects to ensure optimal long term social and economic outcomes.”
Ravenswood strategic review commenced
Earlier this month Resolute commenced a strategic review of the Ravenswood Expansion Project.
The initial focus of the review is to enhance project economics by pursuing reductions in capital and operating costs.
The review will also assess the potential for further growth through processing expansions, mine life extensions, and increased production capacity.
Updated life-of-mine plan being compiled
Ongoing work at Ravenswood has identified new exploration targets along with opportunities for plant expansions and improved environmental outcomes.
Resolute intends for the strategic review to capture these enhancements and incorporate them into an updated life-of-mine plan expected to be finalised during 2019.