Resolute Mining Limited (ASX:RSG) has obtained approval for nine new mining leases over an area which will support the gold producer’s Ravenswood Expansion Project (REP).
The new leases contain areas within the operational footprint of the proposed Buck Reef West open pit and nearby land required for infrastructure such as roads, water management and noise bunding.
The company continues to progress its strategic review of the REP and is exploring technical enhancements to deliver increased returns through an optimised development plan including an expanded production profile.
Resolute’s managing director and CEO John Welborn said: “These new mining leases support our plans to expand production from our Ravenswood Gold Mine and continue a strong partnership with the Queensland Government.
“We continue to create value at Ravenswood and we expect the ongoing strategic review will now be able to incorporate expanded production rates as we prepare for an investment decision on the Ravenswood Expansion Project.”
Welborn added: “Ravenswood’s future is increasingly secure as a successful large-scale, long-life open pit gold mine that will provide local employment, regional economic stimulus and benefits for Resolute shareholders.”
The REP will add a further 13 years of operations to the project, extending mine life to 2029 at an average annual gold production rate of 120,000 ounces.
Established with the aim of maintaining production at Ravenswood as the Mt Wright Underground Mine prepares for closure next year, the REP will see the eventual development of the adjoining Sarsfield and Buck Reef West deposits.