Ramelius Resources has revealed its 10 year mine plan at Mt Magnet in Western Australia, with total gold production exceeding 1.5 million ounces.
The average annual gold production at Mt Magnet has reached 150,000 ounces (oz), with cash flow generation over the plan set at $1.7 billion at $3000/oz gold price.
“The mine plan represents long life production from Mt Magnet, providing a highly cash generative foundation for the company,” Ramelius said in an ASX announcement.
The plan spans from the second half of the 2023–24 financial year (H2 FY24) until FY34.
The plan includes mineral resource and production from Ramelius’ Penny, Cue, Eridanus and Bartus tenements in the region.
Mining is set to commence at Cue in the first quarter of FY25, with the existing mining team at Mt Magnet utilised.
“The Eridanus open pit cutback has not been included in the mine plan as that requires further drilling and follow up mining studies,” Ramelius said.
“Recent work on key deposits within the Mt Magnet hub has resulted in updates to mineral resources for Penny, Cue, and Bartus as well as the development of a new exploration target at Eridanus.”
The latest mineral resource from Eridanus was 18 million tonnes, with an underground production target of 2.4–4 million tonnes.
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