Regis expects no delays advancing NSW gold project
Wednesday, April 29th, 2020
Regis Resources is on schedule at its McPhillamys gold project in New South Wales, with responses to development applications expected to be completed by the middle of this year.
The company is not expecting the current coronavirus restrictions across Australia to cause any significant delays to the McPhillamys project’s major approval phases.
Of the five major approval phases, three remain, including a response to submissions by Regis (expected mid-2020), assessment by the Department of Planning, Industry and Environment, and an independent planning commission (IPC), public hearing decision.
Department of Planning, Industry and Environment assessment is expected to take around three to four months to complete. The final IPC determination process has also been revisited, based on recommendations from a 2019 New South Wales productivity commissioner review.
The planning minister has requested that the IPC make a determination within 12 weeks of the completion of the Department of Planning, Industry and Environment’s assessment.
The final decision for the McPhillamys project is expected in the first half of 2021.
Regis managing director Jim Beyer believes the company has achieved “a solid quarter” at its operations despite the pandemic situation, producing 86,300 ounces of gold for the quarter.
While down on the December quarter’s 90,849 ounces, cash flow from operations increased by $7.4 million to $107.4 million and the company’s full-year guidance remains unchanged at 340,000-370,000 ounces.
“Overall, Regis remains in a strong position to weather the COVID-19-related uncertain economic environment,” Beyer said in the company’s March quarter report.
“We are currently well-placed for the June quarter and not withstanding any further impacts from COVID-19, remain on track to deliver our production guidance with our AISC expected to be at the upper end of the guidance range of $1125 to $1195 per ounce.
“I am very pleased to see the good progress with our McPhillamys gold project and also at the Rosemont underground project (WA), where we are commencing stope production.
“Our Garden Well underground project (WA) is also proceeding through to completion of a pre-feasibility study.”