Friday 27th January 2023 Font size:

Miners finish 2022 with strong results

Wednesday, January 25th, 2023

Red5, De Grey Mining and 29Metals have reported strong finishes in their quarterly reports.

Red5De Grey Mining and 29Metals have reported strong results in their latest quarterly reports, including in new exploration, executive appointments and gold production.

Red5’s King of the Hills (KOTH) gold mine has ramped up production, producing more than 36,000 ounces in the December quarter.

The increased production at KOTH is expected to position the company as a mid-tier Australian gold producer in the future.

With a processing cost of $12 per tonne, the KOTH process plant is the lowest cost mill in WA’s Leonora district.

A highlight for De Grey Mining’s December quarter was the mining agreement reached with the Kariyarra People in WA, providing employment pathways, training and contracting.

“The formalisation of the agreement is a result of the company and Kariyarra People working closely together over several years,” De Grey said in its report

“This has included the completion of many heritage surveys to support drilling activities and the development of the agreement.

“The agreement will provide pathways for employment, training and contracting for the Kariyarra People alongside the development of Hemi, as well as educational opportunities for young people.”

The company also appointed Emma Scotney as an independent non-executive director, joining Peter Hood and Paul Harvey in the role.

At De Grey’s Mallina gold project, the company discovered large, high-value, intrusion-hosted style of gold deposit with a current focus on definitive feasibility study (DFS) completion in mid-2023.

Safety was a highlight for 29Metals, with continuing improvement in total recordable injury frequency rate (TRIFR) reducing for the fourth consecutive year.

“(It was) a strong finish to a year which provided a challenging backdrop across the sector, especially in the first half,” 29Metals managing director and chief executive officer Peter Albert said.

“Despite challenges, we met or did better than our guidance for production, costs and capital for the year.

“(Our) 2022 production ended strongly, as expected. Zinc production was a particular highlight, with Golden Grove producing 22 kilotons of zinc for the quarter on the back of the higher-grade material coming through.

“Looking ahead to 2023, we are encouraged by the recent uplift in metal prices. The mid-to-long term outlook for copper and zinc is incredibly positive.”

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