Regis Resources, Westgold Resources, and Ora Banda Mining have welcomed strong progress and production despite a quarter of challenges.
Regis Resources
Gold production for Regis stood at 90,000 ounces (oz) by the end of the March quarter, with its 2024 guidance remaining on track despite heavy rains impacting its Duketon and Tropicana operations in Western Australia.
Duketon produced 67,500oz of gold at an AISC of $2638/oz, and Tropicana produced 23,200oz gold at an AISC of $2,887/oz.
“Whilst the March quarter was forecast to be softer due to planned maintenance activities and scheduling of ore, the protracted rain events in the Goldfields region further softened our quarterly production and pushed up costs,” Regis managing director Jim Beyer said.
“Despite these events, our team remains focused on safely delivering profitable ounces.
“In-line with the current schedule our mining areas are primed with good access to ore, our planned maintenance activities are now complete and we are confident in our ability to deliver on our FY24 production and AISC guidance which will see us continue to grow our cash balance especially in light of our now hedge free gold sales.”
Westgold Resources
Westgold defined the March quarter with the announcement of a $1.2 billion merger with WA gold miner Karora Resources.
Karora is the owner of the Beta Hunt and Higginsville gold mines, both high-performing assets nestled in the same region of WA as Westgold’s iconic Bluebird and Great Fingall mines.
Looking to the proposed merger, Westgold managing director Wayne Bramwell emphasised the compatibility of the “culturally aligned” companies.
“The expanded team will be well resourced and with a plethora of exciting targets, has a foundation to build an unhedged, internationally investible Australian gold mining powerhouse,” he said.
But the quarter also heralded its fair share of challenges for the miner, with heavy rainfall, operational issues and the decision to pause mining at Paddy’s Flat impacting gold production.
Bramwell said the company is making strides despite the setbacks.
“Despite those challenges Westgold delivered its fifth consecutive quarter of cash build and added $9 million to our balance sheet whilst still investing in our mines and development projects,” he said.
Ora Banda Mining
Welcoming a seven per cent production increase on the previous quarter, Ora Banda unearthed 17,368oz of gold over the quarter from its Davyhurst mine in WA.
The jump represents the third consecutive quarter of growth for the company.
“It is exciting for the Ora Banda team to deliver another big quarter of improvements and achievement of key milestones as we continue to advance our growth strategy,” Ora Banda managing director Luke Creagh said.
“From an operational view we have set the business up well for a strong finish to FY24 with delivery of first stoping ore from Riverina Underground, grade improvements in open pit mining and tonnage and gold production increases through the processing plant.
“In addition to this, the exploration team continues to expand the potential of Sand King where we have discovered a new high-grade, underground orebody which is being fast-tracked for final investment decision.”