Queensland’s largest gold mine will more than triple production following the renewal of critical mining leases.
With the lease renewals guaranteeing operation for at least another 16 years, the Ravenswood Gold Project, in North Queensland, will now work to increase processing from 2.5 million tonnes to 8.4 million tonnes per year.
The company recently completed a three-year $350 million expansion, including a new fleet of mobile mining equipment, new crusher, 12 MW ball mill and processing equipment, as well as a 100 million tonne tailings storage facility.
The renewal of an additional mining lease, 30km northeast of Ravenswood, will allow the company to conduct a feasibility study into an historic mineral prospect known as Last Chance.
Ravenswood Gold, which currently produces about 220,000 ounces of gold each year, is a major employer in the region, supporting more than 400 staff.
CEO Brett Fletcher said the renewal of the mining leases was an exciting and positive step forward for the future of the project.
“Long term certainty is critical for business confidence and continued investment,” he said.
