Latest news with #Kalgoorlie-based
West Australian
15-05-2025
- Business
- West Australian
Final payday for Auric at Jeffreys Find gold mine in WA
Auric Mining is lining up one last lucrative swing of the bat at its Jeffreys Find gold mine near Norseman in Western Australia as the company gets set to pull up to $4.5m out of the very last 60,000 tonne batch of ore. Marking the final act of an uber-successful two-year toll mining campaign, the last 60,000 tonne parcel of ore is now en route to the Three Mile Hill Mill in Coolgardie. Processing is scheduled to begin in the first week of July. About 16,000 tonnes have already been stockpiled at the mill and the company says haulage is continuing daily to meet the full campaign target. Auric is eyeing a final gold tally of around 2,750 ounces from the latest batch - a figure that would push total production from Jeffreys Find beyond the 30,000-ounce mark since toll mining began two years ago. According to management, most of the mining costs have already been paid, positioning this last campaign as a high-margin operation that could potentially generate between $7 million and $9 million in free cash, available to be split between Auric and its contract mining partner BML Ventures. Under the 50:50 joint venture with Kalgoorlie-based BML, which operates and manages the mine, net proceeds from gold sales are shared equally once all direct costs are covered. Auric says it expects to pocket between $3.5 million and $4.5 million for itself from the final campaign to round out a total earn of more than $15 million from the project. Rehabilitation and demobilisation activities are now underway at the mine to wrap up what the company says has been a textbook toll-treatment partnership. The unique structure of the Jeffreys Find joint venture saw BML Ventures shoulder all mining, haulage, and processing costs upfront, allowing Auric to benefit from a clean, low-risk exposure to high-margin gold revenues. Jeffreys Find has served as a stepping stone for Auric by delivering a significant injection of capital into its coffers that can be used to mine its much larger Munda deposit, also in WA. However, the exercise has also provided the company with a valuable lesson in mining techniques, which Auric can now apply as it winds up the partnership with BML and goes it alone at Munda just outside Widgiemooltha. Auric officially kicked off production at Munda by shifting first ore from a starter pit a few days ago. The initial five-month mining campaign is set to deliver 6,100 ounces of gold at an all in sustaining cost of A$2,635 per ounce - well below today's gold price of A$4950 per ounce. The mine site is now fully operational with haul roads laid, ROM pads prepped and a full mining fleet in place. Auric made the strategic call to launch operations with a 125,000-tonne starter pit grading 1.8g/t gold with one eye on an even bigger prize. By shifting the overburden now while gold prices are sky-high, the company should slash future costs for the larger operation and build a buffer against price swings. Apart from generating some valuable cashflows for the company, the starter pit will also provide useful insights into the larger deposit beneath, which should help Auric sharpen its strategy ahead of full-scale mining in 2026 Backed by a 145,000oz resource, a 2023 scoping study on Munda projected A$76.9M in surplus cash across its mine life using a very conservative A$2,600 per ounce gold price – almost half today's actual gold price. The $6.5M pre-strip cost has been fully bankrolled from profits at Jeffreys Find. With the final ore delivery at Jeffrey's Find ticking closer and the mill primed for a final golden run, Auric is about to ring the till one last time on a project that has delivered in spades. Jeffreys Find has been more than just a successful cash cow – it has been a financial springboard to bigger things and proof of concept for a company now shifting gears into self-driven gold production. Is your ASX-listed company doing something interesting? Contact:
The Age
15-05-2025
- Business
- The Age
Final payday for Auric at Jeffreys Find gold mine in WA
Auric Mining is lining up one last lucrative swing of the bat at its Jeffreys Find gold mine near Norseman in Western Australia as the company gets set to pull up to $4.5m out of the very last 60,000 tonne batch of ore. Marking the final act of an uber-successful two-year toll mining campaign, the last 60,000 tonne parcel of ore is now en route to the Three Mile Hill Mill in Coolgardie. Processing is scheduled to begin in the first week of July. About 16,000 tonnes have already been stockpiled at the mill and the company says haulage is continuing daily to meet the full campaign target. Auric is eyeing a final gold tally of around 2,750 ounces from the latest batch - a figure that would push total production from Jeffreys Find beyond the 30,000-ounce mark since toll mining began two years ago. According to management, most of the mining costs have already been paid, positioning this last campaign as a high-margin operation that could potentially generate between $7 million and $9 million in free cash, available to be split between Auric and its contract mining partner BML Ventures. 'Auric will bank more than $15 million from mining at Jeffreys Find.' Auric Mining managing director Mark English Under the 50:50 joint venture with Kalgoorlie-based BML, which operates and manages the mine, net proceeds from gold sales are shared equally once all direct costs are covered. Auric says it expects to pocket between $3.5 million and $4.5 million for itself from the final campaign to round out a total earn of more than $15 million from the project. Auric Mining managing director Mark English said: ' Auric will bank more than $15 million from mining at Jeffreys Find. It's been a game changer for us as we transition to becoming a gold producer in our own right. These additional funds will be used to support the operations at Munda,' Rehabilitation and demobilisation activities are now underway at the mine to wrap up what the company says has been a textbook toll-treatment partnership. The unique structure of the Jeffreys Find joint venture saw BML Ventures shoulder all mining, haulage, and processing costs upfront, allowing Auric to benefit from a clean, low-risk exposure to high-margin gold revenues.
Sydney Morning Herald
15-05-2025
- Business
- Sydney Morning Herald
Final payday for Auric at Jeffreys Find gold mine in WA
Auric Mining is lining up one last lucrative swing of the bat at its Jeffreys Find gold mine near Norseman in Western Australia as the company gets set to pull up to $4.5m out of the very last 60,000 tonne batch of ore. Marking the final act of an uber-successful two-year toll mining campaign, the last 60,000 tonne parcel of ore is now en route to the Three Mile Hill Mill in Coolgardie. Processing is scheduled to begin in the first week of July. About 16,000 tonnes have already been stockpiled at the mill and the company says haulage is continuing daily to meet the full campaign target. Auric is eyeing a final gold tally of around 2,750 ounces from the latest batch - a figure that would push total production from Jeffreys Find beyond the 30,000-ounce mark since toll mining began two years ago. According to management, most of the mining costs have already been paid, positioning this last campaign as a high-margin operation that could potentially generate between $7 million and $9 million in free cash, available to be split between Auric and its contract mining partner BML Ventures. 'Auric will bank more than $15 million from mining at Jeffreys Find.' Auric Mining managing director Mark English Under the 50:50 joint venture with Kalgoorlie-based BML, which operates and manages the mine, net proceeds from gold sales are shared equally once all direct costs are covered. Auric says it expects to pocket between $3.5 million and $4.5 million for itself from the final campaign to round out a total earn of more than $15 million from the project. Auric Mining managing director Mark English said: ' Auric will bank more than $15 million from mining at Jeffreys Find. It's been a game changer for us as we transition to becoming a gold producer in our own right. These additional funds will be used to support the operations at Munda,' Rehabilitation and demobilisation activities are now underway at the mine to wrap up what the company says has been a textbook toll-treatment partnership. The unique structure of the Jeffreys Find joint venture saw BML Ventures shoulder all mining, haulage, and processing costs upfront, allowing Auric to benefit from a clean, low-risk exposure to high-margin gold revenues.
Yahoo
15-04-2025
- Business
- Yahoo
Auric Mining starts site preparation for Munda gold mine's starter pit
Auric Mining has initiated the development of the Munda gold mine, located 5km from Widgiemooltha in Western Australia (WA), with the mobilisation of plant and equipment for the mine's starter pit. Mining at the starter pit is set to commence this week, with completion expected to take around six months. The WA Government's Department of Energy, Mines, Industry Regulation and Safety has approved the Munda starter pit mining proposal and mine closure plan. Site preparation activities are currently under way, including the survey mark-out of the pit crest, haul roads, waste dump, run-of-mine pads and site office. Auric has also secured a contract with MHM Contracting for the dry hire of the mining fleet, which will be operated by Auric's own personnel. The starter pit represents the initial phase of Auric's strategy to exploit the larger Munda Resources. Following the completion of the starter pit and a thorough analysis of the results, Auric plans to undertake pit optimisation and mine planning for an expanded pit at Munda. Based on the outcomes from the starter pit and subsequent planning, the company intends to mine a larger pit by mid to late 2026. Auric Mining managing director Mark English said: 'We are right on schedule and have mobilised all the necessary machinery and infrastructure. Earth works have commenced; we will begin mining in a few days. 'The project is another significant step, both in our ambition to become a substantial gold producer in the district, and to develop Munda to its full potential.' A comprehensive grade control programme has been completed over the starter pit area by Kalgoorlie-based Total Drilling Services. The programme involved 428 holes drilled for a total of 14,670m. The results have enabled mine geologists to delineate near-surface ore blocks ahead of the mining operations. As mining progresses and exposes new benches, further grade control drilling will be conducted on a 5m x 5m pattern. Auric Mining plans to extract 125,000 tonnes (t) of ore at a projected grade of 1.8 grams per tonne of gold and an all-in sustaining cost of A$2,635 ($1,656) per ounce. In February 2025, Auric Mining generated more than $105m in gold sales from stage one and two operations at the Jeffreys Find Gold Mine near Norseman, WA. "Auric Mining starts site preparation for Munda gold mine's starter pit" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
