Gold miners Northern Star and Saracen Mineral Holdings have both adjusted their gold production targets as new production targets were set at the Kalgoorlie Super Pit joint venture (JV).
A strategic review by the JV partners established the operation as a long-life asset with a growing production profile and significant exploration upside, based on a Joint Ore Reserves Committee-compliant reserve of 9.7-million ounces, after the depletion of 293 000 oz, and a resource of 19-million ounces.
The JV partners said in a statement on Tuesday that the reserve provided mine life visibility of 15 years, with significant exploration upside.
The review also outlined the future production profile for the asset, with the mine expected to produce between 440 000 oz and 480 000 oz in 2021, at an all-in sustaining cost of between A$1 470/oz and A$1 570/oz.
Production from the Super Pit is expected to increase to more than 500 000 oz/y from 2024, as the Fimiston South orebody becomes the dominant ore source and access to the high-grade Golden Pike North orebody is restored. Gold production is expected to steadily climb to more than 675 000 oz/y from 2028.