All approvals are now in place for Emerald Resources' Dingo Range development in WA, which will be its first standalone mining and processing venture in Australia. Together with the near-term Memot development in Cambodia, Dingo Range is expected to roughly triple Emerald's current production profile.
Western Australian authorities have granted final works approvals to gold miner Emerald Resources for the Dingo Range project in the Eastern Goldfields, paving the way for development to begin.
Emerald said it was the final regulatory approval still required for the project. With development now cleared to start, Emerald has ordered two SAG mills — one for Dingo Range and the other for the fully permitted Memot development in Cambodia — and a crushing circuit for Dingo Range at a cost of A$30 million. The mills will arrive at each site in 12–13 months.
Combined with the Okvau mine, also in Cambodia, Dingo Range and Memot are designed to take Emerald's production rate from current levels of 105,000–120,000 ounces of gold per annum to above 300,000ozpa. Dingo Range will be Emerald's first mining and processing venture in Australia, underpinned by circa 1.4Moz in resources at a grade of 1.1 grams per tonne gold.
Emerald's recent focus at the project has been on finalising maiden reserves, which will underpin a definitive feasibility study ahead of development. With $338 million in cash and $39 million in bullion on hand at the end of March, Emerald maintained this week that Dingo Range's development would be fully internally funded. The miner has already built and commissioned a 264-room camp at the project.
Memot, meanwhile, is underpinned by indicated and inferred resources of 1.7Moz grading 1.2gpt, with work on a maiden reserve estimate also underway. Emerald produced 26,300oz of gold from Okvau in the March quarter at all-in sustaining costs of US$897/oz, generating pre-tax operating cashflow of A$143 million. Shares in the company were up 1.75% to $5.83 on Wednesday, capitalising it at nearly $4 billion. It has traded between $3.24 and $8.11 over the past year.
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