Havilah Resources NL
Havilah Resources NL
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Havilah Resources has added 23,200t of cobalt metal to its Kalkaroo copper-gold project near Broken Hill in South Australia, lifting the project’s total cobalt JORC resource to 31,390t, alongside resources containing 1.1Mt copper and 2.62Moz gold.
South Australia’s recent and future mining sector activities will be placed under the microscope when more than 500 industry members attend the state's 2017 Exploration and Mining Conference at the Adelaide Convention Centre on Friday.
The largest annual resources industry event in SA has attracted 20 presenting companies, from giants BHP and OZ Minerals to explorers and producers such as Havilah Resources, Iron Road and Minotaur Exploration.
The Portia Gold Mine in South Australia has farewelled its 50/50 JV status with Oct 30 2017 qtr (Q1 18) production up 71% to 2,445oz on the previous qtr and sales 54% higher at 2,681oz on higher grade material being processed and record plant throughput up 11% to 118,000 wet tonnes.
Partner Havilah Resources says Q1 18 saw Portia’s C1 cash costs down ~24% to $A1,235 per oz, AISC to $1,572oz from $2,111oz and all-in costs falling to $1,752oz from $2,688oz.
In the wake of the major restructure of the Portia Gold Mine J/V, the mine has lifted production and cut costs, albeit still high by current industry standards.
Broken Hill-based contractor Consolidated Mining and Civil will take 100% day-to-day control of the Portia gold mine in South Australia after reaching agreement to dissolve its 50-50 cost and revenue-sharing mining and processing JV with Havilah Resources.
Havilah will switch to a 15% gold revenue stream, a change it says will allow CMC to lift efficiency and potential mine life by accessing lower-grade ores and tailings.
Portia produced 19,626oz in FY17.
MD Dr Chris Giles says Havilah will be free to progress its advanced copper-gold-cobalt projects.
New York-based Bergen Global Opportunity Fund II has backed Havilah's copper growth strategy with a $A2M private placement of 6.2M shares at 33cps, a 13% premium to its share price.
MD Dr Chris Giles says the deal, which includes provision for regular payments to Havilah over up to 20 months in line with growth in its share price, is a vote of confidence in the strategy to advance its Kalkaroo copper-gold, North Portia copper-gold and Mutooroo copper-cobalt projects in South Australia.
Since pouring its 1st gold at the end of May 2016, the Portia Gold Mine in NE South Australia has generated $A18M revenue to date, with July 30 2017 year (FY17) production of 19,626oz and sales of 20,807oz.
50% owner Havilah Resources’ preliminary FY17 results show ore mined of 341,000t, with 340,000t processed at 2.1g/t for C1 cash costs of $640oz, AISC of $928oz and all-in-costs of $1,173oz, compared to an average realised gold price of $1,620oz.
Lower processed grades and downtime to complete major plant upgrades at Havilah Resources’ Portia Gold Mine in NE South Australia have cut July 2017 qtr gold production to 1,740oz, 18% down on the previous qtr, the major fall occurring in the July month down 49% to 434oz from the previous month.
Havilah has paved the way for grant of a mining lease over one of Australia's largest undeveloped copper-gold deposits with in-principle native title mining agreement by the Adnyamathanha people for its Kalkaroo project 400km NE of Adelaide.
The final agreement now being drafted may also require approval by the Wilyakali people, whose own native title claim overlaps the area.
Havilah and partner Wanbao Mining aim to complete a PFS on Kalkaroo's JORC resources of 1.1Mt copper and 3.3Moz gold by year-end.
Gold production at Havilah's Portia gold mine in South Australia plunged to 2,130oz in the 3 months to end-April (Q4FY17), down from 7,618oz in Q3, due to the processing of lower-grade ore. AISC soared to $A1,312/oz (Q3: $751/oz).
Portia, a 50-50 partnership between Havilah and miner Consolidated Mining and Civil, produced 17,886oz for the full year after first production in mid-2016. Havilah says currently available ore should support processing to May 2019.