Havilah Resources NL
Havilah Resources NL
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The ramp-up of Havilah's Portia gold mine in South Australia has reached new levels with 24-hour operations and improved plant availability producing four gold bars in a day. The bars, totalling about 40kg, are above 90% purity and valued at about $A2M.
With mining partner Consolidated Mining and Civil delivering over 14,000tpw high-grade and 20,000tpw medium grade ore, Portia should maintain current production rates. MD Chris Giles says Portia is living up to expectations in grade reconciliation and distribution.
South Australian miner Havilah has pocketed its first mining income, about $A266,000 from the sale of 165oz of gold from its 50% share under the agreement with Portia mining partner Consolidated Mining and Civil.
MD Dr Chris Giles says its the most significant milestone in Havilah's history. Additional gold shipments have been dispatched.
Despite an extra day's delay due to heavy rain, contracting partner Consolidated Mining & Civil will resume normal openpit operations this week at the Portia gold mine in South Australia, a week after it was suspended due to a pit wall slip.
Part-owner Havilah says CMC has determined mining can continue as before, apart from minor design changes to subsequently reach the highest grade ore zone on the pit floor. The plant has continued to process high grade stockpiles, and should lead to the first gold pour this week.
Havilah Resources is confident the processing of high-grade stockpiles will maintain production after a landslip on the pit wall at its Portia gold mine in South Australia.
A land-slip in a previously mined openpit area has brought a temporary halt to mining at Havilah's recently reopened Portia gold mine in South Australia.
Havilah says the area had been under visible and laser monitoring after showing signs of movement for several months, and contractor Consolidated Mining & Civil suspended mining so technicians can update their safe mining guidance. MD Dr Chris Giles says the newly commissioned plant is continuing to process stockpiled ore.
A re-design of the mining plan has enabled Havilah to begin systematic mining 3-1/2 months ahead of schedule at the Portia gold mine in South Australia. Ore is being stockpiled on the ore pad ahead of the commissioning of the processing plant by mid-April.
MD Dr Chris Giles says mining of the Portia openpit by Broken Hill contractor Consolidated Mining & Civil has gone largely to plan despite "numerous challenges" of soft clay overburden and dewatering requirements to access its 67,000oz inferred resource.
Havilah has agreed spot deferred gold sales under the Investec Risk Management Facility, securing an average gold price of $A1,618 for 10,000oz, representing about 40% of its share of production from the Portia gold mine in South Australia.
The deal is the maximum that can be hedged under the facility. MD Dr Chris Giles says certainty of cash-flow at a favourable price adds confidence Havilah will achieve $40M gross proceeds from Portia.
Havilah Resources may elevate the North Portia copper-gold project to next in the sequential development strategy for its South Australian portfolio.
In a change of plan, Havilah is starting a fast-tracked study into mining its North Portia copper-gold deposit in South Australia’s Curnamona province immediately, taking advantage of the existing infrastructure as gold mining winds down in late 2016 at the Portia mine 500m away.
Havilah originally planned to defer North Portia until after the Kalkaroo copper-gold mine, but says the new synergies, updated resource model containing 24,000t copper and 58,000oz gold and comparatively low costs enhance its viability as a stand-alone operation.
Havilah Resources has completed a $A6M loan and risk management facility with resource financier Investec for its Portia Gold Mine in S Australia, NW of Broken Hill, where the processing plant is expected to start commissioning in early 2016.
The risk management facility will involve Havilah hedging 10,000oz of gold.