Laverton Gold Mine

The Laverton Gold Mine is a gold mine 9 km east of Laverton, Western Australia. It is currently owned by Crescent Gold Limited and has recommenced mining in August 2009, after having been shut for just over one year.[1] The mine is sometimes also referred to as the Barnicoat Gold Mine, named after its processing facility.

Location
Laverton Gold Mine
Location in Australia
LocationLaverton
StateWestern Australia
CountryAustralia
Coordinates28°40′S 122°30′E
Production
Production73,474
Financial year2009–10
History
Opened?
Active?–1998
2007–2008
2009–present
Owner
CompanyCrescent Gold Limited
WebsiteCrescent website
Year of acquisition2002

The mine is located on the native title of the Wongatha aboriginal people, whom Crescent signed a Land Access Agreement with on 2 March 2005. In exchange for access, Crescent granted the representative of the Wongatha, the Wongatha Claim Group, up to 350,000 Crescent shares and between 0.2 and 0.4% in royalties of the future gold production.[2] A similar agreement between the Wongatha and the owners of the BrightStar Gold Mine had taken place in 2004.[3]

History

The mine was owned by Sons of Gwalia, who closed it in 1998. Sons of Gwalia sold the mine in July 2002 to Focus Technologies Limited for A$2.68 million,[4] who changed their name to Apollo Gold Mining in December 2002.[5]

In June 2004, Apollo changed its name to Crescent Gold Limited.[6]

The mine reopened after commissioning in March 2007, with the plant upgrade having finished in August 2007.[7] Mining ceased once more on 7 July 2008, the official reason being that Crescent was to review the operation.[8] Crescent incurred a loss of A$28.8 million for the 2007-08 financial year, leaving the company with A$50 million in cash in hand.[9]

In February 2009, Crescent and Barrick Gold signed a memorandum of understanding in regards to ore from Laverton being processed at Barrick's Granny Smith Gold Mine rather than Crescent's Barnicoat processing facility, which would remain in care and maintenance.[10][11]

Mining and haulage operations re-commenced in August 2009, with ore to be processed at the processing plant of Granny Smith, 20 km away.[1]

A first gold pour at Granny Smith from Crescent's ore was announced on 21 October 2009.[12]

Focus Minerals Limited, owner of the Coolgardie Gold Mine, placed a friendly takeover offer for Crescent Gold Limited in June 2011 which would place Focus in the top-five of the Australian gold producers with an annual production of 230,000 ounces. The bid values Crescent at A$66 million. Previous to the offer, Focus had already supplied the struggling Crescent with A$13 million in loans.[13][14]

Production

Production figures of the mine:

Year Gold
production		 Grade Cost per ounce
1994-95[15] 36,952 ounces 1.5 g/t
1995-96[15] 36,897 ounces 1.28 g/t
1996-97[15] 33,786 ounces 1.02 g/t
1997-98[15] 47,494 ounces 1.54 g/t
1998–2006 inactive
2006-07 7,400 ounces
2007-08[9] 56,195 ounces
2008-09 inactive
2009-10[16] 73,474 ounces 1.43 g/t

Sources

References
  1. Laverton Gold Project Crescent website, accessed: 28 January 2010
  2. Native Title - Historic Agreement Crescent ASX announcement, published: 2 March 2005, accessed: 28 January 2010
  3. A1 reaches agreement with Native title Claimants A1 minerals ASX announcement, published: 22 July 2004, accessed: 11 January 2010
  4. Acquisition Agreement North Laverton Western Australia Focus ASX announcement, published: 16 August 2002, accessed: 28 January 2010
  5. The Australian Mines Handbook: 2003-2004 Edition, page: 104, accessed: 28 January 2010
  6. CRESCENT GOLD LIMITED (CRE) delisted.com.au, accessed: 28 January 2010
  7. Strategic Operational Review Crescent ASX announcement, published: 7 July 2008, accessed: 28 January 2010
  8. Annual Financial Report 2009 - Crescent Gold Ltd published: 30 September 2009, accessed: 28 January 2010
  9. Annual Financial Report - 30 June 2008 published: 30 September 2008, accessed: 28 January 2010
  10. Crescent signs MOU with subsidiaries of Barrick Gold Corp. Crescent ASX announcement, published: 24 February 2009, accessed: 28 January 2010
  11. Deal paves way for Laverton gold mining ABC News, published: 22 June 2009, accessed: 28 January 2010
  12. Crescent Gold Inaugural Gold Pour Under the OPA Crescent ASX announcement, published: 28 October 2009, accessed: 28 January 2010
  13. Focus and Crescent in merger deal The Sydney Morning Herald, published: 21 June 2011, accessed: 17 August 2011
  14. Focus Mineral makes friendly bid for Crescent Gold The Australian, published: 21 June 2011, accessed: 17 August 2011
  15. Acquisition Agreement North Laverton Western Australia - Part B Focus ASX announcement, published: 16 August 2002, accessed: 28 January 2010
  16. Quarterly Activities report June 2010 Crescent ASX announcement, published: 30 June 2010, accessed: 17 August 2011
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.