PERTH (miningweekly.com) – The Portia gold mine, in South Australia, has passed another milestone, producing its first 20 000 oz of gold.
Owner Havilah Resources on Thursday said this meant that the company had delivered all ounces hedged through spot deferred gold sales under the Investec risk management facility, at an average gold price of A$1 618/oz.
“We have sold our first 10 000 oz of gold from Portia and have successfully fulfilled our contractual hedging obligations. It is another significant milestone in the history of Havilah and the Portia gold mine, as it represents the first A$16-million in revenue for the company,” said Havilah MD Chris Giles.
“This means that ongoing future gold production from Portia is unhedged and provides us with full exposure to movements in the gold price.”
Havilah recently received approval from the Department of State Development to mine the southern and northern extensions of the Portia mine, which will extend the mine life by at least another 12 months.
Edited by: Creamer Media Reporter
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