Strong quarterly production of 61,705 ounces sees Red 5 achieve the top end of 2H FY2023 guidance of 90,000-105,000oz, with AISC expected to be within guidance of A$1,750-1,950/oz!
Red 5 Limited advised that it achieved production of 61,705 ounces for the June 2023 Quarter after posting its fourth consecutive month of record gold production in the month of June from the King of the Hills (KOTH) Gold Mine, located in the Eastern Goldfields of WA.
KOTH produced 24,033 ounces of gold in June (up from 19,039 ounces in May 2023), continuing the recent trend of positive monthly production performances. KOTH produced 24,033 ounces in June 2023 from 0.45Mt of ore processed at an average head grade of 1.79g/t and a gold recovery of 93.4%.
Since the planned shutdown in May, the KOTH processing plant has been operating at an annualised throughput rate of up to 5.5Mtpa. This is a significant increase from the original nameplate capacity of 4.0Mtpa, and this throughput rate is expected to be maintained going forward into FY24.
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At the Chintan Shivir on the 2040 Roadmap, Commerce Secretary Shri Rajesh Agrawal outlined a vision to grow India’s gems & jewellery sector from ~$29B to $100B, driven by innovation, technology, design, global branding.
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