Join our daily newsletter At The Bell to receive exclusive market insights
- Firefinch (FFX) has officially progressed from developer to producer with the first gold pour at its Morila Mine in Mali
- Yesterday’s gold pour marks the start of a new era for Firefinch as it looks to become an income-generating gold producer
- The company has been focusing on tailings treatment alongside mining operations to kickstart production and early cashflow
- November production is expected to land around 4000 to 4100 ounces of gold, at an all-in cost of US$1000 to US$1100 (around A$1360 to A$1500) per ounce
- Drilling is ongoing and is aiming to further expand the existing 1.49 million-ounce resource as Firefinch seeks to step up production
- Firefinch is up 7.14 per cent, trading at 15 cents
Firefinch (FFX) has officially progressed from developer to producer with the first gold pour at its Morila Mine in Mali.
Getting ahead
Yesterday’s gold pour marks the start of a new era for Firefinch as it looks to become an income-generating gold producer.
The company has been focussed on tailings treatment alongside mining operations to kickstart production and early cashflow.
So far, the mine is producing above the first month’s forecast as more tonnage than expected is being mined.
The grade of the ore and the tailings is largely in line with expectations.
Production for November is expected to land in the region of 4000 to 4100 ounces of gold, at an all-in cost of US$1000 to US$1100 (around A$1360 to A$1500) per ounce.
Firefinch Executive Chairman Dr Alistair Cowden says the early cashflow will contribute to ongoing works at Morila.
“We have been delighted at the smooth transition from Barrick management to Firefinch management at Morila and are especially pleased to be generating cashflow,” Dr Cowden began.
“The cashflow is being applied to the drilling of tailings and satellite pits, plant refurbishment, mine plan studies and other technical work to prepare Morila for a return to open pit mining,” he said.
Next steps
Firefinch recently delivered an initial mineral resource estimate for three satellite pits at Morila.
Drilling is ongoing and is aiming to further expand the existing 1.49 million-ounce resource as Firefinch seeks to step up production.
The company also recently finalised the acquisition of an 80 per cent stake in Morila.
With the move to gold production, Firefinch will be able to self-fund the ongoing exploration and exploitation of its flagship asset.
Firefinch is up 7.14 per cent, trading at 15 cents at 11:24 am AEDT.
