Subscribe
Be the first with the news that moves the market- West Wits Mining’s (WWI) Witwatersrand Basin Project (WBP) in South Africa produced its first ore in the March quarter
- The WBP is set to deliver a 27-year life of mine with an estimated 16.1 million tonnes at a run of mine grade of 3.11g/t gold for 1.61 million ounces of gold
- This first gold pour marks a significant milestone for West Wits as it progresses the development of the newest gold mine in South Africa
- West Wits burnt through $3.75 million and as of March 31 had $5.61 million in total available funding, representing 1.52 quarters of use
- Shares in West Wits were up 13.3 per cent on the market and are trading at 3.4 cents
West Wits Mining’s (WWI) Witwatersrand Basin Project (WBP) in South Africa produced its first ore in the March quarter.
This first gold pour marks a significant milestone for West Wits as it progresses the development of the newest gold mine in South Africa.
A scoping study demonstrated the project’s potential to become West Wits’ cornerstone project as it aims to become a mid-tier gold producer.
The WBP is set to deliver a 27-year life of mine with an estimated 16.1 million tonnes at a run of mine grade of 3.11 grams of gold per tonne (g/t) for 1.61 million ounces of gold.
West Wits has begun a new initiative, Project 200, which aims to increase production at the WBP to 200,000 ounces per annum by increasing the Qala Adits throughput capacity.
The company is investigating infrastructure requirements which include additional shafts, water handling, process facility options and depositions space.
Phase one work, which is expected to be completed by the end of July, will determine the real production potential of the mining area and the potential access points.
Following the successful completion of phase one, phase two work will focus more on the engineering which will ultimately yield CAPEX and OPEX estimates.
Financials
Taking a look at its finances, West Wits burnt through $3.75 million with the majority going towards development. The company also invested $949,000 in its property, plant and equipment.
West Wits ended the quarter with $5.61 million in total available funding, representing 1.52 quarters of use if spending levels remain the same.
This hasn’t fazed West Wits however as it has received multiple funding proposals which are currently being assessed.
West Wits was up 13.3 per cent on the market with shares trading at 3.4 cents at 12:22 pm AEST.
