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Gold Road gets EPA nod for Gruyere - Western Australian

Monday, 21 November 2016

The State’s environmental watchdog has ticked off on Gold Road’s plans for the Gruyerre gold project, taking the 270,000-ounce-a-year mine a major step closer to construction.

The Environmental Protection Authority said today it would recommend Environment Minister Albert Jacob approve development of the mine, subject to a two week appeals process.

The recommendation clears a significant hurdle for Gold Road, which stitched up a deal with South Africa’s Gold Fields to sell half of the project for $350 million earlier this month.

The project stake sale is still subject to a number of conditions, including Foreign Investment Review Board approval, and remaining regulatory approvals from the Department of Mines and Petroleum.

If approved, the deal would fully fund Gold Road’s 50 per cent of construction costs.

A feasibility study announced in October envisaged a large-scale open pit mine feeding a 7.5 million tonne per annum processing plant and producing an average of 270,000 ounces of gold a year over an initial 13-year mine life.

The Gruyere mineral resource stands at 148 million tonnes grading 1.3 grams per tonne gold for 6.2 million ounces.

The project is 200km north east of Laverton and immediately north of the Tropicana project, jointly owned by AngloGold Ashanti (70 per cent) and Independence Group (30 per cent).

Gold Road shares were up one cent, or 1.64 per cent, to 62 cents at 12.35pm.


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