Gold miner GascoyneRes_GCY has halted operations at Dalgaranga and has launched a review of its operating strategy as COVID19 and labour shortages continue to bite mining resources cost jobs WesternAustralia
PERTH – The board of gold miner Gascoyne Resources has launched a review of the company’s operating strategy, suspending operations at its Dalgaranga project, in Western Australia, immediately.
Gascoyne in its September quarterly report flagged that gold production at Dalgaranga had been negatively impacted by abnormally high rainfall, labour shortages and impacts from the Covid-19 pandemic.The miner on Tuesday said these impacts had continued through October and November, leading to reduced production levels, higher production costs and negative cash-flow from operations, which the board had determined was not sustainable.
“The foundation of our decision is heavily influenced by the phenomenal near-mine exploration success Gascoyne has enjoyed in recent months, making what is arguably Australia’s best new high-grade gold discovery right on the doorstep of the current operation.
A key part of this will be to pivot to an exploration/resource growth focus in the short term while preserving the value of the existing assets and securing additional strategic funding to complete the drill-out of the near-surface high-grade Never Never and Gilbey’s North discoveries, establish an underground portal and exploration decline from Gilbey’s pit towards Never Never, evaluate and progress other near-mine surface opportunities, and progress the approval of the mining lease and...
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