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Crushing|Exploration|Gold|Installation|Mining|PROJECT|Projects|Underground|Drilling
Crushing|Exploration|Gold|Installation|Mining|PROJECT|Projects|Underground|Drilling
crushing|exploration|gold|installation|mining|project|projects|underground|drilling

Capricorn raises $200m for Karlawinda expansion

1st November 2024

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

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Exploration and development company Capricorn Metals has announced a $200-million capital raise to fund the expansion of the Karlawinda project, in the Pilbara.

The ASX-listed firm will raise the funds through an institutional placement at A$6 a share, representing a discount of 4.9% to the last closing price of A$6.31 a share.

Earlier this week, Capricorn greenlit the Karlawinda expansion, which will enhance the project’s yearly production rate to 150 000 oz, based on a ten-year mine life and existing ore reserves of 1.43-million ounces at a grade of 0.8 g/t.

The expansion will involve the installation of a new crushing and ball mill circuit, which will increase the facility’s processing capacity to 6.5-million tonnes a year.

The total capital investment required for the Karlawinda expansion is estimated at A$120-million, with a projected payback period of 20 months.

The capital raised will also be used for development at the Mt Gibson gold project, including accelerated exploration aimed at continued resource and reserve growth, along with expediting drilling focused on areas of the resource and beyond presenting potential underground resource and mining opportunities.

The development of the Karlawinda expansion and the Mt Gibson project will see Capricorn on a path to 300 000 oz/y with operating costs in the lowest of the Australian gold mining industry.

The growth is underpinned by a 3.3-million-ounce reserve base at two projects with lives exceeding ten years.   

Edited by Creamer Media Reporter

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