Manuka raises cash to bring Mt Boppy into production
Exploration and development company Manuka Resources has announced an A$8-million capital raise that it plans to use to bring the Mt Boppy gold mine into production this year.
The capital will be used to establish an onsite processing facility to recover gold from oxidised ore. First gold production is forecast for the fourth quarter.
Manuka has a five-year mine plan at Mt Boppy that is forecast to generate an average of A$19-million a year in earnings before interest, taxes, depreciation and amortisation.
The balance of capital needed for a flotation circuit for processing sulphide ore will be funded from project cash flows.
Cash flows from Mt Boppy will be used to potentially restart the Wonawinta silver mine, about 150 km south of Mt Boppy, as a dedicated silver operation in 2025.
Previously Australia’s largest primary silver producer, the Wonawinta mine comprises an existing mine and process plant and a resource of 38.3-million tonnes at 41.3 g/t gold for 51-million ounces, including a higher-grade component of 4.5-million tonnes at 97 g/t gold for 14-million ounces.
Wonawinta, which as recently as December last year was used to process ore from Mt Boppy, is currently on care and maintenance.
“Bringing a new processing plant at Mt Boppy online represents Stage 1 of the company’s staged self-sustaining growth plan, that is focused initially on production and free cash generation from our Cobar Basin gold and silver projects, and subsequently development of our world-class VTM sands project in New Zealand,” says executive chairperson Dennis Karp.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation