Construction and commissioning is now complete for the new standalone King of the Hills bulk mining and processing gold operation in Western Australia
The $226 million mine development is underpinned by a 4.7Mtpa processing plant, fed by the large open pit and underground mine at KOTH and complemented by a series of smaller satellite pits.
The King of the Hills workforce is approximately 400 workers during operations, and will deliver strong benefits to the Western Australian economy with estimated taxes of $375 million and royalties of $235 million over the initial 16 year mine life.
Feasibility Study Highlights
Two distinct mine production phases over the 16-year mine life:
Mining of the south and north pits. including underground mining in Years 1-5
First six years
Cut-back and mining of the north pit
Years 7 - 16
JORC 2012 Mineral Resource and Ore Reserves
Red 5 confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons findings are presented have not been materially modified from the original market announcements.
Red 5 confirms that all the material assumptions underpinning the Final Feasibility Study production targets on the King of the Hills project (see ASX release dated 15 September 2020), or the forecast financial information derived from a production target, in the initial public reports continue to apply and have not materially changed.