Australia's gold industry shows signs of stability
- November 2, 2015
- Posted by: Admin
- Category: Services
Much has changed since the first gold rush in 1851, when the mineral was first discovered in New South Wales.
According to Australian Minerals Atlas, Australia supplies about 10 per cent of the world's economic gold resources. The nation ranks third in production after South Africa and the US.
Although the extractive industry is filled with uncertainty, the gold sector has shown signs of relative stability in light of recent business moves. A few projects are set to open in the near future, inciting a need for industrial measuring instruments and other extractive equipment.
The Halls Creek Project
Pacific Niugini, which owns 80 per cent of a gold mine near Halls Creek, Western Australia, recently noted that construction of the facility is progressing well. Dubbed the 'Halls Creek Project', the endeavour is already developing ore, and alluding to a potential gold "bonanza".
The Joint Ore Reserves Committee conducted an assessment of the mine in December 2013, estimating the pit's resources to stand at 1.127 million tones at 5.9 grams per tonne, totalling approximately 214,000 ounces.
Pacific NIugini noted the project already has a carbon in pulp (CIP) processing plant, which is capable of handling about 120,000 tonnes per year. Apparently, the facility has undergone minor refurbishment and custom engineering jobs to prepare it for upcoming operations.
Metals X acquires new gold project
Metals X Limited (MLX) has also expressed interest in maintaining a gold mine. On July 31, it announced that it signed a binding Heads of Agreement to purchase the Grosvenor Gold Project from RNI NL.
Also located in Western Australia, about 150 kilometres north of Meekatharra, the Grosvenor mine, combined with the Peak Hill and Horseshoe projects, delivers a resource base of more than 2 million ounces. MLX CEO Peter Cook regarded the acquisition as a good addition to its expanding arsenal.
"[Grosvenor] presents as another low-cost and low-risk gold production opportunity with a lot of upside," said Cook.
While the MLX and Pacific Niugini developments don't account for Australia's entire gold industry, it does allude to a sector that has managed to find stability.