Ernest Henry retains dominance in AISC stakes

By Ross Louthean Evolution's Mining's part of the Ernest Henry operations in North-West Queensland has continued its dominant role in all-in sustaining costs (AISC) for gold production. The Aurum Analytics March quarter gold report showed Ernest Henry again had minus AISC costs because of its copper content – minus $188 an ounce. (Its estimated AISC on a co-product basis was $975/oz. The operating grade at Ernest Henry was 0.6 grams/tonne. The mine is operated by Glencore and Evolution holds an economic interest including 100 per cent of gold within within an agreed life of mine area. Again second on the list was Newcrest Mining’s Cadia Valley operation in New South Wales with AISC costs of $208/oz, followed again by the high- grade Fosterville mine (42.5 g/t) with all-in costs of $475/oz. Fourth on the list was the Waihi underground operations on New Zealand’s North Island for OceanaGold Corporation with $571/oz. Evolution was again the dominant AISC producer for Australasia – with Cowal open cut in NSW ranked six (AISC: $1,081/oz) Mungari near Coolgardie in Western Australia seventh ($1,099/oz). Its other Queensland operations were also prominent. Cracow underground, which reportedly has been put on the auction block, ranked 11 ($1,150/oz), Mt Rawdon at 21 ($1,357/oz) and Mt Carlton – open cut and underground – ranked 23 ($1,417/oz). The other Queensland mine in the top 46 was Ravenswood in 45th place with $2,334/oz. The mine was sold this year to EMR Capital by Resolute Mining. Aurum Analytics, linked to PCF Capital Group, said the average AISC cost for Australian and NZ mines was $A1,447/oz which was 8.2% higher than in the December quarter. The report said that grade-wise for companies reporting AISC, the average reported mill head grade was 3.63 g/t, with open pits averaging 1.06 g/t and underground 6.07 g/t. It said the lowest grade was Resolute’s Ravenswood with processing an average head grade of 0.5 g/t. usinesses and budding entrepreneurs across the region are being encouraged to take advantage of the courses, support, and events available through Rockhampton Regional Council’s SmartHub. Rockhampton Region Mayor, Margaret Strelow, said the SmartHub team had been working extra hard during the COVID-19 crisis to provide support to businesses across the region. “Since the COVID-19 restrictions kicked in the team really have gone above and beyond to quickly move everything online and create a new program of events,” said Mayor Strelow. “Just this week they have launched a Facebook series called Get It Done In Business, which provides practical tips to help your business survive, thrive, and grow. “This is on top of their weekly HubLives which have been focussing on helping our business community adopt modern best business practice and the use of technology. “There have been some brilliant guests on the HubLives – including Leanne Kemp, Chief Entrepreneur of Queensland – and topics have included mental health, managing teams remotely, and tech tools you can use to get your business online. “The SmartHub also holds monthly lunch and learn events, which of course have been virtual versions more recently, and is continuing to run the METS Accelerator Program and the Turbo-Traction Lab which I’ve spoken about before. “They are quiet achievers – they just get on with it and get stuff done. But I’d like to give them a loud cheer and make sure everyone in our region knows about this fantastic resource.” Mayor Strelow said local small businesses and entrepreneurs should sign up as members if they hadn’t already. “Some of these fantastic initiatives are available for free to anyone, but some are for members only. “If you aren’t a member of the SmartHub now is a really great time to join, as it’s free at the moment rather than the usual $51 a month (which is already excellent value!). “Members can access private slack and facebook groups, get mentoring from our SmartHub Business Coach Elize Hattin, join in the daily member co-working catch ups, and take part in the Capricornia Chamber of Commerce weekly coffee chats. “I honestly can’t think of a good reason for anyone to not take advantage of this offer right now. If you’re running a start-up or business, or want to, it’s time for you to join the SmartHub community.” The SmartHub is an initiative of Rockhampton Regional Council and is a high-tech co-working facility located in the heritage listed Customs House. The SmartHub is specifically geared at helping start-ups in our region to maximise early-stage business success. For more information about the SmartHub, visit the website, head to their facebook page, call 4936 8444 or email the SmartHub at smarthub@rrc.qld.gov.au.

Ernest Henry retains dominance in AISC stakes

Industry Queensland

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