- Auric Mining (ASX:AWJ) is set to commence stage two mining at the Jeffreys Find gold mine near Norseman, Western Australia
- Mining will kick off in the week starting March 4, and the objective is to extract a minimum of 300,000 tonnes of ore
- Auric Mining expects the first cash inflow in the last quarter of 2024, with additional cash expected in the first quarter of 2025
- AWJ shares last traded at 11.5 cents
Auric Mining (ASX:AWJ) is set to begin stage two mining at the Jeffreys Find gold mine near Norseman, Western Australia.
Mining will kick off in the week starting March 4, and the objective is to extract a minimum of 300,000 tonnes of ore.
“Last year our partners extracted 175,000 tonnes of ore from Jeffreys Find gold mine, and we achieved a great result for the joint venture with almost $10 million total surplus cash generated,” AWJ Managing Director Mark English said.
“With a contract to process a minimum of 300,000 tonnes in 2024 at the Greenfields Mill, it should be a very lucrative year for Auric,” Auric Mining Managing Director Mark English.
Equipment mobilisation to the site will commence this week.
In 2024, Auric contributed $1.0 million as working capital to joint venture partner BML. Besides this payment, BML is responsible for covering all additional mining costs and expenses.
Following the completion of this mining phase, both partners will deduct all costs before sharing the surplus cash proceeds on a 50:50 basis.
Auric Mining expects the first cash inflow in the last quarter of 2024, with additional cash expected in the first quarter of 2025.
AWJ shares last traded at 11.5 cents.