BCD Resources (ASX:BCD) has been granted an ASX trading halt to finalise and consider updated Capex and commissioning funding requirements for its Lorena joint venture gold project at Cloncurry, Queensland.
The halt will last until the earlier of the announcement being made or the start of trading on Monday, 19th January 2015.
Partner Malachite Resources (ASX:MAR) has also being granted an ASX trading halt.
In December, BCD hedged 6,000 ounces of gold in forward contracts at a price of AU$1447.50 per ounce.
These forward sales represent approximately 40% of BCD’s expected production share for the first twelve months of the Lorena JV Project.
It noted then that Lorena will commence wet commissioning in late February 2015 with the first concentrate being sent to the Beaconsfield facility in March 2015.
The Lorena Gold Project has total Resources of 56,600 ounces of gold at a 2 grams per tonne cut-off grade.
Operating costs are forecast at A$850 to A$900 per ounce with gold bearing concentrate transported to BCD’s Beaconsfield gold plant in Tasmania to produce gold dore.
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