Gold miner Westgold Resources and copper major 29Metals have released their preliminary production results for the third quarter (Q3) of the 2023 financial year (FY23).
Westgold delivered a solid quarter of operations, producing 60,512 ounces of gold, bringing the company’s production to 188,740 ounces year to date. The results put Westgold on track to achieve the upper end of production guidance of 240,000–260,000 ounces.
These results occurred despite major rainfall event across its Murchison operations in WA, which include two processing hubs, the Cue gold operation and the Meekatharra gold operation, as well as the company’s Fortnum gold operation.
While the rainfall did not stop milling operations all together, it did temporarily restrict activity towards the end of the quarter.
Westgold managing director Wayne Bramwell said the results were promising.
“Westgold’s Q3 results show changes made around operating discipline, mining efficiency and cost management are beginning to deliver the financial results we expect from our mines,” Bramwell said.
“Our team continues to find ways to simplify our business and drive efficiencies. Profitability and building our cash position is the objective this year and at the end of Q3, FY23, we remain on track to deliver our FY23 guidance.”
Results were also strong for 29Metals, who reported drilling at its Capricorn copper mine resulted in an increase in estimated mineral resource and ore reserves, up 58 per cent to 3.9 million tonnes. Given the mine was temporarily shuttered during the Queensland floods, these results pointed to the continued potential of Capricorn.
“These tremendous results continue to demonstrate the growth potential at the Capricorn copper ore bodies, building upon the highly successful drilling at Capricorn in 2022,” 29Metals managing director and chief executive officer Peter Albert said.
“These results further demonstrate the medium- and longer-term potential we see at Capricorn copper and highlight the importance of our ongoing recovery work to safely return Capricorn copper to operations following the impacts of the extreme weather event in March 2023.”
