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26/11/2018 — Gold
NZ mines continue to figure in gold report
By Ross Louthean

The two only major hard rock mining operations in New Zealand continue to figure in the latest Aurum Analytics report on Australasian gold operations.

The Aurum report for the September quarter showed that the average all-in sustaining cost (AISC) for Australia and New Zealand mines was $A1,189/ounce, up 4.2% on the previous quarter

Evolution Mining’s part of the Ernest Henry gold-copper operations in Queensland was the lowest cost producer reporting an AISC of minus $A617/oz followed by Newcrest Mining’s Cadia Valley operations in New South Wales, with an AISC of $A195/oz, then followed by Kirkland Lakes' Fosterville mine in Victoria ($A569/oz).

Aurum Analytics, which is supported by PCF Capital Group, said the average gold spot price for the quarter was $A1,659/oz (US$1,213/oz).

The lowest cost “gold only” operations were Kirkland Lakes' Fosterville with an AISC of A$569/oz, then OceanaGold's Waihi mine in NZ ($A824/oz) and St Barbara’s Gwalia mine in Western Australia ($A833/oz).

Kirkland Lake’s Fosterville mine took out the honour as the operation with the highest average feed grade with 25.6 grams/tonne, followed by St Barbara’s Gwalia mine with 11.8 g/t.

In AISC costs Waihi was ranked sixth in terms of costs, and OceanaGold’s other NZ operation, Macraes on the South Island, was ranked 23 with combined open cut and underground operations, and an average AISC of $A1,195/oz.

The major Australian miners in the September quarter were Cadia Valley with 213,514 oz, followed by Boddington in WA with 187,000 oz, and the two other major WA mines Kalgoorlie Super Pit (150,000 oz) and the Tropicana mine (125,100 oz).

PDF File Aurum gold reeport. (865.7 kilobytes)
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