Elemental says Karlawinda gold mine launch to double its royalty revenue
(Kitco News) - Elemental Royalties, a diversified gold royalty streaming company, said today that it has noted the recent announcement by Capricorn Metals that it has completed construction and commenced continuous ore processing at its Karlawinda gold project in Western Australia where Elemental holds a 2% NSR royalty.
According to the company's statement, commissioning activities were completed to plan over the last three weeks, culminating in the ball mill and crushing circuit being ready for full operations in the last week. Processing has commenced with low grade ore and will transition to run of mine grade ore over the next week as the operation moves to steady state. Karlawinda is now building gold in circuit and is expected to pour first gold in around one week.
"First ore processing on time and on budget at our largest royalty speaks to the quality of the management team at Capricorn. Karlawinda is expected to almost double our royalty revenues, and will underpin our portfolio of high quality, cash flowing royalties. We look forward to the announcement of first gold and progressing the mine into steady state operations," said CEO of Elemental Frederick Bell.
Capricorn is developing the Karlwinda gold project in the Pilbara region of Western Australia as a stand-alone project expected to produce between 105,000 – 120,000 ounces per annum over a 12-year mine life. The fully funded project is being developed as an open-pit mining, CIL processing operation.