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Australian gold producer Alkane says exceeded production guidance in December quarter

Kitco Media
By Vladimir Basov
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Updated
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(Kitco News) - Australian gold producer Alkane Resources (ASX: ALK) announced today that December quarter 2022 production of 18,301oz of gold at the Tomingley operation in New South Wales exceeds its production forecast for the quarter and brings the company's 1H2023 production to 37,790oz Au.

Importantly, Alkane said it has upgraded its FY2023 production guidance for Tomingley to between 62,000oz and 70,000oz Au at an AISC of A$1,550/oz to $1,800/oz (previously from 55,000 to 60,000oz Au at an AISC of A$1,650/oz to $1,900/oz).

However, the company noted that the project approval was not received for the Tomingley gold extension project by the end of December.

"All information requested of the company has been provided and the project remains under consideration by the Department of Planning and Environment, with approval now expected by early February," Alkane said in a statement.  

Managing Director Nic Earner commented, "Tomingley continues to deliver outstanding performance, resulting in upgraded guidance for the 2023 financial year.

"With approvals expected shortly to extend the life of Tomingley beyond 2030 at increased production rates, we're looking forward to developing the Roswell resource in the year ahead."

Alkane Resources also said that the company is poised to become Australia's next multi-mine gold producer.

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Vladimir Basov

Vladimir (PhD, MEng in Mining) is a professional mining engineer, scientist and analyst that has more than 20 years of practical in-field and research experience. He is particularly interested in collecting, processing baseline data and writing insightful data-driven mining industry analytics, articles, statistical and research reports.

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