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(Kitco News) - Australian gold producer Red 5 (ASX: RED) announced yesterday that its King of the Hills mine, located in Western Australia, produced 61,705 ounces in the June 2023 Quarter after posting its fourth consecutive month of record gold production in the month of June.
The company said that King of the Hills (KOTH) mine produced 24,033 ounces of gold in June (up from 19,039 ounces in May 2023), continuing the recent trend of positive monthly production performances.
Red 5 added that strong quarterly production of 61,705 ounces sees the company achieve the top end of 2H FY2023 guidance of 90,000-105,000oz, with all-in sustaining costs (AISC) expected to be within guidance of A$1,750-1,950/oz.
“Since the planned shutdown in May, the KOTH processing plant has been operating at an annualized throughput rate of up to 5.5Mtpa. This is a significant increase from the original nameplate capacity of 4.0Mtpa, and this throughput rate is expected to be maintained going forward into FY24,” the company said.
Red 5 Limited is an ASX-listed gold mining company. Headquartered in Perth, Western Australia, the company owns 100% of the King of the Hills and Darlot gold mines in the Eastern Goldfields region of Western Australia.
The company indicated that the construction and ramp up of the 4.7Mtpa King of the Hills project now provides a clear pathway to becoming an Australian mid-tier gold producer within the next 12 months. First gold at King of the Hills was produced on 5 June 2022 - on time and on budget. Red 5 plans to produce over 200kozpa in FY23 and beyond.
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