Genesis Minerals has brought forward the restart of its Laverton mill in Western Australia by six months, allowing the company to further capitalise off the strong gold price.
The Laverton mill will restart in October 2024, with the jump expected to increase Genesis’ 2024–25 financial year (FY25) production outlook to 190,000–210,000 ounces (oz) of gold at a reduced all-in sustaining cost (AISC) of $2200–2400/oz.
Genesis views the early Laverton mill restart as the first step of its accelerated growth strategy, which aims to achieve 325,000oz per annum in FY29 and reduce the AISC ahead of the company’s five-year plan originally released in March.
“The expedited start of production at Laverton will deliver significant cashflow benefits this financial year and is particularly valuable given our strong exposure to the high spot gold price,” Genesis managing director Raleigh Finlayson said.
“As well as producing significantly more ounces in FY25 as a result of the accelerated start up, this success means we will enter next financial year in a stronger position due to the more advanced ramp up schedule at Laverton.”
Finlayson said the gold production increase will have “positive implications” for its production target of 400,000oz per year.
“To bring a project into production significantly ahead of schedule is a major achievement,” Finlayson said.
“I would like to thank our team and contract partners for their huge efforts in delivering this superb result.”
The jump in gold production follows Genesis producing 134,451oz in FY24, with the company achieving its guidance of 130,000–140,000oz.
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