150 jobs for mine

Expansion at Ravenswood set to create 150 new positions

THE new owners of the Ravenswood gold mine will embark on a $150 million expansion creating 150 jobs by the end of this year.

Ravenswood Gold chief executive Brett Fletcher said the company was keen to proceed with the Ravenswood Expansion Project and start full-scale open-pit mining at Buck Reef West.

“We’re working through a number of work packages, including pit design and construction of a new tailings dam,” he said.

Mr Fletcher said the return to open-pit mining was expected to create another 150 permanent positions between now and the end of the year.

THE new owners of the Ravenswood gold mine will embark on a $150 million expansion and create 150 jobs by the end of this year.

In April the Ravenswood gold mine officially changed hands when a consortium involving resources private equity manager EMR Capital and Singapore-listed Golden Energy and Resources bought it from Australian-listed Resolute Mining.

Ravenswood Gold chief executive Brett Fletcher said the company was keen to proceed with the Ravenswood Expansion Project.

“Our intention is to commence full-scale open-pit mining at Ravenswood at Buck Reef West,” he said.

“We’re working through a number of work packages, including pit design and construction of a new tailings dam.”

Mr Fletcher said the return to open-pit mining at Ravenswood was expected to create another 150 permanent positions between now and the end of the year.

He said Ravenswood Gold would be looking to use the existing processing plant at maximum capacity, about 5Mtpa, with potential to expand to 7-8Mtpa when required.

“We are looking to commence mining and processing Buck Reef West at 5Mtpa and then expanding as this mine ramps up and Sarsfield-nolan (deposits) is incorporated into the mine plan,” he said.

The consortium agreed to pay an upfront consideration of $100 million, comprising $50 million of cash and $50 million of deferred payment via a promissory note.

A further up to $200 million in contingent payments is linked to the average gold price and the investment outcomes of Ravenswood.

Townsville Enterprise chief executive Patricia O’callaghan said the company made a significant contribution to North Queensland communities and would support economic recovery during the COVID-19 pandemic.

“Across their upcoming $600 million expansion project this workforce is estimated to double, which is great news for our region at a time more important than ever,” she said.

“The company has a firm focus on supporting local content though jobs as well as through contracts.

“Ravenswood Gold is a major economic contributor to the local community and wider North Queensland. From building a new $10 million school, supplying medical services, and growing tourism opportunities, the operations of Ravenswood Gold are truly more than just mining.”

Ms O’callaghan said Ravenswood Gold had a “significant footprint across the North with 95 per cent of employees permanent residents of Townsville, Ayr, Charters Towers, Ravenswood and Ingham”.