According to Mining News Pro - Perth-based gold-nickel explorer Regis Resources has announced its
results for the 2018 financial year (FY2018), posting new company
records for gold production and net profit after tax.
Regis’s main
area of focus is gold projects in Western Australia and New South
Wales. In WA its operations include the Moolart Well, Rosemont,
Erlistoun and Garden Well gold projects and Collurabbie nickel project.
In NSW, the company is developing the McPhillamys gold project in the
Kings Plain district.
Regis produced 361,373 ounces (oz) of gold
from June 30, 2017–June 30, 2018, a year-on-year (YoY) increase of
68,500oz. Net profit after tax was up over a quarter to $174.2 million,
another record for the company.
As a result, the company has
announced that it will pay a dividend of $40.4 million (8 cents per
share) to shareholders on September 26.
The news comes during a
time of considerable expansion for Regis. In addition to the ramp up at
McPhillamys, the company announced at the start of August that it will
develop a new underground mining operation.
The Rosemont
underground development will be built underneath the company’s current
Rosemont open pit gold deposit, located nearby the company’s larger
Garden Well project in the Duketon area, Western Australia.
Combined,
the Rosemont open pit and underground mines are expected to deliver
10.3Mt at 1.72 grams of gold per tonne (1.72g/t) over fiver years, with
the underground expansion comprising 38 per cent of this figure.
“The
decision to approve the first development of an underground mine at one
of our Duketon operations is a very exciting step for Regis,” said Mark
Clark, Regis executive chairman.
“We believe that the approved
Rosemont underground operation is a robust business in its own right but
just as importantly will see the infrastructure in place to grow that
mine through exploration from an established underground footprint.”