Mines and Quarry – Page 4 – Ying Hui International

Oli Vibrators: When you need it, where you need it

Quarries need reliable equipment that can handle intense conditions. High temperatures, freezing cold, heavy material and constant use can put extreme pressure on components.

This is why Oli Vibrators Australia is fully stocked and on standby to assist Australian quarries.

Many quarries are also located in remote areas, operating almost 24 hours per day. They can’t afford a breakdown.

Sean Brewer, sales executive at Oli Vibrators, told Quarry this is why the vibration motor specialist remains fully stocked and on standby.

“Having our Australian subsidiary and warehouse located in Melbourne is perfect for the many customers we have in the quarry and mining sector,” he said.

“There’s so many OLI vibrators out there in Australia’s crushing, scalping and dewatering screens and a lot of them are purring away 24/7 and getting a real workout. The push for higher productivity and minimal downtime is factored in to all the quarry managers budgets.”

“We’re not just down the road from our manufacturing plants in Italy and Malta, so the need for a fully stocked local warehouse is crucial to our customers and distributors. As such we need to ensure that our local Melbourne warehouse is well stocked not only with all our faster moving smaller vibrators, but also our big bangers like our six & eight pole motors with huge kilograms of force and proven reliability.”

Oli Vibrators specialise in industrial vibration technology, providing high-quality, European-built industrial electric and pneumatic vibrators, frequency converters, flowaids and aerators. The company has operated in Australia for more than two decades and has built up expertise in providing the right tools for the job.

Oli Vibrators manufactures its product in Italy, where its head office is located, and Malta. Here, the equipment goes through rigorous testing and quality control to ensure they can handle the extreme conditions.

The Melbourne-based branch liaises with the European manufacturing facilities to ensure it has the core items required for quarries.

Brewer said this is important, as several local quarry plant equipment manufacturers and designers incorporate Oli vibrators into their designs.

“They need reassurance so that when they get a call from a stressed quarry manager looking for a quick supply turnaround time, we’ll be able to assist quickly and not to let them down,” he said.

He added that while much of the plant equipment found in Australian quarries was imported and not locally manufactured, it was good to see a lot of it comes with Oli vibrators as original equipment.

“Ideally, we would love to supply mainly local manufacturers with our product out of the Melbourne warehouse but realistically our European colleagues are pushing just as hard to get the Oli vibrators on to their own locally produced quarry equipment bound for Australia,” he said.

“We’re happy to offer the after sales support and advice once it’s here. We are also happy to swap out our competitor’s vibrators for the OLI as happens quite a bit, because we have the stock on hand.”

Brewer spends the bulk of his workday talking with customers, many of whom are the procurement and plant maintenance managers for quarries.

With such a wide range of applications to cover, he helps them find the right size and placement for the company’s range of equipment. Small aerators and fluidisers are often deployed for cement powder, lime, and fly ash applications, while heavy-duty vibrators are installed on hoppers and bins. Even the delivery trucks can make use of the equipment.

Oli Vibrator’s specialists work closely with the site team, using drawings and site visits to help pick the right tool for the job.

Brewer said feedback has been positive.

“They love that we can solve problems for them quickly,” he said. “A site might have a blockage or reduced flow. They give us a phone call or email, and we can work together to get things moving.”

“Oli Group worldwide for many years has strived to stand by our mantra of ‘When You need it, where you need it’, and I think with the huge range of large size and brute force vibrators that we keep on the shelf, combined with the local logistics network we have finely tuned over the years, we live up to that.

“There is also a vast number of maintenance companies in Australia that specifically service the quarry sector, so they look to us to provide solutions with fast and reliable supply times. I get great satisfaction when I’m presented with a problem where our products can help and when the call comes back to me saying problem solved.” •

To learn more, visit olivibra.com/oli-australia/
or call 0458 444 200.

Kinder keeps quarries all covered up

ADAM DAUNT

Kinder Australia is helping quarries protect one of their expensive assets – conveyor belts.

The Australian sun is relentless, with some of the highest levels of ultraviolet (UV) radiation in the world.

According to the Cancer Council, the UV radiation is strong enough to cause sunburn in as little as 11 minutes on a fine summer day.

For people, avoiding the damaging rays can be as simple as “slip, slop, slap,” but the same can’t be said about conveyors.

Usually located outside conveyors need to bear the brunt of the elements. Conveyor belts – which are usually the most expensive part of the conveyor – are susceptible to UV and heat. It can cause cracking, or delamination of the top cover, significantly shortening the equipment’s life.

Sean Kinder, business development manager at Kinder Australia, told Quarry that to avoid costly downtime and repairs, quarries can cover up and protect their conveyors with the K-AllShelter.

“K-AllShelter Conveyor Covers have been designed to provide complete and reliable coverage of the conveyor,” he said.

“K-AllShelter Conveyor Belt Covers are manufactured using a wide range of optional materials and engineered as a waterproof, durable barrier.”

It’s not just the sun and heat that can disrupt a quarrying operation. Rain, hail, and sleet can alter the consistency and quality of the conveyed materials.

Kinder points to the example of a concrete plant that needs to keep its moisture levels consistent to maintain the relevant specification. Heavy rains would make this impossible, pausing critical production time.

Rain can also create downstream production issues, including screen blinding and clogging issues. Moist materials can also cause hang up in chutes, blocking material flow and creating a spillage risk. In extreme scenarios, the wind and rain could even wash the material off the belt.

Kinder said the K-AllShelter can be custom made to suit all belt widths and models.

“It depends on what you’re trying to do – are you just looking to keep the product dry, or are you looking to protect it from the wind? Is the cover being used as a guard? Are you looking to reduce dust?” he said.

“We can change the shape of the cover to fit almost any application. Our team will visit the site and inspect the conveyor, taking measurements and acquiring drawings. From there, we can create a digital model before beginning the manufacturing process.”

“When it is installed, we can also paint the cover to fit with the rest of the environment. If it’s in a more arid area, we can help it blend into the surrounding colours.”

The conveyor belt covers can be designed and manufactured using a wide range of high-performance materials including galvanised steel, pre-lacquered steel, stainless steel and aluminium and fibre reinforced polyester.

Covering the conveyor is also beneficial to operators from a safety perfective. Moving parts are covered effectively, and dust is contained safely within the covers. It features a patented double lock/hinge system, which allows access from either side of the conveyor.

Service props and struts also come in varying designs, shapes, and sizes. These handy tools allow operators to gain access inside the cover to conduct routine maintenance.

Service props are fully adjustable systems that hold up the conveyor belt cover safely and securely so that any maintenance inside the covers can be easily performed.

Kinder has had positive feedback.

“The sites that have generally ordered a sample to be installed on one conveyor have come back to have them installed on others,” he said.

“The sites are comfortable using them and they can see the value the protection brings.”

The K-AllShellter also feature a dust-tight seal that prevents dust from escaping the conveyor. This also prevents dust from entering the conveyor system and causing damage to the components.

Kinder said eliminating spillage and dust is vital for the company, and one of the reasons it is focusing on the K-AllShelter.

“We are always looking for ways to cut down on the amount of labour our customers need to do. Eliminating spillage means there is less time spent cleaning around the conveyors, and more time focused on tasks that add value.”

For more information visit kinder.com.au

Newmont-Newcrest deal makes billions for Australia

OLIVIA THOMSON

The Cadia operation. Image: Newcrest Mining

Pitchers Partners has released its Dealmakers: mid-market M&A in Australia 2023 update, where it found that the mining sector contributed significantly to the country’s M&A (mergers and acquisitions) value through the Newmont acquisition of Newcrest.

Pitcher Partners is an association of independent accounting and business advisory firms located in Adelaide, Brisbane, Melbourne, Newcastle, Perth and Sydney.

Its latest dealers M&A (mergers and acquisitions) update found that international corporate buyers accounted for $48 billion of M&A activity in the first half of 2023. As a result, this has delivered the strongest six-month interval for offshore M&A values since 2018.

“Across all markets, foreign interest was led by North American dealmakers who contributed 77 per cent of deal value as they explored opportunities in Australia’s rich technology sector, as well as mining and resources, finance and healthcare,” the report said.

The overall value of global M&A was down by 35 per cent compared to the first half of 2022 and with a 37 per cent slump in the mid-market.

However, it was good news for Australia as the country’s M&A value increased by 13 per cent compared to the first half of 2022. Australian transactions in the first half of 2023 were worth $64.8 billion, coming from 390 deals. The number of deals has decreased by 26 per cent compared to those recorded in 2022.

The value figure is said to be influenced by the $26.6 billion Newmont purchase of Newcrest, which has made up approximately 41 per cent of the total deal value in Australia during the first half of 2023.

“Energy, mining and utilities made up 78 per cent of deal value in the first half of 2023, and even without the inclusion of the Newcrest sale, the sector still made up 50 per cent of total sales,” the report said.

Pitcher Partners Sydney corporate finance partner Andy Hough said that while values remain strong, Australian deal volumes were the lowest in more than five years, which he attributed to deals taking longer to complete in comparison to 12 months ago.

“Due diligence is becoming an increasingly drawn-out process, with factors such as environmental, social, and corporate governance (ESG) and increased regulatory burdens leading to a greater depth of scope,” Hough said.

A key example of this is the Newmont acquisition of Newcrest recently receiving approval from the Canadian Competition Bureau and Papua New Guinea’s Independent Consumer and Competition Commission.

“While that has negatively impacted on deal numbers in this half, it should result in an uptick of completed deals in the second half of the year,” Hough said.

Kobelco delivers heavy duty machines for hard conditions

ADAM DAUNT

WA Limestone wanted a rock breaker with some “meat on the bones” to handle its hard rock quarry in Onslow.

Western Australia’s northwest is a rugged environment, characterised by gruelling conditions and tough rock. It is here where WA Limestone, one of the state’s biggest aggregate suppliers, can be found.

Steven Della Bona, director at WA Limestone, said the material is a very hard rock to mine, because it is so dense, abrasive, and hard.

“The wear factors and the damage that it does on your machines is pretty horrendous,” he said.

“You need the right machinery and the right wear parts on your machinery.”

The family-owned company found Kobelco’s SK500XD to be the answer for a heavy-duty machine that can handle abrasive aggregate.

Kobelco’s SK500XD weighs in at 52,200 kg, making it one of the heaviest machines in its class.

It features a heavy-duty boom and arm set as well as factory-fitted, triple-plated, hardened steel applied to all key structural sections.

This includes the boom-to-arm connection, the boom centre, and the end of the arm, providing a high level of durability and longevity to the attachment structures.

A specially designed full-length rock guard is installed on the inside of the dipper arm, on top of additional steel plating.

A quadruple track guide frame and reinforced heavy-duty 600mm triple grouser shoe provide reliability in rocky underfoot conditions, making easy work of rough terrain.

The durability of the track links has also increased, while the idler frame has received substantial double reinforcement plating inside and out, resulting in improved undercarriage reliability which prevents premature wear.

The heavy-duty steel bolted underbody guard protects vital machine components and provides additional weight for greater stability.

The additional metal, which helps the SK500XD handle the Onslow quarry site, is a key feature for WA Limestone.

“I was pretty impressed by the extra steel on the track frames and the extra steel and reinforcement around the arm, the excavator frame and the dipper arm,” Della Bona said.

“Being in the conditions that we operate in and especially with the hard rock you need a machine that can handle the bumps, hard rocks and all the stresses and pressures.

“The machine has worked really well and hasn’t let us down at all, it’s been reliable and done everything that we asked it to do.”

WA Limestone partnered with Kobelco to optimise its operations.

It is powered by a Hino Toyota engine, alongside Kawasaki pumps and hydraulics, which delivers 257 kW of power and an average fuel consumption of under 30L per hour. This helps the SK500XD generate a breakout force of 293 kN, and slew torque of 183 kN.

The hydraulic system notifies the operator if

filter performance is compromised which helps manage maintenance and reduce downtime.

“They’re a proven hydraulic pump and hydraulic system so there is no reason why we wouldn’t get a good run out of them.

The company has road-tested several machines over its five decades in the industry. Della Bona, who has been with the company for 38 years, understands what makes a quality machine.

“I was trying to find a dedicated rock-breaking machine and I rang a couple of clients who run them, and they had nothing but good words to say,” Della Bona said.

“I was able to buy that machine pretty quickly and get it up and running and that was a big part of the decision-making.

“I am keen to see how it continues to perform but we’re really happy with it.”

Kobelco has confidence in the machine’s ability to handle the demanding conditions of the Australian worksite providing an extended major component warranty of four years or 6000 hours.

Mark Johnson, Kobelco Australia’s general manager of product and distribution, said the machine has all the tools to be a hit.

“It’s engineered for the most extreme environments around the world,” he said.

“It also builds on Kobelco’s excellent reputation for machine reliability, taking it to a new level by providing a factory-installed, comprehensive set of structural reinforcements—not to mention class-leading digging performance and fuel efficiency.

“The result is a machine that is the perfect choice for quarry work.”

For more information visit kobelco.com.au

Delta Rent helps operators stay on top of the sand pit

ADAM DAUNT

Holcim Grantville has two AG45s on site which are made for the conditions and driving the clay tracks.

Holcim Australia’s Grantville Quarry utilises two articulated dump trucks and two front-loaders to stay on top of the competition, thanks to a partnership with Delta Rent.

The Grantville Quarry, which is a joint venture between Holcim and Boral, has relied on rented machines from Delta Rent for more than a decade, to ensure it can meet demanding workloads. The quarry supplies Holcim and Boral internally with sand for manufacturing concrete.

Holcim Australia’s Grantville Quarry site supervisor Ron Walker said with the operation being a joint venture, using machinery from Delta on-site provided access to the latest machines without significant up front investment.

Holcim Grantville has two L260Hs on-site and has been impressed with its handling of on-site conditions.

Delta’s rental division, established in 2005, offers flexible short-term, medium, and long-term rental plans to help any site or project-specific requirement. The heavy plant hire division operates across Australia with offices in Melbourne, Sydney, Brisbane and Adelaide.

“As we operate a joint venture between Boral and Holcim we tend not to own our equipment/machinery,” Walker said.

“So, we partner with Delta Rent – giving our employees access to the latest state-of-the-art reliable machines. This is imperative as our operation is reasonably high hours for a rental.”

Holcim’s Grantville site, located around 90 minutes from Melbourne, needed machines that could handle the clay track around the site in the wet and sodden tracks in the Victorian winter.

The Volvo L260H’s larger bucket capacity of 7.1 cubic metres compared to previous models to improve efficiency.

Delta Rent, which has one of the largest rental fleets in Australia, supplied the Victorian operation with two articulated dump trucks and two front-wheel loaders.

The articulated dump trucks are designed for off-road sites which require heavy-duty usage, predictive gear selection, downhill speed control and a high payload capability.

Walker said it was crucial Delta Rent was able to match the needs of the site with machines in its fleet.

“They run through pretty hard conditions in winter and all our tracks are clay, which can become quite wet. Despite the weather conditions, we still need to operate as much as we can,” Walker said.

“Delta Rent provides us with very reliable trucks, along with superior comfort for the operators.”

One of the key features the front end wheel loaders offer is a large capacity of 7.1 cubic metres, allowing 11.5 per cent more material to be loaded than previous models. This enables the road trucks to be loaded and sent out faster, increasing the site’s efficiency.

Delta Rent Account Manager Andrew Hagan said the company focused on the customer’s needs, with a rental and service based model that customers can rely on to help operations run smoothly.

In the case of the articulated hauler, its ability to handle “wet and uneven terrain very well” became a major factor given Holcim’s Grantville site, according to Hagan.

“The turnaround time to get trucks in and loaded was definitely seen as a benefit because they didn’t want trucks lining up at the gate, you just want them out.”

“Fuel burn was also a critical factor to the operation to lower production costs.”

“The support and 24–7 service Delta Rent provides is reliable, consistent, and gives our customers comfort knowing they can access immediate help when they need it,” he said.

Delta Rent provides maintenance on the high-risk and capital-intensive machines to ease pressures for workers on-site.

The support system minimises unexpected maintenance and associated downtime.

“We rely on Delta’s after-hours service, so when something breaks down and we need it repaired pretty quickly, they’re onto it immediately,” Walker said.

“I manage the gear and liaise with Delta to do all the repairs and upkeep of the trucks. They’re usually pretty prompt getting out and getting the gear repaired as quickly as they can, which works for us because if the machine isn’t running, it is downtime for us and loss of production.”

Walker, who has spent around 40 years in the industry, really appreciates the level of service and quality of the machines.

“They’ve always been a good company to deal with, and they’re very good at keeping their gear on the move,” Walker said.

“Knowing Delta Rent is there helps us maintain focus on our core business.”

For more information visit deltagroup.com.au

Major miners release tailings facility details

OLIVIA THOMSON

A tailing management facility at a mine.

Anglo American and Glencore have reported the progress they have made towards meeting the global industry standard on tailings management (GISTM).

Last week, Rio Tinto released details on its tailings facility.

Anglo American has set out its progress towards bringing its 12 tailings storage facilities (TSFs) that are currently within the two highest potential consequence categories into conformance with GISTM.

“We have made very significant progress towards conformance with the GISTM over the last three years, building upon our already high technical standards,” Anglo American chief executive Duncan Wanblad said.

“We continue our prudent approach to align with a number of specific GISTM requirements, as well as the social and community aspects that are already encompassed in our comprehensive social way management system. We are addressing the few outstanding areas and have set out the work needed to get us there.

“As an industry, we have a clear ethical imperative to do everything possible to ensure that TSFs are managed to the highest standards as we work together to build greater levels of trust with all our stakeholders. GISTM’s role in driving continuous improvement across the industry with full transparency is beyond doubt.”

Glencore also reported its conformance to GISTM for its TSFs with ‘very high’ or ‘extreme’ consequence classifications.

“We have taken a rigorous and technically robust approach to applying the GISTM, which goes beyond self-assessments and includes independent third-party assurance,” Glencore said.

“We welcome the greater transparency it has brought around the management of these important facilities. We are pleased with the progress we have made over the last three years… Based on our ongoing TSF management systems and independent third-party assessments we have in place for our TSFs with ‘very high’ and ‘extreme” consequence classifications we believe that any gaps in conformance are identified and managed appropriately.”

Both miners have committed to working towards conformance in respect of its TSFs that are within the other three lower consequence categories, ‘low’, ‘significant’ and ‘high’, by August 2025. This in line with the commitment made by all ICMM member companies.

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A golden process

ALEXANDRA EASTWOOD

Derrick Corporation’s gold screening equipment can minimise maintenance and increase production.

Derrick Corporation’s innovative gold screening equipment allows customers to get more out of their operations.

Gold has been an integral part of the Australian mining environment for centuries. But as ore deposits get deeper and harder to access, processing equipment must keep up to ensure the precious metal can be mined for years to come.

Derrick Corporation has committed itself to developing new and innovative screening equipment to advance gold processing, while also contributing to a favourable investment return for its customers.

“A lot of our innovations come from providing solutions to our current customers,” Derrick general manager mining Garth Hay told Australian Mining.

“For example, the development of the G-Vault (urethane interstage screen) came from a customer complaint about their interstage screen being one of the bottlenecks of their system.”

Over a number of years, Derrick has developed screening solutions to minimise the maintenance a customer has to undertake and to reduce environmental impact.

These new designs and capabilities permit screens to replace more traditional flowsheet elements.

“A Derrick Stack Sizer can replace the hydrocyclones in a grinding circuit, resulting in greater recovery at reduced power consumption per tonne,” Hay said.

“Derrick machines provide superior performance in a smaller footprint, which can offer a huge advancement for a gold plant. By replacing old hydrocyclone technology with modern high-frequency vibrating screens, overall plant capacity can increase by 20 to 50 per cent.”

The G-Vault complete interstage unit is the latest addition to the Derrick gold processing portfolio. The G-Vault employs a modular approach, combining a screen surface with a robust and easy-to-connect support structure.

“The G-Vault features tapered openings and can withstand higher temperatures, contributing to its non-blinding characteristics,” Hay said.

“These non-blinding and abrasion-resistant properties result in a screen with higher throughput, increased life and less maintenance, all of which lead to a more efficient recovery of gold.”

The G-Vault, which has been installed in multiple locations around the world, has been met with wide acclaim.

“Customers are happy to report benefits from a maintenance and production standpoint,” Hay said. “From a maintenance side, we are decreasing man hours spent on maintaining a piece of equipment which in turn helps to reduce risk on-site. From a production standpoint, the G-Vault can increase flow, help mitigate carbon loss and run a consistent CIP (carbon in pulp) or CIL (carbon in leach) system.”

One of Derrick’s primary objectives is to minimise operational costs by developing highly durable machines.

For example, the Derrick integrated vibratory motors feature maintenance-free components that eliminate the need for routine maintenance and downtime. Used in conjunction with Derrick’s long-lasting Polyweb urethane panels, these motors enable clients to achieve optimal availability of their equipment.

The extensive research that goes into the development of these machines helps to ensure a high gold recovery rate and seamless user experience.

This research has evolved into the development of a range of screening solutions to address various gold-processing needs, including hydrocyclone overflow trash duty, tailings carbon safety, in-tank interstage carbon retention, de-gritting, loaded carbon, carbon sizing, carbon dewatering, gravity protection separation, and carbon column safety.

“Our focus has always been to reduce operation expenses by creating more robust machines,” Hay said.

“We have found our customers achieve higher availability with our machines. For example, once the G-Vault is installed, it can be operated for approximately six months before it is required to be changed.

“Other similar solutions may need weekly maintenance, which comes at extra man hours and a loss of tonnes. The G-Vault provides operational, production and safety benefits that increase profitability.”

With a new Australian office now open in Queensland, Derrick is ideally placed to help its customers make the most of its gold processing solutions, no matter the location.

This feature appeared in the August 2023 issue of Australian Mining.

Australia’s critical minerals conundrum

TOM PARKER

BHP’s Nickel West operations in WA.

BHP understands Australia’s significant critical minerals opportunity, but it also recognises there are hurdles the local mining sector must overcome.

As BHP president Australia Geraldine Slattery explained at a recent American Chamber of Commerce event, Australia will have to approach its critical minerals future differently to its previous iron ore and coal plunders.

“Unlike Australia’s iron ore and metallurgical coal endowment – which were found in large quantities and close to the surface – our critical mineral resources, particularly nickel and copper, are deeper or more remote or individually smaller in scale,” Slattery said.

“This can make them more complex and more expensive per tonne to produce.

“Take copper. Australia has significant copper resources, and the potential to be a significant copper player.

“The South Australia copper province is a case in point.”

Slattery said that while South Australia boasts its fair share of high-grade copper deposits, they are deep beneath the surface and require underground mining methods.

“(But) in Chile, one of Australia’s key competitors, copper endowments are larger in scale, closer to the surface – allowing for open-pit mining methods,” Slattery said.

“This translates to a higher cost-per-tonne to develop and operate copper mines in Australia, despite our high-grade endowment.”

Australia is also facing competition regarding its nickel future, with Indonesia a premier jurisdiction for the mining and processing of the battery metal.

“Australia has high quality resources, and one of the largest nickel reserves in the world,” Slattery said. “However, we face stiff competition from Indonesia’s large nickel reserves that are more accessible and can be extracted through open-pit methods.

“And Indonesia is highly motivated to aggressively invest in technologies to produce nickel at scale and do so sustainably.”

In discussing this reality, Slattery demonstrated the fact there won’t be the same ease in developing critical mineral deposits in Australia as it was for iron ore and coal.

“Yes, Australia has many large, high-quality resource endowments,” she said. “But we cannot afford to assume that we will have the same degree of comparative advantage in critical minerals as we have enjoyed in iron ore and metallurgical coal.

“As I said before: it all starts with the rocks – the quality and quantity of deposits and the degree of difficulty and cost involved in extracting those deposits drives the investment decision.”

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Newmont takeover of Newcrest receives PNG approval

OLIVIA THOMSON

Papua New Guinea’s (PNG) Independent Consumer and Competition Commission (ICCC) has granted clearance for Newmont to proceed with its acquisition of Newcrest.

After a three-month process beginning in February 2023, Newmont secured a $26.2 billion takeover deal with Newcrest.

The Canadian Competition Bureau issued a ‘no action’ letter clearing Newmont’s announced transaction with Newcrest under Canadian competition law in mid-July.

Newmont has since been continuing to advance other regulatory approvals, such as PNG’s, and it expects to close the transaction in the December 2023 quarter.

Newmont still needs regulatory approvals from the Australian Competition and Consumer Commission (ACCC), the Australia Foreign Investment Review Board (FIRB), the Japan Fair Trade Commission (JFTC), the Philippine Competition Commission (PCC), and the Korea Fair Trade Commission (KFTC) to complete its acquisition of Newcrest.

Additionally, Newmont has been in consultation with Newcrest, and through this has determined that a pre-merger notification under the Hart–Scott–Rodino Antitrust Improvements Act of 1976 will not be required in the US for the transaction to proceed.

“We appreciate the ICCC in Papua New Guinea carefully reviewing and clearing our proposed acquisition of Newcrest,” Newmont chief executive officer Tom Palmer said.

“Lihir in PNG is one of the world’s great gold mines and a Tier 1 operation by any measure. In addition to Lihir, we see profitable gold and copper growth through the world-class Wafi-Golpu project.

“We remain committed to building strong, mutually beneficial and long lasting relationships with PNG’s government and local communities. As part of this commitment, Newmont plans to establish PNG as a standalone fifth region in our portfolio with an in-country senior leadership presence and pursue a secondary listing of Newmont depositary interests on the PNG’s National Stock Exchange (PNGX).”

Both miners will continue engaging with the PNG Government and regulators about other approvals and clearances for the takeover.

Westgold aiming bigger next year

Westgold Resources has released its guidance for the 2024 financial year, hoping to mine more gold at a lower operating cost.

After delivering on production guidance for 2023, Westgold has set itself the goal of producing between 245,000 to 265,000 ounces of gold for next year. This is a 5,000 ounce increase on 2023.

The company has also decreased its projected al-in sustaining costs to $1800 to $2000 per ounce.

“Westgold delivered its guidance in financial year 2023, hitting the top end of production guidance and mid-point of costs. This was achieved while undertaking an organisational transformation which has placed the company in a position to build cash and enhance profitability on a sustainable basis.”

Westgold is set to increase its growth capital to $130 million for the 2024 financial year, $60 million of which will be invested towards new growth opportunities at the company’s operations.

Thirty million will go to developing the Great Fingall decline. At steady state, Westgold expects Great Fingall to produce between 300 to 450 thousand tonnes of ore at four to six grams per tonne of gold.

The Big Bell expansion will receive $24 million in capital funding for mine development, ventilation and development of a surface located paste plant. A feasibility study and final investment decision is expected in the first quarter of 2024.

Westgold has allocated $6 million to the restart of Fender, which it expects to produce around 330 thousand tonnes per annum at 2.7 grams of gold per tonne.

“The business is now structured to deliver safe and profitable ounces and critically, our financial year 2024 growth ambitions are funded from our existing cash resources. Looking forward, prudent capital investment into our organic growth projects such as Great Fingall, the expansion of Big Bell and restart of Fender establishes a growth runway into financial year 2025.”