Resolute Mining’s Ravenswood granted “Prescribed project” status by Qld Government

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Resolute Mining Limited announced that the Queensland Government has granted Prescribed Project status to the Ravenswood Expansion Project.

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Prescribed Project declaration is designed to facilitate the approval process for projects deemed to be of particular economic or social significance to Queensland of or a region within the state.

The Ravenswood Gold Mine has been in continuous operation since 1987 and currently employs 280 full-time workers, producing approximately 100,000 ounces of gold per annum.

Managing Director and CEO, Mr John Welborn said the Ravenswood Expansion Project will extend Resolute Mining’s local operations for a further 13 years to at least 2029, increase average annual gold production to more than 120,000 ounces, protect 280 local jobs, and create new construction roles.

“The Prescribed Project declaration for the Ravenswood Expansion Project demonstrates the Queensland Government shares our view that the economic and social benefits of continuing gold mining in Ravenswood are significant for the region and Queensland,” Mr Welborn stated.

“Resolute is proud of its successful history of operation at Ravenswood and appreciates the support we are receiving from government in our efforts to create a viable future for our mine.”

He said receiving timely approvals was critical to the successful delivery of the expansion project, the ongoing production of gold, and the retention of the company’s workforce.

“Under our existing approvals, mining operations will cease during the course of 2017. To continue operating at Ravenswood we need approvals for the Sarsfield operation in early 2017 and approvals for Buck Reef West by mid 2018,” Mr Welborn added.

“The granting of Prescribed Project status allows us to access the direct support of the Coordinator-General in securing the required project approvals in the required timeframe.”

Successful delivery of the Ravenswood Expansion Project is expected to result in future royalty payments to the Queensland Government of more than $100 million.