Pantoro Accelerates Scotia Gold Project
Tajha Pritchard
Pantoro is set to initiate underground mining at the Scotia open pit within the Norseman gold project ahead of the originally projected schedule. This decision stems from a comprehensive review of Scotia, revealing "significant improvements" in the project's gold production and cost profile.
As a result of the review, Norseman's all-in sustaining costs (AISC) are anticipated to be less than $1850 per gold ounce (oz) in the 2024–25 and 2025–26 financial years, with Scotia underground AISC estimated to be below $1700/oz.
The revised mine plan aims for an annual production of 100,000–110,000oz per annum, with upcoming resource definition drilling focusing on production upgrades in the medium term.
Underground operations at Scotia are poised to commence early in the June 2024 quarter, approximately four months earlier than initially planned. Concurrently, ongoing Scotia open pit works are scheduled for completion during the December 2024 quarter.
Pantoro clarified that the Scotia South open pit will adhere to its original planned depth, while the Scotia Central open pit will progress to the 140mRL (metres relative level), approximately 30m above the previously envisaged pit floor.
This adjustment in Scotia Central pit depth leads to a substantial reduction in the remaining open pit stripping ratio. Additionally, the early onset of underground mining facilitates faster access to the Scotia North orebody compared to the originally planned cutback in that area.
The conclusion of Scotia open pits by the final quarter of 2024 will result in ore stockpiles of approximately 800,000 tonnes of medium and low-grade ore, available for processing in the ensuing years to complement underground ore production when required.
Pantoro is presently soliciting bids for underground works, noting "strong interest" from numerous Tier-1 underground contractors. Selections will be made by February, with contract awards scheduled for March.
Ongoing open pit mining at Scotia is anticipated to resume in late 2025 at the Princess Royal and Gladstone Everlasting mining centers.