Alkane Resources - Another forecast upgrade and an investment
Gold production from the mid-grade stockpile at Tomingley continues to perform above our expectations, resulting in a second upgrade of our production estimates this year. We increase forecast gold (Au) production for FY19 to 48,000oz (from 44,000oz on 2 May 2019, previously 40,000oz on 12 February 2019). As a result, we also increase forecast gold sold to 52,800oz (from 48,800oz). The increased production levels also result in a lower all-in sustaining cost (AISC), which decreases to A$1,004/oz Au (from A$1,059/oz Au). Alkane also announced a binding agreement with Zirconium Technology Corporation to fund a pilot plant operation to convert metal oxides into metals.Alkane Resources is a mining and exploration company with a focus on gold, copper, zirconium, hafnium, niobium and rare earth elements. Co. has two reportable segments, being gold operations and the exploration and evaluation of rare metals. Co.'s projects and operations are located in the Central West of New South Wales in eastern Australia. Primary among them are the Tomingley Gold Operations, a medium-sized gold operation near Dubbo in which Co. is engaged in the production of gold. Co. is also developing the Dubbo Zirconia Project, which will produce zirconium, hafnium, niobium and rare earths.
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