Update: Dubbo gets a boost
Alkane has raised A$10.4m via the issue of 40m ordinary shares at A$0.26 per share. This financing allows Alkane to maintain its 2016 development timeline for Dubbo while it tackles the main issue of permitting the mine with the NSW authorities. This latter point is the main obstacle to Alkane advancing the financing strategy for its flagship project. Meanwhile, the Tomingley Gold Operation’s processing plant has reached its annualised designed throughput capacity of 1Mtpa on schedule. However, gold processing capacity has been constrained by the oxygen supply to the plant, causing a slowing of the CIL plant throughput. This has resulted in a slight downward revision to its production target – now expected to be at the lower end of 22-27koz for FY14.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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