Cowal (100% Ownership)

The Cowal gold operation is a world-class, open pit gold operation located 350km west of Sydney. It is situated within the Bland, Lachlan and Forbes Shires on the traditional lands of the Wiradjuri People. Mining approval has been granted until at least 2032 and this long mine life provides a runway to capture additional upside.

Cowal had another great year in FY19. During the year the operation was granted regulatory approval to increase the plant processing rate by 31% from 7.5 million tonnes per annum (Mtpa) to 9.8Mtpa. Plant throughput continues to improve with record monthly throughput achieved during
the period.
The Cowal operating team successfully commissioned the Float Tails Leach (FTL) circuit, upgraded the SAG Mill Gearless Motor Drive, commenced the Warraga underground exploration decline and the Evolution Board approved the Integrated Waste Landfill improvements on the Tailing’s Storage Facility.
The Warraga decline had reached 550 metres of lateral development as of 30 June 2019 and is progressing ahead of schedule. The underground drilling program commenced during the June 2019 quarter and will continue for the next 18 months.
Total FY19 gold production of 251,500 ounces was above guidance of 240,000 – 250,000oz. AISC of A$995/oz was at the bottom end of the A$975 – A$1,075/oz guidance range. Full year mine operating cash flow was A$232.1 million. Net mine cashflow was A$87.5 million. FY20 guidance: 255,000 – 265,000oz at an AISC of A$930 – A$980/oz.
The underexplored region offers immense untapped potential. Exploration delivered material resource growth of 1.34 million ounces of gold prior to mining depletion, setting us up for another strong year and helping to ensure our future at Cowal.

Cowal is a long life, low cost asset that will be a cornerstone of our business for many years to come.

Blasting is undertaken on-site daily, generally between the hours of 11.00am and 3.00pm.

Video: Our cornerstone asset

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Delivering Pathway to 300,000oz per annum

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    Float Tails Leach

    Increase recoveries by 4 – 6%
    Increase recoveries by 4 – 6%
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    Stage H Cutback

    Accessing 1.3Moz of ore
    Accessing 1.3Moz of ore
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    Plant Expansion

    Permit increased from 7.5Mtpa to 9.8Mpa
    Permit increased from 7.5Mtpa to 9.8Mpa
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    Integrated Waste Landform

    Life of Mine tails solution
    Life of Mine tails solution
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    Underground Exploration Decline

    Resource definition and extensional drilling of high grade underground ore body
    Resource definition and extensional drilling of high grade underground ore…