Mid-tier gold producer and exploration company Gold Road Resources (ASX: GOR) has signed off on a milestone year with the release of its first annual report since production began at the world-scale Gruyere gold mine in Western Australia’s north-eastern Goldfields.
Writing in the report, Gold Road chairman Tim Netscher described the start-up of Gruyere – a 50-50 joint venture with mine operator Gold Fields – as “a tremendous outcome for all shareholders, achieved in just under six years from the discovery by Gold Road of the Gruyere deposit”.
Gruyere poured first gold last June and is this calendar year expected to produce 250,000 to 285,000 ounces (100%), with Gold Road tipping its attributable all-in sustaining costs to be between $1100 and $1200 an ounce. Gruyere has a mine life of at least 11 years, producing on average 300,000 ounces annually.
Writing in the report, managing director Duncan Gibbs said Gold Road was continuing efforts to build a sustainable business, not just through further exploration success but also through introducing renewable energy into its operations.
