for the six months ended 30 June 2024
REVIEW OF OPERATIONS Review of Operations
Quarter ended 30 June 2024 compared with quarter ended 31 March 2024
Figures may not add as they are rounded independently
Gruyere
| June 2024 |
March 2024 |
% Variance |
||
| Mine physicals and AIC in table on a 100% basis | ||||
| Ore mined | 000 tonnes | 1,052 | 1,023 | 3 % |
| Waste (Capital) | 000 tonnes | 9,219 | 7,312 | 26 % |
| Waste (Operational) | 000 tonnes | 39 | 254 | (85)% |
| Total waste mined | 000 tonnes | 9,258 | 7,566 | 22 % |
| Total tonnes mined | 000 tonnes | 10,310 | 8,589 | 20 % |
| Grade mined | g/t | 1.33 | 1.32 | 1 % |
| Gold mined | 000'oz waste/ | 44.8 | 43. | 4 3 % |
| Strip ratio | ore | 8.8 | 7.4 | 19 % |
| Tonnes milled | 000 tonnes | 2,082 | 1,938 | 7 % |
| Yield | g/t | 0.93 | 1.03 | (10)% |
| Gold produced | 000'oz | 62.5 | 64.3 | (3)% |
| Gold sold | 000'oz | 62.4 | 64.7 | (4)% |
| AIC and capital in table on a 50% basis | ||||
| AISC | A$/oz | 2,691 | 2,639 | (2)% |
| US$/oz | 1,774 | 1,737 | (2)% | |
| AIC | A$/oz | 2,707 | 2,647 | (2)% |
| US$/oz | 1,784 | 1,742 | (2)% | |
| Sustaining capital expenditure | A$m | 28.8 | 26.2 | 10 % |
| US$m | 19.0 | 17.2 | 10 % | |
| Non-sustaining capital expenditure | A$m | – | – | – % |
| US$m | – | – | – % | |
| Total capital expenditure | A$m | 28.8 | 26.2 | 10 % |
| US$m | 19.0 | 17.2 | 10 % |
The significant rainfall event in March 2024 which resulted in the closure of the Great Central Road, the primary access road to Gruyere, from 5 March 2024 to 30 April 2024 significantly impacted production in both the March and June quarters. Improved production is forecast for the second half of 2024.
Gold production decreased by 3% to 62,500oz in the June quarter from 64,300oz in the March quarter due to the lower grade of ore processed.
AIC increased by 2% to A$2,707oz (US$1,784/oz) in the June quarter from A$2,647oz (US$1,742/oz) in the March quarter.
Total capital expenditure (on a 50% basis) increased by 10% to A$29m (US$19m) in the June quarter from A$26m (US$17m) in the March quarter following increased waste stripping at Stage 5 of the Gruyere pit.
Granny Smith
| June 2024 |
March 2024 |
% Variance |
||
| Underground ore mined | 000 tonnes | 373 | 395 | (6) % |
|---|---|---|---|---|
| Underground waste mined | 000 tonnes | 140 | 106 | 32 % |
| Total tonnes mined | 000 tonnes | 513 | 501 | 2 % |
| Grade mined – underground | g/t | 5.86 | 5.24 | 12 % |
| Gold mined | 000’oz | 70.2 | 66.5 | 6 % |
| Tonnes milled | 000 tonnes | 360 | 389 | (7)% |
| Yield | g/t | 5.55 | 4.93 | 13 % |
| Gold produced | 000'oz | 64.2 | 61.7 | 4 % |
| Gold sold | 000'oz | 72.9 | 53.0 | 38 % |
| AISC | A$/oz | 1,802 | 2,051 | 12 % |
| US$/oz | 1,188 | 1,350 | 12 % | |
| AIC | A$/oz | 1,997 | 2,299 | 13 % |
| US$/oz | 1,316 | 1,512 | 13 % | |
| Sustaining capital expenditure | A$m | 22.5 | 15.8 | 42 % |
| US$m | 14.8 | 10.4 | 42 % | |
| Non-sustaining capital expenditure | A$m | 13.3 | 12.2 | 9 % |
| US$m | 8.7 | 8.0 | 9 % | |
| Total capital expenditure | A$m | 35.8 | 28.0 | 28 % |
| US$m | 23.5 | 18.4 | 28 % |
Gold production increased by 4% to 64,200oz in the June quarter from 61,700oz in the March quarter due to higher grades mined.
AIC decreased by 13% to A$1,997/oz (US$1,316/oz) in the June quarter from A$2,299/oz (US$1,512/oz) in the March quarter as a result of higher gold sold and lower production costs on decreased ore mined and processed, which was partially offset by increased capital expenditure.
Total capital expenditure increased by 28% to A$36m (US$24m) in the June quarter from A$28m (US$18m) in the March quarter with increased expenditure on underground development and infrastructure.
St Ives
| June 2024 |
March 2024 |
% Variance |
||
| Underground | ||||
| Ore mined | 000 tonnes | 423 | 407 | 4 % |
| Waste mined | 000 tonnes | 210 | 168 | 25 % |
| Total tonnes mined | 000 tonnes | 633 | 575 | 10 % |
| Grade mined | g/t | 4.19 | 4.22 | (1)% |
| Gold mined | 000’oz | 57.0 | 55.3 | 3 % |
| Surface | ||||
| Ore mined | 000 tonnes | – | – | – % |
| Waste (Capital) | 000 tonnes | 2,659 | 2,428 | 10 % |
| Waste (Operational) | 000 tonnes | – | – | – % |
| Total waste mined | 000 tonnes | 2,659 | 2,428 | 10 % |
| Total tonnes mined | 000 tonnes | 2,659 | 2,428 | 10 % |
| Grade mined | g/t | – | – | – % |
| Gold mined | 000’oz | – | – | – % |
| Strip ratio | waste/ ore |
– | – | – % |
| Total (underground and surface) | ||||
| Total ore mined | 000 tonnes | 423 | 407 | 4 % |
| Total grade mined | g/t | 4.19 | 4.22 | (1)% |
| Total tonnes mined | 000 tonnes | 3,292 | 3,003 | 10 % |
| Total gold mined | 000’oz | 57.0 | 55.3 | 3 % |
| Tonnes milled | 000 tonnes | 1,039 | 1,011 | 3 % |
| Yield – underground | g/t | 3.03 | 4.18 | (28)% |
| Yield – surface | g/t | 0.99 | 0.70 | 41 % |
| Yield – combined | g/t | 2.10 | 2.12 | (1)% |
| Gold produced | 000’oz | 70.1 | 68.9 | 2 % |
| Gold sold | 000’oz | 71.4 | 73.8 | (3)% |
| AISC | A$/oz | 2,903 | 2,753 | (5)% |
| US$/oz | 1,913 | 1,811 | (6)% | |
| AIC | A$/oz |
3,132 | 2,954 | (6)% |
| US$/oz | 2,064 | 1,943 | (6)% | |
| Sustaining capital expenditure | A$m | 56.8 | 48.3 | 18 % |
| US$m | 37.4 | 31.8 | 18 % | |
| Non-sustaining capital expenditure | A$m | 10.2 | 8.6 | 19 % |
| US$m | 6.8 | 5.7 | 19 % | |
| Total capital expenditure | A$m | 67.0 | 56.9 | 18 % |
| US$m | 44.2 | 37.5 | 18 % | |
Gold production increased by 2% to 70,100oz in the June quarter from 68,900oz in the March quarter due to increased ore mined and processed from the underground mines. In line with the mine plan, production is expected to increase in the second half of the year as the Swiftsure and Invincible Footwall South open pits transition from pre-strip to ore production.
AIC increased by 6% to A$3,132/oz (US$2,064/oz) in the June quarter from A$2,954/oz (US$1,943/oz) in the March quarter due to increased capital expenditure and a decrease in gold sold.
Total capital expenditure increased by 18% to A$67m (US$44m) in the June quarter from A$57m (US$38m) in the March quarter with increased expenditure on the Renewables Power Project.
Agnew
| June 2024 |
March 2024 |
% Variance |
||
| Underground | ||||
| Ore mined | 000 tonnes | 315 | 280 | 13 % |
| Waste mined | 000 tonnes | 237 | 139 | 71 % |
| Total tonnes mined | 000 tonnes | 552 | 419 | 32 % |
| Grade mined | g/t | 5.54 | 6.36 | (13)% |
| Gold mined | 000’oz | 56.0 | 57.2 | (2)% |
| Surface | ||||
| Waste (Capital) | 000 tonnes | – | 626 | (100)% |
| Waste (Operational) | 000 tonnes | – | – | (100)% |
| Total waste mined | 000 tonnes | – | 626 | (100)% |
| Total tonnes mined | 000 tonnes | – | 626 | (100)% |
| Grade mined | g/t | – | – | – % |
| Gold mined | 000’oz | – | – | – % |
| Total (underground and surface) | ||||
| Total ore mined | 000 tonnes | 315 | 280 | 13 % |
| Total grade mined | g/t | 5.54 | 6.36 | (13)% |
| Total tonnes mined | 000 tonnes | 551 | 1,045 | (47)% |
| Total gold mined | 000’oz | 56.0 | 57.2 | (2)% |
| Tonnes milled | 000 tonnes | 313 | 288 | 9 % |
| Yield – underground | g/t | 5.66 | 5.76 | (2)% |
| Yield – surface | g/t | – | – | – % |
| Yield – combined | g/t | 5.66 | 5.76 | (2)% |
| Gold produced | 000’oz | 57.0 | 53.3 | 7 % |
| Gold sold | 000’oz | 59.3 | 53.7 | 10 % |
| AISC | A$/oz | 2,110 | 2,002 | (5)% |
| US$/oz | 1,390 | 1,317 | (6)% | |
| AIC | A$/oz |
2,303 | 2,258 | (2)% |
| US$/oz | 1,518 | 1,486 | (2)% | |
| Sustaining capital expenditure | A$m | 23.5 | 17.1 | 37 % |
| US$m | 15.5 | 11.2 | 38 % | |
| Non-sustaining capital expenditure | A$m | 9.0 | 7.8 | 15 % |
| US$m | 5.9 | 5.1 | 16 % | |
| Total capital expenditure | A$m | 32.5 | 24.9 | 31 % |
| US$m | 21.4 | 16.3 | 31 % | |
Gold production increased by 7% to 57,000oz in the June quarter from 53,300oz in the March quarter due to increased underground ore mined and processed.
Total tonnes mined decreased by 47% quarter on quarter due to the inclusion of 626kt of surface capital waste mined at the Barren Lands pit in the March quarter. This represented works on a minor cutback at the east wall of the pit to ensure long-term pit stability while being utilised to provide access to the Barren Lands and Redeemer Underground Complexes.
AIC increased by 2% to A$2,303/oz (US$1,518oz) in the June quarter from A$2,258/oz (US$1,486oz) in the March quarter on higher capital expenditure partially offset by increased gold sold.
Total capital expenditure increased by 31% to A$33m (US$21m) in the June quarter from A$25m (US$16m) in the March quarter due to increased development at Waroonga and Redeemer.
South Deep
| June 2024 |
March 2024 |
% Variance |
||
| Ore mined | 000 tonnes | 445 | 334 | 33 % |
|---|---|---|---|---|
| Waste mined | 000 tonnes | 99 | 110 | (10)% |
| Total tonnes | 000 tonnes | 544 | 444 | 23 % |
| Grade mined – underground reef | g/t | 5.53 | 5.25 | 5 % |
| Grade mined – underground total | g/t | 4.52 | 3.95 | 14 % |
| Gold mined | kg | 2,459 | 1,753 | 40 % |
| 000’oz | 79.1 | 56.4 | 40 % | |
| Development | m | 3,206 | 2,934 | 9 % |
| Secondary support | m | 2,557 | 2,103 | 22 % |
| Backfill | m3 | 153,382 | 109,633 | 40 % |
| Ore milled – underground reef | 000 tonnes | 418 | 345 | 21 % |
| Ore milled – underground waste | 000 tonnes | 53 | 70 | (24)% |
| Total underground tonnes milled | 000 tonnes | 471 | 415 | 13 % |
| Ore milled – surface | 000 tonnes | 282 | 314 | (10)% |
| Total tonnes milled | 000 tonnes | 753 | 729 | 3 % |
| Yield – underground reef | g/t | 4.28 | 5.13 | (17)% |
| Surface yield | g/t | 0.10 | 0.14 | (29)% |
| Total yield | g/t | 2.41 | 2.49 | (3)% |
| Gold produced | kg | 1,818 | 1,814 | – % |
| 000’oz | 58.5 | 58.3 | – % | |
| Gold sold | kg | 1,855 | 1,666 | 11 % |
| 000’oz | 59.6 | 53.5 | 11 % | |
| AISC | R/kg | 1,149,439 | 1,144,350 | – % |
| US$/oz | 1,924 | 1,886 | (2)% | |
| AIC | R/kg | 1,149,439 | 1,144,350 | – % |
| US$/oz | 1,924 | 1,886 | (2)% | |
| Sustaining capital expenditure | Rm | 483.4 | 340.9 | 42 % |
| US$m | 26.0 | 18.1 | 44 % | |
| Non-sustaining capital expenditure | Rm | – | – | – % |
| US$m | – | – | – % | |
| Total capital expenditure | Rm | 483.4 | 340.9 | 42 % |
| US$m | 26.0 | 18.1 | 44 % | |
A number of key production parameters improved from the March to the June quarter, however, gold produced remained similar at 1,818kg (58,500oz) in the June quarter from 1,814kg (58,300oz) in the March quarter.
Total development increased by 9% in the June quarter to 3,206m from 2,934m in the March quarter as improved efficiencies were realised from HP drill rigs owing to maturing cuts and increased end availability. Total tonnes mined in the June quarter increased by 23% to 544kt from 444kt in the March quarter. Improved volumes were driven by additional equipment coming into production, improved equipment reliability, utilisation and by improvements in the mining efficiencies. Reef grade mined increased by 5% to 5.53g/t in the June quarter from 5.25g/t in the March quarter driven by the changing mining footprint. Backfill placed increased by 40% to 153,382m3 in the June quarter from 109,663m3 in the March quarter as stopes became available for backfilling.
Total underground tonnes milled increased by 13% to 471kt in the June quarter from 415kt in the March quarter due to increased mining volumes. Surface tonnes processed decreased by 10% to 282kt in the June quarter from 314kt in the March quarter due to lower operating hours as a result of planned maintenance of a CIL tank.
Reef yield decreased by 17% to 4.28g/t in the June quarter from 5.13g/t in the March quarter due to a lower-than-planned mine call factor (MCF). Surface yield decreased by 29% to 0.10g/t in the June quarter from 0.14g/t in the March quarter as high-grade surface clean-up material was depleted, the current yields are in line with the business plan.
AIC remained flat at R1,149,439/kg (US$1,924/oz) in the June quarter from R1,144,350/kg (US$1,886/oz) in the March quarter.
Total capital expenditure increased by 42% to R483m (US$26m) in the June quarter from R341m (US$18m) in the March quarter. The increase is mainly due to higher mobile equipment refurbishments, Collision Avoidance System (CAS) level 9 implementation on underground mobile equipment, higher spend on underground fixed infrastructure (roadways, waste rock aggregate plant, tips), purchasing of underground steel handling equipment and annual Microsoft licencing in the June quarter.
Damang
| June 2024 |
March 2024 |
% Variance |
|||
| Tonnes milled | 000 tonnes | 1,236 | 1,240 | – % | |
|---|---|---|---|---|---|
| Yield | g/t | 0.94 | 0.87 | 8 % | |
| Gold produced | 000’oz | 37.3 | 34.6 | 8 % | |
| Gold sold | 000’oz | 37.9 | 33.5 | 13 % | |
| AISC | US$/oz | 1,787 | 2,063 | 13 % | |
| AIC | US$/oz | 1,787 | 2,063 | 13 % | |
| Sustaining capital expenditure | US$m | 1.8 | 2.9 | (38)% | |
| Non-sustaining capital expenditure | US$m | – | – | – % | |
| Total capital expenditure | US$m | 1.8 | 2.9 | (38)% | |
Gold production increased by 8% to 37,300oz in the June quarter from 34,600oz in the March quarter due to higher yield. Yield increased by 8% to 0.94g/t in the June quarter from 0.87g/t in the March quarter due to improved MCF from the historic stockpiles fed.
AIC decreased by 13% to US$1,787/oz in the June quarter from US$2,063/oz in the March quarter mainly due to higher gold sold and lower capital expenditure.
Total capital expenditure decreased by 38% to US$2m in the June quarter from US$3m in the March quarter due to timing of expenditure on the Far East Tailings Storage Facility Stage 4 raise project.
Tarkwa
| June 2024 |
March 2024 |
% Variance |
||
| Ore mined | 000 tonnes | 3,600 | 3,314 | 9 % |
|---|---|---|---|---|
| Waste (Capital) | 000 tonnes | 9,406 | 9,357 | 1 % |
| Waste (Operational) | 000 tonnes | 11,446 | 9,749 | 17 % |
| Total waste mined | 000 tonnes | 20,852 | 19,106 | 9 % |
| Total tonnes mined | 000 tonnes | 24,452 | 22,420 | 9 % |
| Strip ratio | waste/ore | 5.4 | 5.8 | (7)% |
| Grade mined | g/t | 1.06 | 1.27 | (17)% |
| Gold mined | 000’oz | 122.5 | 135.6 | (10)% |
| Tonnes milled | 000 tonnes | 3,667 | 3,683 | – % |
| Yield | g/t | 0.98 | 1.11 | (12)% |
| Gold produced | 000’oz | 115.9 | 131.8 | (12)% |
| Gold sold | 000’oz | 120.8 | 127.3 | (5)% |
| AISC | US$/oz | 1,897 | 1,751 | (8)% |
| AIC | US$/oz | 1,897 | 1,751 | (8)% |
| Sustaining capital expenditure | US$m | 57.9 | 54.4 | 6 % |
| Non-sustaining capital expenditure | US$m | – | – | – % |
| Total capital expenditure | US$m | 57.9 | 54.4 | 6 % |
Gold production decreased by 12% to 115,900oz in the June quarter from 131,800oz in the March quarter due to lower yield as a result of increased ex-pit volumes at lower grades and increased volumes of lower grade stockpiled material. Waste stripping to unlock ore increased and key ore blocks are expected to be exposed in Q3 2024.
Total tonnes mined, including capital waste stripping, increased by 9% due to increased mining capacity and to prioritise waste stripping to unlock key ore blocks.
AIC increased by 8% to US$1,897/oz in the June quarter from US$1,751/oz in the March quarter due to lower gold sold, higher royalties and higher capital expenditure.
Total capital expenditure increased by 6% to US$58m in the June quarter from US$54m in the March quarter due to higher tailings project construction expenditure of US$9m in the June quarter compared to US$5m in the March quarter.
Chile
Salares Norte
| June 2024 |
March 2024 |
% Variance |
||
| Ore mined | 000 tonnes | – | 1,415 | (100)% |
|---|---|---|---|---|
| Waste (capital) | 000 tonnes | 8,388 | 6,637 | 26 % |
| Waste (operational) | 000 tonnes | – | 1,741 | (100)% |
| Total waste mined | 000 tonnes | 8,388 | 8,378 | – % |
| Total tonnes mined | 000 tonnes | 8,388 | 9,793 | (14)% |
| Strip ratio | waste/ore | – | 5.92 | (14)% |
| Grade mined – gold | g/t | – | 4.61 | (100)% |
| Grade mined – silver | g/t | – | 136.55 | (100)% |
| Gold mined | 000’oz | – | 209.8 | (100)% |
| Silver mined | 000’oz | – | 6,210.3 | (100)% |
| Tonnes milled | 000 tonnes | 12 | 4 | 200 % |
| Gold recoveries | per cent | 0.2 | – | 100 % |
| Silver recoveries | per cent | 0.2 | – | 100 % |
| Yield – Gold | g/t | 1.3 | – | 100 % |
| – Silver | per cent | 6.4 | – | 100 % |
| – Combined | eq g/t | 1.3 | – | 100 % |
| Gold produced | 000’oz | 0.5 | – | 100 % |
| Silver produced | 000’oz | 2.4 | – | 100 % |
| Total equivalent gold produced | 000’eq oz | 0.5 | – | 100 % |
| Total equivalent gold sold | 000’eq oz | 0.5 | – | 100 % |
| AISC | US$/oz | 74,677 | – | 100 % |
| AISC | US$/ eq oz | 70,142 | – | 100 % |
| AIC | US$/oz | 206,790 | – | 100 % |
| AIC | US$/ eq oz | 193,973 | – | 100 % |
| Sustaining capital expenditure | US$m | 35.1 | 22.7 | 55 % |
| Non-sustaining expenditure | US$m | 61.4 | 111.1 | (45)% |
| Total capital expenditure | US$m | 96.5 | 133.8 | (28)% |
Processing plant ramp-up continued during the June quarter but continued to be negatively impacted by severe weather events. Gold production was 468oz in the June quarter compared to 19oz in the March quarter and silver production increased to 2,382oz in the June quarter from 93oz in the March quarter. Gold-equivalent production increased to 497oz in the June quarter from 20oz in the March quarter. The first sales for Salares Norte were completed during the June quarter.
Total capital expenditure decreased by 28% to US$97m in the June quarter from US$134m in the March quarter as construction activities were largely completed and demobilisation of contractors commenced during the June quarter.
Peru
Cerro Corona
| June 2024 |
March 2024 |
% Variance |
||
| Ore mined | 000 tonnes | 3,167 | 1,934 | 64 % |
|---|---|---|---|---|
| Waste mined | 000 tonnes | 3,357 | 2,771 | 21 % |
| Total tonnes mined | 000 tonnes | 6,524 | 4,705 | 39 % |
| Strip ratio | waste/ore | 1.1 | 1.4 | (21)% |
| Grade mined – gold | g/t | 0.44 | 0.49 | (10)% |
| Grade mined – copper | per cent | 0.32 | 0.35 | (9)% |
| Gold mined | 000’oz | 44.5 | 30.3 | 47 % |
| Copper mined | 000 tonnes | 10,281 | 6,693 | 54 % |
| Tonnes milled | 000 tonnes | 1,433 | 1,590 | (10)% |
| Gold recovery | per cent | 71.4 | 71.4 | – % |
| Copper recovery | per cent | 89.7 | 88.6 | 1 % |
| Yield – Gold | g/t | 0.38 | 0.41 | (7)% |
| – Copper | per cent | 0.34 | 0.35 | (3)% |
| – Combined | eq g/t | 0.79 | 0.82 | (4)% |
| Gold produced | 000’oz | 16.8 | 20.2 | (17)% |
| Copper produced | tonnes | 4,707 | 5,371 | (12)% |
| Total equivalent gold produced | 000’eq oz | 36.5 | 42.0 | (13)% |
| Total equivalent gold sold | 000’eq oz | 37.9 | 41.7 | (9)% |
| AISC | US$/oz | 546 | 1,076 | 49 % |
| AISC | US$/ eq oz | 1,498 | 1,548 | 3 % |
| AIC | US$/oz | 672 | 1,116 | 40 % |
| AIC | US$/ eq oz | 1,557 | 1,568 | 1 % |
| Sustaining capital expenditure | US$m | 4.5 | 5.4 | (17)% |
| Non-sustaining capital expenditure | US$m | 0.2 | 0.1 | 100 % |
| Total capital expenditure | US$m | 4.7 | 5.5 | (15)% |
Gold-equivalent production decreased by 13% to 36,500oz in the June quarter from 42,000oz in the March quarter, mainly due to lower gold and copper grades processed in line with the mine sequence and as result of lower tonnes milled due to ore hardness.
AIC per gold ounce sold decreased by 40% to US$672/oz in the June quarter from US$1,116/oz in the March quarter, mainly due to higher by-product credit resulting from a higher copper price and a higher gold inventory credit to cost on the back of the higher low-grade ore mined and stockpiled during the dry season. This was partially offset by lower gold ounces sold.
Total capital expenditure decreased by 15% to US$5m in the June quarter from US$6m in the March quarter, driven by the TSF Water Treatment Plant construction plan.