Bellevue Gold has released its half-yearly financials, reporting the steady progression of its flagship project.
The WA mine is fully funded and on-track for production in the second half of this year. The Bellevue mine – which boasts a mineral resource of 3.1 million ounces – is forecasted to rank among the top twenty gold mines in the country.
The Bellevue gold mine is also estimated to be a high-grade, low-cost operation with all-in sustaining costs of $1000 – $1100 per ounce. With an estimated annual production of 200,000 ounces of gold per annum, the mine is expected to generate $2.1 billion in net free cashflow, with an internal rate of return of 68 per cent.
The mine has an initial lifespan of ten years, but Bellevue is confident this will be extended by ongoing exploration activities.
Bellevue is in the final stages of constructing a one million tonnes per annum (Mtpa) processing facility in support of the site. According to the company, the facility shows the potential to increase to 1.2Mtpa with no additional capital investment.
The company also announced its net zero target for the Bellevue gold project, which it aims to meet by 2026. Underpinning this goal is a renewable energy power station with a 70 to 80 per cent renewable energy penetration rate.
The flagship gold project has been a long time coming for Bellevue.
Last month, the company announced a major board reshuffle in preparation of start of production at the mine.
Darren Starlow was appointed managing director and chief executive officer, replacing Steve Parsons – who now settles into the role of non-executive director.
Bill Sterling was appointed chief operating officer to assist with the transition.
“Bellevue is set to start production later this year,” Bellevue chairman Kevin Tomlinson said. “With this in mind, it is the right time to appoint the team who will lead our company into the next highly rewarding phase of its growth and development.”