Gold Road Resources Shares Decreased After Providing Gruyere Project Update

  • Oct 15, 2018 AEDT
  • Team Kalkine
Gold Road Resources Shares Decreased After Providing Gruyere Project Update

On 15 October 2018, Gold Road Resources Limited (ASX: GOR) and a member of the Gold Fields Limited group -Gruyere Mining Company Pty Ltd, released an update regarding the construction activities at the Gruyere Gold Project, which is being developed as a 50:50 Joint Venture. Gruyere Gold Project is located approximately 200 kilometers east of Laverton in Western Australia. After the release of this announcement, the share price of the company decreased by 1.589 percent as on 15 October 2018.

According to the company’s announcement, the project is running on schedule to produce its first gold in the June quarter of 2019. The project witnessed a significant progress in the month of September with more than 630 workers working on site. The project is also getting support from the suitable weather conditions, which has allowed the Project team, EPC contractor Amec Foster Wheeler Civmec Joint Venture (ACJV), and mining services contractor Downer EDI Mining Pty Ltd (Downer) to keep the project on track to produce first gold in the June quarter of 2019. As at 30 September 2018, the EPC (process plant and associated infrastructure) construction was 57 percent completed. In addition to this, the overall project engineering and construction activities were completed approximately 96% and 71%, respectively. 

During the September quarter, ACJV completed the remaining concrete foundation works and finalized the installation of the SAG and Ball mill shells, ends and trunnions. Moreover, CIL steel tankage construction is also complete. Construction efforts are currently focused on structural steel erection with steel fabrication nearing completion. Currently, the Reticulation of the electrical cabling and piping in and around the process plant is going on. In the installation of the Yeo bore field pipelines, around 90 percent of the pipeline have been welded. Electricity to the Yeo bore field will be introduced gradually through the December 2018 quarter. Bore field commissioning is planned to start early in the March 2019 quarter, in line with the initial ore processing schedule.

MACA Limited (MACA), which is carrying out bulk earthworks at the project, has finished the first stage of the ROM (run of mine) pad work comprising around 221,000 cubic meters of fill material derived from pre¬strip material sourced from the Gruyere pit. MACA is advancing the Tailings Storage Facility (TSF) construction, focusing on the installation of the liner works due for completion within the December 2018 quarter, which is aligned with the project schedule. Testing and commissioning of the Gruyere powerhouse are running as per plan. The 45 MW Gruyere Power Station is owned and will be operated by APA Group and is connected to the 198 ¬kilometre Yamarna Gas Pipeline. Installation of all power poles and lines by Powerlines Plus was completed before the scheduled time.

In the last six months, the share price of the company declined by 15.85 percent as on 12 October 2018. GOR’s shares traded at $0.682 with a market capitalization of $605.47 million as on 15 October 2018 (AEST 1:38 PM).

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