Golden Mine Projects has nine operating mines in Australia, Peru, South Africa and West Africa (including the Asanko JV) and one project in Chile.
We have total attributable annual gold-equivalent production of 2.2Moz, attributable gold-equivalent Mineral Reserves of 52.1Moz and Mineral Resources of 116.0Moz.
Sustainability for Golden Mine Projects covers issues relating to our social licence to operate as well as mitigating the impact our operations have on the environment and adjacent communities
We continually look for people who have a high performance attitude and can grow with us.
Our operations depend upon the reliable supply of responsibly produced products and services, and the know-how of experts in their field.
OPERATIONS 
Australia Region
| ST IVES | AGNEW | GRANNY SMITH | GRUYERE | |||||||
| Mining method | Open pit and underground | Underground | Underground | Open pit | ||||||
| Operational infrastructure | The Mineral Reserve at St Ives has four underground mine sections and seven open pits. The Mineral Resource is supported by seven underground mines and sixteen open pits. At the time of reporting, current ore stocks account for 6.1% of the Mineral Reserve. There is a centralised administrative office and a complex of engineering workshops. | Agnew maintains two underground mines, Waroonga and New Holland, which have recently been merged into the Agnew One Mine Complex. Ore is mined at Waroonga from the Waroonga North, Kath, Fitzroy Bengal Hastings (FBH), Main, and Kim lodes, which are reached by declines. Mining happens in four key locations in New Holland: Sheba South, Sheba, Cinderella, and Himitsu. These areas can be reached by descent. There are also centralised administrative offices, engineering workshops at Waroonga and New Holland, and one active CIP processing plant with a capacity of 1.3 million tonnes per annum. By the end of 2022, the plant's capacity will be expanded to 1.35Mtpa.
In 2019/2020, a hybrid renewable power plant with solar, wind turbine, gas generator, battery power storage, and diesel backup power solutions was commissioned. |
Granny Smith has one underground mine, which contributes to Mineral Reserves and Mineral Resources. There are no open pits in the Mineral Reserves, but one open pit contributes to the Mineral Resources. According to the LoM plan, the mine has one ore stockpile. Granny Smith's administrative offices and engineering workshops are centralised. | The Gruyere JV Mineral Reserve is made up of five open pits and ore stockpiles. Seven open pits and one underground deposit are part of the Mineral Resource. The operation includes a TSF processing facility and a power station with a gas pipeline and power distribution lines. Borefields and water supply infrastructure, as well as centralised administrative offices, engineering workshops, an accommodation village, an airstrip, and road networks, are all being built. The construction of a 12MW solar farm began in early 2021 and is expected to be finished by Q1 2022. | ||||||
| Mineral processing and TSFs |
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The Agnew processing facility is made up of a tertiary crushing circuit, a two-stage gravity ball milling circuit, and a conventional leach/CIP gold recovery circuit (1.3Mtpa capacity). By the end of 2022, the plant's capacity will be expanded to 1.35Mtpa.
TSFs 1 and 2 at Agnew, as well as an adjacent above-ground paddock storage facility, have been deactivated. TSF 3 is an in-pit facility in the Redeemer pit that has been in operation since 2004. Since the commissioning of TSF 4, TSF 3 has been topped up on an irregular basis. TSF 4 is an in-pit facility at the Songvang pit with 6.5Mt of remaining LoM storage capacity. All Lawlers TSFs have been closed and restored. |
Under campaign milling circumstances, ore is processed at the milling/leach/CIP processing plant located 15 kilometres north-east of the Wallaby underground mine. Granny Smith runs a single TSF complex with three compartments known as cells 1, 2, and 3. In early 2022, a fourth cell (cell 4) will be built next to cell 3 to offer additional tailings capacity for the rest of the LoM. Cell 1 has a High B ANCOLD consequence rating and was elevated in late 2016 to its final authorised crest height of 448m relative level (mRL). It has 0.80Mt of remaining LoM storage capacity and is currently operational. In 2012, Cell 2 was elevated to its maximum permissible crest elevation of 448.5mRL. This cell has a High B ANCOLD consequence rating, is full, and is ready for paste fill. Cell 3 has a High B ANCOLD consequence rating and is now being elevated to 434mRL (the maximum permissible elevation is 437mRL). The cell 3F lift will be finished by March 2022 and will have a capacity of 1.97Mt. |
The Gruyere facility processes all ore mined, which includes primary crushing, SAG/ball milling, gravity, and carbon in leach (CIL) circuits. The processing plant was meant to handle 7.5 million tonnes per year, but additional research indicates that this can be raised to 9.262 million tonnes per year by 2022, and eventually to 10 million tonnes per year by 2024. The TSF perimeter embankment is built in stages to encompass a surface area of 203ha at Stage 1 (beginning) and 231ha at Stage 6 (final). The TSF has a consequence rating of High B ANCOLD with a residual LoM storage capacity of 78Mt. Extending the existing TSF to boost capacity by 29Mt - 34Mt is being researched. |
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| Brief history and regional geology | Orogenic greenstone gold deposits (hydrothermal) are hosted in a variety of lode types. Although all Agnew deposits are found at the intersections of structures and strata, there are subtle variances in alteration and mineralisation that are influenced in part by the chemistry of the local host rock. Mineralisation zones are discontinuous and unpredictable in the short term. | |||||||||
| Exploration | Australian mines continued to reap the rewards of steady annual investment in extensional and near-mine development (spent US$59.4 million in 2021 and between US$48 million and US$76 million per year over the previous six years). | |||||||||
St Ives, Agnew, Granny Smith and Gruyere JV gold mines located in Western Australia
The Australia region operates a portfolio of predominantly low-cost, relatively long-life mines and has a strong pipeline of projects configured to drive reserve replacement and life extension.
Australian mines continued to reap the rewards of steady annual investment in extensional and near-mine development (spent US$59.4 million in 2021 and between US$48 million and US$76 million per year over the previous six years). Agnew and Granny Smith enhanced Mineral Resources and Reserves nett of depletion, while St Ives offered a significant offset to depletion despite a nett Reserve drop. Mineral Reserves increased by 28% year on year at Gruyere, 11% at Agnew, and 2% at Granny Smith, indicating that the region is well positioned to deliver on near- to medium-term growth opportunities. In 2021, the region's gold production will exceed 1 million ounces, a feat it achieved in 2020.
Following the completion of a pit expansion PFS, which allowed steepening of pit walls and increased conversion of Resources to Reserves, the Gruyere JV recorded excellent year-on-year growth in Mineral Resources (10%) and Mineral Reserves (28%), nett of depletion.
A deep drilling exploration programme beneath the Gruyere resource pit shell was completed in 2021, indicating that the ore body extends below the already recognised Resources, however grades and tonnages are not yet determined beyond a mineral inventory level. While JV partner Gold Road Resources has declared an underground resource as an alternate development scenario to recover deeper Resources below the current open pit, Golden Mine Projects does not believe that underground possibilities now match investment criteria.
Far Southeast Philippines
The FSE project is located in the well-known mining sector of Mankayan in Northern Luzon's Cordillera region, 250 km north of Manila.
Far South-east Gold Resources Inc. (FSGRI), a joint venture between Lepanto Consolidated Mining Company (LCMC) and Golden Mine Projects, owns the project. Golden Mine Projects has acquired 40% of FSGRI for US$230 million and has the option to acquire the other 20% for US$110 million, with initial development expenses being US$165 million.
Salient points
MINERAL RESOURCES
GREW BY 3% NET OF DEPLETION
MINERAL RESERVES
GREW BY 5% NET OF DEPLETION
| * | Agnew, St Ives and Granny Smith, 100% attributable to Golden Mine Projects, Gruyere JV 50% attributable to Golden Mine Projects, FSE 40% attributable to Golden Mine Projects |
