20974 29Metals AR23 WEB V1 - Flipbook - Page 23
2023 key
results
Chair letter and
CEO report
About
29Metals
Our
assets
Sustainability
& ESG Report
Mineral Resources
and Ore Reserves
Annual
Financial Report
19
Golden Grove
Golden Grove is a world class VHMS system with a
history of discovery and resource extension over its
30+ years of continuous operations.
Mine Life
Location
10+
WA,
Murchison
years
Golden Grove’s mul琀椀ple copper and zinc orebodies provide produc琀椀on
昀氀exibility. The opera琀椀on is on grid power with a 昀氀y-in 昀氀y-out (‘FIFO’)
workforce, with underground mining conducted by a mining contractor.
2023 Highlights
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TRIFR
2023
2022
2024 Priorities
Operations
LTIFR
7.1/mwhrs
37%
11.3/mwhrs
1.6/mwhrs
■
■
Iden琀椀fy further produc琀椀vity improvements to build upon the signi昀椀cant
progress achieved in 2023
Progress regulatory approvals for the proposed new long term TSF4
Con琀椀nuing focus to iden琀椀fy and implement sustainable cost reduc琀椀ons
2023
No change
■
2022
1.6/mwhrs
Organic growth
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Products
Mining Method
Cu CopperCu Zn Zinc
Underground
Long Hole Open Stoping
■
Zn Au Gold
Completed ven琀椀la琀椀on upgrades to support con琀椀nuing improvement in
development and mining rates at Xantho Extended – a key driver of metal
produc琀椀on growth
Tailings Storage Facility (‘TSF’) 3 li昀琀 completed and applica琀椀ons submi琀琀ed
for long term TSF (TSF4)
Sustainable cost improvements implemented in 2023 for the Group
of approximately $20 million was predominantly a琀琀ributable to
Golden Grove, predominately a琀琀ributable to Golden Grove
Safely achieved guided copper produc琀椀on
Introduced increased automa琀椀on and remote drilling and loading
following extension of the underground 昀椀bre op琀椀c network
Xantho Extended underground fuel bay constructed and commissioned
suppor琀椀ng increased produc琀椀vity
Strong resource conversion at Cervantes with the propor琀椀on of
Mineral Resources es琀椀mates2 in the Measured and Indicated categories
increasing 45% year-on-year (in the aggregate)
Gossan Valley – progress regulatory approvals for development to
support a future investment decision
Cervantes – progress design and schedule op琀椀misa琀椀on towards a future
investment decision
Con琀椀nue resource conversion and extension drilling, seeking to further
extend planning horizon and mine life
Au Ag Silver
Processing Method
Ag Pb Lead
Conven琀椀onal 昀氀ow sheet
with crushing, grinding,
gravity, 昀氀ota琀椀on
EBITDA1
$39.5m
Mineral
Resources2
Ore
Reserves2
59.2Mt @
16.7Mt @
Cu
from 2022, $111m
Copper
Cu Zn
Copper
1.7%
Zinc
3.9%
Cu Zn
Zinc
4.7%
Zn Au
Gold
0.7 g/t
Zn Au
Gold
0.7 g/t
Au Ag
Silver
28 g/t
Au Ag
Silver
26 g/t
Ag Pb
Lead
0.2%
Ag Pb
Lead
0.2%
Zinc
18.1kt
51.5kt
(2022: 16.9kt) (2022: 57.6kt)
Cu
Cu Zn
Metal Production
Cu
Copper
1.7%
1. EBITDA is non-IFRS 昀椀nancial informa琀椀on. Refer to the Important Informa琀椀on
regarding the use of non-IFRS 昀椀nancial informa琀椀on on page 207.
2. As at 31 December 2023. Refer to pages 61 to 77 for further informa琀椀on regarding
29Metals’ 2023 Mineral Resources and Ore Reserves es琀椀mates, including
Competent Person’s statements.
