Mining Magazine > Panorama > Cortona’s Dargues gold mine approved

An application by Cortona Resources to develop its flagship Dargues Reef gold mine in New South Wales, Australia, has been approved by the NSW Planning Assessment Commission. The Dargues Reef Gold Project, located 60km east of Canberra, is the first significant new gold mine in New South Wales to be permitted in over seven years. Over its initial six year life the mine is expected to generate US$170 million free cash flow at the current gold price.
In anticipation of receiving approval for the project, Cortona has already completed most pre-construction activities and awarded key construction and mining contracts for the project. Cortona has entered into an MOU for a mining alliance with GBF Mining Services to mine the deposit on an incentive-driven ‘cost-plus’ basis which is designed to optimise performance and facilitate rapid start-up. The company has also entered into an MOU with DRA Pacific for construction of the processing facility at the plant.
The Dargues Reef processing facility comprises a crusher, ball mills, gravity circuits and flotation cells for the production of high-grade gold concentrate and a gravity product. The plant is designed for over 95% recoveries with about 50% of the gold reporting to the gravity circuit. The concentrate will be trucked to the nearby London Victoria gold mine near Parkes (approximately 400km away), where Cortona will further treat the concentrate to produce gold dore.