By Julius Ewudo, ASEAN Region Representative
Great Divide Mining has confirmed completion of binding agreements to acquire the remaining 49 per cent of the shareholding it doesn’t currently own in Challenger Mines Pty Ltd.
“This is another step in providing a clearer runway to restart and scale the Challenger Gold Mine,” said GDM’s CEO Justin Haines.
“It provides a little more clarity both for the Adelong community and for GDM shareholders,” he continued.
GDM now seeks to progress development at a GDM pace – focusing on upgrading processing and production capacity to commercially sustainable levels, with a long-term targeted output of ~25,000 oz per annum.
CEO Justin Haines said the shift to full ownership allows the mine to move forward more decisively.
“Challenger can now advance on a production-focused footing … sustainable revenues, staged development, lifting production levels and all the while continue to separate gold using only water and gravity – no chemicals – which has always been a cornerstone of our recommissioning strategy,” he said.
“Over the next 12 months, GDM will continue whole-of-mine optimisation, installing upgraded gravity spiral gold separators, clearing and processing at-surface tailings and mullock heaps, and commence works for open-cut mining at the site,” Haines continued.
“This is about building a long-life, sustainable operation and doing it at a pace that will deliver near-term cash flows,” Haines said.
