Regis Resources, a prominent gold mining firm, announced on Monday its plans to develop two new underground mines, Garden Well Main and Rosemont Stage 3, as part of its Duketon gold project in Western Australia. This development is expected to significantly enhance the company’s production capabilities and aligns with its underground growth strategy.
Strategic Development and Expected Output
The new mines are forecasted to contribute between 100,000 oz/y and 120,000 oz/y of gold starting from 2027. Jim Beyer, Managing Director and CEO of Regis Resources, emphasized that these developments mark a key milestone in the company's strategy to expand its underground mining operations.
Increased Mining Capacity
Upon completion, Regis will manage three independent underground mining areas at Duketon, with plans to expand further. "Given the historical performance of the Duketon orebodies and current exploration results, we are confident in our continued underground expansion," Beyer stated.
Future Production Goals
The company aims to increase its number of operational underground mines to four or five, targeting sustainable annual gold production of 200,000 to 250,000 ounces. This initiative demonstrates Regis's commitment to leveraging the growth potential of its mining assets.
Exploration and Resource Expansion
Between 2019 and the end of 2022, Regis achieved a nearly 170% expansion in Duketon's underground reserves through targeted exploration and resource definition drilling, while also producing 151,000 ounces of gold.
Resource Details
The Garden Well Main area is set to contribute an inventory of 3.2 million tonnes at 2.8 g/t gold, amounting to 295,000 oz of contained gold, including 91,000 oz classified as probable ore reserves. Rosemont Stage 3 will add a further 157,000 oz from 1.7 million tonnes at 2.8 g/t gold, with 41,000 oz in probable ore reserves.
Investment and Timeline
Regis has earmarked an investment of between A$120 million and A$150 million to construct these mines, with development beginning immediately and first ore expected by the first quarter of the 2026 financial year.
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