Alkane Resources is making money at Tomingley Gold Operations (TGO), getting involved with other exploration companies and continuing to search for financiers for the $1.3 billion Dubbo Project.
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Its quarterly activities report to September 30 reveals that TGO sold 6656 ounces of gold in the three-month period, generating revenue of $11.4 million.
Work has begun on the development of underground mining at TGO where open-pit mining is set to wind up.
The underground operation is expected to produce “first ore” in mid-2019 with processing set to resume later in the year.
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During the quarter Alkane Resources invested in gold exploration company Calidus Resources Limited and approved an investment into gold exploration company Explaurum Limited, subject to Explaurum shareholder approval.
By the end of September Alkane Resources had cash and bullion valued at $82.4 million and was debt-free.
The quarterly report also tells of the “financing effort” for the construction-ready Dubbo Project continuing as “global supply uncertainty remains” for minerals waiting to be mined and processed at Toongi.
