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Marvel Loch Gold Mine: Difference between revisions

Coordinates: 31°28′S 119°29′E / 31.467°S 119.483°E / -31.467; 119.483
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After a rapid rise of the company, unauthorised gold and foreign exchange trading activities by chief financial officer Eardley Ross-Adjie in the year to June 2000, ended up costing Sons of Gwalia more than A$190 million.<ref name=sank >[http://www.smh.com.au/news/business/how-sons-of-lalor-built-then-sank-sons-of-gwalia/2005/08/21/1124562748347.html How sons of Lalor built, then sank, Sons of Gwalia] [[The Sydney Morning Herald]], accessed: 4 September 2009</ref> Sons of Gwalia went into administration on 30 August 2004, following a financial collapse, with debts exceeding $800 million after suffering from falling gold reserves and hedging losses.<ref name=Ernst >[http://au.news.yahoo.com/thewest/a/-/breaking/5912273/e-y-agrees-to-125m-sons-of-gwalia-settlement/ Ernst &Young agrees to $125m Sons of Gwalia settlement] [[The West Australian]], published: 4 September 2009, accessed: 4 September 2009</ref> Sons of Gwalia was Australia's third-largest gold producer and also controlled more than half the world's production of tantalum.<ref>[http://www.smh.com.au/articles/2004/09/03/1093939143587.html Sons of Gwalia's gold hedging had big holes] [[The Sydney Morning Herald]], published: 4 September 2004, accessed: 4 September 2009</ref>
After a rapid rise of the company, unauthorised gold and foreign exchange trading activities by chief financial officer Eardley Ross-Adjie in the year to June 2000, ended up costing Sons of Gwalia more than A$190 million.<ref name=sank >[http://www.smh.com.au/news/business/how-sons-of-lalor-built-then-sank-sons-of-gwalia/2005/08/21/1124562748347.html How sons of Lalor built, then sank, Sons of Gwalia] [[The Sydney Morning Herald]], accessed: 4 September 2009</ref> Sons of Gwalia went into administration on 30 August 2004, following a financial collapse, with debts exceeding $800 million after suffering from falling gold reserves and hedging losses.<ref name=Ernst >[http://au.news.yahoo.com/thewest/a/-/breaking/5912273/e-y-agrees-to-125m-sons-of-gwalia-settlement/ Ernst &Young agrees to $125m Sons of Gwalia settlement] [[The West Australian]], published: 4 September 2009, accessed: 4 September 2009</ref> Sons of Gwalia was Australia's third-largest gold producer and also controlled more than half the world's production of tantalum.<ref>[http://www.smh.com.au/articles/2004/09/03/1093939143587.html Sons of Gwalia's gold hedging had big holes] [[The Sydney Morning Herald]], published: 4 September 2004, accessed: 4 September 2009</ref>


St Barbara purchased the mine from insolvent Sons of Gwalia in March 2005 with a three year plan to reopen it.<ref>[http://www.corporatefile.com.au/documents/OB/MD%20CEO%20on%20Outlook%20&%20Strategy%2028.06.05.pdf St Barbara Mines Limited - Lodgement of Open Briefing] published: 28 June 2005, accessed: 3 September 2009</ref>
St Barbara purchased the mine from insolvent Sons of Gwalia in March 2005.<ref>[http://www.corporatefile.com.au/documents/OB/MD%20CEO%20on%20Outlook%20&%20Strategy%2028.06.05.pdf St Barbara Mines Limited - Lodgement of Open Briefing] published: 28 June 2005, accessed: 3 September 2009</ref>


Since the purchase of the Mine by St Barbara, mining has been carried out both in surface and [[Underground mining (hard rock)|underground operations]]. In July 2009, St Barbara suspended open pit mining at Marvel Loch and decided that the treatment plant will be operated on a week-on, week-off basis.<ref>[http://metalsplace.com/news/articles/29084/st-barbara-suspends-wa-gold-mine/ St Barbara suspends WA gold mine] Metalsplace.com, published: 10 July 2009, accessed: 3 September 2009</ref>
Since the purchase of the Mine by St Barbara, mining has been carried out both in surface and [[Underground mining (hard rock)|underground operations]]. In July 2009, St Barbara suspended open pit mining at Marvel Loch and decided that the treatment plant will be operated on a week-on, week-off basis.<ref>[http://metalsplace.com/news/articles/29084/st-barbara-suspends-wa-gold-mine/ St Barbara suspends WA gold mine] Metalsplace.com, published: 10 July 2009, accessed: 3 September 2009</ref>

Revision as of 06:28, 8 February 2010

Marvel Loch
Location
LocationMarvel Loch
StateWestern Australia
CountryAustralia
Production
Production156,105
Financial year2008-09
Owner
CompanySt Barbara Limited
WebsiteSt Barbara website
Year of acquisitionMarch 2005

The Marvel Loch Gold Mine is a gold mine located at Marvel Loch, 30 km south of Southern Cross, Western Australia.

It is operated by St Barbara Limited.[1] Apart from Marvel Loch, St Barbara also operates the Gwalia Gold Mine at Leonora and owns the Tarmoola Gold Mine, which is placed in care and maintenance.[2] [3]

All three mines were previously owned by the now defunct mining company Sons of Gwalia Limited.[4] Sons of Gwalia went into administration on 30 August 2004 and the company's gold mining operations were sold to St Barbara in March 2005 for A$38 million, having been valued by the Sons of Gwalia directors at A$ 120 million. While Marvel Loch was operational before and after the sale, the Gwalia mine was already placed in care & maintenance at the time of the transaction. A fourth mine, the Carosue Dam Gold Mine, ceased operation in June 2005 and has since been sold by St Barbara.[5] [6] [7]

History

Sons of Gwalia logo

Mining in the area around Marvel Loch dates back to the early 1900's and between 1905 and 1986, 136,300 ounces of gold were recorded as having been mined.[8]

Sons of Gwalia mined the Marvel Loch deposit as a surface mine for the most part of the mines history since reopening in the 1990's, upgrading its production facility in 2001.[8] Since 2001, with the closure of the milling facility at the nearby Yilgarn Star Gold Mine, ore from Yilgarn is processed at Marvel Loch.[9] Since then, production from Yilgarn has been listed under Marvel Loch.[10]

After a rapid rise of the company, unauthorised gold and foreign exchange trading activities by chief financial officer Eardley Ross-Adjie in the year to June 2000, ended up costing Sons of Gwalia more than A$190 million.[11] Sons of Gwalia went into administration on 30 August 2004, following a financial collapse, with debts exceeding $800 million after suffering from falling gold reserves and hedging losses.[12] Sons of Gwalia was Australia's third-largest gold producer and also controlled more than half the world's production of tantalum.[13]

St Barbara purchased the mine from insolvent Sons of Gwalia in March 2005.[14]

Since the purchase of the Mine by St Barbara, mining has been carried out both in surface and underground operations. In July 2009, St Barbara suspended open pit mining at Marvel Loch and decided that the treatment plant will be operated on a week-on, week-off basis.[15]

Production

Production of the mine, including Yilgarn Star since June 2001:

Marvel Loch

Year Production Grade Cost per ounce
1997-98 [9] 90,008 ounces
2000 [8] 138,491 ounces 2.48 g/t A$ 416
2001 [8] 176,026 ounces 2.89 g/t A$ 419
2002 [8] 176,756 ounces 2.49 g/t A$ 480
2002-03 [16] 217,019 ounces A$ 454
2003-04 [17] 182,891 ounces A$ 452
2005 [18] 1 53,719 ounces 2.94 g/t A$ 336
2005-06 [19] 166,000 ounces 2.4 g/t A$ 443
2006-07 [20] 171,182 ounces 2,6 g/t A$ 508
2007-08 [21] 157,477 ounces 2.5 g/t A$ 550
2008-09 [22] 156,105 ounces 2.5 g/t A$ 888
  • 1 2005 results for 28 March to 30 June only.

Yilgarn Star

Year Production Grade Cost per ounce
1997-98 [9] 88,417 ounces
2000 [10] 103,122 ounces 4.43 g/t A$ 384
2001 1 .[10] 23,511 ounces 3.76 g/t A$ 491
  • 2 January to June 2002 only.

Sources

References

  1. ^ St Barbara website - Southern Cross accessed: 3 September 2009
  2. ^ St Barbara website - Leonora accessed: 3 September 2009
  3. ^ St Barbara website - Operations overview accessed: 3 September 2009
  4. ^ The Australian Mines Handbook: 2003-2004 Edition, page 520
  5. ^ Sons of Gwalia Limited at delisted.com.au accessed: 3 September 2009
  6. ^ St Barbara Mines Limited - Lodgment of Open Briefing published: 28 June 2005, accessed: 3 September 2009
  7. ^ The West Australian, published 16 March 2005, accessed: 3 September 2009
  8. ^ a b c d e The Australian Mines Handbook: 2003-2004 Edition, page 107
  9. ^ a b c Media Release: Highlights from Quarterly Report 30-6-98 SGW ASX announcement, published: 17 July 1998, accessed: 8 February 2010
  10. ^ a b c The Australian Mines Handbook: 2003-2004 Edition, page 137
  11. ^ How sons of Lalor built, then sank, Sons of Gwalia The Sydney Morning Herald, accessed: 4 September 2009
  12. ^ Ernst &Young agrees to $125m Sons of Gwalia settlement The West Australian, published: 4 September 2009, accessed: 4 September 2009
  13. ^ Sons of Gwalia's gold hedging had big holes The Sydney Morning Herald, published: 4 September 2004, accessed: 4 September 2009
  14. ^ St Barbara Mines Limited - Lodgement of Open Briefing published: 28 June 2005, accessed: 3 September 2009
  15. ^ St Barbara suspends WA gold mine Metalsplace.com, published: 10 July 2009, accessed: 3 September 2009
  16. ^ Sons of Gwalia annual report 2003 accessed: 12 January 2010
  17. ^ Sons of Gwalia fourth quarter report 2004 accessed: 12 January 2010
  18. ^ 2005 Annual report accessed: 3 September 2009
  19. ^ 2006 Annual report accessed: 3 September 2009
  20. ^ 2007 Annual report accessed: 3 September 2009
  21. ^ 2008 Annual report accessed: 3 September 2009
  22. ^ June 2009 quarterly report accessed: 3 September 2009


31°28′S 119°29′E / 31.467°S 119.483°E / -31.467; 119.483


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