Paulsens Gold Mine: Difference between revisions
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In December 2008, the mine delivered the final ounces under existing [[Hedge (finance)|hedge arrangements]] at A$ 627, now allowing the mine to enjoy full exposure to the [[Spot price|spot gold price]].<ref>[http://www.proactiveinvestors.com/companies/news/764 Intrepid Mine's shares leap on gold hedge book closure] retrieved 2009-08-02</ref> |
In December 2008, the mine delivered the final ounces under existing [[Hedge (finance)|hedge arrangements]] at A$ 627, now allowing the mine to enjoy full exposure to the [[Spot price|spot gold price]].<ref>[http://www.proactiveinvestors.com/companies/news/764 Intrepid Mine's shares leap on gold hedge book closure] retrieved 2009-08-02</ref> |
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The mine was expected to cease production in early 2010, when |
The mine was expected to cease production in early 2010, when its currently known resources were depleted. Intrepid was aiming to extend the mine life by further [[Exploration diamond drilling|exploration drilling]]. In the first half of 2009, the mine has produced 44,656 ounces of gold. The plant was placed in care and maintenance in February 2010, but recommenced production in June.<ref>[http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01082812 Quarterly report June 2010] Intrepid ASX announcement, published: 28 July 2010, accessed: 29 July 2010</ref> |
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Intrepid sold the mine to [[Northern Star Resources]] in July 2010 for A$40 million.<ref name="Purchase" /> |
Intrepid sold the mine to [[Northern Star Resources]] in July 2010 for A$40 million.<ref name="Purchase" /> |
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Revision as of 15:59, 16 October 2012
| Location | |
|---|---|
  Paulsens Gold Mine Location in Australia | |
| Location | Pannawonica |
| State | Western Australia |
| Country | Australia |
| Production | |
| Production | 75,089 |
| Financial year | 2009 |
| History | |
| Opened | June 2005 |
| Owner | |
| Company | Northern Star Resources |
| Website | Northern Star website |
| Year of acquisition | 2010 |
The Paulsens Gold Mine is a gold mine located 105 km south of Pannawonica, Western Australia, within the Pastoral lease of the Mount Stuart Station.[1] It is fully owned by Northern Star Resources, having purchased the mine from Intrepid Mines Limited in July 2010.[2]
It is located within the Ashburton Mineral Field of Western Australia.
History
The Paulsens Deposit was discovered and mined in the early 1930s and was then called the Melrose Mine.[3]
A feasibility study was completed out by Taipan Resources NL in 1999, but a review continued until 2001, when St Barbara Limited purchased 88% of Taipan.[4]
The Paulsens mine was developed by the NuStar Mining Corporation, which came into existence through a merger of Taipan Resources NL with St Barbara Limited in 2004, but as a separate entity of the latter.[5] In 1999, Taipan had completed a pre-feasibility study and, in 2001-02, a follow-up review was carried out.[3] Shortly after the merger, in May 2004, development of the mine commenced. St Barbara sold their interesst in the mine in 2005 to be able to finance its purchase of the gold division of insolvent mining company Sons of Gwalia.
A year later, on 25 May 2005, commissioning of the Paulsens process plant commenced and, in June 2005, the first gold bar was poured.
In June 2006, NuStar Mining Corporation merged with Intrepid Minerals Corporation to form Intrepid Mines Limited, a company listed both on the Australian Securities Exchange and the Toronto Stock Exchange.
Intrepid Mines Limited in turn merged with Emperor Mines Limited in March 2008.[6] The company's Australian head quarters are in Brisbane.[7]
In July 2010, Northern Star Resources took over the mine.
Mine
The Paulsens mine has 140 employees.[7] Ore is mined in underground operations along two headings and treated on-site.[8] The ore could also have been mined through open-cut mining but NuStar decided on an underground approach because of its lower establishment costs and an earlier positive cash flow.[1] The mine has a production target of 70,000 to 80,000 ounces per annum with a throughput of approximately 320,000 tonnes of ore per annum.
A number of the components of the plant were second-hand, including a ball mill from the Higginsville Gold Mine.[1]
In December 2008, the mine delivered the final ounces under existing hedge arrangements at A$ 627, now allowing the mine to enjoy full exposure to the spot gold price.[9]
The mine was expected to cease production in early 2010, when its currently known resources were depleted. Intrepid was aiming to extend the mine life by further exploration drilling. In the first half of 2009, the mine has produced 44,656 ounces of gold. The plant was placed in care and maintenance in February 2010, but recommenced production in June.[10]
Intrepid sold the mine to Northern Star Resources in July 2010 for A$40 million.[2]
Production
Annual production of the mine:
| Year | Production | Grade | Cost per ounce |
| 2005 [11] | 33,935 ounces | 8.76 g/t | A$ 438 |
| 2006 | 73,736 ounces | 7.93 g/t | A$ 331 |
| 2007 [12] | 71,464 ounces | 7.38 g/t | A$ 357 |
| 2008 [13] | 78,252 ounces | 7.8 g/t | A$ 478 |
| 2009 | 75,089 ounces | A$ | |
| Jan - June 2010 | 13,670 ounces |
References
- ^ a b c Paulsens pours first gold ferret.com.au, retrieved 2009-08-02
- ^ a b Sale of Paulsens to NST approved by Intrepid Northern Star ASX announcement, published: 21 July 2010, accessed: 29 July 2010
- ^ a b History & Tenements NuStar Mining website, retrieved 2009-08-02
- ^ The Australian Mines Handbook - 2003-04 Edition page: 119
- ^ Corporate History Timeline Intrepid Mines website, retrieved 2009-08-02
- ^ History Intrepid Mines website, retrieved 2009-08-02
- ^ a b Fast facts Intrepid Mines website, retrieved 2009-08-02
- ^ Paulsens Intrepid Mines website, retrieved 2009-08-02
- ^ Intrepid Mine's shares leap on gold hedge book closure retrieved 2009-08-02
- ^ Quarterly report June 2010 Intrepid ASX announcement, published: 28 July 2010, accessed: 29 July 2010
- ^ ACTIVITIES REPORT December 2005 NuStar ASX announcement, retrieved 2009-08-07
- ^ Annual report 2007 Intrepid website, retrieved 2009-08-07
- ^ ACTIVITIES REPORT December 2008 Intrepid ASX announcement, retrieved 2009-08-07
External links
- Northern Star Resources website
- Intrepid Mines website
- Intrepid Mines website - Paulsens
- Place Names Search Results - Paulsens Geoscience Australia website