KCGMKalgoorlie Consolidated Gold Mines Pty Ltd
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At KCGM, Super Pit surface and underground drilling continued to return good results, including; Store Cutback (38m at 5.
2M of plant purchases by KCGM for owner-mining fleet which will be sold and leased back under an operating lease currently under negotiation.
6 million for Homestake's 50% share of mining equipment at the KCGM Super Pit.
Homestake and joint venture partner to assume management of mining operations at the KCGM Super Pit.
KCGM, owned jointly by Homestake (50%) and Normandy Mining Ltd (50%), and its current Super Pit mining contractor Roche Bros, have reached an agreement for the progressive transfer of mining operations from the contractor to owner management over the next 12 to 24 months.
Roche Bros has agreed to continue mining under contract until KCGM purchases its own fleet of mining equipment and gradually assume full management control.
Thompson, Chairman, President and Chief Executive Officer of Homestake commented, "Converting the KCGM Super Pit to owner mining contributes to our goal of continuous cost improvement at all our mines.
As the new Executive General Manager, Gregory Lang will be responsible for the expanded Australian Operations Group which includes: Terry Stark, General Manager, Operations, John Turney, General Manager, Engineering and Development, Bob Allan, Environmental, Health & Safety Manager and John Shipp, General Manager, KCGM.
The Company now has full ownership and joint venture interest in five operating mines including 50% of the combined KCGM operation.
In Western Australia, at KCGM, drilling beneath the Super Pit continued to return positive results.
In response to recent ground movement at Mt Charlotte, KCGM commissioned a panel of rock mechanics experts from South Africa, Canada and Australia.
In order to offset the loss of ore from Mt Charlotte, KCGM will increase production from the Super Pit.