smh.com.au
Auric Mining Begins Final Jeffreys Find Gold Milling Campaign
Auric Mining and BML Ventures commenced the final milling campaign of 142,000 tonnes of ore from the Jeffreys Find gold project on October 23, 2024, near Norseman, WA, expecting completion by January 2025 and significant profits from high-grade ore sales.
- How does the Auric-BML joint venture model contribute to the financial success of both companies?
- This milling campaign represents the culmination of a joint venture that successfully extracted and processed 420,000 tonnes of ore from the Jeffreys Find, a deposit previously deemed uneconomical. The high-grade ore processed in this final campaign is expected to yield the highest gold production for the year. The JV partners, Auric and BML, share profits from gold sales after recouping mining costs and working capital.
- What is the immediate impact of the final toll milling campaign at Jeffreys Find on Auric Mining?
- Auric Mining and BML Ventures have started the final toll milling campaign at the Greenfields Mill, processing 142,000 tonnes of ore from the Jeffreys Find gold project. This seven-week operation, starting October 23, 2024, is expected to conclude in January 2025, with weekly gold pours sold at the Perth Mint. Over 53,000 tonnes of ore are already stockpiled, and an additional 120,000 tonnes will be processed at the Three Mile Hill plant.
- What are the long-term implications of the Jeffreys Find project's success for Auric Mining's overall financial outlook and future projects?
- The Jeffreys Find project's success positions Auric Mining favorably for its fully owned Munda gold mine, projected to yield 112,000–129,000 ounces of gold over three to five years. With high gold prices and a significant resource at Munda (over 200,000 ounces grading above 2 g/t), Auric anticipates substantial future revenue, potentially exceeding $76.9 million in free surplus based on a US$2600/ounce gold price.
Cognitive Concepts
Framing Bias
The narrative is overwhelmingly positive, focusing on the financial success and future potential of Auric Mining. The headline (if there were one) would likely emphasize the positive financial aspects, and the opening paragraphs emphasize the completion of a successful milling campaign and the expectation of high gold production. The use of phrases like "remarkable," "high-grade ore," "solid payday," and "wall of cash" contributes to an overly optimistic tone that may not fully represent the complexity of the situation.
Language Bias
The article uses highly positive and optimistic language to describe Auric Mining's prospects. Terms such as "remarkable," "high-grade ore," "solid payday," "nice cheque," "highest number of ounces," "very solid gold price," "multi-million-dollar success," and "wall of cash" all contribute to a celebratory and potentially misleading tone. More neutral alternatives would include focusing on the factual details of the project outcomes and financial figures, rather than emphasizing subjective assessments of success.
Bias by Omission
The article focuses heavily on the financial success and future prospects of Auric Mining, potentially omitting challenges, risks, or negative aspects of the mining operations. There is no mention of environmental impact assessments or potential community concerns related to mining activities. The article also does not discuss the potential downsides of relying on toll milling, such as dependence on third-party facilities and potential scheduling conflicts. While brevity is understandable, these omissions limit the reader's ability to form a fully informed opinion.
False Dichotomy
The article presents a largely positive and optimistic outlook on Auric Mining's future, without adequately exploring potential downsides or alternative scenarios. While it mentions the previous perception of Jeffreys Find as "too low grade and too difficult," it doesn't sufficiently balance this with any discussion of ongoing or future risks to profitability or project viability.