Auric Mining’s (ASX:AWJ) joint venture partner BML Ventures has executed the final toll milling agreement with Focus Minerals (ASX:FML) from the Jeffreys Find Gold Mine in Western Australia.
Focus Minerals is the owner of the Three Mile Hill Plant in Coolgardie where the processing will take place. The plant has a name plate capacity of 1.2 million tonnes per year.
Under the agreement, which will begin in early July 2025, Focus Minerals will process 60,000 tonnes of ore from Jeffreys Find — representing the last of the ore.
Managing Director Mark English says the company expects to receive a further $3-4 million cash distribution in July and August 2025.
“The stellar gold price continues to boost the surplus cash flow generated from the joint venture and exceeds all our expectations,” English says.
According to ABC Bullion, gold’s spot price is sitting at about $4,637 per ounce as of 9.45am AEDT today.
Under the joint venture with BML, BML are the miners, operators, and managers of the Jeffreys Find Mine. BML incurs and pays all mining, haulage, milling costs and related expenses.
After selling the gold, the partners subtract all direct costs before spitting the surplus 50:50.
Late last month, Auric Mining reported it had made more than $105 million in gold sales through its stage one and two mining operations at Jeffreys Find.
The Jeffreys Find Mine is a shallow open pit that is located 42km from Norseman in Western Australia’s Goldfields region.
Write to Aaliyah Rogan at Mining.com.au
Images: Auric Mining
