MDF Global MDF Global
Apple’s iPhone boom highlights critical minerals powering smartphones•Presenting a united front for Queensland’s copper sector•Thailand seeks Myanmar mine access amid arsenic pollution•Egypt to set up state-backed company to license artisanal gold miners, free detainees•Brixton closes $7.4 million raise for Thorn, Langis projects•Heliostar banks record $78.7 million for Ana Paula push•Mining giants bet billions on 2030 supply crunch•Gunnison Copper reports Q3 output, revenue surge•Triumph Gold targets $15.46 million for Yukon push•African Rainbow Minerals faces a jobs dispute at Nkomati mine•Angola seeks 10% stake in De Beers under Anglo’s proposed exit•Gold price rebounds but heads for biggest weekly loss since June•Teck copper strike reaches BC port as operator sues union•Copper benchmark rocked by miner-smelter tug-of-war•Zimbabwe mining bill targets community, environmental safeguards•Mount Isa critical minerals hub secures Feasibility Study funding•Eramet initiates $814.5 million capital raise to reduce debt•Richemont backs natural gemstones, declines De Beers comment•‘Tis the season for administration as Comlek falls a second time•OceanaGold Philippines trials wireless blasting at Didipio mine Apple’s iPhone boom highlights critical minerals powering smartphones•Presenting a united front for Queensland’s copper sector•Thailand seeks Myanmar mine access amid arsenic pollution•Egypt to set up state-backed company to license artisanal gold miners, free detainees•Brixton closes $7.4 million raise for Thorn, Langis projects•Heliostar banks record $78.7 million for Ana Paula push•Mining giants bet billions on 2030 supply crunch•Gunnison Copper reports Q3 output, revenue surge•Triumph Gold targets $15.46 million for Yukon push•African Rainbow Minerals faces a jobs dispute at Nkomati mine•Angola seeks 10% stake in De Beers under Anglo’s proposed exit•Gold price rebounds but heads for biggest weekly loss since June•Teck copper strike reaches BC port as operator sues union•Copper benchmark rocked by miner-smelter tug-of-war•Zimbabwe mining bill targets community, environmental safeguards•Mount Isa critical minerals hub secures Feasibility Study funding•Eramet initiates $814.5 million capital raise to reduce debt•Richemont backs natural gemstones, declines De Beers comment•‘Tis the season for administration as Comlek falls a second time•OceanaGold Philippines trials wireless blasting at Didipio mine

Auric sells $4 million of Jeffreys Find gold

Auric Mining (ASX:AWJ) is preparing to begin stage two production from its Jeffreys Find Gold Mine in Western Australia in early 2024 as stage one nears completion. 

The $7.72 million market capitalisation company says it has produced more than 9,400 ounces of gold from the mine over stage one so far, with total stage one production expected to top close to 10,000 ounces. 

Last week, Auric sold 1,264 ounces of gold at Perth mint for just shy of $4 million — meaning as of 27 October, 8,293 ounces of gold had been sold for a gross revenue of $24.83 million. 

The company plans to begin stage two mining at Jeffreys Find early next year with its partner, BML Ventures. 

Auric says the Jeffreys Find project life is short, and the final mining is anticipated to be completed in late 2024 or early 2025. 

Auric Mining Managing Director Mark English says with soaring gold prices, combined with its ‘excellent’ production, Jeffreys Find is anticipated to produce more than $9 million surplus cash for the 2 partners. 

“We will soon complete all processing and gold sales for stage one. Both parties are enthusiastic about getting into stage two early in 2024. 

“We expect stage two to also be very friendly to us and not provide anything unexpected”

We expect stage two to also be very friendly to us and not provide anything unexpected.”

Auric Mining is a Western Australia-based gold explorer and developer focused on discoveries in the Widgiemooltha District. 

As of 30 September 2023, the company had $302,000 cash and cash equivalents at hand, according to its latest quarterly report. 

By 24 October, Auric had received about $2.2 million from Jeffreys Find gold sales.

Write to Aaliyah Rogan at Mining.com.au  

Images: Auric Mining
Add to Watch List:
Author Image
Written By Aaliyah Rogan
Originally from New Zealand, Aaliyah brings several years of experience covering the resources sector, with a focus on companies, commodities and global mining markets. Her reporting has spanned European markets and the evolving global mining landscape, with a focus on the stories and market forces driving change across the sector.