First amongst equals, the coveted Pick of the Year for the inaugural Mining.com.au Masters of Mining Awards is awarded to the most impressive mining company over the prior 12 months.
The award celebrates a company experiencing success with a discovery or project, enjoying operational success, and which is among the top for share price performance, innovation, diversity, workplace safety, and overall excellence.
Pick of the Year for 2024 is Emerald Resources (ASX:EMR).
The company’s share price has ballooned roughly 260% over the past three years and has grown more than 30% year-to-date.
This reporting year has been Emerald’s strongest yet across all aspects of its operations. The company met its gold production guidance and delivered an after-tax profit of $80.7 million generated from revenues of $371.1 million primarily from its 100% owned Okvau Gold Mine in Cambodia, with $33.4 million reinvested into growth and development during the year.
On a corporate level Emerald saw the completion of the takeover of Bullseye Mining, and the incorporation of its prospects including the Dingo Range Gold Project into Emerald’s portfolio of projects.
During the year Emerald Resources focused exploration activities on growing the gold resources at the Okvau Gold Mine with both in and near-mine prospects including Okvau North, Samnang, and Preak Klong.
In July, Emerald announced a record full-year production of 114,076 ounces of gold at Okvau. This was achieved as a result of another impressive quarter in which 28,245 ounces of gold were produced.
This year the company also launched the first major carbon offset initiative that is a direct result of its commitment to achieving carbon neutrality from its operations, initially from the Okvau Project.
During the previous quarter, Emerald’s Okvau Gold Mine produced 28,046 ounces of gold with 29,475 ounces poured and all-in sustaining costs (AISC) of US$991 ($1,547.31) an ounce.
Quarterly production guidance remains at 25,000 to 30,000 ounces at an AISC per ounce between US$810 to US$880.
During the current quarter an expansion of the current Okvau Gold Mine open pit resource is expected along with updated guidance. Mining continued to perform in line with the schedule, delivering the required movements of ore and waste with spare capacity.
The company says process plant availability was high at 97.5% with 588,657 dry tonnes of ore processed with an average head grade of 1.82 grams per tonne and gold recovery of 81.3%.
Write to Adam Orlando at Mining.com.au
Images: Emerald
