Savannah Goldfields (ASX:SVG) is progressing towards resuming gold production at its Georgetown Gold Processing Plant in Far North Queensland, amid gold’s rising spot price.
The company has received environmental authorisation for material held in run of mine (ROM) stockpiles at Agate Creek to be transported to the processing plant. The company will begin the relocation of these Agate Creek ROM stockpiles to the plant this month.
Savannah, which has a market capitalisation of $23.36 million, is planning maintenance activities ahead of restarting gold production. The completion of this work will enable the company to begin processing activities and gold production during October 2025.
According to Trading Economics, gold prices edged up to around US$3,690 ($5,601) per ounce earlier today (22 September).
The precious metals spot price was hovering near record levels as investors looked ahead to key US inflation data and comments from several Federal Reserves officials this week for further policy guidance.
Savannah Goldfields is a mining company focused on its strategic portfolio of gold operating assets in North Queensland’s Gulf Savannah.
Write to Aaliyah Rogan at Mining.com.au
Images: Savannah Goldfields
