Government gives green light for gold project
THE NSW Government has approved the development of the Tomingley gold project, Alkane Resources has announced. Scheduled to begin production in the second half of 2013, the project is expected to generate $570 million in revenue during its 10-year lifetime. Tomingley is estimated to contain 812,000oz of precious metals, and will produce around 60,000oz of gold per year for a minimum of seven years. The project will comprise three open pit mines that will be followed by the development of an underground operation three years into the project. Alkane is focussed on mining heavy rare earths in NSW, and is also involved in the nearby Dubbo zirconia project. Cash flow generated from Tomingley will help fund the Dubbo operation, which...