Green light for Regis-AngloGold’s Havana underground project

In what has been a tumultuous few weeks for Regis Resources (ASX: RRL) over the McPhillamys project, good news has risen from the west with the Tropicana joint venture (AngloGold Ashanti 70%; Regis Resources 30%) approving the Havana underground project in WA.

The project will establish an underground mine beneath the currently producing Havana open pit and deliver incremental gold production of 55,000oz above the existing planned Tropicana production between 2027-2029.

Regis Resources managing director and chief executive Jim Beyer comments on this.

“The approval of the Havana underground project is further demonstration of the underground growth optionality across Tropicana,” he said.

“Tropicana has consistently replaced underground ore reserves at levels beyond depletion, and the approval to develop the Havana underground project provides us with further confidence in the long-term future of Tropicana’s underground growth.

“It also demonstrates the positive impact any additional underground growth can have on value.”

Regis share of incremental life of mine (LOM) growth capital is estimated at $34m with development commencing immediately.

Gold production from first stope ore is targeted to commence in Q3 FY27, continuing over a three-year LOM.

When in production, the Havana underground will the third underground mine at Tropicana.

The FY25 growth capital guidance for Tropicana now $10-15m.