Gold production bounces back at Beacon Minerals’ Jaurdi mine in September quarter

Gold production has improved at Beacon Minerals’ Jaurdi mine north-west of Coolgardie in the September quarter after rain hindered operations earlier this year.

The Graham McGarry-led miner told the Australian Securities Exchange on Thursday that 5230 ounces of gold was produced at Jaurdi in the three months to September 30.

This was 30 per cent better than the 3930oz produced in the June quarter and on par with the 5273oz churned out during the March quarter.

However, the figure is still down on the 6708oz produced in the December 2023 quarter and the 7157oz during the corresponding September quarter last year.

In reporting its 2023-24 year production figures in July, Beacon said rainfall events were up 42 per cent in the year to date compared with 2023 and actual rainfall was up 88 per cent compared with the same time last year.

This resulted in FY24 production of 23,068oz, down from 29,110oz a year earlier.

However, the record gold price cushioned the impact of the lower output, with Beacon reporting it sold 26,769oz of gold at an average price of $3096/oz in 2023-24, compared with 26,742oz at an average of $2703/oz a year earlier.

This resulted in FY24 gold sales revenue of $82.89 million, compared to $72.78m in FY23.

The price situation improved further during the just-completed September quarter, with Beacon selling 4376oz at an average price of $3696/oz for revenue of $16.17m.

The company reported production had still been constrained by above-average rainfall in July, as well as high viscosities of Panel 3 clay ore and Geko stockpiles in July and August.

But despite lower mill utilisation in September, the introduction of MacPhersons ore in late August and improved weather conditions had positively affected gold production and the company was aiming for output of 6500oz in the December quarter.