Thursday, 2nd September 2004 (3042 views)

Giants Reef Mining has announced that production at its Malbec West mine near Tennant Creek will commence within the next three weeks.

The mine was scheduled to commence operations in late October, but approval was received earlier than expected from the Northern Territory Government and traditional owners of the site.

Giants Reef chief executive Joe Ariti told ABC news that the mine, one of the newest in the area, will provide the company with a good profit and that the company has already started looking for more gold in the area.

"The pit has a revenue at today's gold price of $7 million, it has costs of around $3 million, leaving us with a cash surplus of $4 million, that is a million dollars a month for four months," he added.

 

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