Manuka Resources has delayed production at their Mt Boppy Gold Mine, 45km east of Cobar, to Quarter 2 2025 due to refinancing.
The company recently secured an extension in the repayment of its debt facility from its Hong Kong-based lender.
Manuka’s Executive Chairman, Dennis Karp, said the company’s current focus is on installing a processing and gold doré production facility at Mt Boppy.
“To date plant feed for processing has been trucked to our Wonawinta plant, which is a little over 150km away.
“Haulage savings (currently it costs $30/t to truck from Mt Boppy to Wonawinta) and general cost benefits arising from on-site processing, makes the economic justification for this decision clear cut,” Mr Karp said.
“Our recently released Maiden Silver Ore Reserve for our 100 per cent owned Wonawinta silver project essentially provides additional precious metals optionality to the Company.
“Furthermore, it opens up the potential of adding a second revenue stream during 2025, further increasing our exposure to precious metals.”
Mr Karp said Manuka plans to restart the Mt Boppy gold project first and, once it reaches steady production, the company will then focus on restarting the Wonawinta silver project, depending on updated financial models and silver prices.
