Do you think they just change the sign on the front of the building?
Coolgardie Minerals thinks outside the box
Coolgardie Minerals managing director Bradd Granville and chairman Neil Warburton.Picture: Ian Munro
Coolgardie Minerals is not your average gold float.
After listing on the ASX in August after a $4.25 million initial public offering, the company is already in production at its Geko pit 25km north-west of the historic gold mining town and is set to receive first cashflow in time for Christmas.
Coolgardie is sending its initial 100,000t of ore to Northern Star Resources for processing at its 1.2Mtpa Jubilee mill near Kalgoorlie, which it acquired earlier this year from Westgold.
Managing director Bradd Granville said the company would be receiving weekly revenue from its Geko ore, which would be delivered in 10,000t parcels each week until the end of January.
The company is also in discussions with other toll-treating providers in the area if Northern Star does not take more ore from a further 15 months of —production at Geko.
Coolgardie’s strategy is to keep capital costs low by sending its ore to third-party processors in the area and use the cashflow to fund further exploration and regional consolidation at its broader 530sqkm Bullabulling project.
AGM Notes, page-6
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