Regis Resources plans to expand gold output
Regis Resources (ASX:RRL) announces it will invest upwards of $120 million to expand gold output, establishing two new underground mines in Western Australia.
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Regis Resources Limited (ASX: RRL) is a publicly listed Perth based gold production and exploration company with a proven management team that has a successful track record of developing mid-sized gold operations within Australia and Africa.
The Company is a purely Australian gold miner with operations at the Duketon Gold Project in the North Eastern Goldfields of Western Australia and the McPhillamys Gold Project in the Central Western region of New South Wales.
Regis Resources (ASX:RRL) announces it will invest upwards of $120 million to expand gold output, establishing two new underground mines in Western Australia.
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On the face of it, this week’s announcement from Regis Resources (ASX:RRL) that it is cranking up its long-talked-about McPhillamys gold project in central western New South Wales (around Orange and Blaney) should be bullish.
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Regis Resources (ASX:RRL), along with Capricorn Metals and Gold Road, has revealed setbacks to planned production due to last week’s record rainfall in parts of the WA Goldfields. Capricorn Metals (ASX:CMM) reported that its Karlawinda gold project in the Pilbara experienced a second rain event in three months, forcing the mine to process lower-grade stockpiled ore. Similarly, Gold Road (ASX:GOR) disclosed that its 50% owned Gruyere mine faced curtailed work in the open pit for a week or more, affecting production for the March quarter but maintaining guidance for the June 30 year, albeit at the lower end of the forecast range.
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A very different story yesterday from recent bullish talk for Regis with a weak performance in its WA mining operations forcing the company to downgrade its production forecasts.
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Regis Resources is one step closer to getting its McPhillamys gold project in NSW off the ground after receiving final approval from the NSW Independent Planning Commission.
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Outperform rating is maintained. Credit Suisse reduces the target to $3.60 from $4.00 after running new gold price forecasts and revising financing costs.
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The Add rating is maintained and the target is decreased to $4.08 from $4.44.
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The Add rating is unchanged and the target price falls to $4.01 from $4.44.
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Outperform retained. Target is reduced to $4.40 from $5.05.
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Credit Suisse is increasing its 2021 gold price forecasts to US$2500/oz and 2022 to US$2200/oz, amid a number of supportive macroeconomic factors.
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