Australian gold producer Vault Minerals has announced an A$80m ($50.5m) expansion of its King of the Hills (KoTH) processing facility.
This move will bolster gold production capacity at the company’s Leonora producing centre in Western Australia (WA) and is aimed at enhancing throughput and ensuring long-term growth.
The expansion will increase the plant’s throughput capacity to six million tonnes per annum (mtpa), a 20% increase from the 2024 financial year.
The project includes the installation of a new crushing circuit for improving efficiency and reducing operating costs.
The wet plant and classification circuit will also be upgraded, potentially allowing for throughput beyond 7mtpa.
The KoTH expansion is part of Vault’s wider strategy to maximise asset value and extend the Leonora mine’s life.
The Leonora operations have ore reserves of 2.24 million ounces (moz) and mineral resources of 6.02moz.
The company is optimistic about further exploration and satellite deposit re-evaluation, especially considering the current gold price environment.
Vault is contemplating a stage two expansion to further increase throughput capacity to 7–8mtpa with an additional investment of A$65m–80m.
This stage will encompass a regrind ball mill, enhanced gravity circuit capacity and expanded tailings discharge facilities.
Vault is also reinvigorating in-mine exploration at the KoTH and Darlot underground operations, with drilling activity expected to intensify in the latter half of the financial year.
The company reported a strong financial performance for the half-year ended 31 December 2024, with gold production of 195,417oz.
Sales revenue was A$678.8m and net profit after tax was A$119.3m.
In addition to the KoTH expansion, Vault is advancing the restart of the Sugar Zone gold project in Canada, with updated ore reserves and mineral resources.
In October 2024, Vault Minerals awarded a two-year contract for development and production operations at the Rothsay mine in WA to Westfill, an underground mining contractor.
