Bendigo Mining Outlines Bendigo-Ophir Gold Project at Diggers & Dealers Forum
Bendigo Mining Company presented the Bendigo-Ophir Gold Project, highlighting a final permit decision expected by December 16, 2024. With a projected after-tax NPV of AUD 2.1 billion, the project aims for steady-state production of 120,000 ounces annually by year three, leveraging significant local support and infrastructure advantages.
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Bendigo Mining Company anticipates a final fast-track permit decision on December 16, 2024, following an application submitted in October 2023. The Bendigo-Ophir Gold Project, located in Central Otago, New Zealand, has a mineral resource of 2.1 million ounces at 2.4 grams per tonne and a mineral reserve of 1.2 million ounces at 2.75 grams per tonne.
The project outlines capital costs just under AUD 300 million and an after-tax NPV of AUD 2.1 billion, which is approximately 7.5 times its current enterprise value of AUD 280 million. Management indicated a strong local ownership base, with 40% owned by New Zealanders, and emphasized infrastructure benefits like highway access and hydropower. With significant exploration upside, successful permitting could lead to early works commencing in 2025 and a resurgence in the local gold mining industry.
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