Wesdome Kiena Quebec Wesdome declares commercial production at the Kiena gold mine in Quebec
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In its press release, the company said that the commissioning of the paste fill plant has progressed well in November, with an underground test pour successfully completed on November 17th. Wesdome noted that, as expected, it has also received notice from its syndicate of credit providers of a C$70 million increase to the company's existing C$80 million-dollar revolving credit facility, for a total of C$150 million.
The company expects average annual gold production of 84,000 ounces per year, with over 100,000 per year run rate expected in 2024. According to a PFS study, the project's IRR is 98% and after-tax NPV5% is C$367 million, with average annual free cash flow of C$85.5 million at US$1,600/oz of gold, or C$109.5 million at US $1,900/oz.
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