Funds for project Australian miner Ora Banda Mining has announced it has secured some A$30 million (US$20 million) from institutional investors to develop the Davyhurst gold project.
Luke Creagh, the managing director of the Australian mining business, said in a statement that Ora Banda Mining is “at an exciting inflection point as the company pivots away from our current low grade open pit mill feed to high grade underground mill feed as its primary source of ore.”
“In addition, the outstanding recent drilling results from the Phase 1 program at Sand King position it as a potential second underground mine in the future which could materially increase production,” he said.
The Davyhurst gold project is located in the eastern goldfields region of Western Australia.