Maritana Minerals has stepped up work on its Black Swan gold processing hub near Kalgoorlie, after front-end engineering design (FEED) by GR Engineering Services lifted planned plant capacity from the 2.2 million tonnes per annum (Mtpa) used in its scoping study to 2.5Mtpa as the company moves closer to construction.
The revision follows Maritana’s move in March to order long-lead equipment for the conversion of its Black Swan plant to gold processing. The equipment includes a pre-leach thickener along with new motors and drives for the semi-autogenous grinding and ball mills to help keep the development schedule on track.
The company says its latest engineering studies point to a higher processing rate using the site’s existing crushing and grinding infrastructure. At the same time, Maritana is reviewing project costs, balancing the larger plant against inflation pressures while looking to defer non-essential spending beyond first gold. It is also assessing alternative financing options to preserve capital without slowing development.
If the costs stack up, the extra throughput could materially lift the project’s production profile and support Maritana’s goal of becoming a 100,000-ounce-a-year gold producer.
Meanwhile, plenty is happening on the ground. Maritana has finalised the design of an enlarged run-of-mine pad to take quad side-tipping road trains and support ore blending. It has also lodged key approvals for new infrastructure areas and appointed Zeal Engineering to help oversee construction.
The company has also completed a detailed LiDAR survey, allowing it to create an as-built digital model of the brownfield site to help reduce design clashes before major works begin.
Operationally, activity on site has also picked up, with senior site executives and an occupational health and safety manager appointed, while general clean-up work and removal of redundant equipment are underway. Lifting of the existing semi-autogenous grinding mill from its mounts is slated for this month as Maritana weighs refurbishment or replacement of the key unit.
The company is also working through its accommodation options at Black Swan, including a permanent 60-room camp with scope to expand to 120 rooms. Separately, a property in central Kalgoorlie is in the process of being acquired, which has development approval for another 50 rooms.
Maritana Minerals managing director and chief executive officer Grant Haywood said: “The completion of the FEED study, together with the increase in nameplate throughput above 2.2 Mtpa, materially improves the Project’s production capacity. Site activity is ramping up quickly and key approvals are advancing. These activities, combined with our other de-risking initiatives across infrastructure, accommodation and power, position us well for construction commencement in mid-2026 and first production from multiple ore sources in H2 2027.”
Utility planning is moving ahead. Grid connection studies are underway, a diesel backup station design has been completed and specialist consultants have been engaged to help refurbish and expand the project’s bore fields.
Maritana has also begun sterilisation and geotechnical drilling across planned infrastructure areas. The work will help assess ground conditions for major equipment and services and confirm there is no shallow mineralisation beneath the proposed infrastructure footprint.
In parallel with the Black Swan site work, mine establishment consultant MineBuild Global has been commissioned to help restart the Boorara open pit and the Cannon underground mine south of Black Swan, along with the Coote and Crake open pits to the southwest.
Once operating, those mines are expected to provide the first ore sources for the Black Swan gold processing hub.
Contract tendering for open pit, underground and haulage services is in progress, with awards targeted for late this year ahead of mining in early 2027.
Maritana ended the March quarter with a reported cash balance of $229M and listed investments of about $11M, leaving it well funded to meet ongoing works.
With engineering studies complete, approvals progressing and site activity gathering pace, the company appears to be steadily assembling the building blocks of a significant Goldfields gold business.
For market watchers, the next catalysts are looming fast, with final capital costs, key approvals and the start of mining operations set to reveal whether Black Swan can emerge as the 100,000-ounce-a-year gold producer Maritana believes it can become.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
By Doug Bright
