The initial payment is for the first parcel of ore processed through the Paddington Mill in Western Australia’s Eastern Goldfields. It will be followed by regular cash receipts every few weeks, as stockpiled ore gets dropped off at Paddington for milling.
In operations, Genesis’ mining alliance contractor SMS Innovative Mining has kept open pit mining at the Ulysses West pit on schedule and made good progress with the mine plan.
Under the plan, the ore-grade being mined is progressively upped, as mining activity digs deeper into the pit, with operations expected to wind up before Christmas.
Genesis is expected to generate total free cash-flow around $4-6 million from the initial Ulysses West ope...