TARGET GOLD MINE
Avgold are currently developing the Target orebody (estimated total resource of 6.5 Moz), situated in the Free State Province.
The newest deep gold mine to be developed in South Africa, Target first hit its scheduled mining rate of 17,500t/d in late 2001, and has since been ramping up to its scheduled production rate of 350,000oz/y of gold. The mine has been under development since 1995, with the aim of accessing previously unknown gold resources that lie to the north of the existing Welkom goldfield, some 200km southwest of Johannesburg. The total capital cost of bringing the mine into production has been R2.01 billion ($215 million).
The corporate rearrangement that has taken place between Avmin, Harmony Gold Mines and African Rainbow Minerals has resulted in Target being transferred from its original owner, Avgold, to Harmony, which now has 100% ownership.