GRUYERE
GOLD MINE

In 2021, we achieved steady state operations at the 50% owned Gruyere Gold Mine in Western Australia (a 50:50 Joint Venture with Gold Fields Ltd), a Tier 1 low-cost and long-life asset with current mine life in excess of 10 years.

350K
OUNCES

Average annual gold production from 2023*

>10
YEARS

Project mine life*

4.45M
OUNCES

Ore Reserve*

icon-integrity

7.38M
OUNCES

Mineral Resources*

*100% basis

Gruyere a Tier 1 Gold Operation

  • Long life, low cost production at Tier 1 gold mine*
  • >10 year mine life averaging ~350,000ozpa
  • Low all-in sustaining costs
  • Gruyere JV: 4.45 Moz Reserve, 7.38 Moz Resource (100% basis)
  • Simple open-pit and simple processing
  • 50:50 JV partner Gold Fields a proven global miner

*Tier 1: 10 year mine life; greater than 300,000 ounces per annum; large Ore Reserve and costs at the lower end of the cost curve.

Gruyere Discovery to Production

The Gruyere Gold Mine was discovered by Gold Road in October 2013 on the South Dorothy Hills Trend, 25 kilometres north-east of the Company’s original Yamarna Belt discovery, Central Bore.  Within 10 months of Gruyere’s discovery, Gold Road had defined a significant high-grade gold deposit and announced a maiden JORC 2012 Mineral Resource of 96.93 million tonnes grading 1.23 grams of gold per tonne for 3.8 million ounces of contained gold.

The Gruyere Open Pit Mineral Resource has since grown to 153 million tonnes grading 1.33 grams per tonne for 6.51 million ounces of contained gold, making it one of the largest virgin gold discoveries in Australia.

After completing positive Feasibility Studies on Gruyere, Gold Road announced in November 2016 it would sell 50% of the Project to leading international gold producer Gold Fields Ltd for A$350 million in cash plus a 1.5% Net Smelter Return royalty on production over 2 million ounces.

The transaction fully funded Gold Road for its 50% share of development capital de-risking the Project through the introduction of a partner highly experienced in the development and operation of open-pit gold mines.

Under the Joint Venture Agreement, Gold Fields were appointed the manager to develop and operate Gruyere Gold Road retained responsibility for exploration on the Joint Venture tenements.

Construction of the Project which commenced in 2017 was completed in 2019 with first gold delivered in the June 2019 quarter.  

Gruyere Operations 

The Gruyere Gold Mine, located approximately 1,200 kilometres north-east of Perth in Western Australia’s north-eastern Goldfields, is a 50:50 joint venture between Gold Road and Gruyere Mining Company Pty Ltd, a member of Gold Fields Ltd and the manager of operations.

Mining and processing operations at Gruyere run 24 hours a day, with personnel working 12-hour shifts.  Gruyere has a total workforce of approximately 496 personnel, who commute via jet aircraft from Perth with a flight time of approximately 90 minutes.  Gruyere has a number of personnel that commute from the local communities – Laverton and Cosmo Newberry – approximately 200 kilometres from the mine.  A regular bus service drives local community employees to and from the mine, a trip that takes approximately 2 hours each way.

Gruyere has been producing gold for over 2.5 years and has produced 603,832 ounces (100% basis) since gold was first poured (30 June 2019) to 31 December 2021.  The 2021 Ore Reserve update sees Gruyere’s mine life extending to at least 2032.

 

Outlook and Guidance 

In February 2021, Gold Road released a 3-year production outlook that shows a 35% to 50% increase in annual production to a sustainable circa 350,000 ounces per annum by 2023 . The 3-Year Mine Outlook depicts an improving trend with higher head grades and increased throughput combining for a favourable impact on production and AISC. This enhanced production outlook requires minimal growth capital expenditure.

The operation is a fly-in fly-out site and more information on working at Gruyere can be found on our careers page.

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