Wiluna ships first gold concentrate

ASX-listed Wiluna Mining is ticking off milestones after confirming the first shipment of its gold concentrate to its two off-take partners, Polymetal International and Trafigura. The company says the maiden concentrate supply forms part of an ongoing delivery that could significantly spike its revenue and assist in financing its transition towards becoming a top tier gold producer.

Wiluna and PMLT Holdings of Limassol Cyprus, a subsidiary of Polymetal International, have a deal for the delivery of the first 500 wet tonnes of gold concentrate. The gold producer says 14 bags, each weighing roughly 2 wet tonnes, are currently being loaded into 20 containers that will subsequently be shipped from the Port of Fremantle in WA to Vladivostok, Russia.

Departure is expected in a week or so and the concentrate will be shipped on a free on board, or “FOB” basis with payment for the first shipment transpiring within a week of the initial voyage.

As the company looks to establish itself as a leading ASX-listed gold producer, the first shipment of its gold concentrate to its two offtake partners will come as a major shot in the arm for Wiluna. With a ramp-up in concentrate expected over the next few months, gold bulls will likely cast a keen eye over the company’s activities.

CREDIT – Bull n Bears

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