- 1985 IPO:
Company lists on the ASX
- 1992 Consolidates ownership:
Acquires 100% of Bendigo goldfield from WMC Ltd
- 2006 First production:
First gold pour on 13 July 2006
- 2008 Gold Production of 641 oz:
Production of 641 oz for the year to 30 June 2008
- 2009 Gold Production of 36,927 oz:
Production of 36,927 oz at $710/oz for the year to 30 June 2009
- 2009 Purchase of the Henty Gold Mine:
Company buys the Henty Gold Mine from Barrick (PD) Australia Limited
- 2010 Strategic Alliance with GoldStone Resources:
Company enters strategic alliance with GoldStone Resources
- 2010 Gold Production of 79,827 oz:
Production of 79,827 oz at $864/oz for the year to 30 June 2010
- 2010 Discovery of Newton Zone at Henty:
New ore zone discovery with potential to double mine life
- 2010 Company renamed Unity Mining Limited:
- 2011 Increases stake in GoldStone Resources to 33%:
In November 1985 the Company listed on the ASX, raising $2 million with the issue of 8 million shares at $0.25/share. The Company’s key asset was an exploration lease over the Central Deborah line of workings.
Initial exploration used the Central Deborah shaft to access historic workings on the Deborah line of reef. The shaft was dewatered and refurbished and exploration conducted around the old workings indicated a modest remnant resource.
In October 1992, the opportunity to be the first company in history to amalgamate the leases over the goldfield presented itself when Western Mining sold its entire interest in the field. The tenements were purchased for $1.6 million, plus a gold royalty capped at $8 million, which when combined with the Company’s existing leases, gave complete coverage of the entire Bendigo Goldfield and surrounding region.
The acquisition included $28 million worth of data collected over 14 years by WMC. This included a large catalogue of historical production data, modern drilling data and infrastructure, including a bulk-sample mill at New Moon.
Trial Mining commenced in June 2008. The key source of mill feed was the recently discovered Gill reef on the Garden Gully line of mineralisation. The aim of the trial was to test the visual grade estimation methodology. Production for the 12 months to 30 June 2008 totalled 641 oz.
The results from the initial trial mining were successful with the processing of 59,711 tonnes at an average head grade of 8.1 g/t gold. Production for the 12 months to June 2009 was 148,769 tonnes at 8.5 g/t gold for production of 36,927 oz at an average cash operating cost of A$710/oz.
In July 2009, the Company entered into an agreement with Barrick (PD) Australia Limited to acquire 100 % of the Henty Gold Mine located on the West Coast of Tasmania. The total consideration was A$8 million plus royalties of up to $22 million arising from future production from exploration discoveries. The non-royalty consideration comprised A$5 million in cash and the issue of 11,235,955 Bendigo ordinary shares (for the equivalent of A$3 million). Bendigo assumed Henty's employee and environmental liabilities, and an existing royalty obligation.
In May 2010, the Company entered into a strategic alliance with AIM-listed GoldStone Resources. Unity Mining Limited invested $3.5 million to acquire a 20% shareholding in GoldStone, with attaching warrants which provide the capacity to increase the equity interest to 28% on a fully diluted basis. Unity has one seat on the GoldStone Board and has entered into a technical services agreement to provide support to GoldStone’s future mine development opportunities.
The investment in GoldStone is viewed as a low risk “pathfinder” investment for Unity as it taps into a highly experienced and entrepreneurial local management team with exciting exploration assets in good geological and low political risk locations. The Alliance provides indirect exploration exposure and potential future production opportunities for Unity.
The business fit between the two companies is strong as GoldStone wishes to remain an African gold explorer and does not seek to become an operator, whereas Unity’s goal is to gain access to new discoveries and production opportunities in West Africa.
The results from the first year as a two mine operation were encouraging, with Henty Gold Mine producing 43,178 oz at an average cash cost of $890, and Kangaroo Flat Mine producing 36,649 oz at an average cash cost of $834.
TIn August 2010, the Company announced that drilling at the Henty Gold Mine had discovered significant gold mineralisation, now known as the Newton Zone, between the Tyndall and Mt Julia Zones, and importantly approximately 100 m from existing development. Subsequent drilling has yielded numerous high grade intersections and confirms Newton as a major new orebody capable of supporting production for several years.
To reflect the growing and increasingly diverse asset base of the Company, shareholders approved a name change to Unity Mining Limited at the Annual General Meeting on 19 November 2010. This new name came into effect on 6 December 2010.
In May 2011, the Company announced that it had increased its shareholding in GoldStone Resources to 33%, up from the 20% initially acquired in May 2010. The increased stake is a logical next step in Unity’s measured expansion into West Africa, and reflects a desire for GoldStone to become a more meaningful part of Unity’s business.