Wednesday, 09 January 2013 15:08
Norton Gold Fields is set to spend $38 million on equipment and mining fleet for its operations.
The Chinese owned company is looking to move to an owner/operator model at its Paddington operations near Kalgoorlie in Western Australia.
Funding will come from a previously agreed credit facility with the Industrial and Commercial Bank of China and will be used to replace its mining fleet over time to replace existing equipment hired from contractors.
“The approval of the owner/operator structure represents an important step in our strategy to increase production,” said Morton managing director Dr Dianmin Chen.
“The new equipment fleet will increase productivity through improved fleet mechanical availability, and will also improve our operation cost profile.”
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