Deutsche Rohstoff Australia hopes to mine about 200,000 tonnes of gold ore from several gold deposits in August this year.
The deposits are located near Georgetown in Queensland near the Gulf of Carpentaria. Deutsche Rohstoff Australia is a 100 per cent subsidiary of Deutsche Rohstoff AG.
The director Mr. Frank Leschhorn said that the gold bars that were extracted would be sent to Western Australia for sale. The company would not be exporting the gold themselves but would be sending it over to the Perth Mint.
The Perth Mint would then smelt the bars to determine the contents of gold and silver in the bars. According to the content the Perth Mint would then pay the company.
Deutsche Rohstoff Australia had obtained the environmental authority for the project in Georgetown earlier this month.
Deutsche Rohstoff Australia Pty Ltd. (DRAU) is a subsidiary of Deutsche Rohstoff AG in Heidelberg, Germany, a diversified mining company, in which BASF, the world’s leading chemical company, holds a share.
At present, DRAU focuses its operations on the acquisition and the development of gold deposits throughout Australia. In general, the company is also interested in base metals such as tin and tungsten.
The Georgetown gold mine in Northern Queensland, which has been acquired to 100% in May 2009, is DRAU’s first project. Production start is scheduled for as early as 2010.
DRAU is based in Brisbane, Queensland.