Ora Banda Mining (ASX:OBM) approved the construction of a standalone processing plant at Davyhurst for AU$375 million and the Waihi underground mine for a capital cost of AU$90 million as part of its DRIVE to 300 aspiration, according to a Monday filing with the Australian bourse.
Works planned for the processing plant are slated for fiscal year 2027, with commissioning scheduled for the third quarter of fiscal year 2028, while the underground portal will be established in the second quarter of fiscal year 2027 for steady state production to be reached by the first quarter of fiscal year 2028, the filing said.
The company expects to fund its next phase of growth through existing cash and anticipated future cash generation, boosted by a starting cash position of AU$232 million and available debt facilities as of March 31, per the filing.