The company outlined the information in a note to the Australian Stock Exchange last week.
It said the results of a study it commissioned on the Bendigo-Ophir gold mine found an improved pit design could make the project more efficient, meaning less waste material needed to be processed, which would also significantly reduce costs.
Santana Minerals chief executive Damian Spring said the company initially estimated 15 million bank cubic metres (a bcm is the unit of measure for material which needs to be extracted before mining) would have to be removed before the actual gold mining could begin.
The study had found a way to reduce that number significantly, largely by improving the staging of the pit works.
“… that’s reduced that amount (needed to be removed) to just under 8million bcm,” he said.
“So almost half the amount and therefore half the time in order to get to first ore and be able to start producing gold.”
By reducing the time needed to begin gold production, Santana would save on costs.
Exactly how much would be revealed when the full results of the study were released.
Mr Spring was unable to say when that would be.
The new staging did not change the fundamentals of the project’s fast-track application, but it could make it more efficient and financially sustainable, Mr Spring said.
Santana Minerals has been planning the Bendigo-Ophir mine near Tarras for several years.
It was to submit its fast-track application at the end of this month but was recently allowed to delay it until June in order to do more consultation.
