44 | Reefton’s Snowy River mine revived T T from page 42 Endura Mining “We want Snowy River management domiciled in New Zealand to provide continuity of leadership and also be a part of the West Coast community.” Underground machinery advancing a tunnel at the Snowy River Mine. REGIONAL DEVELOPMENT Endura Mining was launched in September last year with a name-change from Federation Mining to reflect the new management and the Company’s strategy to build a portfolio of gold and copper assets. “Australian Super, Australia’s large superannuation fund with over $400 billion in assets under management, owns 75% of Endura, and they approached us to see whether we were interested in taking the project into production.” Endura’s founders are executive Chair Jake Klein, Chief Financial Officer Louis Chait, and Bryan. Jake is the founder and chair of Evolution Mining, Australia’s second largest goldminer with a market value of over $A30 billion. Bryan worked with Jake at Evolution for nine years, while Louis was the head of Glencore’s Australian copper business before moving to Switzerland as the CFO of Glencore’s global copper business. All three have extensive experience in gold and copper mining. “Over the past couple of years, the three of us have been looking for opportunities to start a new company,” Bryan says. “Since coming to Snowy River as the new management team in July last year, we’ve been able to raise $A150m in new equity to help fund the project and get construction under way. “One of the things we’ve focused on is making sure that everyone in the management team lives in New Zealand. “Until recently a number of team members were flying in and out of Australia, but we want Snowy River management domiciled in New Zealand to provide continuity of leadership and also be a part of the West Coast community.” Endura Mining’s market capitalisation was in the region of $A400m last October when the equity was raised, based on the 20c share issue price. Since then, the gold price has rocketed over $US5000/oz, and other New Zealand gold-mining companies have seen their share values jump. Once in production Endura expects the Snowy River goldmine to be operating continuously for at least the next decade. The Birthday Reef that Endura is chasing was discovered by prospectors in 1905, with production starting the following year and continuing until 1951 when the main Blackwater shaft collapsed, and over that time delivering more than 733,000oz or 21 tonnes of gold. Radiators, Intercoolers, Oil Coolers, Condensors, EGR & DPF Specialists 401 Blenheim Road, Christchurch 8041 | (03) 338 8016 sales@industrialradiators.co.nz | industrialradiators.co.nz The leading contract mining and earthmoving organisation in the South Island of New Zealand. •Contract Mining • Plant Hire • Mine Rehabilitation • Drill and Blast •Civil Engineering •Road Haulage MORE THAN 20 YEARS OF EXPERIENCE 03 732 7033 | admin@rosco.net.nz | 2667 SH7, RD1, Reefton We have a large fleet of wholly owned modern equipment focused on reputable brands. Most of our plant fleet is available for hire either wet including operators and fuel, or dry for both short term and long term hire periods. Ph: 03 732 3719 A/Hrs: 03 732 3879 E: ahaura.transport@snap.net.nz • Livestock Cartage • Bulk Cartage • Gravel Cartage & Supplies • Readymix Concrete For all your rural transportation needs
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