Genesis Minerals managing director Raleigh Finlayson says his company is applying a long-term approach to supporting the Leonora community – including through tourism.
Genesis Minerals managing director Raleigh Finlayson says his company is applying a long-term approach to supporting the Leonora community – including through tourism.
Gold producer Genesis is fully focused on Leonora, around which it has built a portfolio with resources of more than 15 million ounces through a mix of exploration and aggressive acquisition activity.
Mr Finlayson, who built Saracen Minerals into an ASX-200 listed gold producer before its 2021 merger with Northern Star Resources, is seeking to repeat the dose at Genesis while bringing the region along for the ride.
The company set a target to grow its production to 325,000 ounces by 2029, building on its deals last year for the historic Gwalia project from St Barbara, the purchase of Kin Mining’s Bruno-Lewis and Raeside projects and the acquisition of Dacian Gold.
Mr Finlayson said the company’s plate was full following its splurge for assets, with focus to turn inward towards accelerating the development of its projects – headlined by the undeveloped Tower Hill asset – and optimising Gwalia’s output.
“The next step for us is to accelerate, which is what the title of our presentation was, and it’s very much around that organic portfolio,” he said on the sidelines of the Diggers & Dealers Mining Forum.
“We spent a lot of time doing the M&A a couple of years ago when, you know, lithium was all the rage and gold wasn’t the vibe of the conference.
“We did a lot of our countercyclical M&A, which built that portfolio up – we have 3.3 million ounces in reserve and a 10-year mine plan.”
Mr Finlayson did not deliver the company's operational presentation at the forum this year, and told the press he had recently prioritised a project to shorten a rail line which intersects Tower Hill.
The rail initiative has state government support, and Mr Finlayson said it has potential to positively impact the region as a whole.
“There’s a natural benefit to every rail user, certainly a massive benefit to the state and the area,” he said of the plan, which Genesis said had the support of the local community and state government.
Conversations with stakeholders and rail line users are ongoing.
The plan to develop Tower Hill, which Genesis hopes to bring to production in the 2028 financial year, could have implications for other local infrastructure.
Mr Finlayson, who grew up in Leonora, said some parts of town Leonora would need to be relocated as part of its grand mining plans but was confident in the company’s support from the local shire.
The company purchased the Leonora Lodge as potential accommodation for staff building Tower Hill down the track, and is also committed to restoring the heritage-listed State Hotel and handing it back to the local council.
Mooted upgrades to the Great Central Road connecting Queensland to Laverton could make Genesis’ operations an unlikely tourist attraction, according to Mr Finlayson.
“That’s super exciting, and when it happens I’m sort of picturing a Super Pit-type scenario where you’ve got the Tower Hill pit there, with a lookout, to be able to have tourists come and see,” he said.
“There’s already a lot of tourists coming in, obviously travelling through WA, but to be able to get tourism from Queensland.
“We’re really genuinely aligned with the future, and not just looking at a five-year horizon – we’re talking 20-30 years.
“Hence, you know, reducing the rail as opposed to doing a simple bypass which would be quicker and easier.
“We’re trying to look at things long-term, as is the shire.”
Genesis shares were down 2.4 per cent to $2.03 this afternoon.
