Australian Gold Mining Company Raises Cash

Australia’s Bendigo Mining is raising $145 million to speed construction of a second gold mine in Victoria.

The company said it is arranging the financing to more advance production from two gold mines, particularly its large North Mine, the Melbourne Herald Sun reported Friday.

The South Mine, being driven from the Carshalton site at Kangaroo Flat, will begin producing next June.

Meanwhile, work on Bendigo’s bigger North Mine, which will be dug under the city of Eaglehawk, begins in the first quarter of next year with production expected to start in 2011.

Once the North Mine is fully operational it is expected to produce at least 400,000 ounces of gold per year, double the volume from the South Mine.

Total gold production from the two mines is expected to grow to 600,000 ounces per year after 2012.