West Wits Mining (ASX:WWI) plans to undertake a strategic review of its plans for the Witwatersrand Basin gold project in South Africa, according to a Thursday Australian bourse filing.
The review will involve reassessing key project assumptions of the Qala Shallows mine plan and related projects across the entire project, the filing said.
The firm said that a strategic reassessment is warranted after gold prices jumped beyond $3,000 per ounce, materially exceeding the gold price assumptions used when the original plans were completed.
Its shares climbed 6% on market close on Thursday.
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