Modern Mining August 2019

Mako is a conventional truck-and-shovel open-pit mining operation. It has consis- tently delivered recoveries of around 95 % with processing completed via a carbon-in- leach plant comprising a crushing circuit, an 8,5 MW SAG mill and a gold extraction circuit. Electricity is provided by a 14 MW diesel-fuelled IPP power station and water is extracted from the Gambia River. Current infrastructure (tailings impoundment, raw water dam and power station) has the capacity to meet increases in ore reserves and an expansion of the milling rate to 2,3 Mt/a without the need for additional capital expenditure. Mako hosts a mineral resource of 1,22 Moz (1,89 g/t Au) as at 30 October 2018, and an ore reserve of 928 koz (2,05 g/t Au) as at 31 December 2018. Toro’s exploration at Mako is focused on both identified targets within the mine permit and on the potential to delineate regional satellite deposits that are within trucking distance of the mill. The company’s exploration package covers over 2 800 km 2 of the highly prospective Birimian terranes of Senegal, Côte d’Ivoire and Guinea. 

Positive scoping study on Bepkong Underground ASX-listed Azumah Resources has advised that a scoping study to evaluate the tech- nical and commercial merits of mining deeper-level mineralisation at its Bepkong deposit (Bepkong Underground), has indi- cated that an underground mining operation could provide a material boost to the already financially robust open-pit based Wa gold project in Ghana.

repaid by open-pit mining operations prior to the commencement of underground mining. Comments Azumah’s Managing Director, Stephen Stone: “Fast on the back of the recently reported Bepkong ‘Underground’ mineral resource of 279 700 oz grad- ing 3,59 g/t Au, a scoping study has indicated that an underground mining operation could provide a material boost to the already financially robust Wa gold proj- ect with an estimated Production Target of approximately an additional 154 000 oz and pre-tax, post-royalty revenue of approxi- mately US$32 million. “This is a tremendous development for the current 1 Moz ore reserve, open-pit based project as the Bepkong underground mineralisation is a recent discovery and is not included in the project Feasibility Study, due for completion by year-end. “With the prevailing gold price well above the US$1 300 per oz used in determining ore reserves and revenues for the Feasibility Study and revenues for the Scoping Study, the business case for development just gets stronger.” 

The Bepkong deposit, which commences just below surface, is a key component of the Wa project for which a Feasibility Study – being managed by joint venture partner, Ibaera Capital, and based on a 1,03 Moz ore reserve – is nearing completion. At present, the Wa project is expected to have a pre-tax NPV 5% of US$177 million and an IRR of 35 % and is anticipated to pay back the US$117 million establishment capital in 1,6 years. This is based on open-pit optimisations and revenue estimates using a US$1 300 gold price. An underground operation at Bepkong, should it proceed, will only need to cover dedicated capital and associated operating costs with all establishment costs likely to be

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