Modern Mining February 2018

MINING News

Loulo-Gounkoto heads for a record performance

Randgold Resources’ Loulo-Gounkoto gold mining complex in Mali is on track to improve on its record performance in 2016, with last year’s production expected to reach a new peak and at lower cash costs of production, Chiaka Berthe, the company’s General Manager of its West African operations, said recently. Speaking at the quarterly update for local media, Berthe said this positioned the complex strongly to continue roll- ing out its 10-year business plan, which targets production in excess of 600 000 ounces per year. Berthe announced that the Malian Ministry of Mines had approved the devel- opment of a super pit at the Gounkoto opencast mine. The existing mining convention is being reviewed to accom- modate this new investment. Also at the briefing, Randgold Chief Executive Mark Bristow said the company’s continuing investment in Mali had shown the way for others to follow, and the cur- rent development of new mines would bring additional production on line and increase the already considerable contri- bution the mining industry makes to the country’s economy. Mahamadou Samake, Group Regional Manager West Africa, also highlighted the importance of maintaining a fiscal and reg- ulatory environment capable of attracting investment and re-investment in the min- ing sector. “It is therefore imperative that the cur- rent mining code review is undertaken with this objective in mind, and any pro- posed changes should be made in light of the code’s relative attractiveness com- pared to surrounding countries which are competing for the same exploration and investment dollars. This is particularly important in coping with the challenges inherent in developing and operating a mine in an infrastructurally challenged country like Mali, and the difficulty of find- ing replacement reserves. The government should focus on working with the industry to maintain Mali’s position as one of the premier destinations for mining invest- ment in West Africa,” Samake said. Bristow also appealed to Mali to consult with its neighbours in finding a cross-bor- der solution to the growing problem of illegal mining. In some parts of Mali this

Randgold’s Loulo mine, part of the Loulo-Gounkoto mining complex (photo: Randgold).

He noted that Randgold and the Malian fiscal authorities were working together to resolve their outstanding tax and TVA issues. 

was now out of control, he said, and the damage to property and resources, if it was allowed to continue, would discour- age global investors.

GoldStone considers reopening historic mine AIM-listed GoldStone Resources has announced that, as part of the review of historical data, the company has initiated a project to potentially revitalise the old Akrokeri underground mine in Ghana.

contact of a suite of greywackes/phyllites and the Akrokeri granite. Two drilling campaigns were undertaken by Birim Goldfields in 1996, comprising nine diamond drill holes totalling 2 000 m, and Pan African Resources in 2008, com- prising 10 diamond drill holes totalling some 3 200 m. These holes were located north and south of Akrokeri town along the known quartz vein. From the historic data, it is recorded that the drilling encoun- tered unknown narrow high-grade quartz veins within the granite, with samples up to 51 g/t. This indicates the potential of a high-grade deposit within the entire con- tact zone (both within the sediments and the granite). The review of data and assets in 2017 highlighted that the core was incomplete in the company’s core shed housed at site. GoldStone has managed to locate the entire 5 200 m of core drilled by Birim and Pan African Resources and has relocated it to its core shed. Re-logging is currently underway and, if appropriate, further assaying of the core may be undertaken. 

Goldstone is developing the Homase/ Akrokeri gold project. The Akrokeri licence sits adjacent to the eastern boundary of the Obuasi licence and is host to the old under- ground mine. According to GoldStone, the Ghanaian Minerals Commission has records indicat- ing that the Akrokeri mine produced some 75 000 ounces of gold between 1904 and 1909, from about 104 000 tons (94 347 tonnes) of ore, equating to a recovered grade of about 0,73 oz/t, equivalent to 24 g/t. However, the mine closed in 1909, due to a high inflow of water. The mine was developed from two shafts 1 400 feet (426,7 m) apart, to a maximum depth of some 500 feet (152,4 m) vertical. The gold-bearing quartz vein was recorded as being about 4 feet (1,2 m) in width and produced free-milling, non-refractory ore. It is situated within the sediments near the

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