Modern Mining June 2015

MINING IN AFRICA

process. However, the accuracy of assump- tions is sufficient to meet the ±25 % accuracy of a PFS and small changes in parameters are unlikely to materially impact the production schedule or cost model. On the hangingwall side the cave draw angle is expected to be about 65 deg while, on the footwall side, failure of the footwall would not extend beyond the footwall contact. The foot- wall domain to the east of the Syama Shear provides competent rock mass conditions determined suitable for the mine infrastructure (decline, vent raises, substations, sumps and pump stations). Decline development is expected to com- mence in early calendar 2016 from within the Stage 1 open pit from a portal located 200 m below the surface. This will allow early access to underground ore, for development of initial production stopes, while work continues to extend the decline to the surface for long-term access to the underground. Resolute has already commenced the project work required for a DFS to facilitate an early decision to commence underground mining. The DFS is due for completion in the March 2016 quarter. Commenting on the results of the revised PFS, Resolute’s outgoing Chief Executive Officer, Peter Sullivan, said: “Completion of the updated PFS validates our confidence in the underground development at Syama and delivers a capital efficient outcome with strong long-term cash flows until at least 2028. Our activities over the past 12 months have sig- nificantly boosted the Syama underground reserves and established it as a robust and long- life gold mine. Excitingly, the study has also identified further project upside as the orebody remains open at depth which, with additional

TABLE 1: Key operational and financial study results

Key results at US$1 200 per ounce

Units

Value 25 474

Ore

kt

Grade

g/t Au

2,80

Gold contained Gold produced

koz koz

2 291 1 901

Pre-production capital cost

US$M 74,1 US$M 1 680

Total cost

Key financial results

Units

Value

Cash cost per ounce produced (operating only)

US$/oz

789

Revenue

US$M 2 254 US$M 441,5 US$M 189,4

Net cash flow

Net present value (10,0 %)

Internal rate of return

%

42

Payback from start of development

years

3,8

drilling, should lead to further resource and reserve increases.” Syama is located in the south of Mali, approximately 30 km from the Côte d’Ivoire border and 300 km south-east of the capital, Bamako. During the 2014 financial year, the plant treated 1,78 Mt at an overall head grade of 3,73 g/t Au to produce 165 493 ounces of gold at a cash cost of US$1 006 per ounce. An oxide circuit to allow treatment of satellite deposits at Syama was commissioned earlier this year. Apart from Syama and Ravenswood, Resolute also owns the Bibiani gold mine in Ghana. Bibiani was acquired last year and is currently on care and maintenance but Resolute is planning an underground operation at the site. Resolute also used to operate the Golden Pride gold mine in Tanzania. It is now mined out, however, and was closed at the end of 2013, after having produced 2,2 Moz of gold over a mine life of 15 years. 

True Gold’s Karma site “buzzing with energy” True Gold Mining Inc, listed on the TSX‑V, reports that full construction of its Karma gold project in Burkina Faso has resumed after it was suspended – due to community relations issues – ear- lier this year.

mid-May,” comments Christian Milau, True Gold’s CEO. “Over the last few weeks we have made significant progress towards first gold pour. The site is buzzing with en- ergy and the excitement of being back at work and I want to thank our team for their dedication and diligence in getting Karma back on track. The local commu- nities, suppliers, and the government, have been extremely supportive of the return to work.” Karma has been designed as an open-pit, heap leach project which will produce 97 000 oz/a of gold (average) over an 8,5-year mine life.

According to the company, a Kom- atsu PC3000 excavator and four of six Komatsu 785 trucks (100-t capacity) have been commissioned, the assem- bly of a Komatsu WA800 wheel loader has started, while the hard rock crusher (an MV 2000 VSI) has arrived on site. The temporary fuel storage farm has been completed, the construction of the main haul road initiated and the ADR building structural steel has been delivered. “I am extremely pleased with the speed and efficiency our team has dem- onstrated in getting back to work since

“Construction activities and local procurement have ramped up and we are on schedule for first gold pour by the end of Q1 2016,”says the company.“With over 250 staff on site, we are underway with excavation of the storm and raw water ponds as well as site preparation for the heap-leach pad.”

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June 2015  MODERN MINING  53