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June 2015
MODERN MINING
53
MINING IN AFRICA
feature
Key results at US$1 200 per ounce
Units
Value
Ore
kt
25 474
Grade
g/t Au
2,80
Gold contained
koz
2 291
Gold produced
koz
1 901
Pre-production capital cost
US$M 74,1
Total cost
US$M 1 680
Key financial results
Units
Value
Cash cost per ounce produced (operating only)
US$/oz
789
Revenue
US$M 2 254
Net cash flow
US$M 441,5
Net present value (10,0 %)
US$M 189,4
Internal rate of return
%
42
Payback from start of development
years
3,8
TABLE 1:
Key operational and financial study results
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
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.
“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.”
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
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.