So... I just read a article from 2 weeks back... (probably already been posted?)
courtesy of
@fbx258
Resolute Mining to open 3Moz Mali gold mine end-2018 - CEO ( I don't really like title, the open pit mine is already running obviously )
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Australia's
Resolute Mining will start producing
gold from a three-million-ounce
underground deposit at its Syama
gold mine next year, its CEO told Reuters.
In an interview while visiting
Mali's capital Bamako this weekend,
Resolute Mining CEO
John Welborn also said a recently discovered adjacent deposit called Nafolo was expected to yield between 1.5-million and 2-million ounces of recoverable
gold reserves.
The Syama
gold mine had already produced around 2-million ounces from open pit
mining at its
surface before it was exhausted in 2015. However, there remain a further 3.1-million ounces of recoverable reserves deep
underground.
"We will start
underground production from the end of 2018. The preparatory work for the
construction of this
underground mine has already begun," Welborn told Reuters.
He added that Syama's production would be 250 000 oz/y, up from the 200 000 oz it produced as an open pit mine, and it would last until 2028. The necessary investment in the mine would be $100-million, he said.
Regarding the Nafolo
project, he said "evaluations are in process which in the coming months will yield a precise estimate, but I can tell you already that reserves are going to reach 1.5-million to 2-million ounces."
Mali is the third biggest
gold producer in
Africa behind
South Africa and
Ghana, and has attracted investors including
Randgold Resources and
AngloGold Ashanti.
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My main question is.... um, is this price sensitive? I mean a possible 2m ounces of extra reserves... economically producible gold... giving Syama a possible 20 years of production rate of 250k?? Not complaining but seems well, kind of important.
Happy holder either way
(20min delay)