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Newmont Declares Commercial Production At Gold Project In Ghana

Kitco News

Newmont Mining Corp. (NYSE: NEM) announces the declaration of commercial production at the Subika Underground project in Ghana, which will add between 150,000 and 200,000 ounces of gold for each of the first five years. The project, which is adding higher-grade, lower-cost gold production at the Ahafo mine, was completed on schedule and within the budget of approximately $186 million in development capital, Newmont says. Subika Underground has an initial mine life of around 10 years. Once the Ahafo mill expansion project is completed in the second half of 2019, Ahafo’s average annual all-in sustaining costs are projected to improve by between $250 and $350 per ounce, compared to 2016, the company says. “In addition to increasing gold production and lowering costs at Ahafo, Subika Underground leverages the operation’s existing infrastructure and experienced workforce to further extend mine life,” says Gary Goldberg, chief executive officer. “The mine provides an underground platform to explore additional upside potential in adjacent ore bodies and also includes some of the latest fit-for-purpose technologies to enhance safety, productivity and efficiency.”

By Allen Sykora of Kitco News; asykora@kitco.com

 

Eldorado Lists Updated Reserves, Maiden Bolcana Estimate

Monday November 26, 2018 09:10

Eldorado Gold Corp. (TSX: ELD; NYSE: EGO) officials say the company has maintained its mineral reserves and resources due to exploration efforts. The company released an updated estimate for reserves and resources as of Sept. 30, showing proven and probable reserves of 389 million tonnes at 1.35 grams per tonne gold containing 16.9 million ounces. The company says it added new reserves of 60,000 gold ounces at Lamaque and replaced milled production (80,000 ounces) at Efemcukuru. Eldorado added 572,000 ounces of gold to the estimate for Lamaque inferred resources, which now totals 1.8 million ounces. A maiden inferred resource estimate at Bolcana in Romania came in at 381 million tonnes at 0.53 grams per tonne gold and 0.18% copper, containing 6.5 million ounces of gold and 686,000 tonnes of copper, Eldorado says. “Our updated mineral reserves and resources remain materially unchanged from December 2017 due to our conversion drilling and exploration success,” says George Burns, president and chief executive officer. He later adds, “With the declaration of a maiden inferred resource at Bolcana of 6.5 million ounces of gold and 686,000 tonnes of copper, we have outlined a significant gold copper porphyry deposit….and will be exploring various alternatives to continue advancing Bolcana.”

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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