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PERTH (miningweekly.com) – The Gold Resolute Mining is expected to make a final investment decision on the Bibiani underground mine, in Ghana, in 2019, the company announced Friday, announcing that The government said Friday that the permit is valid for a period of 18 months and that it can be renewed by application to the Ghana Protection Agency. environment
Following receipt of the permit, the ASX Mining Company updated a 2016 feasibility study for the project, resulting in lower maintenance costs while extending the duration of the project. mine life, due to the mine increase in 2017 optimization and design, and refinement of operating costs and investment.
It is expected that the restart requires an initial investment of $ 75 million and a project capital of $ 115 million, gold production to be maintained. estimated at about 100,000 oz / y over a ten year mine life.
The AISC is expected to be in the range of 700 / oz to $ 800 / oz, with an estimated production of about one million Shareholders were told that the company was happy to have received key legislative approval, and have completed an updated study that confirmed that Bibiani represented an attractive growth opportunity for Resolute.
"Resolute continues to advance the opportunity to re-engage Bibiani. We honor our commitments to the Ghanaian government and are highly disciplined in our pursuit of creating value for all stakeholders.
"The receipt of our environmental permit is an important step in the road to restarting the mine. Bibiani has produced approximately four million ounces of gold over a long history and is an important regional gold mine that provides significant economic and social benefits to the population local.
Welborn stated that the revised study showed that the project could reach Resolute thresholds. to produce 100,000 ounces of gold per year over a ten year life span, at an AISC of the order of $ 750 / oz
"We will now focus on an operational readiness program with the intention of making a final investment decision in 2019. A positive decision will only be made on the basis of a comprehensive and convincing remediation plan supported by an operational readiness operational plan. , all required approvals, a clear funding strategy and the availability of the Resolute Project Team is a key contributor to our goal of establishing Resolute as 500,000 oz. producer, "he added.
Bibiani operations were suspended in 2013 due to lower gold prices, Moreover, Resolute announced Friday that it had set up a revolving loan facility of $ 100 million Investec Australia, which would provide access to low-cost financing for new growth initiatives.
The new facility is fully subscribed by Investec and has an initial term of three years. After meeting the standard conditions, Resolute can tap into the facility as needed, for all corporate financing purposes.
"This revolving credit facility provides Resolute with the financial flexibility to continue its growth program and seize opportunities. Welborn said:
"We maintain a strong balance sheet and we ensure that the company has a modest level of debt that is a sound and appropriate strategic decision given its ambitions and expectations. of his prospects. "
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