Mining

Positive pre-feasibility study at the Doropo Gold Project

Centamin has provided the outcomes of the pre-feasibility study (PFS) at its Doropo Gold Project (Doropo) located in north-eastern Côte d’Ivoire, including maiden Mineral Reserves estimate, detailed project parameters and economics, with identified upside opportunities for evaluation during the definitive feasibility study (DFS).

Martin Horgan, CEO, commented: “The results from the Doropo PFS demonstrate an economically robust project that meets Centamin’s hurdle rates to proceed with a definitive feasibility study. A life of mine average production rate of approximately 175 000 oz per year at US$1000/oz AISC over 10 years delivering an IRR of 26% at a gold price of US$1600/oz in a well-established mining jurisdiction represents an excellent outcome. We have identified opportunities to further optimise the project which will be assessed as part of the DFS which is scheduled for completion in mid-2024. A substantial part of the DFS fieldwork has already been completed in 2023 which derisks the timeline to completion and further confirms our faith in the potential of Doropo to support a commercially viable project which will bring significant investment and job creation to northeastern Côte d’Ivoire.”

Highlights

  • Maiden Mineral Reserve Estimate of 1.87 million oz of Probable Mineral Reserves, at an average grade of 1.44 g per t of gold (g/t Au), supporting a 10-year life of mine (LOM).
  • Average annual gold production of 173 000 oz over the LOM, with an average of 210 000 oz in the first five years.
  • All-in sustaining costs (AISC) of US$1017/oz sold over the LOM, with an average AISC of US$963/oz for the first five years.
  • The mine plan assumes conventional open pit mining of a sequence of shallow pits
  • Mineral processing via a 4.0 to 5.5 million tpy semi-autogenous grinding (“SAG”) mill, ball mill and crusher (SABC) circuit, and conventional carbon-in-leach (CIL) circuit for an average LOM gold metallurgical recovery rate of 92%.
  • Total construction capital expenditure (CAPEX) of US$349 million, inclusive of a 10% contingency, with a 2.3 year payback at a US$1600/oz gold price.
  • Robust economics with a post-tax net present value of US$330 million and internal rate of return (IRR) of 26%, using 5% discount rate (NPV5%) and US$1600/oz gold price.
  • Definitive feasibility study (DFS) and environmental and social impact assessment (ESIA) completion expected in 1H24 ahead of mining license submission deadline.
  • Upside opportunities identified for potential resource and reserve growth and improvements to capital and operating expenditure estimates.

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