Eldorado Gold completes positive feasibility study on Tocantinzinho
TORONTO (miningweekly.com) – Eldorado Gold has completed a feasibility study on its Tocantinzinho gold project, in northern Brazil, attaching a net present value at a 5% discount of $245-million to a project that would cost $466-million to build.
Conducted by Eldorado and subsidiary Brazauro Recursos Minerais, the feasibility treatment estimated an internal rate of return of 13.5%.
The study had demonstrated that the project would be economical at a gold price of $1 250/oz. Gold had been hovering around the $1 200/oz mark over the past 60 days.
According to the current mine plan, the project would produce 1.7-million ounces of gold over its 11-year life, using conventional openpit mining methods. The operation would mine a total of 41.1-million tonnes of ore with a strip ratio of 3.5:1 over the mine life.
The report estimated recoveries of 90.1% for primary ore and 75% for saprolite ore, using a simple comminution, flotation and leaching process.
The operation was estimated to have a cash operating cost of $572/oz.
Eldorado’s CEO, Paul Wright, said the company would continue to further refine the development plan and complete the outstanding permitting ahead of a construction decision.
The project had National Instrument 43-101-compliant measured and indicated resources of 48.73-million tonnes of ore, comprising 2.12-million ounces of gold, grading 1.35 g/t gold.
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