PERTH (miningweekly.com) – ASX-listed Bassari Resources has announced the creation of special purpose vehicle Makabingui Gold Operation, which would develop the Makabingui gold project.
Bassari on Friday reported that the new company, which would act as a subsidiary of Bassari, was formed after final government approval was granted for the development of the Makabingui project.
The special purpose company will be the recipient of project finance from the Coris International Bank, which has agreed to provide funding to bring the project into production.
The Makabingui project has a mineral resource of 11.9-million tonnes, grading 2.6 g/t gold for one-million ounces of gold. The first stage of development will see an openpit operation to access high-grade pits comprising 180 000 mined ounces.
The project will have a processing rate of 300 000 t/y and deliver an average 50 000 oz/y, over a nearly four-year mine life.
With all project approvals now in place, Bassari would proceed with the construction and development of the Makabingui project.