Altus confirms low-cost, high-return project viability in Mali
A preliminary economic assessment (PEA) has confirmed a 4.7-year mine life and average yearly gold production of 54 380 oz viability for dual-listed Altus Strategies’ Diba & Lakanfla gold project, in Mali.
The company also published an updated mineral resource estimate (MRE) for the project on August 2, which increased the resources by 67% to total 312 000 oz in the indicated category and 362 000 oz in the inferred category.
The MRE also identifies about 12-million tonnes of fresh sulphide material, which could add additional ounces to an enlarged mine.
The PEA envisions a near-surface openpit heap leach gold mine with a low capital expenditure requirement at $28-million and strong cash flow generation ability.
The project has an after-tax net present value of $150-million, with a payback period of just under six months. The PEA finds that the project can have an after-tax internal rate of return of 683%.
Diba & Lakanfla also hosts numerous targets that warrant further drill testing and potential resource growth.
CE Steven Poulton says the project is strategically located in a world-famous gold belt that hosts several mines.
Altus now intends to undertake a process of monetising the project, including by creating a long-term royalty on any future gold production.
The PEA already includes a 3% net smelter return royalty to the government of Mali.
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