Chile project a golden opportunity for Kingsgate
PERTH (miningweekly.com) – A prefeasibility study (PFS) into the Nueva Esperanza gold project, in Chile, has indicated that the project could deliver an average 91 000 oz of gold equivalent ounces, over a mine life of nearly 12 years.
Gold miner Kingsgate Consolidated noted that mine plan optimisation meant that the project could deliver an average of 135 000 oz/y of gold equivalent over the first five years of operation, delivering a three-year payback period.
The project would likely require a capital investment of some $206-million, with operating costs estimated at around $16/t.
The PFS estimated that the Nueva Esperanza project would have a net present value of $168-million and an internal rate of return of 25%, based on a resource estimate of 1.9-million ounces.
“We are delighted with the study outcomes which confirm Nueva Esperanza as one of the exciting emerging precious metals projects in South America,” said Kingsgate CEO Greg Foulis.
“The PFS reinforces the growth strategy for Kingsgate following the divestment of Challenger and Bowdens. The proposed development of Nueva Esperanza, subject to financing and approvals, provides Kingsgate with a solid platform for growth in Chile and other areas of South America.”
Foulis noted that Kingsgate was confident that further exploration success would continue to build the metals inventory of the project, leading to a long-life operation.
“Following these positive results, we are aiming to complete permitting and a feasibility study in 2017, which will allow us to make an investment decision thereafter.”
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