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Gramalote gold project, Colombia – update

Image of hammered gold

Photo by Bloomberg

12th August 2022

By: Sheila Barradas

Creamer Media Research Coordinator & Senior Deputy Editor

     

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Name of the Project
Gramalote gold project.

Location
In the province of Antioquia, in Colombia.

Project Owner/s
The project is a joint venture between B2Gold and AngloGold Ashanti.

Project Description
B2Gold believes that the project has the potential to become a large, low-cost openpit gold mine.

An initial life-of-mine (LoM) of 10.6 years is envisaged.

Production is based solely on the indicated resource estimate of the Gramalote Ridge deposit of 173.4-million tonnes grading 0.73 g/t gold for 4.06-million ounces of gold.

The openpit operation will move up to 50-million tonnes a year, with an 11-million-tonne-a-year processing plant that includes crushing, grinding and flotation, with fine grinding of the flotation concentrate and agitated leaching of the flotation concentrate and the flotation tails, followed by a carbon-in-pulp recovery process to produce doré bullion.

LoM production is estimated at 2.97-million ounces. Average gold production of 347 000 oz/y is estimated for the first five full years of production.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project had an after-tax net present value, at a 5% discount rate, of $483-million and an internal rate of return of 15% at the project construction decision date, with project payback, including construction capital, of 3.5 years.

Capital Expenditure
Preproduction capital costs are estimated at $925-million, including about $160-million for mining equipment.

Planned Start/End Date
Not stated.

Latest Developments
Based on preliminary results of the optimised feasibility study for the Gramalote gold project B2Gold and AngloGold Ashanti have determined that the project does not currently meet their investment thresholds for development at this time.

“We prefer to focus our scarce capital in the bigger assets,” AngloGold Ashanti CEO Alberto Calderon has said, adding that disposal of Gramalote is now one of AngloGold’s options.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
B2Gold director, corporate communications Cherry DeGeer, tel +1 604 681 8371 or email CDeGeer@b2gold.com
AngloGold Ashanti, email media@anglogoldashanti.com or investors@angloashanti.com.

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Edited by Creamer Media Reporter

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