Gramalote gold project, Colombia – update

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4th November 2022

By: Sheila Barradas

Creamer Media Research Coordinator & Senior Deputy Editor


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Name of the Project
Gramalote gold project.

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
B2Gold and AngloGold Ashanti plan to put the Gramalote project up for sale.

The JV has completed a comprehensive review of the alternatives pertaining to the gold project and has decided it will be in the best interest of all stakeholders to find a buyer.

B2Gold and AngloGold said in August that the project did not meet their investment criteria for development, after the preliminary optimised feasibility study for the project failed to impress. 

AngloGold Ashanti CEO Alberto Calderon has previously said that the disposal of Gramalote was one of AngloGold’s options, noting that the group preferred to focus its capital on the bigger assets.

B2Gold has pointed out that the project continues to benefit from government support, as well as continuing support from local communities.

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
AngloGold Ashanti, email or

Edited by Creamer Media Reporter


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