Gryphon looks at cost cutting at Banfora
PERTH (miningweekly.com) – Gold developer Gryphon Minerals was working to optimise costs at its flagship Banfora project, in Burkina Faso.
CEO Steven Zaninovich told delegates at the first day of the Africa Downunder conference that reoptimisation studies for the Banfora project were due in the fourth quarter of this year, and would be focused on reducing expected capital costs.
A bankable feasibility study on the project, completed earlier this year, has placed a price tag of some $208-million to develop a two-million tonne carbon-in-leach plant and an openpit mining operation.
At full production, the Banfora project was expected to produce some 150 000 oz/y of gold.
Zaninovich said on Wednesday that the project was still on track for production in early 2015, as the company expected to receive its environmental approvals within the current quarter, with the mining licence expected shortly after.
Gryphon has recently introduced a range of cost-cutting measures to reduce operating costs, including a 75% reduction in its personnel and a reshuffle of its board.
The developer also suspended all drilling, while fieldwork was limited to low-cost target generation.
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