Gryphon To Commence Us$97m African, Gold Mine Construction Early 2015
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The first ASX-listed company to win a mining permit in Burkina Faso, Australia’s Gryphon Minerals, says it has slated the first quarter of next year to commence mainstream construction on its promising 3.6 million ounce Banfora gold project. Addressing the third and final day in Perth today of the Paydirt 2014 Africa Down Under Conference, Gryphon’s Chief Operating Officer, Mr Steve Zaninovich, said the Company was now on the cusp of obtaining finance from Macquarie and was well placed to fully fund the project going forward. Gryphon has US$37 million cash as at 2Q 2014 and investments and a US$60 million project debt mandated with Macquarie.
The Company has elected for a heap leach mining approach after originally favouring a CIL plant with the initial capital cost of around US$97 million. “Our current development timeline is looking at early site works towards the end of this year and moving to mainstream construction from Q1 next year,” Mr Zaninovich said. “We are building a very simple crushing plant, we require only low power drawdowns and there are no long lead items to be ordered,” he said. “Commissioning is slated for the final months of calendar 2015 and at this stage, we anticipate first gold production in the opening period of 2016.” Maiden production is expected to be around 70,000 ounces of gold at all in sustaining costs of less than US$870 an ounce. “Banfora will be a high grade heap leach, high margin mine,” Mr Zaninovich said.
“This is a very robust project whose exceptional 1.5 g/t Au is substantially ahead of its heap leach peers in terms of initial capex and processed grades. “There is significant potential to push the initial open pits below the current heap leach inventory, and we haven’t ruled out the potential for a future CIL plant to accept primary gold material.
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