Kingsgate sets boundaries for Nueva Esperanza
PERTH (miningweekly.com) – Gold miner Kingsgate Consolidated has outlined the parameters for its Nueva Esperanza gold/silver project, in Chile, revealing that start-up capital of between $130-million and $150-million would be required.
Kingsgate noted that an initial review of the project had resulted in the company focusing on a three-million-tonne-a-year heap leach operation, with an initial mine life of around six years.
Production was estimated at between six- and eight-million ounces a year of silver, and between 18 000 oz and 22 000 oz of gold.
MD and CEO Gavin Thomas said on Wednesday that the company was delighted by the results of the work completed to date, which he added confirmed Kingsgate’s long-held belief in the underlying quality and flexibility of the project, but added that the parameters were based on preliminary results and were insufficient to provide assurance as to the economic development of the project.
He also said that the parameters could change following the completion of a definitive feasibitliy study.
“The decision to change focus to a heap leach option has been vindicated and based on the indicative results, shows the potential for a higher return than previously expected.”
Thomas said that while there was still considerable work to be done before a development decision could be made, Kingsgate would complete the feasibility study in a cost-efficient manner, allowing the project to be well positioned in the current silver price environment.
The Copiapo environmental regulator in Chile has previously approved the environmental-impact assessment for the Nueva Esperanza project.
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