Koka gold project, Eritrea
Name and Location
Koka gold project, Eritrea
Project Description
A scoping study on the Koka deposit, at the Zara project, has shown that the deposit has the potential to underpin a highly lucrative gold-mining operation.
Koka is forecast to produce an average of 110 000 oz/y of gold at a cash cost of
$424/oz over a six-year mine life.
There is also the potential to increase project economics by further optimising pit design based on planned geotechnical drilling.
Value
The scoping estimates capital costs of $97,8-million.
Duration
The overall project implementation schedule estimates a total duration of 16 months from approval to commissioning.
Client
The project is 80%-owned by Chalice Gold Mines and 20%-owned by Dragon Mining, while the Eritrean government is entitled to a 10% free carried interest. In addition, the Eritrean government has the right to buy up to a further 30% in the project on financial terms to be agreed, payable to the joint venture in consideration of diluting their respective interests.
Key Contracts and Suppliers
None stated.
Latest Developments
Chalice Gold is proceeding with a full feasibility study on the project, which is expected to be completed by mid-2010.
On Budget and on Time?
Not stated.
Contact Details for Project Information
Chalice Gold Mines, tel +618 9322 3960, fax +618 9322 5800 or email info@chalicegold.com.
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