Name and Location
Manica gold project, Mozambique.

Client
Auroch Minerals.

Project Description
The proposed project will include two openpits, a shallow underground mine area to be accessed through adits and a 60 000 t/m processing plant, with supporting infrastructure and residue facilities.

The project is targeting the nonrefractory, relatively shallow ore.

Life-of-mine is currently expected to be less than ten years.

Net Present Value/Internal Rate of Return
Not stated.

Value
Initial capital expenditure is estimated at $43.2-million.

Duration
Not stated.

Latest Developments
Auroch Minerals is advancing the sale of its Manica gold project, after buyer Xtract Resources paid a $698 968 bill to the Mozambique government.

The payment was made to settle a capital gains tax that was payable on the completion of the Manica sale.

Xtract in 2015 agreed to pay $10-million for the project, which was expected to require an initial capital investment of about $28.4-million, with underground development expected to cost a further $14.8-million.

Auroch has said that the two companies are working with the relevant Mozambique regulatory bodies to complete the sale of the Manica asset, following the finalisation of the Mines Department approval, which is expected shortly.

Key Contracts and Suppliers
JP Mining Consulting (scoping study), EnviroSig and SLR Consulting Africa (environmental-impact assessment) and Read Matomo (preliminary gold plant and infrastructure capital and working-cost estimates).

On Budget and on Time?
Not stated.

Contact Details for Project Information
Auroch Minerals, tel +27 11 218 3856, fax +27 11 880 1270 or email admin@aurochminerals.com.