https://www.miningweekly.com

Orinoco board gives thumbs up to $6.6m Brazil gold mine

Orinoco board gives thumbs up to $6.6m Brazil gold mine

Photo by Reuters

16th April 2015

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – The board of ASX-listed Orinoco Gold has approved the development of the $6.6-million Cascaval underground gold mine, in Brazil.

The decision to mine followed the successful completion of a due diligence by funding partner Chancery Asset Management, which would provide a A$14-million funding package for the Cascavel project.

The mining team responsible for the excavation and development of the main incline shaft was scheduled to mobilise on site in early May.

Orinoco MD Mark Papendieck said on Thursday that the start of underground mine development at Cascavel represented a significant milestone for the company, which was making its transition from explorer to producer.

The Cascavel mine was initially expected to produce 40 000 t/y of ore, using a gravity circuit capable of achieving gold recoveries of between 80% and 90%. Mining would initially focus on a small portion of the Cascavel and Mestre areas, using Orinoco’s existing underground extraction permits.

The Cascavel mine forms part of an emerging regional production hub for Orinoco within the greater Faina Goldfields project, which also includes the Sertão gold project and the Tinteiro polymetallic project.

Edited by Mariaan Webb
Creamer Media Contract Publishing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

MBE Minerals SA (Pty) Ltd
MBE Minerals SA (Pty) Ltd

Your global lifecycle technology & service partner for materials & minerals processing equipment for coal, iron ore, copper, manganese & other...

VISIT SHOWROOM 
Werner South Africa Pumps & Equipment (PTY) LTD
Werner South Africa Pumps & Equipment (PTY) LTD

For over 30 years, Werner South Africa Pumps & Equipment (PTY) LTD has been designing, manufacturing, supplying and maintaining specialist...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.095 1.359s - 128pq - 2rq
Subscribe Now