Engineering & Mining Journal

SEP 2017

Engineering and Mining Journal - Whether the market is copper, gold, nickel, iron ore, lead/zinc, PGM, diamonds or other commodities, E&MJ takes the lead in projecting trends, following development and reporting on the most efficient operating pr

Issue link: https://emj.epubxp.com/i/872627

Contents of this Issue

Navigation

Page 31 of 99

NEWS - CONTINUED 30 E&MJ; • SEPTEMBER 2017 www.e-mj.com SEPTEMBER 24-27, 2017: Solution Mining Research Institute (SMRI) Fall Technical Conference with optional technical class on "Well Integrity Management" (class subject will be repeat of spring 2017), Münster, Germany. Contact: John Voigt; Tel: +1 570 585 8092; Email: smri@solutionmining.org; Web: www.solutionmining.org. OCTOBER 18-21, 2017: The 6 th International Congress of Mining Ma- chinery and Technologies, Izmir, Turkey. Contact: TMMOB Chamber of Mining Engineers of Turkey; Web: http://immat.org. OCTOBER 23-28, 2017: XXXII Convención Internacional de Minería 2017, Guadalajara, Jalisco, Mexico. Contact: Web: www.mineros-cdmx.com. DECEMBER 3-8, 2017: American Exploration & Mining Association's Annual Meeting and Exposition, Reno, Nevada, USA. Contact: Web: www.miningamerica.org. JANUARY 28-31, 2018: 44 th Annual Conference on Explosives and Blast- ing Technique, San Antonio, Texas, USA. Contact: Web: www.isee.org. FEBRUARY 25-28, 2018: 2018 Society for Mining, Metallurgy and Explo- ration (SME) Annual Conference & Expo, Minneapolis, Minnesota, USA. Contact: Web: www.smenet.org. MARCH 4-7, 2018: Prospectors & Developers Association of Canada's annual meeting, Metro Toronto Convention Centre, Toronto, Canada. Contact: Web: www.pdac.ca. APRIL 17-19, 2018: MiningWorld Russia, Crocus Expo, Moscow, Russia. Contact: Web: www.miningworld.run/en. APRIL 23-27, 2018: Expomin 2018 Espacio Riesco, Santiago, Chile. Contact: Web: www.expomin.cl. MAY 6-9, 2018: Canadian Institute of Mining (CIM 2018), Vancouver Convention Center, Vancouver, BC Canada. Contact: Web: www.cim.org. MAY 29-31, 2018: Peru Gold & Silver Symposium, The Westin Lima Hotel and Convention Center, Lima, Peru. Contact: Web: www.snmpe.org.pe. NEWS - CALENDAR OF EVENTS Endeavour Mining Acquires Mali Gold Project, Sells Ghana Gold Mine In separate transactions, Endeavour Min- ing has announced agreements to acquire Avnel Gold Mining and its 80% interest in the Kalana gold project in southern Mali, and to sell its 90% stake in the Nzema gold mine in southwest Ghana to BCM International Ltd. Consideration for the Avenel purchase is Endeavour shares valued at approximately $122 million. Consideration to be received by Endeav- our for the Nzema sale is cash totaling up to $65 million. Kalana is a fully permitted, feasi- bility-stage project based on a carbon- in-leach plant having 1.2-million-met- ricn-tons-per-year (mt/y) of throughput capacity and a single open-pit-constrained reserve of approximately 2 million ounc- es (oz) grading 2.8 grams/mt of gold. The feasibility study projects an 18-year mine life, producing an average of 101,000 oz/y at average all-in sustaining costs (AISC) of $784/oz, including an average of 148,000 oz/y during the first five years at average AISC of $589/oz. The initial capital cost to develop Ka- lana is forecast at $196.3 million. Avnel has pursued optimization sce- narios that could reduce average AISC to $730/oz over the 18-year mine life and to $561/oz over the first five years. Endeav- our believes the project can be further optimized to produce 150,000 oz/y over a mine life of at least 10 years at AISC of $850/oz, with exploration potential to add to that mine life. Nzema is an open-pit mining operation with a 1.6-million-mt/y gravity/CIL pro- cessing facility. The property is on track to meet full-year 2017 production guidance of 100,000 oz to 110,000 oz of gold at all-in sustaining costs of $895/oz to $940/ oz. Nzema' new owner, BCM International, is one of Africa's largest mining and civil contractors, with headquarters in Ghana and offices across eight African countries. Endeavour is a Canadian company fo- cused on mining in West Africa. Assum- ing completion of the two transactions reported here, the company will have four producing gold mines — the Agbaou and Ity mines in Côte d'Ivoire, the Tabakoto mine in Mali, and the Karma mine in Burkina Faso. Group production guidance for 2017, not counting any production from Nzema, now stands at 500,000 oz to 530,000 oz. Endeavour's Ity carbon-in-leach proj- ect in Côte d'Ivoire and Houndé mine project in Burkina Faso are nearing com- pletion. A targeted startup date for the Kalana project has not been announced. Regarding the Avnel acquisition, Endeavour President and CEO Sébas- tien de Montessus said, "Kalana adds a third high-quality project to our portfolio, which we intend to develop following the completion of our Houndé and Ity CIL projects. In the interim, we look forward to optimizing the current feasibility study, which should unlock further value for both Endeavour and Avnel shareholders, as well as benefiting our partners, the state of Mali and the local communities around Kalana." Regarding Endeavour's sale of Nze- ma, de Montessus said, "The sale of Nzema fits into our stated strategic ob- jective of actively managing our asset portfolio to improve its overall quali- ty. The sale also enables us to further streamline our efforts on long-life, low- cost operations . . . "BCM has extensive experience in Ghana, where it is headquartered, and we believe it has the right set of skills and capabilities to take Nzema beyond its current three-year mine life, for the ben - efit of all its stakeholders, including em- ployees, the government of Ghana, and local communities." (News-Regional News-Africa - from p. 22)

Articles in this issue

Links on this page

Archives of this issue

view archives of Engineering & Mining Journal - SEP 2017