• PROJECTS AND EXPLORATION
The conclusion of negotiations to restructure the consideration for the purchase of the Bogoso-Prestea mine represents a full and final settlement of all existing and future claims , together with a mutual release between Golden Star and FGR .
" By working with the FGR team we have been able to conclude discussions on an amicable and cooperative basis . The future of the Bogoso-Prestea mine , its workers and other stakeholders was our priority . We have agreed to restructure the acquisition consideration into an NSR agreement , in order to better align any payments owed to Golden Star with the performance of the Prestea underground mine operation ,” says Andrew Wray , CEO of Golden Star .
“ While the quantum of the Sulphides Contingent Payment remains unchanged , we have agreed to provide FGR with further financial flexibility for the development of the refractory resource by adjusting the timing of the payments associated with the sulphide project to allow time for production to reach 500 000 ounces before we realise the full contingent payment .”
“ We are also very pleased to demonstrate the opportunities identified at our recently acquired assets , which have the potential to grow their current resources by as much as 60 %.
“ Setting these exploration targets demonstrates our commitment to both near-term and long-term growth and underpins our ability to be a resilient and reliable business . We believe that we offer a strong investment appeal due to the long-term visibility across our business , through our minimum progressive dividend outlook which is supported by a robust five-year production outlook , near-term growth prospects from existing projects , and our new five-year discovery horizon that provides the foundation for longer-term success .”
Golden Star is an established gold mining company that owns and operates the Wassa underground mine in the Western Region of Ghana , West Africa .
OUTLOOK FOR EXPLORATION
• Location : West Africa
• Phase : Exploration
• Resource : Gold
Gold mining company Endeavour has unveiled its exploration outlook for the next five years which targets the discovery of 15 to 20 million ounces of Indicated resources at a cost of less than USD25 per ounce across West Africa . The discovery target was established using the same conservative ranking and screening methodology which has successfully yielded the discovery of 8.5Moz of Indicated resources over the past four years .
According to Sebastien de Montessus , President & CEO Endeavours exploration success has been a significant value creation driver over the past four years , following the tremendous work completed by the company ’ s exploration team .
“ Our track record gives us the confidence to set ambitious new targets and , given the strong expected returns , investment in exploration will continue to be an important component of our capital allocation framework ,” says De Montessus .
“ Our exploration strategy is centered on continuing to extend the mine lives of our core assets to well beyond ten years and discovering new greenfield projects . While we see significant opportunities across our portfolio , we are particularly pleased with the potential defined at our flagship mines ; Sabodala- Massawa , Hounde and Ity ,” he says .
He adds that Endeavour believes these mines have the potential to be Tier 1 assets with over 10 million ounces resource endowment , inclusive of historical production .
10 • African Mining • January 2022
KOLWEZI RAMP UP
• Location : DRC
• Phase : Development
• Resource : Copper
Late last year TSX-listed co-chairs Robert Friedland and Yufeng ‘ Miles ’ Sun announced that ramp-up of Kamoa-Kakula ' s Phase 1 , 3.8 million-tonne-per-annum ( Mtpa ) concentrator plant continued to advance ahead of schedule , with 319,795 tonnes of ore milled in September 2021 , exceeding the monthly design run rate of 316,667 tonnes at an average feed grade of 6.0 % copper .
A total of 16,010 tonnes of copper in concentrate were produced ( filtered product ) and a total of 16,503 tonnes floated in the reporting month ended September 20 th 2021 – Kamoa Copper ' s fourth full month of production - establishing a new monthly record and nearing the Phase 1 target output of 16,666 tonnes per month , or 200,000 tonnes per annum .
The difference between filtered and floated copper is approximately 500 tonnes in inventory in the concentrate thickener and the filter feed tank .
The average floated concentrate copper grade in September improved to 55.7 %, up from approximately 48 % in August . A total of 46,764 tonnes of copper in concentrate had been produced year-to-date as of September 20 , 2021 , for delivery to either the Lualaba Copper Smelter near Kolwezi , or to international markets .
Copper flotation recoveries improved to an average of 85.1 % during September , up from an average of 83 % during August . The Phase 1 , steady-state-design copper recovery is approximately 86 %, depending on ore feed grade . www . africanmining . co . za