CONSTRUCTION OF MONTAGE GOLD KONÉ PROJECT
• PROJECTS AND EXPLORATION
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CONSTRUCTION OF MONTAGE GOLD KONÉ PROJECT
Location : Côte d ’ Ivoire Phase : Development Resource : Gold
On 18 December 2024 , Montage Gold Corp . ( TSXV : MAU , OTCQX : MAUTF ) announced the construction launch of its Koné project in Côte d ’ Ivoire with first gold production scheduled for Q2-2027 . A groundbreaking ceremony was held at Koné with a strong presence from government officials and local communities . Mamadou Sangafowa-Coulibaly , Côte d ’ Ivoire ’ s Mines , Petroleum and Energy Minister reiterated the country ’ s support for the mining sector and the Koné project in particular , outlining the significant social and economic benefits to all stakeholders .
Peder Olsen , president and chief development officer of Montage , commented , " The launch of the construction of the Koné project marks the culmination of our efforts to optimise key design parameters aimed at enhancing the crushing and milling circuit and improving the efficiency of the overall operation . Additionally , to mitigate construction risks , we have strategically placed orders for long-lead items , securing both price stability and timely delivery .
“ Given the high quality of our project and our intention to create a leading African gold producer , we are proud to have assembled a highly experienced and skilled construction team . Many of these team members have worked with me to successfully deliver four projects over the last decade in West Africa , including two in Côte d ’ Ivoire .
“ I would like to take this opportunity to thank everyone who has contributed to getting us to this point . As the ideal time to begin construction is after the rainy season , we are excited to have commenced early works at the optimal time . We now look forward to delivering on our construction schedule and unlocking significant value for all stakeholders ."
Order of long-lead items include :
• Ball mill , high-pressure grinding rolls ( HPGR ) and crushers ( primary and secondary )
• Thickeners and CIL tanks
• Key earthworks mobile equipment leases
• Early camp facilities are complete while construction of the permanent camp is underway which will also accommodate construction personnel
At the time of writing , progress was being made to rapidly advance and derisk the project as early works were well underway and major construction work was set to commence , once further construction equipment arrived on site . The engineering , procurement and construction management ( EPCM ) contract has been awarded to Lycopodium Minerals Pty Ltd , with a number of tasks to be selfperformed by Montage ’ s experienced in-house construction team which already totals approximately 350 people .
Montage , together with Lycopodium , have completed a comprehensive engineering review of Montage ’ s Updated Feasibility Study ( UFS ) published in January 2024 which has resulted in the optimisation of several key design parameters to enhance the efficiency of the overall operation . The project is fully funded with significant headroom with upfront capex expected to be USD835-million while Montage has in excess of USD900-million in liquidity sources .
Martino De Ciccio , CEO of Montage , commented , “ We are very pleased to announce the commencement of construction at the Koné project in Côte d ' Ivoire , marking a significant milestone in our journey to becoming a premier African gold producer and the culmination of this year ’ s efforts .
“ Our ability to rapidly advance the project is driven by the strong partnerships we have built , based on a win-win approach , with local stakeholders , strategic investors , financiers , suppliers and contractors .
“ Looking ahead , we are excited to continue unlocking value for all our stakeholders by advancing our construction efforts , while also creating value through exploration and by expanding our focus on social , health , education and economic programmes for our local communities .”
Early works highlights : Early works were launched in Q4-2024 and are progressing well with the following key highlights :
• No lost time incidents ( LTIs ), with over 138,890 workhours completed since the commencement of early works
• In line with its commitment to local content , Montage has partnered with the government-accredited Lycée Technique de Mankono to deliver practical vocational training programs tailored to the needs of the Koné project for an initial 80 individuals . The first group of participants , drawn from impacted local communities , has successfully completed its training and is now commencing employment with Montage . This first group includes steel fixers , building electricians , masons , carpenters and plumbers . The second group of trainees began its practical training on October 21,2024
• In addition , Montage is using local contractors for buildings , earthworks and camp electricals
• Montage has initiated a literacy and numeracy programme for individuals in nearby affected villages . Currently over 500 participants are attending the programme which aims to empower local communities with essential skills to pursue employment and improve access to economic opportunities and enhance long-term socio-economic resilience
• Land compensation and resettlement activities have begun with access secured to all major early works areas including the plant , camp , water storage facility and the tailings storage facility ( TSF )
• The resettlement site for the relocation of the Village of Dolourougokaha has been agreed between affected and host communities with housing construction set to commence in late Q1-2025
• With Koné located in a low water stress area , project water will be sourced from the nearby Marahoué river into a
10 • African Mining • March 2025 www . africanmining . co . za