Antilles' Cuban gold dreams viable
PERTH (miningweekly.com) – A scoping study into the La Demajagua openpit gold mine, in Cuba, has estimated that the project would require a capital investment of $75-million, and could produce 100 600 oz/y of gold equivalent over a six-year mine life.
The mine will be developed in a 49:51 joint venture (JV) between ASX-listed Antilles Gold and the Cuban government’s mining company GeoMinera SA, with the aim of producing a bulk gold/silver concentrate.
The scoping study estimated that the project would generate life-of-mine sales revenue of $700.5-million, and life-of-mine profits after tax of $312.4-million.
Antille’s equity contribution to the project is expected to amount to A$18-million, with its share of average annual profits reaching A$35-million.
The scoping study estimated a net present value of $218.1-million for the project and an internal rate of return of 43.7%.
Antilles executive chairperson Brian Johnson said on Thursday that the results of the scoping study were encouraging and demonstrated the excellent returns that Antilles could expect to receive on its relatively low equity contribution to the project.
“The returns from the La Demajagua project will increase with cash flow from the underground operation planned to follow the openpit mining for approximately ten years. The results also indicate that the JV company’s first project could become the catalyst for realisation of its aim of developing a series of mines in order to progressively establish itself as a substantial mining company in Cuba.”
The JV will apply part of the surplus cash generated at La Demajagua to fund future developments.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
At Airshrink - CiP, we surpass customer expectations with innovative MV and LV cable accessories, including heat shrink joints, terminations,...
VISIT SHOWROOM
AirNox (Pty) Ltd is a level 1 BBBEE manufacturer of complete AdBlue® solutions for operators of SCR diesel engines and AUS40 across South Africa...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
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?
Receive 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)
➕
Recieve 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
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
