Borborema proves golden for Big River
PERTH (miningweekly.com) – A definitive feasibility study (DFS) into the Borborema gold project, in Brazil, has confirmed its economic viability, ASX-listed Big River Gold on Thursday said.
The study estimated that the project would produce some 729 000 oz of gold over a mine life of just over ten years, producing an average of 71 000 oz/y, and around 88 000 oz/y over the first four years of the mine life.
The DFS has estimated that Borborema would require a capital investment of $88-million, plus an $11-million contingency, with C1 cash costs estimated at $642/oz, and all-in sustaining costs at $839/oz over the mine life.
Earnings before interest, tax, depreciation and amortization over the life of mien has been estimated at $527-million, with the pre-tax net present value estimated at $218-million and the internal rate of return at 43.6%.
The project will comprise a single openpit mine and a two-million tonne a year processing plant using industry-standard crushing and a semi-autogenous grinding and ball mill circuits.
“The DFS represents an excellent outcome resulting from the work of many dedicated people and teams. The reduction in operating costs and containment of capital estimates compared with the previous studies provides a strong basis for profitability over the next ten years at least,” said Big River chairperson Stephen Copulos.
“The company’s strategy is now to secure financing, investigate opportunities that may further reduce costs and construction time and accelerate the implementation of the Borborema project.”
Project construction is expected to last 23 months subject to the conclusion of financing. The company is looking to source financing through a combination of equity and debt instruments from existing shareholders, new equity investment and debt providers in both Australia and overseas.
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