French govt report ‘highly favourable’ to Montagne d’Or
A taskforce drawn from French Ministries involved in mine permitting has concluded its report on the social and economic benefits of developing a gold mining industry in French Guinea, which TSX-listed Columbus Gold said on Thursday boded well for its Montagne d'Or gold project.
The taskforce paid particular attention to the project, which is the most advanced gold development in French Guinea.
The report has not yet been officially endorsed, but the company said its contents were published by French media and stated that the Montagne d'Or mine project was designed and developed in accordance with international standards and adapted to the local setting.
It also noted that project consumed 30 times less land than an alluvial mining project for the same amount of gold produced, with alluvial mining being the only current mode of legal gold production in French Guiana.
According to the French National Institute of Industrial Environment and Risk, the use of cyanide is appropriate for gold extraction in French Guiana.
The French Geological Survey further confirmed that there was no viable alternative to cyanide in gold mining, and that cyanide was used by more than 400 facilities worldwide, including in the most modern European mines.
The mine's fiscal impact would be significant, with total taxes paid (before tax credits) of €471-million.
Columbus owns the Montagne d'Or project in a 44.99:55.01 joint venture with Nordgold.
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