Mogale Gold project, South Africa
Name of the Project
Mogale Gold project.
Location
Gauteng, South Africa.
Project Owner/s
Pan African Resources has entered into conditional sale-of-shares agreements to acquire the total share capital, associated shareholder loans and other claims of Mogale Gold and Mintails SA Soweto Cluster (MSC), collectively Mintails, in November 2020.
Project Description
A concept study conducted on the Mogale Gold assets, including a high-level financial evaluation, has indicated an optimal tailings throughput feed of about 800 000 t a month, with expected recoveries of about 53%.
The project is expected to produce 44 000 oz/y over a proposed 12-year mine life.
Potential Job Creation
Not stated.
Net Present Value/Internal Rate of Return
The project has an after-tax net present value, at a 10.71% discount rate, of R1.47-billion and a real after-tax internal rate of return of 42.8%, at an estimated $1 770/oz gold price.
Capital Expenditure
The project will require upfront capital of R1-billion.
Planned Start/End Date
Not stated.
Latest Developments
The concept study has identified areas that it will require further evaluation during the prefeasibility stage of the project, including:
tailings storage facility deposition capacity constraints, which will require additional development to support the expected life of the project;
the availability of water sources in the area to supply the remining of the Mogale Gold assets or MSC; and
additional confirmatory process testwork to confirm gold recoveries.
Key Contracts, Suppliers and Consultants
DRA Global (fatal flaw analysis).
Contact Details for Project Information
Pan African Resources head of investor relations, Hethen Hira, tel +27 11 243 2900 or email hhira@paf.co.za.
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