Papillon launches Fekola DFS in Q4
PERTH (miningweekly.com) – A definitive feasibility study (DFS) on ASX-listed Papillon Resources’ proposed $292-million Fekola gold project, in Mali, was expected to start in the fourth quarter of this year.
MD Mark Connelly told the first day of the Africa Downunder conference that the move followed favourable prefeasibility outcomes, which projected that over an initial nine-year life-of-mine, the project would produce some 306 000 oz/y of gold, at an average operating cost of $580/oz.
Connelly said that all key milestones for the mine had been achieved to date within the prescribed timetables and added that the focus would turn next quarter to the key DFS work and exploratory project financing negotiations.
A mining licence application for Fekola was currently in progress.
“Our approach to Fekola is aggressive development with a view to rapidly advancing it to production,” Connelly said.
“The prefeasibility study (PFS) satisfied us that Fekola is a very robust technical and economic mine and, particularly in this environment, has a very low all-in cash cost of around $725/oz – close to half the current gold price,” he said.
“Fekola will be a mine with very strong cash margins across a range of gold prices.”
The PFS defined average pre-tax yearly operating cash flow of around $130-million at a gold price of $1 100/oz via the project’s four-million-tonne-a-year processing facility.
Papillon has planned a 20 000 m drilling programme, starting towards the end of this year, to further add to its Mali gold resource inventory.
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