Name and Location
Yaoure gold project, Côte d’Ivoire.

Client
Amara Mining.

Project Description
The project envisages the processing of 6.5-million tonnes a year of ore from an openpit operation to produce an average of 218 000 oz/y of gold over an initial 11-year mine life.

The metallurgy is simple and nonrefractory and the plant has been designed to process Yaoure’s substantial resource achieving a recovery rate of more than 90% using conventional whole ore leach processing methods in a carbon-in-pulp circuit.

The mine will use single-stage crushing, followed by a semiautogenous and ball mill combination, reducing its operating costs.
Yaoure is planned to be developed and mined as a single openpit, comprising the CMA and Yaoure Central deposits. It is designed as a simple bulk mining operation and based on an owner-operator scenario using drill-and-blast. Trucks and shovels will be used for loading and haulage, with an average primary fleet of 130 t to 150 t trucks, 22 m3 electric hydraulic face shovels and 10 m3 to 12 m3 front-end loaders.

Net Present Value/Internal Rate of Return
The prefeasibility study (PFS) estimates a post-tax net present value, at an 8% discount, of $286-million at $1 250/oz and an internal rate of return of 23%, with a payback of three years.

Value
The project has a total preproduction capital cost of $447-million.

Duration
Production is expected to start in 2017.

Latest Developments
Yaoure’s mineral reserve has increased by 583 000 oz and the head grade by 0.44 g/t to 1.62 g/t. The project has a significantly stronger mineral reserve of 3.2-million ounces, or 62.3-million tonnes, at 1.62 g/t using a 0.5 g/t cutoff grade, further derisking the project. This comprises 1.1-million ounces in the proven category, or 18.1-million tonnes, at 1.82 g/t; and 2.2-million ounces in the probable category, or 44-million tonnes, at 1.54 g/t.

Meanwhile, Amara is continuing with optimisation work on the PFS, the results of which are expected to be released late in the first quarter of 2016.

The company has been reviewing ways to reduce the upfront capital cost of the project in light of the current capital constrained market environment, with a range of lower throughput scenarios, compared with the original 6.5-million-tonne-year PFS.

Since publicising of the PFS, quotations received from suppliers have confirmed that the prices of many consumables have declined significantly, which will have a further positive impact on the overall project economics.

Following the announcement of the PFS optimisation results, Amara will select which scenario to move towards a bankable feasibility study for Yaoure.

Key Contracts and Suppliers
None stated.

On Budget and on Time?
Not stated.

Contact Details for Project Information
Amara Mining, tel +44 20 7398 1420 or fax +44 20 7398 1421.