Drilling Starts at Armadale Capital's Flagship Mpokoto Gold Project in DRC
Production at the Mpokoto gold project in Democratic Republic of Congo (DRC) has moved a step closer with the announcement that drilling has started.
The flagship project of AIM-listed Armadale Capital Plc already has an existing known resource of 507,000 ounces of gold.
The exploration drilling is being carried out to unlock further value from the site which has an overall target of 10-15million tonnes at 1.2g/t-1.5g/t.
Justin Lewis, Director of Armadale, said: “Mpokoto has already proven its value as a low cost gold project, boasting highly attractive returns and near term production potential and I am confident that this exploration programme will further unlock the Project’s inherent value.
“Our primary goal is to commence commercial gold production before the end of 2015 and with results expected from Stage 2 of the Scoping Study, together with drill results, during the next quarter, we are looking forward to consecutive valuation events.”
Armadale is targeting to bring the mine, situated in the Katanga Province, into production by the end of 2015 and it is anticipated it has a six-year-long life of mine.
The drilling programme will also include Additional Auger drilling to a shall depth, which is being undertaken to provide further metallurgical samples of shallow oxide ore expected to support the first five years of gold production at Mpokoto.
Metallurgical testing will be conducted to provide a better understanding of the ore body, increase confidence in the plant design and to assess the possibility of raising recoveries from the plant for the oxide ores, which presently stand at 90 percent.
Phase 1 Scoping Study focused on the shallow oxide ore body and demonstrated a post-tax net present value of US$33.0 million and internal rate of return of 141 percent based on a discount rate of eight percent and a gold price of US$1,250 per ounce.
BHP, Rio Tinto & Vale launch Charge On Innovation Challenge
Mining giants BHP, Vale and Rio Tinto have launched the 'Charge On' Innovation Challenge to solve one of the biggest challenges the industry faces today - decarbonising mining operations.
'Charge On' Innovation Challenge
In partnership with Austmine, Australia's leading mining equipment, technology and services industry association, founding patrons BHP, Vale and Rio Tinto have launched the competition to encourage technology innovators to develop new concepts for large-scale haul truck electrification systems. The main goal is cutting emissions from surface mining operations.
“The mining industry needs to be at the forefront of tackling the climate challenge. The Charge On Innovation Challenge is a great example of the current collaborative work being done by the mining industry and mobile equipment manufacturers to decarbonise mining fleets,” the trio said in a media statement.
“In addition to providing a zero-carbon energy source, the conversion of mobile mining equipment to battery-electric can potentially unlock value, as electric motors have fewer moving parts when compared to standard equipment.”
A number of non-traditional mining sector vendors are actively developing technologies that can assist in mine electrification. By submitting a Challenge to the market, the Patrons of Charge On expect to:
- Demonstrate there is an emerging market for charging solutions in mining
- Accelerate commercialization of solutions
- Indicate to suppliers, the mining industry seeks interoperable solutions
- Maintain multiple actors and competition in the supply chain
- Integrate innovations from other sectors into the mining sector
"We expect some solutions identified in the Challenge could provide propulsion to existing diesel-electric trucks. This may present a pathway to early implementation for dynamic charging solutions," the trio said.
Found patrons BHP, Vale and Rio Tinto are pledging their commitment to fighting climate change:
"The mining industry has an important role to reduce emissions and do our part to achieve the Paris Agreement goals to limit the impacts of climate change."
The Charge On Innovation Challenge asks vendors to present interoperable solutions that can safely deliver electricity to large battery-electric off-road haul trucks in a way that maintains or improves current productivity levels. Specifically, mechanisms capable of delivering in the order of 400kWh of electricity to each truck within a haul cycle (ie load, travel, dump, return, queue). The delivered electricity is to charge a battery, and if applicable directly propel the truck.
Austmine CEO Christine Gibbs Stewart commented: “We expect the Challenge will attract companies from a broad range of sectors including mining, automotive, aerospace, agriculture, and defence to deliver selected charging concepts to create a standard product that can interface with all trucks."
More information about the challenge will be released on May 18.
The competition echoes growing efforts being made across the industry to tackle emmissions and promote electrification. In march this year, the Electric Mine Consortium was launched. It's founding members include Gold Fields, Dassualt Systemes and Sandvik who pledged their commitment to decarbonising mining operations.