Dec 17, 2020

Roxgold receives mining permit and breaks ground at Séguéla

Roxgold
Gold
Cotedivoire
Dominic Ellis
2 min
Rapid ramp up scheduled next year ahead of commissioning of Côte d’Ivoire gold project in 2022
Rapid ramp up scheduled next year ahead of commissioning of Côte d’Ivoire gold project in 2022...

Roxgold has received a 10-year exploitation (mining) permit from the government of Côte d’Ivoire to develop and operate the Séguéla Gold Project.

Alongside this development, the Canadian-based gold mining company has started early works at Séguéla to protect the project critical path and facilitate a rapid ramp up to full construction next year, ahead of commissioning Séguéla in 2022.

"We are delighted to announce the approval of the exploitation permit which represents a significant milestone in the development of Séguéla," said John Dorward, President and Chief Executive Officer. 

"It has been an exceptional year in progressing Séguéla having grown the total mineral resources to over a million ounces, announcing maiden resources at Koula, Ancien, Agouti and Boulder, completing a preliminary economic assessment, and culminating in the environmental and exploitation permit approvals. 

"We thank the government of Côte d’Ivoire for its demonstrated support and commitment to fostering a positive investment climate and we look forward to a lasting and mutually beneficial partnership."

He added that the Séguéla Project is a key priority for Roxgold, with the potential to more than double its production for shareholders within a short timeframe and without the need for additional equity. 

"The confirmation of the permit and the start of early works is a major accomplishment towards achieving our goal of becoming West Africa’s next multi-asset producer," he said.

Exploitation Permit

The exploitation permit has been approved by the Council of Ministers and signed as a mining decree by the President of Côte d’Ivoire, and other governmental authorities. The decree grants Roxgold an industrial mining permit for development and operation of the Séguéla Gold Project, and opportunities to renew as further growth and expansion is proven.

The company’s final permitting milestone at Séguéla is the completion of the Mining Convention negotiation process. Discussions with the government of Côte d’Ivoire are ongoing.

Next steps

  • Ongoing infill, expansion and satellite target drilling program at Séguéla Q1 2021
  • Drilling results from Boussoura Q1 2021
  • Underground drilling program in 55 Zone at Yaramoko Mine Complex Q1 2021
  • Feasibility Study for Séguéla H1 2021
  • Formal Séguéla construction decision H1 2021
  • Initial resource at Boussoura H2 2021
  • Commissioning of Séguéla Gold Project 2022

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May 17, 2021

Newmont acquires Canada’s GT Gold in $325mn deal

Newmont
GT Gold
Gold
Copper
2 min
Newmont has purchased the remaining 85.1% common shares of Canada’s GT Gold to complete its buy out Gold in a deal worth $325mn

Newmont, the world’s biggest gold miner, has acquired Canada’s GT Gold in a deal worth $325mn. The gold giant now controls the Tatogga gold-copper project in the Traditional Territory of the Tahltan Nation.

GT Gold

“With the acquisition of GT Gold and the Tatogga project in the highly sought-after Golden Triangle district of British Columbia, Canada, Newmont continues to strengthen our world-class portfolio,” commented Newmont President and CEO Tom Palmer.

“We look forward to continuing to build a respectful and meaningful relationship with the Tahltan Nation, including the community of Iskut. The relationships we have with Indigenous communities, First Nations and host communities are critical to the way we operate. We will partner with the Tahltan Nation at all levels, and with the Government of British Columbia to ensure a shared path forward as the Company understands and acknowledges that Tahltan consent is necessary for advancing the Tatogga project.”

Newmont

Newmont

Newmont’s acquisition includes the Tatogga project, comprised primarily of the Saddle North deposit, which has the potential to contribute future significant gold and copper annual production. There are also further exploration opportunities beyond the known deposits at Saddle North within the land package. The Tatogga project adds to Newmont’s existing interest in the prospective Golden Triangle through the company’s 50% ownership in the Galore Creek project.

Newmont is the world’s leading gold company and a producer of copper, silver, zinc and lead. A world-class portfolio of assets, prospects and talent is anchored in favourable mining jurisdictions in North America, South America, Australia and Africa. The American miner is celebrating its 100th anniversary this month.

Gold

With gold prices on the rise, the last six months has seen gold industry M&A activity accelerating. A recent Mckinsey report, advises that the industry need to be mindful of mistakes made during the previous gold price boom, when growth was chased unidirectionally by several companies.

 

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