Top-News
Mittwoch,
21.03.2018 20:08
von
PR Newswire
| Aufrufe: 208
Eldorado Gold Reports Results of Technical Studies
Gestapelte Goldbarren.
© vasabii
http://www.gettyimages.de
PR Newswire
VANCOUVER, March 21, 2018
TSX: ELD NYSE: EGO
VANCOUVER, March 21, 2018 /PRNewswire/ - Eldorado Gold Corporation, ("Eldorado" or "the Company") today announces the release of three technical studies for Kisladag, Lamaque and Skouries. This release is supplemental to, and should be read in conjunction with, the Company's press release titled "Eldorado Gold Reports 2017 Year-End and Fourth Quarter Financial and Operational Results" to be released subsequently (the "Earnings Release"). Highlights of the three studies are as follows.1
Kisladag Mine (Turkey) – Pre-Feasibility Study
- Mill construction has been identified as the preferred solution to optimize project value.
- The Company will proceed on a staged basis and commence permitting, detailed engineering and limited early works immediately with permitting expected to be complete within 12 months.
- The Kisladag Technical Study is expected to be filed on March 29, 2018 and a Feasibility Study is expected to be complete in October 2018, after which a final investment decision on construction of the mill will be made.
- Subject to the final investment decision and required permitting, major construction of the mill is expected to begin in early 2019 with commissioning beginning in late 2020.
- Estimated project capital of $490 million (including $378 million for the mill, $112 million for waste stripping, and $55 million in contingency), generates an estimated after-tax project NPV of $434 million at a 5% discount rate, an IRR of 22.1%, and a payback period of 3.7 years.
- Proven and Probable reserves of 3.1 million ounces at 0.82 g/t Au support a nine year mine life with average annual production of 270,000 ounces of gold at an all in sustaining cost ("AISC") of $778 per ounce.
- New pit design optimizes cash flow and return on invested capital, while additional Measured and Indicated resources of 5.9 million ounces at 0.53 g/t Au provide further potential upside under a larger pit scenario.
Lamaque Project (Canada) – Pre-Feasibility Study
- Focus on the development of the Triangle deposit (one of the three currently identified deposits at Lamaque) and refurbishment of the previously producing Sigma mill.
- Maiden reserve at Triangle of approximately 893,000 ounces of gold at an average grade of
7.3 g/t supports an initial seven year mine plan to commence production with an average annual production of 117,000 ounces of gold at AISC of $717 per ounce - The study shows steady ramp up to an annual production of 135,000 ounces, which the company expects to sustain with further Resource to Reserve conversion.
- Maiden reserve reflects a resource conversion of 84% from Measured and Indicated Resources defined by drilling at C1, C2 and C4 zones on approximately 25 meter centers.
- Additional inferred resource of 1.3 million ounces of gold at 7.29 g/t Au, proximal to the existing reserve, has not been included in the Pre-Feasibility Study and will be targeted with near term conversion drilling to extend mine life.
- Estimated capital cost of $122 million plus $57 million of pre-commercial production costs, offset by $80 million in pre commercial gold sales, for a net start-up capital of $99 million.
- Estimated after-tax project NPV of $205 million at a 5% discount rate, an IRR of 34.3%, and a payback period of 3.7 years.
- The Lamaque Technical Report for the Triangle deposit is expected to be filed on March 29, 2018, with first production expected at the start of 2019.
Skouries Project (Greece) – Updated Technical Report
- Updated Proven and Probable reserves of 3.8 million ounces of gold at 0.74 g/t Au and 1.7 billion pounds of copper at 0.49% Cu, supporting a 23 year mine life at an average annual production of 140,000 ounces of gold and 67 million pounds of copper with production from both open-pit and underground.
- Estimated capital cost of $689.2 million (including $87 million in contingency) to fully develop both the open pit and Phase I of the Skouries underground, generating an estimated after-tax project NPV $925 million at a 5% discount rate, an IRR of 21.2%, and a payback period of 3.4 years.
- The Skouries Updated Technical Report is expected to be filed on March 29, 2018. The updated design reflects some of the best available control technology, a dramatically reduced environmental footprint and utilizes filtered dry stack tailings.
"Combined with steady gold production from our existing operations at Efemcukuru, Olympias, and the Kisladag leach pad inventory, the Company has a solid production platform from a diverse asset base and offers a strong near-term, growth profile. By moving the newly acquired Lamaque Project through development and into production, along with the construction of a mill at Kisladag, we expect to restore Eldorado's annual gold production to over 600,000 ounces. Both Turkey and Canada offer clear visibility on development and permitting timelines," said George Burns, Eldorado's President and Chief Executive Officer. "We have no immediate needs for financing and will continue to prioritize our project development opportunities and prudently deploy our capital."
Paul Skayman, Eldorado's Chief Operating Officer said, "We are confident that we can deliver near term growth on schedule and on budget. Underground development, construction and permitting at Lamaque's Triangle deposit is well advanced and we are now expecting mill start up by the start of 2019. Major construction and the bulk of capital deployment for the Kisladag mill will begin in early 2019, subject to the Company making a positive final investment decision and after the permitting process and Feasibility Study are complete. The Kisladag mill is expected to enter commissioning before the end of 2020."
Kısladag Mine, Turkey
In the third quarter of 2017, the Company announced that recent recoveries observed at Kisladag had been lower than the historic average. A significant amount of laboratory test work was undertaken to investigate the cause of the issue and to outline a path forward. Testing undertaken since the third quarter of 2017 included column tests, intermittent bottles rolls, large-scale column tests, high pressure grinding roll (HPGR) test work, as well as mill optimization studies and required engineering. Based on the results of this extensive test work, the recently completed technical study and the improved economics when compared to continuing with heap leaching, the Company will proceed with the mill option on a staged basis.
The new pit design results in a nine year mine life with an estimated after-tax net present value of $434 million at a 5% discount rate and an internal rate of return of 22.1%. Compared to heap leaching the design provides for similar recovered ounces and preserves the same flexibility to consider a larger pit in the future with expected additional economic upside at higher gold prices. Accordingly, it is expected that permitting will also provide for the current mine life and preserve the ability to expand to a larger pit if warranted.
The Pre-Feasibility Study reflects a standalone milling operation and does not include any revenue associated with existing gold inventories. As the margin per ounce under a milling scenario is considerably better than heap leaching, the Company has decided to defer ore mining until the mill feasibility is complete and a final investment decision has been made. The Kisladag team will continue stripping waste from the pit in preparation for ore mining to recommence and will continue to extract gold from existing leach pad inventories. It is expected that Kisladag will produce 120,000-130,000 ounces of gold in 2018 at a cash cost of $600-$700 per ounce, including roughly $150 per ounce of non-cash inventory changes. Production for 2019 is expected to be 40,000-50,000 ounces at a cash cost of $1,100-1,200 per ounce, including roughly $650 per ounce of non-cash inventory changes. Methods to improve overall gold recovery from ounces already on the leach pad and enhance production beyond current inventory will also be evaluated.
The Company expects to file the Kisladag Technical Report compliant with National Instrument 43-101 – Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators ("NI 43-101") on March 29, 2018 and expects to complete a Feasibility Study in October 2018.
Supplementary information on Kisladag:
- Though not included in the study, the contained value in the leach pad (ounces in inventory) will continue to be extracted. Efforts to extract ounces of gold in excess of the current inventory will be pursued through:
- Sonic drilling on the leach pad to better understand how the gold is distributed in the pad.
- Testing additional methods and technologies to potentially recover these ounces.
- The mill will make use of the existing crushing circuit. The flow sheet for the mill will include grinding and classification, leach, carbon in pulp (CIP) followed by cyanide detoxification and tailings thickening for placement in a lined dry-stack storage facility.
- Permitting will commence immediately and is anticipated to take approximately 12 months.
- The plan is to move forward with obtaining vendor drawings of long lead equipment while permitting is ongoing. Second hand equipment for the long lead items will also be considered.
- The Company has over a decade of successful construction success at Kisladag and in Turkey, including multiple plant expansions and greenfield construction projects. This historical success increases the reliability of assumed construction input costs including worker productivity, civil works, concrete costs and procurement.
Lamaque Project, Canada
The focus at Lamaque since the acquisition in July 2017 has been on infill drilling the upper portion of the Triangle deposit (one of three currently identified deposits on the property) to quantify and declare a maiden reserve. In 2018, the Company plans 9,000 metres of underground resource conversion drilling at Triangle targeting inferred resources in the C2 zone, along with 34,000 metres of surface exploration drilling that will test deeper "C" zones at Triangle and numerous other targets on the property. Exploration success would offer potentially significant upside, given the Sigma mill nameplate capacity of 2,200 tpd and the opportunity for low cost plant expansion to 5,000 tpd with the re-addition of a SAG mill (which was part of the original plant design and sold by a previous owner).
The Lamaque Pre-Feasibility Study of the Triangle deposit and the Sigma mill refurbishment, compliant with NI 43-101 is expected to be filed on March 29, 2018.
Additional items of note in the report include:
- The Company received the Certificate of Authorization, closure plan and the mining lease for the Triangle deposit in the first quarter 2018. The only outstanding permit is for ore processing at the Sigma mill, which is expected to be received during the third quarter 2018.
- The Company is evaluating an option to build an underground ramp to haul ore from Triangle to the Sigma mill, while passing through the Plug 4 and Parallel ore zones. The underground ramp is expected to reduce ore transport costs, improve access, and could serve as an excellent exploration drill platform for the Plug 4 and Parallel deposits as well as new targets along its route.
Skouries Project, Greece
The updated technical report outlines a redesigned project, which optimizes project economics and incorporates some of the best available environmental and operational standards and technologies.
Additional items of note in the updated report include:
- Approximately two years remaining to complete construction and commissioning following receipt of all necessary permits and a Company decision to proceed (see discussion of ongoing arbitration in the Earnings Release).
- Capital costs in the revised design reflect earlier development of the underground, increased water management infrastructure, changes in foreign exchange and an increased estimate of the cost for the tailings filter plant.
- Dry stacked tailings handling would be expected to decrease the project footprint by approximately 180 hectares or 40%, reduce overall operating risk and improve economics by increasing the amount of material that can be mined in the underground during the early years of operation.
- The project offers a positive benefit to the Greek economy during the 20 plus years of operations, including the creation of approximately 1,000 direct jobs in the construction phase, an average of 700 direct jobs per year and over $750 million in direct taxes and royalties over the life of the mine (at current metal prices).
An updated technical study on Skouries, compliant with NI 43-101, is expected to be filed on March 29, 2018.
Appendix: Project Economics and Key Parameters
| Kisladag Mill Pre-Feasibility Economics and Key Parameters | |
| Milling Capacity (Mtpa) | 13 Mtpa |
| Mine Life (years) | 9 years |
| Average Annual Gold Production (oz) | 270,000 oz |
| Average Cash Costs ($/oz) | $666/oz |
| Average AISC ($/oz) | $778/oz |
| Average Recovery Rate (%) | 80.1% |
| Average Gold Grade (g/t) | 0.81 g/t Au |
| Strip Ratio (w:o) | 1.3 |
| Initial Capital (US$ millions) | $490M ($378M Construction, $112M Pre-Production Waste & Ore) |
| Sustaining Capital (US$ millions) | $213 M (including $103M Capitalized Waste) |
| Gold Price ($/oz) | $1,300/oz |
| NPV-5% (after tax, US$ millions) | $434M |
| IRR (after tax) | 22.1% |
| Payback Period (years) | 3.7 years |
| Lamaque Pre-Feasibility Economics and Key Parameters | |
| Milling Capacity (Ktpa) | 800 Ktpa capacity, 600 Ktpa processed |
| Initial Mine Life (years) | 7 years |
| Average Annual Gold Production (oz) | 117,000 oz |
| Peak Gold Production (oz) | 135,000 oz |
| Average Cash Costs ($/oz) | $516/oz |
| Average AISC ($/oz) | $717/oz |
| Average Recovery Rate (%) | 94.5% |
| Average Gold Grade (g/t) | 7.3 g/t Au |
| Estimated Capital Expenditure (US$ millions) | |
| Initial Capital Costs (to commercial production) | $122M |
| Pre-commercial Production Costs | $57M |
| Proceeds from Pre-Commercial Gold Sales | ($80M) |
| Sustaining Capital | $162M |
| Gold Price ($/oz) | $1,300/oz |
| NPV-5% (after tax, US$ millions) | $205 |
| IRR (after tax) | 34.3% |
| Payback Period (years) | 3.7 years |
| Skouries Updated Technical Report Key Parameters | |
| Tonnes Milled (Mt) | 156.7 Mt |
| Mine Life (years) | 23 years |
| Average Annual Gold Production (oz) | 140,000 oz |
| Average Annual Copper Production (Mlbs) | 66.9 Mlbs |
| Average Total Cash Cost ($/oz) | $(70)/oz Werbung Mehr Nachrichten zur Eldorado Gold Corp Aktie kostenlos abonnieren
E-Mail-Adresse
Bitte überprüfe deine die E-Mail-Adresse.
Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1  Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News |
