The mine, with open pit reserves (proven and probable) of about 13.3 million tons grading 0.1 oz gold per ton, is expected to treat 412,500 tons of oxide ore during the first three months of operation. Subsequent production will come from sulphide ore treated at a rate of 990,000 tons per year.
During the first two years of operation, output is expected to total 265,000 oz at $130(US) per oz. Current reserves would support an 11-year mine life at an average cash operating cost of less than $180 per oz.
Open pit mining and stockpiling of ore is scheduled to commence in May, 1990, and commissioning of the oxide plant is expected in September.
Sikaman has a 15.5% interest in the venture. Billiton B.V. of The Netherlands has a 65.5% interest, International Finance a 9% interest and the government of Ghana a 10% interest. Sikaman has an option to acquire an additional 11.5% interest in the project from Billiton.
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