Board approvals were received by Bema Gold (TSE) and Amax Gold (NYSE) to close a transaction whereby Amax will become a 50-50 partner with Bema to jointly finance and develop the Refugio gold project in Chile.
Amax will buy a 50% interest from a Chilean company and thereby become Bema’s joint venture partner. When the deal closes as scheduled, by November, the two companies intend to proceed with arranging financing for the bulk-tonnage gold project.
An updated feasibility study, which was recently completed, showed a reduction in operating costs, as well as an improvement in project economic parameters.
The estimated average operating cost was reduced to US$175 per oz. from an average of US$189 per oz., using a base case of 9.4 years of production at an average of 233,000 oz. gold per year.
The updated study also examined the extended base case — 17.2 years of production at an average of 200,000 oz. gold per year — and showed operating costs reduced to US$209 per oz. from US$233 per oz.
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