Bolivar pushes Tomi to capacity

Having reached planned capacity of 1,500 tonnes per day, the Tomi mine in Venzeula’s El Callao district is expected to produce an average of 46,000 oz. gold annually at an average cost of US$173 per oz. for at least the next seven years.

Operator Bolivar Goldfields (BVGL-T) says the open-pit mine turned out 30,250 oz. in the past year, which includes three months of pre-production and a ramp-up period of eight months.

Production in the next two years will be higher than average — 70,000 oz. at cost of US$140 per oz. — owing to higher grades and lower stripping ratios. By June of this year, the company expects to begin repaying debt associated with mine development.

Looking ahead, Bolivar intends to expand Tomi’s mine life by developing reserves in four known zones, and by possibly extending the deposit at depth (which would require a shift to underground mining). The company is also negotiating to acquire three adjacent concessions.

At last report, Tomi hosted minable reserves of 2.6 million tonnes averaging 3.68 grams gold per tonne. Processing takes place at a nearby mill, which Bolivar purchased last year.