Vancouver – With the help of a 90%-national operations team, Nevsun Resources (NSU-T, NSU-X) poured its first gold from the Tabakoto open-pit gold mine in the Kenieba mining district of western Mali.
Nevsun has been exploring and developing the project since 1994, and announced a production decision in May of 2004. Capital costs were initially estimated at about US$40 million, but costs have since increased because of time delays related to shipping, logistics and completion of the tailings dam, and increased overhead costs.
Tabakoto is expected to produce 100,000 oz. gold annually at a cash cost of US$300 per oz. once the mine achieves full capacity. The mine is presently in the commissioning phase, and should achieve commercial production shortly.
Sized at 1,200 tonnes per day, Tabakoto reached 60% of capacity in early April. The processing plant includes both gravity and leach circuits, both of which are reported to be operating as per design.
Elsewhere in Africa, Nevsun plans to advance the Bisha gold-copper-zinc project to final feasibility by late 2006. The massive sulphide project consists of an oxide gold zone, a supergene copper zone, and a primary sulphide zone (with significant zinc mineralization).
Nevsun and the government of Eritrea recently hosted a delegation of financiers, advisors and consultants on a tour of the project and related facilities, including ports and infrastructure.
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