Partners Anglogold (AU-N) and Iamgold (IMG-T) have poured the first 22.8-kg gold bar at the Yatela mine in Mali, West Africa.
The companies each own a 40% interest in Yatela, which has total mineral reserves of 12.3 million tonnes grading 3.6 grams gold per tonne. The mine’s total resources (including the reserve) are pegged at 37.6 million tonnes averaging 2.1 grams. The Mali government holds the remaining 20%.
Construction at Yatela cost US$2 million below budget at US$73 million. Over a six-year lifespan, the mine is expected to treat 2.5 million tonnes of ore grading 3.6 grams per tonne annually to produce 1.4 million oz. gold. Average total cash costs are pegged at US$175 per oz.
Gold will be recovered from the ore on-site, using heap-leach technology. Smelting will be carried out at the Sadiola gold mine, 25 km to the south.
Anglogold and Iamgold each have a 38% interest in Sadiola. The Mali government has 18% and International Finance holds 6%.
Sadiola has reserves of 32.6 million tonnes grading 3.2 grams gold per tonne, with a total resource (including reserves) of 138.8 million tonnes grading 2 grams per tonne. Smaller deposits, surrounding the Sadiola pit, account for a further 9.9 million tonnes at an average grade of 2.4 grams per tonne.
Sadiola poured a record 611,442 oz. gold in 2000. Cash costs rang in at US$102 per oz. The operation is expected to produce 522,000 oz. gold in 2001, with cash costs pegged at US$124 per oz.
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