Guyana Goldfields production targets revised downwards

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Caption, Canadian High Commissioner Dr Nicole Giles, GGI and PPP/C Executives during a 2014 site visit
 Canadian High Commissioner Dr Nicole Giles, GGI and PPP/C Executives during a 2014 site visit

[www.inewsguyana.com] – While the Guyana Goldfields Inc (GGI) has revised its production target for the Aurora Gold Project aiming for a lower amount of annual gold production, the company has remained steadfast to its start up deadline and will be commencing work in June.

The company in a press statement on May 27 said the mill commissioning process has commenced and the Aurora Gold Project remains on track for projected initial gold production in mid-2015.

The release also pointed out that the company expects to produce between 30,000 ounces to 50,000 ounces of gold in 2015 and approximately 120,000 ounces to 140,000 ounces of gold in 2016.

However, the initial mine plan for the Aurora Gold Project indicated that the site was designed to produce 3.29 million ounces of gold, averaging 194,000 ounces per year, over an initial 17-year mine life. The Aurora Gold Project has total, proven and probable reserves of 3.48 million ounces of gold.

Meanwhile, the company’s Senior Vice President Country Management Violet Smith said the project’s construction is approximately 85% complete with focus being placed on operational readiness, training and commissioning. It was stated that GGI has commenced the commissioning of the following areas SAG Mill, Power Plant Generators and Water and Air Support Systems.ggi2

The company official in the release stated that the commissioning phase will continue during the second quarter of this year and the company is in the process of completing the remaining piping, electrical and surface conveyor construction.

“GGI is on track to start-up the gravity gold and saprolite production circuits for mid-2015 which would allow for earlier gold production (pre-commercial production) through the processing plant. The commissioning and startup of the hard rock crushing circuit is projected to be completed in the third calendar quarter of 2015,” the statement reported.

Smith added that the company’s mining fleet is fully operational and all materials required for construction are on site.

“All surface and on-site construction and bulk earthworks are completed except for the river dike and runway expansion. The Company is currently operating at peak construction and manpower levels with over 1,000 personnel at site. The operational readiness team has been hired and undergoing initial training. Initial open pit mining at Rory’s Knoll has defined the pit outline with excavation below river level with no in-flow of water, as expected.”

GGI has approximately US$44 million (as at March 31, 2015) of capital expenditures remaining to projected initial production. The total initial development costs for all facilities as well as mining equipment, owner’s costs, indirect costs, etc., remains forecast to be US$249 million. The Project is tracking on budget with US$52 million available as an overrun facility, if needed.

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1 COMMENT

  1. I wonder if the Canadians have all of their ducks in a row, such as Human Rights, Health & Safety and the right to refused unsafe work. Guyanese if these things are not in Place please feel free to contact UNIFOR CANADA

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