32.8 C
Supported byspot_img

Centerra expects Turkey Oksut mine gold production in 2017

Member of Europium Groupspot_img
Supported byspot_img

Canadian based Centerra Gold advances its gold Okut mine project with approved EIA.

The Turkish Ministry of Environment and Urbanization has given the environmental impact assessment (EIA) approval for Canada-based Centerra Gold’s Oksut project.

Centerra Gold CEO Scott Perry said: “The company will now focus on obtaining all the necessary land use and other operational permits to allow us to start construction and development of the project late in the first quarter or early in the second quarter of 2016.”

Supported by

The company expects first gold production from the mine in the second quarter of 2017.

As on 30 June, the estimated mineral reserves of the Öksüt project were 26.1 million tonnes at an average grade of 1.4g of gold a tonne, containing 1.2 million ounces of gold.

According to the company, pre-production and construction capital is expected to be $221m, which includes a $25m contingency.

Discovered by Stratex International in early 2007, the Oksut project was originally an exploration joint venture between Centerra and Stratex.

The companies were parties to a joint venture arrangement, which was formed in 2009 in a bid to explore the project.

Centerra paid $3m to the JV through October 2011 to earn an initial 50% equity in the project and acquired an additional 20% interest in the project in October 2012, with an additional $3m contribution, thereby raising its equity interest to 70%.

Supported byElevatePR Digital

Related News

Boosting Egypt’s mining sector: Key agreements at Egypt Mining Forum

Minister of Petroleum and Mineral Resources Karim Badawi oversaw the signing of several significant cooperation agreements in the mining sector during the Egypt Mining...

Zinnwald Lithium bolsters production prospects with expanded mineral resource estimate

Zinnwald Lithium saw a significant surge in its shares on Friday following a 50% increase in the mineral resource estimate for its flagship project...

Driving Europe’s green and digital economy: The surge in critical raw materials demand

As Europe accelerates its transition towards a green and digital economy, the demand for Critical Raw Materials (CRMs) such as lithium, nickel, rare earth...

Mining giants challenge Australian environmental reforms over economic concerns

Recent documents obtained under freedom of information laws reveal that mining giants, including Hancock Prospecting and Rio Tinto, have lobbied the Albanese government to...
Supported by
Supported by
Supported by
error: Content is protected !!