Burkina Faso - Construction activities and local procurement have ramped up at True Gold Mining’s Karma gold mine in Burkina Faso, with first gold pour still on schedule for the end of the first quarter of 2016.
With over 250 staff onsite, True Gold is under way with excavation of the storm and raw water ponds as well as site preparation for the heap-leach pad.
Key construction highlights include:
- Full construction resumed June 1, 2015
- Komatsu PC3000 excavator and mine fleet (4 of 6 Komatsu 785, 100T trucks) commissioned
- Clearing started on cells 1, 2 and 3 of the heap-leach pad
- Excavation started on raw and storm water ponds
- Excavation and backfill started for hard rock crusher area
- Foundations for adsorption desorption and recovery (ADR) building nearing completion
- Employment ramped up with over 250 staff active on site
- Arrival of hard rock crusher MV 2000 VSI
- WA800 wheel loader assembly started
- Temporary Fuel storage farm completed
- Construction of main haul road initiated
- ADR building structural steel delivered to site
Upcoming activities in the coming weeks:
- Arrival of ADR plant to site
- Erection of ADR building steel
- Assembly of the hard rock crusher
- Commissioning of WA800 wheel loader
“I am extremely pleased with the speed and efficiency our team has demonstrated in getting back to work since mid-May. Over the last few weeks we have made significant progress towards first gold pour. The site is buzzing with energy and excitement of being back at work and I want to thank our team for their dedication and diligence in getting Karma back on track. The local communities, suppliers, and the government, have been extremely supportive of the return to work,” says True Gold CEO Christian Milau.
Timeline and Capital Expenditures Remaining to Production
The project remains funded to complete construction and is on schedule for first gold pour. As of May 31, 2015, True Gold estimates that capital expenditures to projected initial production are approximately $70 million.
The company has approximately $29 million in cash and cash equivalents, with $63 million available under the Franco-Nevada | Sandstorm Gold Financing Agreement.
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