Turaco's Afema Gold Project on Track for 2029 Production
Afema Gold's subsidiary Turaco Gold is advancing its Afema gold project in Côte d'Ivoire, with plans to start production in 2029. The project, which has a 10.3-year mine life, will produce approximately 196,000 ounces of gold per year at an average metallurgical recovery rate of 87%. The total development capital cost is estimated at $410 million.
The project's mineral resource estimate totals 116.7-million tonnes grading 1.2 g/t gold for 4.65-million ounces, with a maiden probable ore reserve of 55.1-million tonnes grading 1.1 g/t gold for 1.912-million ounces at Woulo Woulo, Jonction, Anuiri and Asupiri.
Turaco has reported A$60 million in cash sufficient to fund the definitive study and ongoing drilling programmes. The project is expected to create significant local employment and procurement opportunities. At a gold price of $3,000/oz, the project has an estimated after-tax net present value (NPV) of $1.486 billion, internal rate of return (IRR) of 60% per year, and payback period of 17 months.