Latest update November 21st, 2024 1:00 AM
Guyana Goldfields approves US$238M for Aurora project
The Board of Directors of Guyana Goldfields Inc. (GGI) has approved US$238M expenditure for the Aurora Gold Project to reach commercial production.
According to the Canadian company, it has executed a “Heads of Agreement and Term Sheet”, documenting the principal terms and conditions with joint venture partners, SedgmanLimited and Graña y Montero for the full engineering, procurement, and construction (“EPC”) of the initial processing facility and power plant at the
Canadian-owned, Guyana Goldfields Inc. has approved a US$238M expenditure for its Aurora, Region Seven mine.
project in Guyana.
The proposed EPC contract will be on a “not-to-exceed” basis, valued at US$137M, the company said.
“GGI has agreed to the general terms and conditions for the engineering, procurement, management and construction of the initial 5,000 tons per day (“tpd”) processing facility and power plant for the “not-to-exceed amount” of US$137M. The total capital cost for the entire project is now estimated to be US$249M.”
The planned gold mine is said to be Guyana’s next large scale operation after Omai Gold Mines, which left a few years ago.
Sedgman Limited is a services company listed on the Australian Stock Exchange and is a market leader in test work, design, construction and operation of mineral processing plants.
Graña y Montero is the oldest and largest engineering and construction company in Peru and is publically listed on the Lima and New York Stock Exchange with a market capitalization of over US$2.3B.
Scott A. Caldwell, President and CEO, states, “This is an extremely significant milestone for the Project and for the Company. We are excited to be moving the Aurora Gold Project forward and have engaged an excellent team whose strengths complement each other.”
Guyana Goldfields Inc. is a Canada-based mineral exploration company primarily focused on the exploration and development of gold deposits in the Guiana Shield of South America.
The company is focused on the construction and development of the Aurora Gold Project scheduled for initial production in early 2015, in Region Seven.
The project is designed to produce 3.29 million ounces of gold, averaging 194,000 ounces per year, over an initial 17-year mine life.
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