Precious Metals

Senegal gold mine project looks promising

IAMGOLD Corp.s Boto mine project is reported to contain 2 million ounces of gold that the firm wants to extract over a 13-year period.

Image courtesy of IAMGOLD Corp.

A gold mining project in Senegal is promising according to a recent feasibility study, pushing officials at Canada's IAMGOLD Corp. to consider moving ahead with mining operations.

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Reports indicate that the Boto mining exploration projects gold totaling some 2 million ounces.

The feasibility study was recently completed by IAMGOLD in conjunction with Lycopodium Minerals Canada. The study suggests Boto should yield 140,000 ounces of gold on average annually for 13 years at a “life-of-mine” cash cost of $714 per ounce and “all-in” sustaining costs of $753 per ounce.

The net present value of the gold to be mined is $261 million, at a spot gold price of $1,250 per troy ounce.

IAMGOLD seeks to file a concession application for rights to mine the gold before the end of 2018, with approval anticipated during the first six months of 2019, according to IAMGOLD.

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