Doubling of Capacity Nearly Complete at CSH Gold Mine
As of August 1, construction of new heap leaching facilities was progressing according to the schedule, and the company was expecting the first gold to be poured at the new plant in the fourth quarter of 2013.
As set out in the 2012 mine expansion feasibility study, processing capacity at the CSH mine is expected to double from 30,000 to 60,000 mt/d. Gold production will nearly double from 139,443 oz in 2012 to about 260,000 oz/y by 2015.
Estimated capital expenditure for the expansion is approximately $213 million, and the after-tax NPV of the project is $642 million at a 9% discount rate.
The CSH mine is a conventional openpit, heap leach operation based on a large, low-grade deposit. Proven and probable reserves currently stand at more than 213 million mt of ore, grading 0.59 g/mt gold and containing about 4.08 million oz of gold.
China Gold International is based in Vancouver, British Columbia, Canada, and operates the CSH mine and the Jiama copper-gold mine in Tibet. The company is listed on the Toronto Stock Exchange and The Stock Exchange of Hong Kong.