500 000 oz/y Hammerdown a 'great starter mine', says Maritime CEO
Canadian company Maritime Resources has completed a feasibility study for its Hammerdown gold project, in the Baie Verte mining district, supporting a technically straightforward, brownfield openpit mine and gold processing operation with low capital costs and rapid payback.
Hammerdown is a “great starter mine” for Maritime, CEO Garett Macdonald said this week, reporting that it would produce 500 000 oz/y at an all-in sustaining cost of $912/oz and yield free cash flow of C$41.4-million a year.
The project has an aftertax net present value, using a 5% discount, of C$102.8-million and an internal rate of return of 48.1%, with a payback of 1.7 years.
The initial capital costs, including contingency, are estimated at C$75-million and life-of-mine sustaining capital cost at C$4.9-million.
“The completion of the Hammerdown gold project feasibility study is a positive step forward for the company and positions Hammerdown as one of the highest return, highest grade openpit development projects located in a top tier jurisdiction with tremendous exploration upside,” said Macdonald.
Permitting is well advanced with the project released from provincial environmental assessment in 2021. Future mineral processing is planned through the existing gold circuit at the Nugget Pond mining facility.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation