Name of the Project
Koné gold project.

Location
About 350 km north-west of Yamoussoukro, Côte d’Ivoire.

Project Owner/s
Montage Gold.

Project Description
The project is based on three openpit gold deposits feeding a central gold-processing facility.

The project has an average yearly mining rate of 42.4-million tonnes and will produce an average of 223 000 oz/y of gold over the 16-year life-of-mine for total gold production of 3.57-million ounces.

There is upside potential through regional exploration and identification of satellite pits similar to Koné’s Gbongogo Main deposit that could be mined and trucked to a central processing facility. The process plant will have a nominal throughput of 11-million tonnes a year with a grind size of 80% passing (P₈₀) 75 µm.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has a pretax net present value, at a 5% discount rate, of $1.44-billion and an internal rate of return of 34.6%, with a payback of 2.6 years.

Capital Expenditure
Initial capital expenditure is estimated at $712-million.

Planned Start/End Date
Construction is expected to start in the fourth quarter of 2024.

Latest Developments
Montage Gold has announced a financing package totalling $825-million to fund project construction. 

The financing involves Wheaton Precious Metals and Zijin Mining, enhancing Montage's liquidity sources to about $968-million, including $143-million in cash reserves.

The package includes a $625-million gold stream and a $75-million senior secured loan facility from Wheaton, alongside a $75-million fully redeemable subordinated gold stream and a $50-million senior secured loan facility from Zijin.

The funding package provides the company with significant funding headroom, ahead of launching construction, which is expected to start soon, Montage CEO Martino De Cicco has said.

Key Contracts, Suppliers and Consultants
Matrix Resource Consultants (mineral resources estimate); SGS Lakefield (metallurgical testwork); MPH Minerals Consultancy (metallurgical oversight); Knight Piésold (tailings and water storage); Australasian Groundwater & Environmental Consultants (hydrogeology); Mineesia (environment); and Carci Mining Consultants (mineral reserve estimate and mining).

Contact Details for Project Information
Montage Gold, tel +1 416 963 5777.