Name of the Project
Čoka Rakita project.

Location
Serbia.

Project Owner/s
Canada-based gold mining company Dundee Precious Metals.

Project Description
A prefeasibility study (PFS) published in December 2024 has suggested the underground mining of the Čoka Rakita deposit using a relatively standard comminution, gravity and flotation flowsheet to process 850 000 t/y of ore, producing saleable gravity and flotation gold concentrates.

The process flowsheet and project schedule enable Dundee to leverage the use of existing processing equipment and infrastructure from the Ada Tepe operation, in Bulgaria, which will be decommissioned and refurbished following its closure in mid-2026.

The PFS mine plan proposes access to Čoka Rakita from the surface through two declines and a spiral ramp to truck the mined material to surface.The PFS is based on a process flowsheet comprising crushing and grinding to a particle size (P80) of 53 µm, followed by gravity concentration and sulphide flotation.

The gravity concentrate will be marketable directly to gold refineries, and the sulphide flotation concentrate will be suitable for processing by smelters in the region. 

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has a robust base case net present value (NPV), at a 5% discount rate, of $735-million (after-tax) and an internal rate of return (IRR) of 41% at a $1 900/oz gold price. At a $2 500/oz gold price assumption, the NPV is estimated at $1.2-billion (after-tax) and an IRR of 58%. Payback is estimated at 1.7 years.

Capital Expenditure
$379-million.

Planned Start/End Date
Construction is expected to start in mid-2026, with first production of gold concentrate targeted for the second half of 2028.

Latest Developments
Based on the PFS, Dundee is proceeding directly to the feasibility study, which is expected to be completed by the end of 2025.

Key Contracts, Suppliers and Consultants
Mineral Resources, Environmental Resources Management (mineral resource estimation); DRA Americas Inc (metallurgical testwork and recovery methods, project infrastructure and site costing, market studies and economic analysis); WSP Global (mineral reserve estimation, paste backfill, hydrogeology, filter plant, paste plant, underground mine infrastructure, underground mine geotechnical, mine costing, dry tailings storage facility and waste rock stockpiles, water management structures and water balance); and ERM (environmental studies, permitting, and social impact).

Contact Details for Project Information
Dundee Precious Metals (Serbia), tel +381 11 337 4133 or  email pr.serbia@dundeeprecious.com/office.serbia@dundeeprecious.com.