Business
Ethiopia’s $500 Million Kurmuk Gold Mine Nears Historic First Pour
Addis Insight · last week · Read the Full Story on Addis Insight
AI SUMMARY
Allied Gold has connected the Kurmuk Gold Mine in western Ethiopia to the national grid and entered the final stages of commissioning ahead of its first gold pour.
- Allied Gold Corporation connected the Kurmuk Gold Mine in Benishangul-Gumuz to Ethiopia’s national electricity grid on September 17.
- The 88-kilometre, 132-kV transmission line and associated substations were completed by Ethiopian Electric Power.
- Electricity is supplied under a 20-year power purchase agreement at a fixed rate of approximately US$0.04 per kilowatt-hour.
- The mine has fed its first ore through the crushing circuit and is preparing to introduce ore into the grinding and downstream processing circuits.
- Mining operations at the Dish Mountain and Ashashire open pits have stockpiled roughly one million tonnes of ore, with a target of 1.5 million tonnes before full-circuit commissioning.
- Allied Gold estimates pre-production development costs for the project at approximately US$500 million.
- The current mine plan is built around 2.7 million ounces of Proven and Probable Mineral Reserves, targeting average production of about 290,000 ounces annually during the first four years.
- Annual production of 290,000 ounces is equivalent to roughly nine metric tonnes of gold.
- Allied Gold holds a 93% ownership interest in the Kurmuk project.
- The company controls a prospective land package of roughly 1,450 square kilometres around the mine for ongoing exploration.
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