SEMAFO Inc., a Canadian-based mining company with gold and exploration activities in West Africa, recently announced positive results for the feasibility study of its Natougou gold project.
During the first three years of the project, the study estimates an average annual production of more than 226,000 ounces, an average total cash cost of $283 per ounce and an average head grade of 5.72 g/t at a gold recovery rate of 93.8 percent.
SEMAFO entered into a commitment letter with Macquarie Bank Limited to amend its facility, which it believes will help provide sufficient financial resources for the Natougou project when combined with anticipated cash flow from ongoing operations.
The company hopes to complete its permitting and begin construction by the end of 2016. From there, it will conduct ongoing explorations with the goal of increasing reserves and resources and enhancing economies as of the fourth year of the project.