The updated Life of Mine (LOM) study, which is based only on existing reserves, currently anticipates: Total open pit ore mined of 37.2Mt of ore containing 3.4Moz of gold at a strip ratio of 4.7:1. Total underground ore mined of 36.2Mt containing 6.8Moz of gold, giving combined total tonnes mined of 249Mt. Open pit mining costs average US$3.98/tonne mined over the LOM. Underground mining costs including ore development of US$51.45/ore tonne. Mill throughput of 6Mt per year. Plant costs average US$14.33/tonne milled. G&A cost of US$6.37/tonne milled over the LOM, including outside engineering costs and Aru road maintenance. Source: DRA Mineral Projects DETAILED KIBALI PLANT DESIGN 50 RANDGOLD RESOURCES Annual Report 2011.
So, Adumbi Pit has just over 29 million tons containing 3.4 million ounces.
Thats less than Kibali but still quite impressive compared and Adumbi is still very early with high grade gold in undeveloped pits just a few kms south .
Also, what struck me about Kibali was the number of very small pits .....from less than 100,000 ounces to nearly 1 m ounces....that they found around the Kibali main pit...not unlike Imboe...to feed the mill.
So, I don't view the PEA any different than my presumption a few months ago ...a Kibali clone..and my PEA analyses were quite close to what was released.
Certainly the market was under whelmed but Loncor remains a tightly held backwater Junior gold pm with low liquidity and with no institutional holders and virtually unknown to the investment community at large .
Hence, their recent stated intent to publizise the company at the major investment centres , which will be Saudi Arabia next week to be followed by two other major financial centres .