Post by
nozzpack on Jun 05, 2021 5:49am
ABX sells Massawa for $430 m US .....Makapela 2 X richer
Nearly two years ago, Barrick sold 90% of its Massawa project in Senegal to Terango Gold for $430 million USD. Approx $200 US per ounce.
Massawa is one of the highest-grade undeveloped open pit reserves in Africa, hosting 2.6 million ounces of gold or 20.9 million tonnes at 3.94 g/t gold.
But, some of that ore is refractory, requiring expensive Biox pre treatment.
Shortly thereafter, ABX altered its JV deal with Loncor such that it was given first right of refusal should Makapela be put up for sale.
Makapela has 1.2 m ounces at an average grade of 7.02 grams per ton , is
wide open at both depth and strike, 90% oxides and just 7 km from ABX
muted discovery of a sibling deposit within its JV area with Loncor.
I cannot state in unqualified terms that Makapela is the richest open pit gold discovery in the world, but I will stick my neck out and say that it is .
At 2.5 gms per ton, Adumbi and its soon to be 4 m ounce open
pit deposit, surely ranks in the top 25% of open pit deposits as well.
I have always considered Makapela to be the crown jewel because of its exceptional open pit grade and because it's exploration upside can only be described as exceptionally premium in all respects .
Grade always over powers ounces in any gold buyout because cost per ounce is inverse to grade.
Massawa AISC is estimated to be $671 US per ounce.
Makapela AISC Will be below $350 US.
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