Sulliden Gold (TSX: T.SUE, Stock Forum) Tuesday said it received approval of its environmental impact study and obtained a construction permit for the switchyard and electrical facilities from the Ministry of Energy and Mines of Peru for its Shahuido gold project, this according to a company news release.
The company added that it will now move forward with the construction of the electrical project.
"The start of the switchyard construction marks another important step in the advancement of the Shahuindo Project. The new electrical facilities will provide low cost grid power to the Shahuindo mine. In addition, the new facilities will help improve access and quality of electrical power in the province of Cajabamba," said Sulliden Gold Chairman and CEO Peter Tagliamonte.
Shahuido’s capex is estimated at $131.8 million, which is expected to support a mining rate of 3.65 million tonnes per year and annual production of approximately 90,000 gold equivalent ounces at projected average cash operating costs of $552 per ounce.