have been buying up GAU last few weeks as my pure GOLD producer BUY n HOLD for next year ...sitting on 100,000 shares costs me just under A$1 ...

goal major re-rate on both higher GOLD prices during next year and GOLD Fields doing a deal on their 45% holding in the project cash payments / scrip over many years ..with GAU being 90% holding of 5Mtpa Gold plant/infrastructure replacement $400mill+ (GAU = USD $143mill marketcap)

info on GAU>>>

Galiano Gold Inc. (TSX: GAU) (NYSE: GAU) awarded a mining contract for its Asanko Gold Mine (AGM) in the Asankrangwa gold belt in Ghana, which it operates as part of a joint venture (JV) with Gold Fields Ltd. (NYSE: GFI).

Galiano said on Monday that the JV partners selected an unnamed contractor to restart mining operations at the AGM after a competitive bidding process. The company intends on resuming hard rock mining operations in in Q4, 2023.

In March, the company published the details of a new life of mine (LOM) plan in a technical report. The report details an 8.5 LOM with an after-tax net present value (NPR) of 5 per cent discount rate of USD$343 million with a base price of $1,700 per ounce of gold.

As detailed in the 2023 technical report, the contractor’s tasks involve mining from multiple deposits. Mining at the Abore site is planned to commence in the last quarter of 2023, and it is expected that higher-grade mill feed will be available by the second quarter of 2024.

The estimated annual gold production for 2023 is projected to approximately double by 2025. The output is expected to surge from the current guidance of 100,000 to 120,000 ounces to around 250,000 ounces per year.

The mining equipment at the Abore and Miradani North locations has also been updated to include 100 ton haul trucks. This optimized fleet should bring considerable advantages to the operations.

“Galiano remains on track to deliver on the Life of Mine Plan described in the 2023 Technical Report, and we look forward to establishing the AGM as a significant Ghanaian gold mine, averaging nearly 220,000 ounces per year over an 8.5 year mine life,” said Matt Badylak, Galiano’s president and CEO.

The JV partners are searching for more ways to improve operational efficiency and reduce operating costs. It has also started an exploration program at AGM’s mining areas to outline more resources in already known deposits, as well as to explore entirely new potential spots within the 476 square kilometer land package.

AGM is a complex with multiple deposits, including four primary open-pit mining areas: Abore, Miradani North, Nkran and Esaase. It also has several smaller deposits scattered along the Asankrangwa gold belt.

The complex includes a processing plant that can handle 5 million tonnes of material per year using a carbon-in-leach process. The mine holds confirmed reserves of 48.9 million tonnes of material, which have a grade of 1.31 grams of gold per tonne. This equates to a total of 2,068,000 tonnes of gold contained within the reserves.



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Gold Fields (JSE, NYSE: GFI) said on Wednesday it planned to make a decision on whether to keep or sale its Asanko gold mine (AGM) in Ghana within four months.


The South African bullion producer is weighing “all options” for the mine, including a total divestiture or a move to increase its ownership, interim chief executive Martin Preece told Bloomberg.

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Gold Fields and Canada’s Galiano Gold (TSX: GAU) formed a joint venture in 2018 to run the asset, which churned out 170,342 ounces of gold last year. Production at Asanko is expected to fall to 120,000 to 130,000 ounces this year, though Galiano, the mine’s operator, is ready to roll out a new mine plan.

As described in a 2023 feasibility study, Asanko’s productive life can be extended by 8.5 years, with annual gold production forecast to double from the 2023 guidance of 100,000-120,000 ounces to 250,000 ounces per year from 2025.

AGM is a multi-deposit complex, with four main open-pit mining areas – Abore, Miradani North, Nkran and Esaase – plus multiple satellite deposits along the Asankrangwa gold belt, and a 5Mtpa carbon-in-leach processing plant.

The mine complex is the smallest asset Gold Fields has in Ghana. In March, the company reached a deal with AngloGold Ashanti to combine their neighbouring Tarkwa and Iduapriem mines in the country, which will create Africa’s biggest gold mine.

Gold Fields and AngloGold would own 60% and 30% of the joint operation, respectively, with the Ghanaian government holding 10%

The joint venture would produce an average 900,000 ounces annually over the first five years and 600,000 ounces over its estimated 18-year life of the mine, the companies said at the time.

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$425Mill cost to build 5Mtpa CIL in Kaz
https://sustainabilitymag.com/compan...construction-0



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