Mining Intelligence and News
Ghana

Kubi Project

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Overview

Mine TypeUnderground
StagePreliminary Economic Assessment
Commodities
  • Gold
Mining Method
  • Longhole open stoping
  • Shrinkage stoping
Mine Life... Lock
SnapshotPrevious mining at Kubi was by open pit mining methods. The Kubi Gold Mine open pit was operated by Ashanti Goldfields and AngloGold Ashanti in two phases between 1999 and 2007.

Owners

SourceSource
CompanyInterestOwnership
Government of Ghana 10 % Indirect
Asante Gold Corp. 90 % Indirect
Kubi Gold Project is 100% owned by Kubi Gold (Barbados) Limited. The Ghanaian Government carries a 10% free carry.

Asante Gold Corp. entered into a Final Asset Purchase Agreement to acquire all the interests in the Project.

Contractors

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Deposit type

  • Vein / narrow vein

Summary:

Within the Birimian and Tarkwaian lithologies of Ghana there are three major types of gold mineralisation: Type 1: Reef, Vein or Lode gold deposits associated with regional scaled shear zones, such as the Obuasi gold mine to the north of Kubi. Type 2: Granitoid-hosted, mesothermal gold mineralisation, such as Ayanfuri gold mine to the south west of Kubi. Type 3: Auriferous quartz-pebble conglomerate deposits such as at Tarkwa and recent alluvial gold concentrations. The Kubi deposit mineralisation style is Type 1: Birimian aged, shear hosted, reef, vein or lode gold deposit. Mineralisation The mineralisation occurs in a 1.0 to 15.0 metre thick garnetiferous horizon within Birimian metasediments. This garnetiferous horizon contains fine grained gold associated with minor (5-15%) pyrite, arsenopyrite and pyrrhotite as well as some coarser gold which is associated with relatively narrow quartz veins. Some mineralisation occurs in quartz veins and veinlets that cross-cut the Birimian-Tarkwaian contact, outside of the main garnetiferous horizon. SEM (scanning electron microscope) and polished section studies have observed gold and associated sulphides such as pyrrhotite, pyrite, arsenopyrite and occasionally chalcopyrite, rimming and often replacing the included garnet blasts. The garnets are often highly tectonised with native gold, often coarse, and with sulphides coating the micro-fractures. The grades exhibited on the Birimian-Tarkwaian contact (the “Contact” zone) are variable but generally low in tenor. The mineralisation is associated with moderate silicification and quartz veining. The predominant sulphides are pyrite and arsenopyrite. The footwall and hanging wall zones are comparable to the traditional styles of Ashanti lode gold deposits, with the exception that the gold is free milling and not refractory - predominantly quartz vein hosted within faults and shears, with attendant pyrite and arsenopyrite haloes. Grades tend to be moderate to low, but continuity exists and potential high-grade pods are observed over restricted strike lengths. Gold is native, is often coarse and nuggetty, hosted within quartz veins and microfractures in the host sulphides or alteration minerals. It is not intimately bound within the lattice of the sulphides. Kubi mineralisation is “free milling”, not refractory, hence 95% expected recoveries. Whilst higher gold grades are often associated with quartz veins and zones of appreciable silica flooding, gold mineralisation within the host selvage proximal to the fracturing is also of economic tenor.

Reserves

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Mining Methods

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Comminution

Crushers and Mills

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Processing

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Production

CommodityUnitsLOM
Gold oz 193,600
All production numbers are expressed as metal in doré.

Operational metrics

Metrics
Daily ore mining rate  ....  Subscribe
Annual milling capacity  ....  Subscribe
Waste tonnes, LOM  ....  Subscribe
Ore tonnes mined, LOM  ....  Subscribe
Tonnes processed, LOM  ....  Subscribe
* According to 2022 study.

Production Costs

CommodityUnitsAverage
Cash costs Gold USD  ....  Subscribe
All-in sustaining costs (AISC) Gold USD  ....  Subscribe
All-in costs Gold USD  ....  Subscribe
Assumed price Gold USD  ....  Subscribe
* According to 2022 study / presentation.

Operating Costs

Currency2022
UG mining costs ($/t mined) USD 49.8 *  
G&A ($/t mined) USD  ....  Subscribe
Total operating costs ($/t mined) USD  ....  Subscribe
* According to 2022 study.

Project Costs

MetricsUnitsLOM Total
Initial CapEx $M USD  ......  Subscribe
Sustaining CapEx $M USD  ......  Subscribe
Total CapEx $M USD  ......  Subscribe
OP OpEx $M USD  ......  Subscribe
Transportation (haulage) costs $M USD 0.8
G&A costs $M USD 22.5
Total OpEx $M USD  ......  Subscribe
Total Taxes $M USD  ......  Subscribe
Gross revenue (LOM) $M USD  ......  Subscribe
Operating margin, %  ......  Subscribe
EBITDA (LOM) $M USD  ......  Subscribe
Pre-tax Cash Flow (LOM) $M USD  ......  Subscribe
After-tax Cash Flow (LOM) $M USD  ......  Subscribe
Pre-tax NPV @ 5% $M USD  ......  Subscribe
After-tax NPV @ 5% $M USD  ......  Subscribe
Pre-tax IRR, %  ......  Subscribe
After-tax IRR, %  ......  Subscribe
After-tax payback period, years  ......  Subscribe

Required Heavy Mobile Equipment

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Personnel

Mine Management

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Mar 11, 2022
....................... Subscription required ....................... Subscription required Subscription required Mar 11, 2022
....................... Subscription required ....................... Subscription required Subscription required Feb 24, 2023

Aerial view:

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