Source:
| Company | Interest | Ownership |
|
Government of Burkina Faso
|
10 %
|
Indirect
|
|
Balaji Group of Companies
|
90 %
|
Indirect
|
|
Société des Mines de Bélahouro SA
(operator)
|
100 %
|
Direct
|
On 18 December 2017, Avocet Mining plc announced that it had entered into an agreement to sell all of its subsidiaries in Burkina Faso, including the Inata goldmine, together with certain receivables of the Company’s group to the Balaji Group for a total consideration of USD 5 million (the “Sale”). Completion of the Sale took place on 8 February 2018.
Balaji Group of Companies owns 90% of Société des Mines de Bélahouro SA (‘SMB’), owner of the Inata gold mine, the remaining 10% is owned by the Burkinabe Government.
Summary:
At Inata, mineralisation occurs within a well-defined shear zone marking the boundary between the granitic and volcanic rocks of the Damba-Inata Domain in the west and the Sona Sedimentary Basin in the east. Gold mineralisation occurs within a sub-vertical shear zone that cuts along folded carbonaceous shales that are sandwiched between sedimentary and volcanic rocks. Quartz-feldspar porphyry dykes intrude along the shear zone and are contemporaneous with the later stages of gold mineralisation. Gold mineralisation is always linked to quartz veins (boudinaged, folded or brecciated quartz veins) or disseminated in haematitic alteration haloes around quartz-carbonate-albite veins.
The Inata gold deposit is deeply weathered with the base of complete oxidation extending down to depths of 60m. A transitional zone of moderate oxidation extends down to more than 150m depth.
Summary:
The Inata Mine has six open pits with mining currently focused on the North, Central and Far South pits. Mining is undertaken at Inata by conventional open pit methods using three owner operated fleets of mining vehicles.
Source:
Summary:
Processing via conventional CIL plant – nameplate capacity 1.6mtpa.
Recoveries & Grades:
| Commodity | Parameter | 2016 | 2015 | 2014 |
|
Gold
|
Recovery Rate, %
| 84 | 67 | 79 |
|
Gold
|
Head Grade, g/t
| 1.46 | 1.85 | 1.77 |
Production:
| Commodity | Units | 2017 | 2016 | 2015 | 2014 | 2013 |
|
Gold
|
oz
| 24,383 | 72,485 | 74,755 | 86,037 | 118,443 |
All production numbers are expressed as metal in doré.
Operational Metrics:
| Metrics | 2016 | 2015 | 2014 | 2013 |
|
Total tonnes mined
| 11,152 kt | 14,024 kt | 14,024 kt | 33,214 kt |
|
Ore tonnes mined
| 1,341 kt | 2,529 kt | 2,529 kt | 3,114 kt |
|
Waste
| 9,811 kt | 11,495 kt | 11,495 kt | 30,100 kt |
|
Plant annual capacity
| 1.6 Mt | | | |
|
Tonnes processed
| 1,843 kt | 1,865 kt | 1,903 kt | 2,353 kt |
Reserves at December 31, 2016:
| Category | OreType | Tonnage | Commodity | Grade | Contained Metal |
|
Proven
|
|
3,066,000 t
|
Gold
|
1.89 g/t
|
186,000 oz
|
|
Probable
|
|
1,823,000 t
|
Gold
|
1.81 g/t
|
106,000 oz
|
|
Probable
|
Stockpiles
|
1,823,000 t
|
Gold
|
1.72 g/t
|
48,400 oz
|
|
Proven & Probable
|
|
5,762,000 t
|
Gold
|
1.84 g/t
|
340,400 oz
|
|
Measured
|
|
7,318,000 t
|
Gold
|
1.59 g/t
|
373,000 oz
|
|
Indicated
|
|
22,217,000 t
|
Gold
|
1.74 g/t
|
1,245,300 oz
|
|
Measured & Indicated
|
|
29,535,000 t
|
Gold
|
1.7 g/t
|
1,618,300 oz
|
|
Inferred
|
|
29,018,000 t
|
Gold
|
1.61 g/t
|
1,506,000 oz
|
|
Total Resource
|
|
58,553,000 t
|
Gold
|
1.66 g/t
|
3,124,300 oz
|
Commodity Production Costs:
| | Commodity | Units | 2016 | 2015 | 2014 |
|
Total cash costs
|
Gold
|
USD
|
966 / oz
|
1,058 / oz
|
1,186 / oz
|
Financials:
| | Units | 2017 | 2016 | 2015 |
|
Capital expenditures
|
M USD
|
|
0.1
|
3.8
|
|
Revenue
|
M USD
|
29.7
|
89.6
|
85
|
|
Gross profit
|
M USD
|
-5.8
|
13.6
|
4
|
|
EBITDA
|
M USD
|
|
14.6
|
1.3
|
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