Forex News
Allied Gold Energizes Kurmuk Grid, Crushes First Ore
Allied Gold Corporation has energized the grid connection at its Kurmuk mine in Ethiopia and crushed first ore earlier this month.
- Kurmuk's grid connection is completed and energized.
- The mine crushed first ore earlier this month.
- Allied Gold guides first full-year production of 240,000 to 270,000 ounces.
- Kurmuk holds 2.7 million ounces of Proven and Probable Mineral Reserves.
- Ethiopian Electric Power supplies power at approximately US$0.04 per kilowatt-hour.
Timeline
Allied Gold Corporation's Kurmuk mine, located in the Benishangul-Gumuz region of western Ethiopia, has completed and energized its grid connection.
The mine crushed first ore earlier this month. Allied Gold expects to introduce first ore to the grinding circuit in coming weeks, with first gold to follow soon thereafter.
Power Supply
The grid connection runs on a 132-kV line. Ethiopian Electric Power supplies electricity under a 20-year power purchase agreement.
The utility provides power at approximately US$0.04 per kilowatt-hour.
Crushing and Stockpile
The crushing circuit handover is underway. Kurmuk is targeting an ore stockpile of nearly 1.5 million tonnes, equal to three months of ore feed.
The stockpile currently stands at approximately one million tonnes.
Operations
Kurmuk will run as a conventional truck-and-shovel open-pit operation with a CIL processing plant. Initial mining will draw from the Dish Mountain and Ashashire open pits.
Reserves and Mine Life
The mine holds 2.7 million ounces of Proven and Probable Mineral Reserves. Allied Gold's exploration land package covers 1,450 km².
The company targets a mine life of 15 years.
Production Guidance
First full-year production guidance stands at 240,000 to 270,000 ounces. Second-year output is guided at approximately 300,000 ounces.
Average annual production over the first four years is expected at approximately 290,000 ounces. Allied Gold targets average annual production of at least 240,000 ounces per year.
Company
Allied Gold Corporation operates three producing assets and development projects in Côte d’Ivoire, Mali, and Ethiopia. Shares trade on TSX and NYSE under the ticker AAUC.
Sébastien Bernier serves as Senior Vice President, Technical Services and Qualified Person.