Business:Investing
Taking a mine to production is not an easy feat. With depressed conditions in the mining sector in recent years, it has become especially challenging. So when a company announces it is preparing to construct a second mine, that’s big news.
That’s the news being reported last week by Teranga Gold Corporation (TSX: TGZ, OTCQB: TGCDF, ASX: TGZ, Forum). On September 7, 2017; the Company released a much-awaited Feasibility Study on its Banfora Project. Teranga’s operations are based in West Africa, a region currently producing many gold discoveries.
The Company’s flagship project is its Sabodala Gold Mine, located in Senegal. Sabodala is expected to generate $80 million in cash flow over the next two years, and a total of $230 million over the next five years. This puts Teranga in a solid position to fund development and construction of the Banfora Project – which has an estimated price tag of $232 million.
The Banfora Project is based in Burkina Faso, another West African nation. Burkina Faso boasts ten discoveries of 3 million ounces of gold or more in recent years. Banfora is reporting initial gold reserves of 1.2 million ounces. However, the Company is presently engaged in infill drilling, and expects to produce an updated reserves estimate in the first half of 2018.
Stockhouse recently caught up with Teranga’s CEO, Richard Young, to get the latest news on the Banfora Project as well as an update on overall operations.
FULL DISCLOSURE: Teranga Gold Corp. is a paid client of Stockhouse Publishing.
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