Canadian-based intermediate gold producer Alamos Gold, has published an update containing information about 4Q of 2017 and 2018 plans. The company said that a total of $146 million would be allocated for the completion of the development work and that a large part would be devoted to construction of the Kirazlı project and exploration at Island Gold and Mulatos.
$100 million dollars of allocated $148 million would be spent to Kirazli Project. The company stated that most of the the budget will be used in construction and development of the project .Development activities including power line construction, tree clearing and road relocation began in the second half of 2017 and will continue into 2018. The company will spent the most of budget to key contracts including Civil works and the water reservoir with major construction activities expected to ramp up in the more favourable spring weather.
The company noted that the Environmental Impact Assessment (EIA) process for the Kirazlı project has been completed (EIA) and Forestry permits have been received. continues to pursue the GSM (Business Opening and Operation) permit.It is stated that approximately 80% of the 2018 budget will be spent after GSM approval, and the rest of Kirazlı’s initial capital will be spent after the first gold production in the mine in the second half of 2019.
Kirazli is expected to produce more than 100,000 ounces of gold in its first full year of production at mine-site with low all-in sustaining costs. This is expected to increase the growth rate of the company between 2018 and 2020, which will drive the total production growth more than 20%.
For Further Information: Alamos Gold
