The Toronto-based parent company of Lam-gold, the largest gold-mining enterprise operating in Suriname, says a portion of its US$460-million expenditure this year will finance expansion of its operations in the CARICOM country.
In a statement, Lamgold Corp said that without expansion, output at the Rosebel mill would decline.
The cost of the expansion in Suriname will total US$185 million over the next seven years.
The project will add grinding capacity to allow mill throughput to be maintained between 12 and 14 million tonnes per year, “even with the increased hard rock volumes”, coupled with additional mining equipment to increase annual mining capacity to 70 million tonnes to optimise mill feed grades, the company said.
“The expansion essentially brings gold production forward in time and reduces long-term fixed costs by reducing the currently planned mine life,” said Lamgold.
The gold miner said it anticipates a 60 per cent return on the expansion capital after tax, and annual gold production of 400,000 to 450,000 ounces throughout the life of the mine.
“Rosebel mine is a world-class asset that has already demon-strated the excellence of our corporate social responsibility programmes and our development and operational teams,” said Lamgold’s president and chief executive officer Steve Letwin.
– C MC
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