Montage Gold (TSXV: MAU) has received a key approval in the development of its Kone gold project in Cote d’Ivoire. The company has seen the Ministry of the Environment, Sustainable Development, and Ecological Transition grant an environmental permit for the project.
The permit follows the company submitting its environmental and social impact assessment at the end of 2023, with design parameters based on the design included in the updated feasibility study released in January of this year. The approval granted includes an approval for in-pit tailings disposal, and encompasses the Kone deposit, the Gbongogo Main deposit, along with a haulage corridor and the space required for all plant and surface infrastructure.
Moving forward, a mining permit application has been submitted with government agencies in Cote d’Ivoire, with Montage anticipating all permits and approvals required for construction to begin to be received in the second half of 2024.
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Montage’s wholly owned Kone gold project is said to have an after-tax net present value of $1.09 billion based on US$1,850 gold, using a 5% discount rate. The mine is anticipated to produce 223,000 ounces of gold per year on average across a 16 year mine life at all in sustaining costs of $998 per ounce. Initial CapEx for the project is estimated at $712 million, with sustaining capital estimated at $165 million.
Montage Gold last traded at $1.25 on the TSX Venture.
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