Liberia’s first Goal Mine is getting off the Ground

Auserus Mining project at New Liberty in Liberia

Auserus Mining project at New Liberty in Liberia

 

If Aureus Mining’s March 2 announcement is any indication, the opening of New Liberty Gold Mine West of Monrovia, is sure to make Cape Mount’s economic and social improvement a lot better this year.

The US$200 million project at Bea Mountain, is Liberia’s first commercial gold mining concession. The project was shut down due to Ebola and other “teething” problem the company encountered during the commissioning phase.

But according to a public statement on March 2, Aureus Mining, a South African based mining company which operates the New Liberty Gold Mines, said it has overcome the problems which led to the closure of its commissioning phase.

At the moment, it is unclear how many workers the mining company has hired or will be hiring. The mining area is estimated to be rich with 8.5 million tons of gold reserves with 924 thousand ounces of gold grading 3.4 grams per ton.

The company’s chief executive, David Reading, says the reserve is sufficient to support mining for eight years, with an annual production of 119 Oz for the first six years.

Work on the gold mine started in 2013. The initial output in last February was 9Koz of Gold from 90 K tons processed with 90 percent recovery rate.

Under the agreement with Liberian government, Aureus has 15 years mining license with possibility to renew for 25 years. The mine’s 25 percent corporate tax will be paid only after Aureus have recovered the $200 million it said was invested in the operation.

 

Filed in: Features

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