Aureus cuts costs at Liberian gold project

AIM-listed gold miner Aureus Mining said that both the capital and operating costs at its New Liberty Project in Liberia have reduced as a result of the metallurgical optimisation test work programme.

AIM-listed gold miner Aureus Mining said that both the capital and operating costs at its New Liberty Project in Liberia have reduced as a result of the metallurgical optimisation test work programme.

The company said that the test work has shown "encouraging results" with improved leach kinetics indicating that the potential gold recovery of 93% (modelled in a previous 'Technical Report' in October) is now achievable at a reduced carbon in leach (CIL) residence time of 24 hours, down from 48 hours preciously. Aureus also said that there would also be significantly lower reagent consumption.

"These metallurgical results, which indicate significantly lower operating costs due to factors which include a shorter CIL residence time and lower consumption of reagents, further demonstrate the strong economics of New Liberty," said Chief Executive Officer David Reading.

"This is the first set of results for what is an on-going optimisation programme, the full results of which will be available towards the end of the first quarter of this year. We are confident the results of this programme will further enhance the returns for all stakeholders on what will be Liberia's first commercial gold mine."

New Liberty has an estimated proven and probable reserve of 910,000 ounces of gold grading 3.3g per tonne.

Aureus, which has a market capitalisation of nearly £60m, also has gold exploration permits in Cameroon.

Recommended

Aviva: a share for income investors to tuck away
Share tips

Aviva: a share for income investors to tuck away

Insurance giant Aviva is one of the highest yielding stocks in the FTSE 100 – and it’s cheap, too, making it a tempting target for income investors. R…
18 May 2022
The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves looks at the FTSE 100’s top yielding stocks for income investors to consider.
18 May 2022
Three fast-growing, undervalued UK mid-cap stocks to buy now
Share tips

Three fast-growing, undervalued UK mid-cap stocks to buy now

Professional investor Katen Patel of the JPMorgan Mid Cap Investment Trust picks three fast-growing UK mid-cap stocks to buy now.
18 May 2022
Should you buy Vodafone shares, or steer clear?
Share tips

Should you buy Vodafone shares, or steer clear?

Vodafone grew revenue by 4% and profit by 11% last year, and offers investors a 6.4% dividend yield. So should you buy Vodafone shares? Rupert Hargrea…
17 May 2022

Most Popular

Get set for another debt binge as real interest rates fall
UK Economy

Get set for another debt binge as real interest rates fall

Despite the fuss about rising interest rates, they’re falling in real terms. That will blow up a wild bubble, says Matthew Lynn.
15 May 2022
Is the oil market heading for a supply glut?
Oil

Is the oil market heading for a supply glut?

Many people assume that the high oil price is here to stay – and could well go higher. But we’ve been here before, says Max King. History suggests tha…
16 May 2022
Value is starting to emerge in the markets
Investment strategy

Value is starting to emerge in the markets

If you are looking for long-term value in the markets, some is beginning to emerge, says Merryn Somerset Webb. Indeed, you may soon be able to buy tra…
16 May 2022