Condor Gold unveils positive assessment for La India Project

AIM-listed Condor Gold has unveiled details of a preliminary economic assessment on its 100 per cent owned La India Project gold deposit in Nicaragua.

AIM-listed Condor Gold has unveiled details of a preliminary economic assessment on its 100 per cent owned La India Project gold deposit in Nicaragua.

The assessment described the open pit and underground gold mine with an initial life of mine of 13 years at an average gold grade of 3.8 grams per tonne for total production of 1.46m ounces of recovered gold.

Average production of 152,000 ounces of gold was forecast per annum for the first eight years, with years one-to-four average production of 172,000 ounces of gold per annum and years five-to-eight average production of 133,000 ounces of gold per annum.

The assessment estimated pre-production capital cost of $180.5m for mine construction and processing construction, with a three year pay-back period.

Total capital expenditure over entire life of mine was estimated at $287m.

The cumulative life of mine earnings before interest, tax, depreciation and amortisation were estimated at $1.0bn and net cash flow of $512m

Mark Child, Chairman and Chief Executive Officer of Condor Gold, commented: "Total production of 1.46bn ounces of gold over the life of mine is at an average operating cost of $575 per ounce gold; production is split evenly between open pit and underground mining."

Condor Gold's share price was up 1.92% to 159.50p at 13:48 on Tuesday.

MF

Recommended

The top funds to invest in
Funds

The top funds to invest in

As market volatility and recessionary fears continue, here are the most popular funds, stocks and trusts investors are putting their money into
2 Mar 2023
The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves takes a look at the companies with the highest dividend yields in the UK’s blue-chip index
27 Feb 2023
The outlook for Shell shares is mixed, despite bumper profits
Energy stocks

The outlook for Shell shares is mixed, despite bumper profits

With profits surging, it looks as if Shell is on a roll, but the company’s growth from here is hard to see as Rupert Hargreaves explains.
6 Feb 2023
The top ten dividend stocks in the FTSE 250
Share tips

The top ten dividend stocks in the FTSE 250

The average FTSE 250 dividend yield is around 4%, but many stocks yield much more. Rupert Hargreaves picks the best FTSE 250 stocks for income investo…
17 Jan 2023

Most Popular

Will energy prices go down in 2023?
Personal finance

Will energy prices go down in 2023?

Ofgem’s price cap is now predicted to fall below £2,000, based on average typical use, from July, for the first time since 2022. We have all the detai…
21 Mar 2023
Where will house prices go in 2023?
House prices

Where will house prices go in 2023?

We explore what could happen to house prices in 2023 as the market continues to slow down.
24 Mar 2023
Can I avoid IHT by stuffing all my money into a pension?
Personal finance

Can I avoid IHT by stuffing all my money into a pension?

The ditching of the lifetime allowance could enable millions of pension savers to avoid inheritance tax. We explain how.
20 Mar 2023