ANNUAL REPORT: HIGLIGHTS OF THE YEAR
- The Andash Gold-Copper Project advanced towards first production
- Engineering design and major procurement neared completion
- The mobile construction and operation fleet was commissioned
- Key management and professional staff were engaged and local employment commenced
- The Andash Definitive Feasibility Study was completed, increasing planned
production and enhancing the project’s already extremely low costs
- Production planned at an average 70,000 oz gold and 7,4000 tonnes copper per year for an initial six year life
- Capital cost reduced to US$96M
- Production cost estimated at US$29/oz gold after copper credits, and including treatment, transport and refining charges, and royalties
- Exploration targets were established at Andash and nearby Aktash for Resource volumes that would significantly extend and expand production from Andash
- Secured Aktash with a binding option agreement
- Project financing – an equity:debt funding mix - completed for the development of Andash
- A successful $65.2M share placement and rights issue secured the equity component
- A US$50M debt facility commitment from Macquarie Bank
- Additional gold and copper mineralisation was discovered at the high grade Bekbulaktor prospect on the Bashkol licence
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