2019 is expected to be another strong year as we look forward to the first gold pour at the Ity CIL plant in the coming weeks, where construction continues to progress ahead of schedule and on budget. Over the past two years, we have transformed our portfolio, investing nearly $1 billion into the business. Once Ity CIL commences production, we expect to enter a period of sustained strong free cash flow generation with a continued focus on return on capital employed.
Best signing: George Ford – he won’t be around all year, as England commitments will keep him away from his new/old club, but Ford is one of the best 10s on the planet. He was not himself at Bath last year but rediscovered his touch in Argentina, now to boss the league again.
- Mining cost (Transition base cost at 380 mRL) = Bulk $1.79/t, semi-selective $1.98/t, selective $2.18/t
By training locals on drilling and businesses techniques, rural villages can become economically sustainable and have access to clean water. A Village Drill is cheaper, costing $18,000, while large drill rigs easily charge double the amount.
The maiden resource at Hounde’s Kari Pump discovery was our most notable exploration achievement in 2018. In 2019 we look forward to converting this discovery into reserves. We will maintain an aggressive exploration program focused specifically at Hounde where we expect further maiden resources on new discoveries. In addition, we will look to further grow the resource in the Le Plaque area at Ity and advance exploration at our greenfield properties.
Production increased as guided, despite a lower processed grade, as the plant optimization work done in 2017 increased stacking capacity.
The episode starts with the brothers checking out Smith’s Cove, which Marty cheerfully declares to be, “a helluva mess!” Excavation has been going on for six weeks and the team still have not determined the purpose of several puzzling finds: massive wooden structures, remains of an ancient slipway used to haul ships in and out of the water, and an inexplicable concrete wall.
- Underground tonnes mined increased due to the end of the rainy season, allowing for improved stope access and productivity.
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A recent NASA report has found that 17 of 18 warmest years in 136-year-record have occurred since 2001 and 2016 was ranked as the warmest on record.
As detailed in the table below, sustaining and non-sustaining capital allocations for 2019 amount to $68 million and $83 million respectively. Growth projects amount to $64 million, mainly for the completion of the Ity CIL project construction. More details on individual mine capital expenditures have been provided in the above sections.
- Group M&I resources up 0.9Moz year-over-year to 14Moz; P&P reserves down 0.6Moz to 8Moz as 1Moz Kari Pump maiden Indicated resource is expected to be converted to reserves by mid-year
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