In its unaudited results for the 12 months ended 31 December 2018, Toro Gold, a private gold producer, reports that its Mako gold mine in eastern Senegal produced 156 926 ounces of gold during the year, 17 % above forecast.
The pit at the Mako gold mine.
Mako is a new mine which poured its first gold on 26 January 2018. It was officially inaugurated on 17 November 2018 by Macky Sall, President of Senegal. The ceremony was attended by the Mining and Environment ministers, the British Ambassador, the Mayor of the host Commune of Tomboronkoto and a number of local and regional government stakeholders.
Some 1,8 Mt at 2,94 g/t Au (forecast was 1,7 Mt at 2,77 g/t Au) of ore were processed during the reporting period and metallurgical recoveries of 95,5 % achieved, as against a forecast of 92 %. The AISC was below US$700/oz compared to a budget of US$789/oz.
“I am delighted to report on an excellent first year of operations at the Mako gold mine. Following a successful commissioning, the mine has consistently delivered into and beaten its operational targets while retaining a focus on safety,” comments Martin Horgan, Toro’s CEO.
“We continue to meet our Environmental and Social commitments and are working in close collaboration with local communities – we are delighted to note that some 90 % of the work force are Senegalese and over 60 % are from the local Kedougou region.
“In parallel with our social programmes, conservation work in respect of the Niokola-Koba National Park has progressed well in conjunction with our partners at the Senegalese National Parks Department and NGO Panthera.
“During the second half of 2018, the exploration team focused on investigating the potential for mine life extensions beneath the current pit with an extensive core drilling campaign. Analysis of the results is underway and we look forward to providing an update during Q1 2019 on the potential impacts on both the mine resources and reserves.”