First gold bar from Oksut Credit: Centerra
TURKEY – Centerra Gold announced that it has poured the first gold from its Oksut mine, on track with prior guidance. Oksut will be the company’s third operating gold mine, joining Kumtor and Mount Milligan.
A 2015 feasibility study for the project outlined an operation producing an average of 110,000 oz. annually at all-in sustaining costs of US$490 per oz. with a development capital cost of US$200 million. Current reserves for Oksut total 28.8 million tonnes grading 1.4 g/t gold for a total of 1.3 million oz.
The project is planned as an open pit heap leach mine with the current mine plan extracting material from two open pits over an eight-year mine life. Construction activities started at the site in March 2018.
Centerra has identified additional exploration targets within the Oksut operation licence boundaries.
Oksut lies within the Tethyan metallogenic belt, also host to Dundee Precious Metals’ Chelopech and Eldorado Gold’s Kisladag mines.
For more information, visit www.CenterraGold.com.