To All;
I am surprised by the lack of surprise or comment that it may be possible
to recover gold from clay at extraction costs among the lowest in the
industry and that this recovery technology may have migrated to Naxos
with the hiring of Jeremy Ison.
Some facts to consider: Mr. Ison previously was employed by Vaal Reefs
Exploration and Mining which was recently purchased by Anglogold which
itself was only recently created by Anglo American to deal exclusively
with the company's gold issues. Anglo American is the largest of the
majors with assets exceeding $3.5 billion.
What exactly did Anglogold purchase when it obtained Vaal Reefs? What
combination of men, method and machinery made Vaal Reefs attractive?
How much does Mr. Ison carry with him that Anglogold found valuable in
their acquisition? To what end will that know-how be used for Naxos?
Why haven't I seen reference to carbon-in-pulp recovery technology on
any thread I've visited on SI? As you can see in the following press
release excerpt these fellows give all praise and glory to Anglo American
for making their mine a success. Although I have not been able to confirm
that CIP technology was used by Anglo, I suspect that it was.
Full text at #reply-3197700
MARKHAM, Ont., Jan. 12
IAMGOLD (IMG:TSE) announced today that in 1998 the Sadiola Hill Gold
Mine in Mali, West Africa is expected to produce approximately 496,000
ounces of gold at a direct cash cost of US$112 per ounce and a total
cash cost of US$133 per ounce (assuming a US$280 gold price). This year's
expected production of 496,000 ounces represents an increase of almost 13%
over the equivalent annualized output for 1997. The 364,729 ounces of
gold produced by Sadiola in 1997 exceeded the expected production budget
of 314,000 ounces by 16%. Furthermore, the 364,729 ounces were produced
at a direct cash cost of US$107 per ounce which was 22% less than the
expected cost in the 1997 budget.'
'In its initial year of operation, the results achieved by SEMOS, the
company established to build and operate the Sadiola mine, are outstanding,''
said IAMGOLD President and Chief Operating Officer Todd Bruce. ''Seldom
has the mining industry seen a more successful mine development story
in an emerging country, particularly when one considers that the mine
not only commenced production ahead of schedule but also was completed
under budget.''
IAMGOLD expects Sadiola to continue to operate at a profit in this low
gold price environment. Anglo American Corporation of South Africa,
chosen by IAMGOLD to be its partner to design, construct and operate
The mine, deserves the greatest credit for the remarkable performance
of Sadiola to date."
Comments welcome.
Jerard P |
