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20.4.4 Ancillary Equipment
20.4.5 Electricity
20.4.6 Labour
20.4.7 Mine Dewatering
20.4.8 Mine Miscellaneous Costs
20.5 Plant and Infrastructure Capital Cost Estimate (CAPEX)
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Table 20.10: Total Plant and Infrastructure Capital Cost Summary by Area
WBS Cost Element Total Cost Estimate ($M)
02 PROCESS PLANT 70.6
03 ON-SITE INFRASTRUCTURE 40.1
05 OFF-SITE INFRASTRUCTURE 19.4
06 INDIRECTS 36.3
07 MINE 9.2
08 MISCELLANEOUS 7.0
TOTAL CAPITAL COST 182.6
Estimate Contributors
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Estimate Organisation
Scope of Estimate
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Estimating Design Allowances
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Table 20.11: Total Cost Breakdown
WBS Cost ElementTotal Bare Cost
($M)Estimating Design
AllowanceTotal Cost Estimate
($)
02 PROCESS PLANT 65.4 70.8
03 ON-SITE INFRASTRUCTURE 37.2 40.1
05 OFF-SITE INFRASTRUCTURE 17.5 19.4
06 INDIRECTS 33.5 36.2
07 MINE 8.4 9.2
08 MISCELLANEOUS 6.4 7.0
TOTAL CAPITAL COST 168.4 8.4% 182.6
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Table 20.12: Table Cost Report by Pricing Type
PRICING TYPE % OF DIRECT COST
Direct Cost Development
Earthworks
Concrete
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Structural steelwork
Platework and Tankage
Mechanical Equipment Supply
Mechanical Equipment Installation
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Piping Supply and Installation
Electrical and Instrumentation
Buildings
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Freight
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Labour
General Cost Development
First-fill Reagents, Grinding Media, and Lubricants
Workshop Tools and Equipment
Warehouse Racking and Shelving
Mobile Plant and Equipment
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Table 20.13: Summary of Mobile Equipment
Vehicle Type Quantity
Spares
Temporary Construction Facilities Cost Development
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Indirect Cost Development
Engineering Procurement & Construction Management (EPCM) Labour
EPCM Expenses
Commissioning
Vendor Representatives
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Project Fee
20.5.1 Escalation
20.5.2 Owners Costs
20.5.3 Taxes and Duties
20.5.4 Contingency
20.6 Process Plant Operating Cost Estimate (OPEX)
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Table 20.14: Estimated Average Operating Costs ($/t)
Cost CategoryPrimary Hard Ore
(4,541 t/d)Weathered Soft Ore
(7,392 t/d)
Process Operating Cost
Subtotal Process Operating Cost 21.93 12.85G&A Costs
Subtotal G&A Cost 6.16 3.78
TOTAL Cost $28.09 /t or $46.6M /y $16.63 /t or $44.9M /y
20.6.1 Basis of Process and G&A Operating Cost Estimate
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Table 20.15: Derivation of Plant Operating Costs
Cost Category Source Of Cost Data
OJVG
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20.6.2 Plant Operating Cost Estimate Inclusions
Labour
Table 20.16: Summary of Process Plant Labour
Area National Expat
Total 87 18
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Table 20.17: Process Plant Labour rates
Process Plant Labour
Description US$/month Comment
Admin and Technical
Maintenance
Operations
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Table 20.18: Process Plant Labour Cost Summary
Area $/a (0 - 2 years) $/a (>2 Years)
Total 4,044,000 2,569,000
Power
Table 20.19: Power generation cost inputs
Description Unit Criteria
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Table 20.20: Plant and Site Power Cost Summary
Power Cost ($/t)Primary Hard Ore (1,657,392
t/a)Weathered Soft Ore (2,698,080
t/a)
TOTAL $/t 11.37 5.59
TOTAL $M/y 18.85 15.09
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Table 20.21: Process Plant Vehicle Maintenance Cost Summary
Number of Vehicles Hours of OperationMaintenance and
Consumables Cost($/h)
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Table 20.22: Reagent Consumption Rates
Item UnitPrimary Ore
Consumption Per Tonneof Feed @ 1.66 Mt/a
Weathered OreConsumption Per Tonne
of Feed @ 2.70 Mt/a
Table 20.23: Reagent Costs
Item Unit price ($/kg)
Primary Ore [email protected] Mt/a
($M/a)
Weathered Ore Cost @2.70 Mt/a
($M/a)
Total 5.935 9.634
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Table 20.24: Crusher and Mill Liner Consumption
ItemUnit Cost
($M per set)
Primary and WeatheredOre Consumption Cost ($M/a)
TOTAL $M/y 3.16
Table 20.25: Grinding Media Details Usage and Pricing
Mill Diameter TypeCost Primary Ore Consumption
Rate @1.66 Mt/a (kg/t)
Weathered Ore ConsumptionRate @ 2.70 Mt/a
Consumption Rate (kg/t)$/kg
Table 20.26: Grinding Media Costs
ItemPrimary Ore @1.66 Mt/a Cost
($M)Weathered Ore @2.70 Mt/a
Cost ($M)
TOTAL $M/y 2.97 2.17TOTAL $/t 1.79 0.81
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General and Administrative (G&A) Costs
Table 20.27: G&A Costs
Item Type Annual Cost ($M)
TOTAL Fixed 10.202
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Process Plant and G&A Operating Variable Cost Modelling
Table 20.28: Primary and Weathered Ore OPEX Variances
Criteria Primary Hard Ore Weathered Soft Ore
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Figure 20.1: Plant throughput vs. Processing Costs
Table 20.29: Example of Process Cost Modelling
Criteria Units80% Hard Ore
Case43% Hard Ore
Case
Total Process and G&A $/t milled 24.7 18.4
y = 430.31x-0.5497
y = 543.86x-0.6427
Processing
Cost($/
t)
Total Plant Throughput (t/h)
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21 Economic Analysis
21.1 Summary
Table 21.1: Summary Economics.
Gold Price ($/oz)
Parameter Unit $1,350 $1,550 $1,750
1261
740
961
558
21.2 Modelling Practice
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21.3 Construction Schedule
21.4 Production Schedule
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Table 21.2: Modelled base production schedule.
PERIOD
Parameter Unit Total 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17
OPEN PIT MINING
10.4
17.1
27.5
0.6
2.10
2.3
2.37
212
0.8
0.1
0.9
0.0
5.61
0.0
12.11
7
29.3
126.8
156.0
6.2
1.46
12.8
2.26
1,224
O/P MINING ALL DEPOSITS 40.6
143.9
184.4
6.8
1.53
15.1
2.28
Total ore mined O/P Mt 21.9 0.3 0.8 1.3 1.8 1.8 1.8 1.6 1.5 1.5 1.3 1.3 1.3 1.2 1.2 1.4 1.6 0.2
Total Mined ounces O/P oz Au 1,443 33 68 92 80 85 101 90 89 114 83 86 81 85 93 117 124 23
t:t 8.4
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Table 21.3: Underground Production Schedule
PERIOD
Parameter Unit Total 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17
UNDERGROUND MINING
4.60
4.19
6209
1.3
5.15
221
0.2
8.16
50
Total ore mined U/G Mt 6.1
Total Mined ounces U/G oz Au 890
Table 21.4: Total Production Schedule
PERIOD
Parameter Unit Total 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17
TOTAL ALL DEPOSITS
40.6
143.9
184.4
6.8
1.53
21.2
2.93
337
1997 Total ore mined Mt 28.03
Total mined grade Au g/t 2.59
Total mined ounces oz Au 2334
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21.5 Commodity Pricing
21.6 Capital Costs
Table 21.5: High Level Capital Cost Summary
CAPITAL EXPENDITURE ($M USD) Total Initial Sustaining
TOTAL CAPITAL COST 504.74 297.08 207.66
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21.7 Operating Costs
Table 21.6: Unit Operating Costs Summary
Summary Unit Operating Costs Unit Cost
Total Unit OPEX $/t milled $49.44
Total Unit OPEX $/oz $653.98
Table 21.7: Unit Operating Costs per Tonne of Ore (Underground)
Underground Unit Operating Costs Unit Cost
All Underground Mining Opex $/t ore mined $41.51
Table 21.8: Unit Operating Costs per Tonne (Open Pit)
Open Pit Unit Operating Costs Unit Cost
LOM Strip Ratio (Waste:Ore) (Waste : Ore) 8.4 : 1
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Table 21.9: Unit Operating Costs per Tonne of Ore (Processing)
Processing Unit Cost
Processing Total $/t ore milled $19.30
Table 21.10: Unit Operating Costs per Tonne of Ore (G&A)
General and Administration Unit Cost
G&A Total $/t ore milled $5.50
Table 21.11: Summary Unit Costs per Ounce of Gold
Unit Costs per Ounce Unit Cost
Total Unit OPEX M$ $653.98
21.8 Taxes and Royalties21.8.1 Government Royalty
21.8.2 Corporate Income Tax
21.8.3 Customs Duties
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21.8.4 Value Added Tax
21.8.5 Withholding Tax
21.9 Working Capital
21.10Life-of-Mine summary Cashflows
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Table 21.12: LOM Summary Cashflow at $1250 per Ounce
Category UNIT NPV TOTAL
28.0
Recoverable Grade gpt 2.4 0.0 3.1 3.1 2.8 2.2 2.0 2.3 2.3 2.4 2.6 2.4 2.0 1.9 2.4 2.5 2.6 2.3 3.0 0.0 0.0
2119
$1250/oz
14.8
Gross Income pre-royalties M$ 2641.3
79.2
NET INCOME FROM MINING M$ 2562.0
OPERATING COST SUMMARY
254.1
376.0
540.8
154.1
60.8
TOTAL OPEX M$ 1385.8
PRE-TAX NET OPERATING INCOME M$ 1156.4
NET FEDERAL TAXABLE INCOME M$ 709.1
NET PROFIT AFTER TAXES M$ 554.9
OPERATING CASH FLOW M$ 671 1002.2
CAPITAL COST SUMMARY
Underground
29.6 1.0
59.6
4.4
Open Pit
62.7
10.4
3.9
3.0
Process Plant and Infrastructure
70.6
40.1
19.3
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Category UNIT NPV TOTAL
36.3
9.2
7.1
14.0
TSF, Water, Roads and Closure
7.1
5.9
28.2
3.5
17.5
Owners Costs
20.0
51.3
TOTAL CAPITAL COST M$ 504.7
NET ANNUAL CASH FLOW M$ 497.5
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Table 21.13: LOM Summary Cashflow at $1350 per Ounce
Category UNIT NPV TOTAL
28.0
Recoverable Grade gpt 2.4 0.0 3.1 3.1 2.8 2.2 2.0 2.3 2.3 2.4 2.6 2.4 2.0 1.9 2.4 2.5 2.6 2.3 3.0 0.0 0.0
2119
$1350/oz
14.8
Gross Income pre-royalties M$ 2849.4
85.5
NET INCOME FROM MINING M$ 2764.0
OPERATING COST SUMMARY
254.1
376.0
540.8
154.1
60.8
TOTAL OPEX M$ 1385.8
PRE-TAX NET OPERATING INCOME M$ 1358.3
NET FEDERAL TAXABLE INCOME M$ 911.1
NET PROFIT AFTER TAXES M$ 708.9
OPERATING CASH FLOW M$ 772 1156.1
CAPITAL COST SUMMARY
Underground
29.6 1.0
59.6
4.4
Open Pit
62.7
10.4
3.9
3.0
Process Plant and Infrastructure
70.6
40.1
19.3
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Category UNIT NPV TOTAL
36.3
9.2
7.1
14.0
TSF, Water, Roads and Closure
7.1
5.9
28.2
3.5
17.5
Owners Costs
20.0
51.3
TOTAL CAPITAL COST M$ 504.7
NET ANNUAL CASH FLOW M$ 651.4
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Table 21.14: LOM Summary Cashflow at $1550 per Ounce
Category UNIT NPV TOTAL
28.0
Recoverable Grade gpt 2.4 0.0 3.1 3.1 2.8 2.2 2.0 2.3 2.3 2.4 2.6 2.4 2.0 1.9 2.4 2.5 2.6 2.3 3.0 0.0 0.0
2119
$1550/oz
14.8
Gross Income pre-royalties M$ 3269.5
98.1
NET INCOME FROM MINING M$ 3171.4
OPERATING COST SUMMARY
254.1
376.0
540.8
154.1
60.8
TOTAL OPEX M$ 1385.8
PRE-TAX NET OPERATING INCOME M$ 1765.8
NET FEDERAL TAXABLE INCOME M$ 1318.5
NET PROFIT AFTER TAXES M$ 1017.7
OPERATING CASH FLOW M$ 976 1465.0
CAPITAL COST SUMMARY
Underground
29.6 1.0
59.6
4.4
Open Pit
62.7
10.4
3.9
3.0
Process Plant and Infrastructure
70.6
40.1
19.3
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Category UNIT NPV TOTAL
36.3
9.2
7.1
14.0
TSF, Water, Roads and Closure
7.1
5.9
28.2
3.5
17.5
Owners Costs
20.0
51.3
TOTAL CAPITAL COST M$ 504.7
NET ANNUAL CASH FLOW M$ 960.2
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Table 21.15: LOM Summary Cashflow at $1750 per Ounce
Category UNIT NPV TOTAL
28.0
Recoverable Grade gpt 2.4 0.0 3.1 3.1 2.8 2.2 2.0 2.3 2.3 2.4 2.6 2.4 2.0 1.9 2.4 2.5 2.6 2.3 3.0 0.0 0.0
2119
$1750/oz
14.8
Gross Income pre-royalties M$ 3693.3
110.8
NET INCOME FROM MINING M$ 3582.5
OPERATING COST SUMMARY
254.1
376.0
540.8
154.1
60.8
TOTAL OPEX M$ 1385.8
PRE-TAX NET OPERATING INCOME M$ 2176.8
NET FEDERAL TAXABLE INCOME M$ 1729.6
NET PROFIT AFTER TAXES M$ 1330.2
OPERATING CASH FLOW M$ 1,184 1777.4
CAPITAL COST SUMMARY
Underground
29.6
1.0
59.6
4.4
Open Pit
62.7
10.4
3.9
3.0
Process Plant and Infrastructure
70.6
40.1
19.3
36.3
9.2
7.1
14.0
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Category UNIT NPV TOTAL
TSF, Water, Roads and Closure
7.1
5.9
28.2
3.5
17.5
Owners Costs
20.0
51.3
TOTAL CAPITAL COST M$ 504.7
NET ANNUAL CASH FLOW M$ 1272.7
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21.11Sensitivities
Table 21.16: Effect of Variation of Gold Price and Operating Costs on NPV5 ($1,550 base price).
LOM Capital Costs ($M)
OperatingCost($/oz)
558
Table 21.17: Effect of Variation of Capital and Operating Costs on NPV5 ($1,550 base price)
Price ($/oz)
OperatingCost($/oz)
558
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Table 21.18: Effect of variation in Price and All Costs on NPV5 ($1,550 base price).
Price ($/oz)
AllCosts
(CapexandOpex)
558
Figure 21.1: Sensitivity Graph at $1350 Price Base
Post-taxNPV5%
(M$)
Percent Change from Base Case
Sensitivity of $1350 Case Economics(Post-tax NPV5%)
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Figure 21.2: Sensitivity Graph at $1550 Price Base
Figure 21.3: Sensitivity Graph at $1750 Price Base
Post-taxNPV5%
(M$)
Percent Change from Base Case
Sensitivity of $1550 Case Economics(Post-tax NPV5%)
Post-taxNPV5%
(M$)
Percent Change from Base Case
Sensitivity of $1750 Case Economics(Post-tax NPV5%)
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21.12Payback Period
Table 21.19:Payback Period from Commencement of Production
Price ($/oz)
AllCosts(CapexandOpex)
23
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22 Adjacent Properties
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Figure 22.1: Adjacent Properties
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22.1 Teranga Sabodala
Table 22.1: Teranga Exploration Concessions
Exploration Permit Teranga interest Area km Anniversary Date
Sabodala Mine Lease
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Regional Exploration
Bransan
Dembala Berola
Massakounda
Makana
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Sounkounkou
Sabodala Northwest
22.2 Randgold Resources Ltd.
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23 Other Relevant Data and Information
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24 Interpretation and Conclusions
24.1 Conclusions
24.2 Upside Risks
24.3 Downside Risks
Golouma Gold
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25 Recommendations
25.1 Project Mining and Processing Strategy
25.2 Exploration
25.3 Hydrogeology
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25.4 Metallurgical and Mineral Processing Recommendations
25.4.1 Further Comminution Test Work
25.4.2 General Plant Design Test Work
25.4.3 Mill Power
G