The 145 million US dollar Koka Gold Mining Project - Eritrea: Processing Plant Under construction THE Koka Gold Mining project in Eritrea is one of the few mining projects that are owned by Chinese companies. Its operator, the Zara Mining Share Company (ZMSC), is a Gold focused company owned 60% by China SFECO Group, which is a subsidiary of Shanghai Construction Group and 40% by Eritrean State mining company ENAMCO. In November last year, China SFECO Group acquired the Koka Gold deposit including Zara Project from Australian company Chalice Gold Mines at US$100 million. A US$145 million Engineering, Procurement and Construction (EPC) contract for the Koka Gold mine Construction Project is currently carried out by SFECO starting 25th September 2013. The contract includes construction of the processing plant, mine village and Service stations for fuel, water and electric power. The work has been progressing as per schedule and installation of major items are expected to be completed by year end. With a mine life of seven years, the 44 million tone deposit contains a JORC- compliant indicated resource of 5 million tonnes of ore at 5.3g/t Au and is expected to produce up to 850,000 oz of gold with 93% recoveries. The first Gold pour was targeted on the third quarter of 2015. Read more at tesfanews.net/chinas-gold-mining-project-in-eritrea/#2uFY5LEfLVJ1WklG.99
Posted on: Thu, 30 Oct 2014 14:20:32 +0000
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