A US$350m gold mining investment is set to commence in Mali at the end of this year. The investment will begin with mine construction on the Fekola gold project in the Southwest of the country.
ASX-listed gold developer Papillon Resources is the company behind the gold mining project and they anticipate completing its definitive feasibility study and start working on the construction site.
Papillon MD Mark Connelly confirmed the good news while at the Paydirt 2014 Africa Down Under conference, which took place from September 2 to 4 in Perth, Australia.
Mr. Connelly also pointed out that they had merged with TSX-listed Canadian miner B2Gold Corp in a US$ 650m bid to see the project become a reality.
“The merged entity is on track for an overall production rate of between 900 000 oz and a million ounces by 2017…” He said.
Fekola has as current measured and indicated mineral resource estimate of 63.7 Mt for 3.91Moz @ 1.91g/t (1).
Another mine – Napala – in the Southern Mali, was also set to start gold production this year.