The Koka gold deposit, located within the Zara Project area of northern Eritrea is being developed by he Zara Mining Share Company (ZMSC), a joint Venture between ENAMCO and the SFECO Group (SFECO), a subsidiary of Shanghai Construction Group Co. Ltd.
SFECO purchased its 60% interest in the Zara Project from Chalice Gold Mines in November 2012 for a total of US$80 million; inclusive of a deferred payment of US$2 million on first gold pour at the Koka Gold Mine.
The Koka Gold Deposit hosts a JORC and NI 43-101 compliant Probable Mineral Reserve of 4.6 million tonnes grading 5.1 g/t gold, containing 760,000 ounces.
This reserve is including within an Indicated Resources of 5.0 million tonnes grading 5.3 g/t gold, containing 840,000 ounces of gold.
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ALSO READ: The Koka Gold Mining Project in Eritrea
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Koka Gold Project Progress to Date:
1./ Finalisation of purchase (Nov 2012)
2./ SFECO design approved (Feb 2013)
3./ Resettlement Koka Valley (Mar 2013)
4./ Commencement of Development (Apr 2013)
5./ Site Prep start – Segen (Apr 2013)
6./ Award EPC contract (May 2013)
7./ Construction camp (Jun 2013)
8./ Loan approved ($107m) (Jul 2013)
9./ Construction preparation (Sep 2013)
10./ Procurement and Shipping (Aug 2014)
Timeline to Commissioning:
11./ Civil Engineering Work (Q4-2014)
12./ TSF Commissioning (Q2-2015)
13./ Plant Commissioned (Q3-2015)
ERITREA: Mining Journal – Asmara Mining Conference 2014
