Zara Mining Share Company Developing Eritrea’s Next Gold Mine

First gold pour by Zara Mining Share Company is expected at the third quarter of 2015
First gold pour by Zara Mining Share Company is targeted on the third quarter of 2015

By Asmara Mining Journal,

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.

– – – – – – – – –
ALSO READ: The Koka Gold Mining Project in Eritrea
– – – – – – – – –

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

Download (PDF, 8.74MB)