Kurmuk, ETHIOPIA
ADVANCED GREENFIELD PROJECT IN DEVELOPMENT
Advancing project with highly probable resource growth potential
- Status: Development
- Target Production: 200koz per year
- Mineral Reserves: 2.6 Moz (2022)
- Acquisition Date: 2017
- Grade: 1.53 g/t
- Life of Mine: 12+ years
- Development Capex: ~US$500million
Currently in development, the open pit Kurmuk Gold Project is located in the Benishangul Gumuz region of western Ethiopia. Kurmuk Gold Mine PLC, the owner of the project, is a wholly-owned subsidiary of Allied.
Since acquiring the project, Allied has invested heavily in exploration and progressed the required studies including the completion of a definitive feasibility study (DFS) in Q4 2022 to support the development of the project. Results from DFS support strong project economics with a forecast annual production of ~200 koz/yr over 12+ years LOM at AISC of <US$900/oz. The project presents significant upside to increase production and mine life, driven by exploration success and geological endowment, and supported by access to low-cost hydro power.
Early works are planned to commence in late 2023 and the project targets to reach commercial production in 2026.
Operating in Ethiopia - A Golden Opportunity
The Kurmuk Gold Project (Kurmuk) is located in the Benishangul Gumuz region of western Ethiopia.
Virtually untapped and abundant, Ethiopia is home to considerable gold reserves and has seen exponential growth in recent years. The Government of Ethiopia has put forth an ambitious agenda to develop the country’s mining sector, encouraging private sector investment, streamlining bureaucratic and regulatory procedures and building institutional capacity.
The rapid reforms will address technical and institutional barriers that challenge large-scale mining projects, making way for opportunity to not only develop world-class gold mining assets, but deliver tangible benefits to the local community in the form of community development and employment.
