Canadian mining company expects first gold shipment from Suriname in February

Monday, November 24, 2003

PARAMARIBO, Suriname, (AFP): Canadian mining company Cambior's new Rosebel Gold mine is set to begin shipment of gold bars in February, the project's general manager Denis Miville-Deschenes said Sunday.

Cambior expects the project to cost US$97 million, of which $76 million has already been invested in the mine, 75 miles south of the capital Paramaribo, he said.

"Our expectations are, once we are operating, to invest $50 million annually," he said.

The government will receive a 2.2 percent royalty from the mine.

Rosebel mine is expected to open and go into commercial production in February, replacing the Omai Mine in neighboring Guyana, which is slated to close in 2005 after 12 years of production.

Cambior plans than Rosebel will produce an average of 220,000 ounces of gold in its first year, at an average mining cost of $157 per ounce. The mine's projected operating life is ten years.

  Back...

  Most popular articles: viewed, printed and e-mailed

  Printable version