Significant Construction Milestone at Koné Project
Montage Gold Corp. (TSXV: MAU, OTCQX: MAUTF) is thrilled to report impressive advancements at its Koné project, where construction is proceeding rapidly, particularly with the initiation of concrete works for the process plant. This includes the foundational work for Carbon-in-Leach tanks, signaling a major achievement in the project's development.
Workforce Expansion and Progress
Since the groundbreaking ceremony in December, the project has seen a substantial increase in workforce numbers. The number of onsite employees and contractors has burgeoned from approximately 350 to an impressive 1,700 individuals. This increase showcases the project's momentum and timely utilization of the dry season to expedite various construction activities, including earthworks, establishing key infrastructures like water storage, and the advancement of engineering for the process plant.
Strategic Goals and Timeline
Montage aims to achieve its first gold pour by Q2-2027, adhering to a stringent budget of US$835 million. Remarkably, around 25% of this budget has already been allocated, with cost expectations remaining stable. The ongoing construction efforts align closely with the company's vision of establishing itself as a premier African gold producer while generating significant value for its stakeholders.
Leadership Insights on Progress and Safety
Martino De Ciccio, the CEO of Montage, expressed immense satisfaction with the swift progress being made, reinforcing the company’s strategic plan to enhance value through sustained exploration and development. De Ciccio noted, "We are focused on delivering at least 1 million ounces of Measured and Indicated Resources at a considerably higher grade than the current deposit, which is anticipated before we commence production."
Focus on Safety and Investment in Training
Highlighting a commitment to safety, Montage has celebrated an impressive record of over 730,000 man-hours worked without a lost-time injury since the construction ramp-up began. Alongside this, the company is dedicated to local content and workforce empowerment, partnering with local vocational institutions to train workers in crucial skills such as construction, electrical work, and environmental management.
Koné Project Construction Highlights
Key milestones of the Koné project construction so far include:
- Workforce Demographics: The majority of the workforce consists of over 90% Ivorian nationals, contributing meaningfully to local employment.
- Safety Statistics: No lost time injuries reported, demonstrating an unwavering commitment to health and safety on site.
- Earthworks Status: Progress is swift, with treatment plant earthworks exceeding 30% completion and concrete pouring commenced three weeks ahead of schedule.
- Project Timeline: Construction of infrastructural facilities such as storage for water and tailings is well underway.
- Equipment Acquisition: The company has received essential earthworks equipment, significantly bolstering operational capacity.
The earthworks and camp facilities, including residential accommodations for workers, are also progressing in line with the construction schedule, ensuring efficient logistics and welfare for the workforce involved.
Exploration Activities and Future Plans
As part of its broader strategy, Montage Gold continues to refine its exploration interests, with goals set to discover over one million ounces of high-grade resources at the Koné site. Exploration is expected to ramp up in the coming months, with extensive drilling campaigns planned to uncover more mineral resources and solidify its production potential.
Investment in Future Sustainability
Beyond just extraction, Montage is engaging in community restoration initiatives, focusing on agricultural development and educational programs aimed at enhancing the skills and livelihoods of local residents affected by the project.
Frequently Asked Questions
What is the future production timeline for the Koné project?
The company is aiming for its first gold pour in Q2-2027, adhering to a robust construction timeline.
How is Montage Gold investing in local communities?
Montage Gold partners with local institutions to provide vocational training and supports community development initiatives to enhance local employment.
What safety measures are in place for the workforce?
Montage has a strong safety focus, with over 730,000 hours worked without a lost time injury, reflecting their commitment to worker health and safety.
What is the estimated cost of the Koné project?
The projected budget for the Koné project is approximately US$835 million, with 25% already committed.
What resources is Montage Gold aiming to discover at Koné?
Montage targets to discover over 1 million ounces of Measured and Indicated Resources at a grade 50% higher than the current deposit grade.
