MINING INDABA REVIEW
The Syama Sulphide Conversion Project (SSCP) will increase sulphide processing capacity from 2.4 mtpa to 4 mtpa.
Sanankoro Gold in the starting blocks Since lifting the moratorium on its mining code, enacted to boost state revenue, miners in Mali have been receiving revised mining permits, with West African gold developer, Cora Gold - a new kid on the mining block in Mali - eagerly awaiting receipt of a mining permit for its flagship Sanankoro Gold Project in south Mali. The company is working closely with the Ministry of Mines as it eagerly awaits its mining permit with hopes of beginning the exciting process of constructing its Sanankoro Gold mine shortly thereafter, CEO Bert Monro tells Modern Mining on the side-lines of the Mining Indaba conference. “T he government of Mali launched the new mining code last year and since then miners with existing operations have transitioned to the new code. As an early-stage project developer, we hope to be one of in reserve. The asset is considered a low-cost, free-digging oxide project, with a 10-year mine life and average production of 64 000 ounces for the first five years.
According to Monro, a 1.5 million tpa processing plant will process initial grades of 1,5g/t ore. “The deposit is located close to surface, requiring minimal pre-stripping. While the overall reserve grade averages around 1.13 g/t, mining will commence with higher-grade material exceeding 1.5 g/t. By comparison, the global average grade for open-pit oxide operations is approximately 0.7 g/t, placing Sanankoro’s grades at nearly double the industry norm.” With the gold price at $5000/ oz, and rising, the project is expected to generate significant free cash flow for the emerging miner. The Sanankoro Gold feasibility study published in September last year, was based on a gold price of $2 750 oz. “Although the gold price was around $3 500 /oz at the time of our economic assessment, we applied a conservative price assumption of $2 750 /oz in our modelling. Since then, gold has continued its strong upward trajectory. While this does not alter the scope or design of the project we intend to
the first project developers to receive a mining permit under the new mining code. We plan to move into project construction as soon as we receive our permit.” In anticipation, Cora Gold recently raised £13.7 million from Eagle Eye Asset Holdings, a strategic investor, and a further £2 million through a retail offer, to support construction costs of $124 million. Monro commented, “The fundraise marks an important milestone for Cora as we advance our flagship Sanankoro Gold Project towards production. With a robust Definitive Feasibility Study completed in Q3 2025 and a clear execution pathway in place, the company is well positioned to unlock the next phase of value at Sanankoro.” Cora Gold is focused on developing a significant oxide open pit mine, aiming for first gold in roughly 18 months from the start of project construction. Sanankoro boasts a positive DFS with a 65% IRR, targeting over 530 000 ounces
18 MODERN MINING www.modernminingmagazine.co.za | April 2026
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