Coinciding with the planned depletion of the 24 Level mineral resources in 2025, will be phased development activities at the underground Egoli project, located approximately 1.5 km from Evander’s fully operational 8 Shaft.
The first phase development will entail the dewatering of 3 Decline infrastructure to 19 Level, where a drilling platform will be established to enable infill drilling, which will assist in finalising the short-term mine planning.
The feasibility study has been completed and demonstrates a viable and value-enhancing project, surpassing the findings of previous technical and financial assessments. It has an expected initial life of-mine of approximately nine years, and expected to contribute 60 000 to 80 000 oz. per annum, at an AISC of under US$ 1 000/oz. over the life-of-mine, based on the current Proved and Probable Mineral Reserves.
Additional Inferred Mineral Resources of 1.95 Moz. will be accessed once underground development is in place, potentially increasing the life-of-mine of the Egoli project to 14 years.