A modernization program is currently in progress, targeting increased production and lower costs at the Marmato upper mine.
The Marmato expansion project includes the development of a new underground mine and 4,000 t/d processing facility to add to the current 1,250 t/d upper mine. Total recovered gold ounces are estimated at 3 million. The deposit remains open at depth and along strike, and has a high expansion potential from future underground drilling programs.
The construction capital is estimated at $280 million as detailed the PFS, and the project economics are inclusive of the stream financing from Wheaton Precious Metals, which has made upfront deposits of $53 million and will make another $122 million during construction to purchase metals at reduced prices.
“We are very pleased with the results of the 2022 PFS, which includes an updated Marmato lower mine construction capital estimate of $280 million that will be…
