Marathon now expects that building the gold mine would cost between C$470 million and C$490-million, including early works to be carried out in the fourth quarter.
The new figure compares with the C$305 million initial capital cost outlined in the project’s March 2021 feasibility study, which outlined a conventional surface mine with two open pits and 13-year milling operation.
The fresh cost estimate also incorporates certain scope changes relating, principally, to updated staffing levels and the impact of moving from the 22-month construction schedule contained within the feasibility study to the current 28-month construction schedule.
Marathon said it was assessing the new Berry deposit’s potential to become a third mining pit. The “3-Pit” mine plan is expected to show an increased mineral reserve, an extended mine life, and a higher gold production profile compared to the existing plan.
Berry’s evaluation will…
