The Tolukuma Gold Mine in Central Province has been granted an extension licence (ML104) for a period of ten years.
Iain MacPherson, managing director and chief executive officer of Lole Mining Limited, said the next step is to implement a reopening plan because the mine has been closed for some years, and they are contemplating a lot of components.
Mr MacPherson said that they are also considering restarting the mine, repairing the infrastructure, including an access road, and gradually returning the mine to its previous capacity over time.
Tolukuma, he said, is one of the country's immense mineralised treasures, with colossal scale potential.
“Tolukuma was built with a capacity of 60,000 ounces a year. We will get it back to that capacity over the next couple of years…but our vision is for a much larger operation framed similarly to the likes of the K92 mine.
There is potential for maybe 150,000 or 200,000 ounces,” he said.
Mr MacPherson stated that the initial restart will cost several million kina, including explorations, and that the budget will be based on that, including feasibility studies and development plans.
He stated that the first stage would be to recommission the mine, followed by a two-year ramp-up to a capacity of 60,000 ounces.
“There’s a lot of work that needs to be done.
The mine is now fully permitted, and with regards to the tailings into the river, we will not be doing that as we are investigating ways to avoid that with the restart,” he said.
Mr MacPherson also stated that the entire investment for the mine restart would be in the range of US$220 to $250 million, which is a significant sum that will only be known once the mine is dewatered.
Reference: Yafo, Melisha. Post-Courier (22 April 2022). “Licence Granted For Tolukuma”.
