Stratex International plc’s 45%-owned Altintepe gold project, in Turkey, has poured its first gold.
Under Stage 1 of the operation, which focuses on exploitation of the Camlik East zone, the mine is expected to deliver a minimum of 30 koz/y of gold over 34 months for a total of 110 koz of gold. Bahar will recover its pre-production costs from 80% of the net free cash flow; thereafter the net proceeds will be distributed 55% Bahar, 45% Stratex.
As the mine ramps up to full production, the partners will undertake further technical and economic assessments on the Extension Ridge and Camlik zones in anticipation of these being exploited during the later stages of mining of the Camlik East resource.
Altıntepe is a high- to intermediate-sulphidation epithermal gold deposit, which has an in-house resource estimate containing 593 koz gold and 3.2 Moz of silver.
Stratex’s partner, Bahar Madencilik, has been funding all pre-production costs, including US$39 million towards construction, in order to earn its 55% interest in the project. Stratex’s initial investment in Altintepe stands at just US$1.5 million.
Stratex pours first gold at Altintepe: STI