Morila Gold Mine
Firefinch has an 80% interest in the Morila Gold Mine which has produced 7.5 million ounces of gold since 2000 and has historically been one of the highest grade gold mines in the world under previous Barrick Gold and Anglogold Ashanti ownership.
Since acquiring the mine from the majors, the company has been ramping up production through its 4.5mtpa mill, from a current annual production profile of 40,000 ounces from tailings treatment, towards a target of 80,000 ounces per annum from mining the smaller, satellite open pits, stockpiles and tailings.
In 2022, the company plans to further increase production by re-commencing mining from the main Morila pit to exploit the 1.49 million ounce global resource at the project.
Exploration will be a major focus at Morila, with multiple high-priority targets on the 685km2 of surrounding tenure.
- World Class: Cash generating asset that has
produced over 7.4 million ounces of gold
- Producing Gold Now: Processing tailings to mid 2021
- Leverage Sunk Capital: US$300 million plus to replicate infrastructure and drilling
- Near Term Production Growth: Mining of satellite pits in 2021
- Long Mine Life Possible: 1.3 million ounces at Morila main pit, upgrade imminent
- Excellent Exploration Upside: A decade since last major drilling effort at Morila and adjacent targets
- Funded: Cashflow from operations and $29 million
cash on hand
- Experienced Team: Full operating team in place
who have remained with the mine.
20 years of continuous gold production plus all infrastructure required of remote mine provides confidence in the asset.