Guyana gold mine aiming for September start-up

Andrew Topf | July 12, 2015
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Dual-listed Troy Resources (TSX, ASX:TRY) says its Karouni gold project in Guyana should begin wet commissioning in early September, about six months after construction started in February.

The Australian company started building the site, which envisions two open pits and one underground mine, soon after the environmental permit was issued in January.

"The past month or so has been an extremely busy period at Karouni as the construction team of over 500 employees and contractors worked through heavy seasonal rainfall to push completion of the plant as far as possible," Troy Resources stated in an operational update published on Friday. "At the end of June, the only major items that were still under construction were the Mill and the Thickener, with all the other major components and site facilities ready for power connection and commissioning. All site infrastructure work is complete and all the Administration buildings are functioning."

A preliminary economic assessment (PEA) issued in January, 2014, has the mine in north-central Guyana producing 90,000 ounces a year for seven years, with production of 102,000 ounces gold in its first year. The average grade is 4.13 grams per tonne and the all in-cash costs are $805 per ounce.

Troy says the first gold would be poured around 3 to 4 weeks after the start of wet commissioning. The project will be developed initially as an open-cut operation at the Smarts and Hicks deposits, followed by underground mining at Smarts.

Despite the positive news, investors were not moved to bid up Troy's stock price. The company was off slightly on Friday on the ASX, slipping 1.35 percent to 36.5 cents a share, at a market cap of $104 million.

Original Post
Originally Posted by yuji22:
Despite the positive news, investors were not moved to bid up Troy's stock price. The company was off slightly on Friday on the ASX, slipping 1.35 percent to 36.5 cents a share, at a market cap of $104 million.

 

Guyana gold mine aiming for September start-up, Andrew Topf | July 12, 2015

Perhaps, they are very cautious with the PNC government.

Originally Posted by Demerara_Guy:
Originally Posted by yuji22:
Despite the positive news, investors were not moved to bid up Troy's stock price. The company was off slightly on Friday on the ASX, slipping 1.35 percent to 36.5 cents a share, at a market cap of $104 million.

 

Guyana gold mine aiming for September start-up, Andrew Topf | July 12, 2015

Perhaps, they are very cautious with the PNC government.

Accurate.

 

Business owners are holding off on Investments until APNU proves that it can sustain economic growth and security of Guyana both of which are lacking at this moment.

 

Harmon, Ramjattan and Greenidge are Granger's biggest mistakes.

Originally Posted by yuji22:
Originally Posted by Demerara_Guy:
Originally Posted by yuji22:
Despite the positive news, investors were not moved to bid up Troy's stock price. The company was off slightly on Friday on the ASX, slipping 1.35 percent to 36.5 cents a share, at a market cap of $104 million.

 

Guyana gold mine aiming for September start-up, Andrew Topf | July 12, 2015

Perhaps, they are very cautious with the PNC government.

Accurate.

 

Business owners are holding off on Investments until APNU proves that it can sustain economic growth and security of Guyana both of which are lacking at this moment.

 

Harmon, Ramjattan and Greenidge are Granger's biggest mistakes.

2015 will be a very hard year for Guyana and it has nothing to do with the new administrations.

 

The drug lords who were propping up the economy for Jaggay are all holding back their investments.

 

Plus Venezuela has hammered us.

Originally Posted by yuji22:

Stop making excuses, Guyana is headed into a severe recession never seen in it's history.

 

APNU is the government of the day and so far, they appear clueless.

Would not deny that grwoth will be low in 2015.

 

But it is not Granger and Nagamootoo's fault.  They have only been in office for 60 days - 2 months.

 

Who was in office for the previous 4 and a half months?

 

Let us get the facts correct here now YUJI.

Originally Posted by KishanB:
Originally Posted by yuji22:

Stop making excuses, Guyana is headed into a severe recession never seen in it's history.

 

APNU is the government of the day and so far, they appear clueless.

Would not deny that grwoth will be low in 2015.

 

But it is not Granger and Nagamootoo's fault.  They have only been in office for 60 days - 2 months.

 

Who was in office for the previous 4 and a half months?

 

Let us get the facts correct here now YUJI.

Listen,

 

APNU is the government of the day and they appear CLUELESS so far.

Originally Posted by yuji22:
Originally Posted by KishanB:
Originally Posted by yuji22:

Stop making excuses, Guyana is headed into a severe recession never seen in it's history.

 

APNU is the government of the day and so far, they appear clueless.

Would not deny that grwoth will be low in 2015.

 

But it is not Granger and Nagamootoo's fault.  They have only been in office for 60 days - 2 months.

 

Who was in office for the previous 4 and a half months?

 

Let us get the facts correct here now YUJI.

Listen,

 

APNU is the government of the day and they appear CLUELESS so far.

The APNUAFC is a virgin in Government.

 

How was your first time?  Were you an expert on your first try?

 

THINK YUJI.

Originally Posted by KishanB:
Originally Posted by yuji22:
Originally Posted by KishanB:
Originally Posted by yuji22:

Stop making excuses, Guyana is headed into a severe recession never seen in it's history.

 

APNU is the government of the day and so far, they appear clueless.

Would not deny that grwoth will be low in 2015.

 

But it is not Granger and Nagamootoo's fault.  They have only been in office for 60 days - 2 months.

 

Who was in office for the previous 4 and a half months?

 

Let us get the facts correct here now YUJI.

Listen,

 

APNU is the government of the day and they appear CLUELESS so far.

The APNUAFC is a virgin in Government.

 

How was your first time?  Were you an expert on your first try?

 

THINK YUJI.

This is about governing and not sex. Get your act together man !

 

APNU appears to be clueless and seems to have had all of the answers during the campaign. They now appear like a foolish bunch of politicians.

 

Granger made some very poor choices and it is beginning to show. He still has time to remove the useless Ministers like Ramjattan, Greenidge and Harmon.

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