Nickel in demand

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The first gold was poured at Çöpler in December 2010 72 [ Aug 2014 ] BE Monthly
Alacer Gold I t puts the current gold market into perspective when one looks back just a couple of years. In 2012 when we last looked at Alacer Gold’s Çöpler gold mine gold prices stood at just over $1,000 an ounce. Since then they have risen of course to as high as $1,800 in mid-2011 before setting out on a steady decline. Nevertheless at the time of writing, at a level of £1,246 an ounce they are still above what was then considered a very positive level for the TSX listed company, which in 2014 expects to produce at Çöpler 160,000 to 180,000 ounces of gold at all-in cash costs of between $730 and $780 per ounce. Alacer owns an 80 percent interest in the mine, with the remaining 20 percent held by its minority Turkish partner Lidya Madencilik $322 per ounce. Mining of the Manganese Pit commenced during 2010, and mining of the Marble and Main Pits commenced during 2012. The Manganese Pit has provided the greater part of ore thus far, however, the balance is planned to shift to the Main Pit from the second half of 2014. Processing of oxide ore started in 2011 with a three-stage crushing circuit nominally rated at 15,500 tonnes per day (tpd). Toward the end of last year a parallel clay handling circuit was commissioned to enable processing of ore with a higher clay content. The Çöpler plant now has a capacity of 17,000 tpd. The crushed ore is then delivered to the heap-leach pad. To extract the gold from the ore, a lowconcentration cyanide solution is applied to the agglomerated ore on the leach pad using “Following necessary changes Alacer is now well placed to execute our new strategy in a cost-effective manner” San. Ve Tic, AŞ (Lidya Mining). Lidya Mining is owned by Çalık Holding AŞ, a multi-billion dollar Turkish conglomerate that is enthusiastic about Turkey’s mineral potential. Alacer first acquired an interest in Çöpler more than twelve years ago, and by 2004 it had acquired 100 per cent control of the property. At that stage, all it really owned were the rights to mine what was still virgin territory, however in 2009 it entered a strategic relationship with Lidya Mining, and construction of the mine began not long after, with the first gold being poured December 2010 and full commercial production announced a few months later. Çöpler exceeded expectations during its first year of operations. Commercial gold production came on stream earlier than planned and in total the mine produced 185,418 ounces of gold at a cash operating cost of a low-pressure irrigation drip system. Doré bars are produced on site and transferred to third-party refineries for final recovery of gold and minor amounts of silver. Over the life of the current heap-leach project, approximately 63 percent of the gold contained in the oxide ore is expected to be recovered. It has been a very successful low cost operation, in some contrast to the mines Alacer owned in Australia. The latter returned a poor operating performance, which coupled with the declining gold price last year convinced the directors that the best course of action would be to sell the Australian assets and focus the company’s efforts on Turkey. This was an opportunity for further restructuring and cost reduction, said CEO Rodney Antal in his review of last year’s performance. “The restructuring of our BE Monthly [ Aug 2014 ] 73
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Primefuels and reliability, despite
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Tata Zambia A deep partnership The
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164 [ Aug 2014 ] BE Monthly
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IT’S TIME TO FOCUS ON YOU Commerc
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