Aureus raises $80 million for gold mine in Liberia
Aureus Mining (TSX, LON:AUE) announced recently it raised $80 million towards funding its New Liberty gold mine in Liberia, West Africa.
The news come in handy to the explorer, as there has been concerns over whether Aureus would be able to move forward and develop the mine on profitable terms.
New Liberty is expected to come on stream in the third quarter of 2014, following a construction phase of 18 months.
The mine is expected to generate135,000 ounces of gold at peak production. Plans for New Liberty to be powered by diesel generators will result in a relatively high cost operation, but this will be more than covered by the superior grade (over 3 grams/tonne), which typically results in strong underlying earnings margins (average 50% for the first five years).