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Burkina Faso Gold
The Perkoa Zinc Mine is located in the Sanguie Province of Burkina Faso, 120km west of the capital Ouagadougou. The project is 35km by road from the country's third largest town, Koudougou, which is linked to neighbouring states of Cote D' Ivoire, Ghana and Togo by tarred roads and by rail to Abidjan, capital of Cote D'Ivoire.
The Government of Burkina Faso is supportive of all mine developments, based on the country’s 2003 Mining Code, which was drafted in a manner that is attractive to foreign companies. In accordance with the Mining Code, the Government of Burkina Faso is entitled to 10% free-carried interest in the Perkoa Zinc Project, and provides some beneficial tax concessions.
The Perkoa Zinc Mine is the largest zinc mine development undertaken in the country to date and there is a growing level of excitement over its progression. A Mining Code drafted in 2003, which adopted the principals of worlds’ best practice, sets the terms and conditions for the development of mining projects. The Government has constructed the Seboun Dam that is proposed to supplement water supply for the project. In addition, a rail line, built eight years ago, passes through Koudougou, within 30km from the mine site.
The Perkoa deposit is a classic VMS deposit hosted by the Lower Proterozoic Birimian Belt. The deposit is unusual for its high concentrations of zinc and barium mineralisation, and relatively low levels of lead and copper. The prospective Birimian rocks in Burkina Faso are the same sequences which host major gold deposits in neighbouring Ghana and Mali.
Between 1979 and 1992 the deposit was the subject of three separate exploration campaigns. The exploration concession originally covered 484 sq km but has subsequently been reduced to approximately 310 sq km, as a consequence of statutory relinquishments.
Blackthorn Resources acquired 100% of the project in January 2005. Snowden Mining Industry Consultants completed a Bankable Feasibility Study ('BFS') in December 2005.
Blackthorn Resources transferred a 10% interest in the project to the
Government of Burkina Faso
in March 2007 in accordance with statutory requirements upon being granted an exploitation licence.
Construction at the Perkoa Zinc Mine commenced in March 2007 following the grant of the exploitation licence for mining purposes.
Construction at Perkoa was suspended in July 2008, and the project was placed in a care and maintenance programme, sighting a decline in global metal prices.
In late 2010 a joint venture between Blackthorn Resources (39.9%) and Glencore (50.1%) was formed which allowed construction and development activities to resume in December 2010.
In March 2013, agreement was reached for Glencore to provide additional equity funding to the project. Blackthorn Resources elected not to fund its equity share of the US$80M funding and as a result it diluted its interest in the project from 39.9% to 27.3%.
Production commenced in May 2013.
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