• British miner Cora Gold pegs initial investment at $124m for Sanankoro project.

• Mine projected to yield 47,000 oz annually over 10.2 years, with 65% IRR.

• Company awaits permits to secure financing and start construction.

Cora Gold has put a $124 million price tag on launching its Sanankoro gold project in Mali. The figure, disclosed in a feasibility study released on Wednesday, September 3, includes an $8 million contingency allocation and covers all expenses needed to develop what could become the British company’s first producing mine.

The financing strategy remains unclear, though the company expects to recover the investment within 1.1 years. Once operational, Sanankoro is projected to produce an average of 47,000 ounces of gold annually over a 10.2-year mine life, including 64,000 ounces during the first five years. Based on a consensus gold price of $2,750 per ounce, the project carries a 65% internal rate of return (IRR) and a net present value (NPV) of $221 million.

To move forward, Cora Gold plans to obtain all necessary regulatory approvals, including a mining license and environmental and social permits. These will be key to finalizing financing and launching construction. No timeline has yet been announced.

The company noted that the feasibility study was prepared with Mali’s revised 2023 mining code in mind. The new law allows the state to take up to 35% of shares in mining projects, compared to 20% under the previous regime, with 5% reserved for local investors. It is not yet clear whether discussions have begun on applying the new rules to the Sanankoro permit.