Ikungu Project
Located on the Ikungu Peninsula, approximately 45 km from the Seka processing plant.
Project Overview
Located on the Ikungu Peninsula, approximately 45 km from the Seka processing plant. In-house measured and indicated mineral resources stand at 1,307.50 Kt of ore with an average gold grade of 2.25 g/t — equating to 2.93 tons (94.48 Koz) of gold. Underground mining infrastructure was constructed in early 2024, with initial production commenced in January 2025.
License | Type | Status |
|---|---|---|
ML 369/2020 | Mining | Active to 2030 |
ML 0797/2025 | Mining | Newly granted in 2025 |
PL/11786/2022 | Prospecting | Ikungu Perimeter |
Underground Development at Ikungu
Construction of surface infrastructure for the underground mine commenced in January 2023. The construction of major underground workings started in December 2024, with initial production beginning in mid-January 2025.
Monthly ore production during the early phase was approximately 5,000 tons and is currently increasing toward 10,000 tons as the operation ramps up.
Production Ramp-Up (5,000 → 10,000 t/month)
Underground throughput is now in its ramp-up phase: early monthly production around 5,000 tons is being scaled toward a steady-state of 10,000 tons per month through stope sequencing, fleet utilization improvements, and additional ventilation capacity.
Ore from Ikungu is hauled to the central CIP plant for processing, with Doré bars produced on-site.
Ikungu Development Timeline
Period | Milestone |
|---|---|
Jan 2023 | Construction of surface infrastructure begins |
Dec 2024 | Major underground workings commence |
Jan 2025 | Initial underground production |
2025 | New mining license ML 0797/2025 granted |
Ongoing | Production ramping up from 5,000 to 10,000 t/month |