Miners set out 2022 goals for CentAm, Dominican projects

Mining companies are targeting major milestones at projects in Central America and the Dominican Republic in 2022, following recent surges in gold and copper prices.

Firms are targeting new studies and progress on construction, permitting and exploration fronts at key assets this year.

BNamericas lists 34 projects, of which nine have capex information, which totals US$3.65bn.

The focus is heavily on gold and copper.

Updates were not available for the Mayaníquel or Santa Rita projects in Guatemala and Nicaragua, respectively.

TOP PROJECTS – 2022 GOALS

1. Pueblo Viejo Expansion, Dominican Republic. Capex: US$1.3bn

2022 focus: Tailings assessment, plant construction

Barrick Gold is advancing construction of an expanded processing plant at Pueblo Viejo, but permitting for additional tailings capacity remains an area of uncertainty.

The plant and tailings expansions are essential elements of the US$1.3bn expansion project, which aims to extend production at Latin America’s biggest gold mine into the 2040s.

Newmont holds a 40% interest in Pueblo Viejo (pictured).

Barrick said late last year that the processing plant expansion is due to conclude by end-2022, but the timing of a permit for the tailings increase remains unclear.

Following local opposition to a proposed new tailings dam, the government and the company have agreed on an independent environmental assessment of the options, which will be a key theme to monitor this year.

2. Cerro Blanco, Guatemala: US$548mn

2022 focus: Feasibility study, permitting, construction start

Bluestone Resources has a busy year ahead at its Guatemalan gold project.

The company made major inroads in project planning last year, publishing a new PEA and deciding to develop Cerro Blanco as a larger, open pit operation.

“Major milestones in 2022 are expected to include the completion of the feasibility study, initiation of project financing, along with the anticipated approval of the permit amendment application,” CEO Jack Lundin said in a release in January.

“This will lead into licensing for early works which we are targeting to initiate by end-year.”

The company is targeting first gold around end-2024, Lundin told BNamericas in November.

3. Cobre Panamá Expansion, Panama: US$327mn

2022 focus: Construction

First Quantum Minerals is advancing construction on its Cobre Panamá Expansion which aims to boost throughput from 85Mt/y to 100Mt/y, delivering higher output at the US$6.5bn copper-gold asset.

Work is on track for completion in 2023, according to the company’s guidance release last week, with commissioning of the sixth ball mill due in 1Q23 and a ramp-up to the target 100Mt/y throughput by end-2023.

The project will help lift copper production at Cobre Panamá from 330,000-360,000t in 2022 to 370,000-400,000t in 2024.

4. Cerro Quema/Caballito, Panama: US$164mn

2022 focus: Exploration

Orla Mining plans to resume exploration at its Panamanian projects in 2022, a company spokesperson told BNamericas last week, following a flurry of recent developments.

Orla filed an updated mineral resource estimate last week, which incorporated an independent estimate for the Caballito copper-gold deposit, separate from the previously outlined Cerro Quema oxide project.

The latter will deliver around 81,000oz/y gold over a six-year initial mine life, with initial capex estimated at US$164mn, according to a pre-feasibility study reported in July.

“We remain excited about the diversity of our growth options in Panama and are progressing on all fronts,” CEO Jason Simpson said.

“This includes the promising copper development opportunity, the robust oxide heap leach project, and a prospective exploration package.”

5. La India, Nicaragua: US$160mn

2022 focus: Permitting, exploration

Permitting is a key focus for Condor Gold at La India.

“The environmental permit is considered to be the master permit in Nicaragua, and once granted, all permits for construction, electricity, water use, explosives etc are expected to follow,” Condor said in its latest MD&A report.

Condor is also considering resource expansion, infill and exploration drill programs, subject to financing.

The company is evaluating a number of potential production scenarios, including a 1.4Mt/y-throughput open pit and underground operation, producing around 150,000oz/y gold in the first nine of a 12-year mine life, requiring US$160mn of initial capex.

6. Romero, Dominican Republic: US$159mn

2022 focus: Political lobbying

GoldQuest Mining’s Romero gold project has been in limbo for a number of years due to delays in receiving presidential endorsement of the exploitation license.

The company is focused on evaluating new opportunities outside the Dominican Republic, but continues to pursue political avenues aimed at getting the ball rolling again at Romero.

“The company maintains open dialogue with the administration and continues all efforts to obtain the Romero exploitation permit,” it said in its Q3 MD&A report.

7. Neita (Candelones), Dominican Republic: US$36mn

2022 focus: Permitting, production decision

Unigold aims to work swiftly toward a production decision at Neita (Candelones)

“Our objectives during the year are to deliver a viable, financed oxide project and to have sufficient permits in place that we can have certainty regarding the timing of construction and production,” CEO Joseph Hamilton said in a release in January.

Works will focus on the oxide project in H1, with drilling, metallurgical testing and process designs work on the sulfides deposit planned for later in the year.