Semafo (SMF.TO) completes expansion at Burkina Faso mine
Semafo completes latest expansion at Burkina Faso mine
By: Liezel Hill
9th December 2010
TORONTO (miningweekly.com) – TSX-listed Semafo has completed the third phase of a plant expansion at the Mana gold mine, in Burkina Faso.
Semafo also said it has received confirmation that Burkina Faso tax authorities dismissed a tax assessment and penalties for 2007 and 2008, that was issued to the company in the first quarter of 2010.
The company added two carbon-in-leach tanks to extend the leach time at the plant, to accommodate an increased throughput rate of up to 6 000 t/d of hard rock.
The latest expansion was aimed at optimising gold recovery and was completed ahead of schedule and in budget, the company said.
With the tax assessment dismissed, Semafo said it will pay authorities $700 000 instead of the $13,8-million tax assessment and $14,4-million in penalties that the government said at the time was owing.
“The amount owing will be paid out and recorded in the fourth quarter 2010, bringing this matter to a close for all parties,” Semafo said.
Besides Mana, the company also operates the Samira Hill mine in Niger and the Kiniero mine in Guinea.
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