Acacia Mining to survey commercial viability of Sh161bn of gold

The British miner, Acacia Mining, is to conduct a survey to understand the commercial viability of the deposits on 1.1mn ounces of gold.

The company has been exploring the town Kakamega, located in the West of Kenya, for the precious metal.

The recoverable deposits for the 1.1mn ounces of gold are estimated to be valued at Sh161bn (US$1.6mn), following the valuation set on 16 February of Sh137,430 ($1,358) per ounce.

“The updated inferred resource estimate completed for the year-end returned … 1.044 million ounces at Isulu and for Bushiangala 126,600 ounces,” Acacia noted its Kakmega site.

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“A technical study to determine mineability of these deposits was commenced in Q4 2017.”

The firm’s confirmation of the survey could suggest the joining of Acacia Mining and Goldplat – which mines in Migori, 130 miles from Kakamega.

In December last year, Acacia Mining invested Sh1.2bn ($12.2mn) into greater exploration of western Kenya.

The global production of gold is expected to increase due to increasingly competitive prices of the metal.