The Kurmuk Project is an advanced stage development project in the Benishangul-Gumuz region of Ethiopia. The project involves a two-phase development plan requiring a total capital investment of approximately $500 million. Much of the initial phase is completed, with civil works and SMPP (structural, mechanical, plate, and piping) contractor mobilizations in progress. Main camp construction, along with engineering and procurement activities remain on track. Phase 2 will begin in 2025 with production expected to begin by the second quarter of 2026. The project aims to achieve an average annual gold production of approximately 290,000 ounces over the first five years and sustain an average of over 240,000 ounces annually over a 10-year mine life, at an AISC1 of $950 per ounce.
The current project design encompasses the Dish Mountain and Ashashire deposits, with numerous exploration targets across the Kurmuk Project’s expansive 1,450 km² exploration territory.