Steppe Gold Limited (TSX: STGO | OTCQX: STPGF | FSE: 2J9) has provided an update on its Phase 2 expansion at the ATO Mine.
Mr. Bataa Tumur-Ochir, chairman and CEO commented, “With our landmark financing package secured and drawdowns now commenced, we are very excited to accelerate development of Phase 2 Expansion and soon order the long lead items. With our Phase 2 expansion fully financed and under development, the company is increasing its annual production from approximately 30koz in 2023 and 2024 to over 100koz Au Eq by the end of 2025.”
The company has drawn down US$9.6M from a US$150M financing package in October to accelerate the construction and development of the Phase 2 Expansion.
EPC arrangements are in the final stages, partnering with leading international engineering firms and construction teams in Mongolia. EPC arrangements and selected parties will be announced shortly, with long lead items to be ordered this November.
Engineering drawings and permits completed to connect to the state power grid for plus 10Mw. It is estimated to save ~US$100/oz in operating costs, lowering estimated AISC US$900/oz to US$800/oz.
Additionally, the company is exploring the option of a 100% renewable energy in the camp expansion already underway.
To find out more, please visit www.steppegold.com
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