Hexagon
Jan 8, 2024
Hexagon Build Engineering LLC had signed EPC Contract for Phase 2 ATO Expansion plant with Steppe Gold Company.
About ATO Gold Mine:ATO Gold Mine is Steppe Gold’s 100% owned flagship project with approximately 1.67 million oz AuEq in reserves located in Dornod province, Mongolia.
Phase 1 of the ATO Gold Mine – De-risked and in production
Phase 1 of the ATO Gold Mine – heap leach operations was built from project to production within 18 months, including all permitting.
The ATO Gold Mine has produced over 100,000 oz of gold and generated over $185 million in gross revenue, with a further anticipated 65,000 oz till the end of 2025.
Drilling programmes are ongoing at the ATO Gold Mine, focusing on additional oxide zones.
Phase 2 Expansion – Financing fully secured and under construction
The financing for Phase 2 Expansion of US$150 million is fully secured, and drawdowns commenced in October 2023.
Phase 2 Expansion is estimated to be complete by the end of 2025 and commence commercial production by 2026.
Phase 2 Expansion is expected to increase the Company’s production from 30,000 to over 100,000 ounces per annum for 12 years at approximately US$900 per ounce Au Eq and anticipated to produce over 1.2 million ounces of gold equivalent on a recovered basis.