-company aiming for 350,000 ounces per year by 2028
G Mining Ventures (GMIN) which this year entered into an agreement with Reunion Gold Corporation (RGD) of Canada for underground and open pit gold mining at the Oko West project in Region Seven, yesterday announced it will pay an average 6.5% in royalty from the 350,000 ounces it projects to produce annually from around 2028.
The royalty rate had not been previously disclosed in the agreement struck this year with government and will be 8% for open pit mining and 3% for underground mining.
With a development capital expenditure pegged at US$936 million over its projected 13-year span for the US$1.5 billion project, the company also said that it will create 1,500 jobs while building capacity and training in the region in collaboration with the Board of Industrial Training (BIT).