(Ecofin Agency) - Guinea, known for its significant bauxite production, is also a notable gold producer. In 2022, the country yielded 21.23 tonnes of gold, with expectations of increased output in the future, driven by the new Bankan project.

Predictive Discovery, an Australian junior mining company, recently announced a share placement to raise 50 million Australian dollars (approximately $32.6 million) for advancing its Bankan gold project in Guinea.

The allocated funds will support drilling campaigns to identify new exploration targets, enhance resource estimation, progress permit applications, fund environmental and social activities, and complete the definitive feasibility study.

“The recent completion of the PFS was a key milestone and confirmed that Bankan can become a large-scale, long-life and low-cost gold mine. These additional funds will allow PDI to undertake the DFS and accelerate the multiple drilling programmes, which are aiming to add gold ounces,” said PDI managing director Andrew Pardey.

Bankan, according to its pre-feasibility study, could yield an average of 256,000 ounces annually over 11 years, totaling 2.81 million ounces (80 tonnes) of gold throughout its operational life. The project's development is estimated to require an initial investment of $456 million.