Condor Gold's latest optimisation study has significantly enhanced the economic potential of its La India mine. Within the trade, the benefits of the employing Whittle Consulting to enhance the economics of a planned mine have long been recognised.

Jeff Whittle founded his first mine optimisation business way back in 1984, sold it, and then developed another one along similar lines.

It’s all about using the proprietary Whittle optimisation software to enhance the economics of a mine by modelling pit design, scheduling and a host of other features.

But because the main customers tend to be the major mining companies, it’s not often that the full impact of a Whittle study can see the light of day.

Condor Gold (LON:CNR) is one recent exception, and Condor’s chief executive Mark Child is in no doubts about the improvements Whittle optimisation have made to Condor’s plans for the La India gold project in Nicaragua.

“The results have stunned us,” he says. “They are far better than we thought they would be.”

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Whittle Consulting investigated strategic options to optimise the mine schedules to improve the economics of the La India projects in Nicaragua. The Whittle Enterprise Optimisation (EO) study determined; an NPV increase of over 50%, an IRR average of 30%, payback on upfront capital costs between 2-3 production years, gold production increase of (on average) 22% for the first 5 years with sustaining cash costs remaining under US$700per oz gold.
This technical paper was originally published in 2016, by Condor Gold plc in London.

A technical paper was published in 2016, by Condor Gold plc in London.

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