What is the Bankan Gold Project?
The Bankan Gold Project represents an advanced gold mining development located in Guinea's gold-rich Siguiri basin in northeastern West Africa. Owned by Predictive Discovery, this large-scale project is positioned to become one of West Africa's significant gold producers when operations commence in 2028. The project encompasses multiple mining areas including Northeast Bankan (NEB), Gbengbeden (GBE), and Bankan Creek (BC), combining both openpit and underground mining operations to maximize resource extraction.
The project's strategic location in the Siguiri basin provides geological advantages that contribute to its promising production potential of approximately 250,000 ounces of gold annually over a 12.2-year mine life. Following the completion of a definitive feasibility study in June 2025, the project is advancing toward construction, with commercial production targeted for Q2 2028.
Project Location and Regional Context
The Bankan Gold Project is situated in Guinea's northeastern region within the Siguiri basin, an area renowned for its substantial gold deposits and established mining operations. Guinea has emerged as an increasingly important gold-producing country in West Africa, with the Siguiri basin recognized by geological experts as containing significant untapped gold potential.
This region benefits from a geological setting favorable for gold exploration drilling, with multiple structural controls that have created extensive deposit formations. The Siguiri basin features a complex network of shear zones and intrusive contacts that have proven conducive to gold accumulation, making it an attractive area for mining development.
Project Owner and Development Timeline
Predictive Discovery, an Australian-based gold explorer and developer with a strategic focus on West Africa, owns the Bankan Gold Project. The company has methodically advanced the project through various exploration and development phases, culminating in the completion of a definitive feasibility study (DFS) in June 2025.
The project's development timeline includes:
- Definitive feasibility study completion: June 2025
- Construction commencement: Q2 2026
- Two-year construction period: Q2 2026 to Q2 2028
- Commercial production start: Q2 2028
This structured timeline reflects a comprehensive approach to project development, ensuring adequate preparation and resource allocation for successful implementation.
How Will the Bankan Gold Project Operate?
The Bankan project will employ a sophisticated combination of mining methods to optimize gold extraction across its multiple deposits. This dual-approach strategy creates a mining complex with significant production capacity and operational flexibility.
Mining Methods and Operations
The project's operational strategy includes both openpit and underground mining techniques to efficiently extract ore from different geological zones:
Openpit Mining:
- Conventional drill, blast, truck and shovel operations at three strategic locations
- Northeast Bankan (NEB): Three-stage pit development designed to prioritize access to higher-grade ore and balance material movements over the life of mine
- Gbengbeden (GBE): Single-stage pit with mining scheduled during the first nine months of the construction period
- Bankan Creek (BC): Single-stage pit mined during years 9-11 of operations
Underground Mining:
- Access established through the GBE pit to reach ore beneath the NEB deposit
- Combination of transverse and longitudinal longhole stoping methods for efficient extraction
- Engineered paste fill system for ground support and maximized ore recovery
- 15-month timeline from underground access to first stope ore
- Development beginning during the construction phase to ensure seamless integration with overall operations
NEB prestripping will be initiated three months prior to the commencement of production, strategically sequenced to provide immediate access to high-grade material early in the production cycle.
Processing Facilities and Technology
The Bankan project's processing infrastructure has been designed to efficiently handle the ore characteristics specific to the deposits:
- Annual throughput capacity of 4.5 million tonnes
- Conventional carbon-in-leach (CIL) technology selected for its proven effectiveness with similar ore types
- Upfront gravity recovery circuit to capture coarse gold particles before leaching
- Modern processing systems optimized for the Bankan ore's metallurgical properties
- Comprehensive recovery circuits designed to maximize gold extraction rates
The processing facility layout has been engineered to accommodate potential future expansions, demonstrating foresight in the project's long-term development strategy.
What Makes Bankan a Significant Gold Project?
The Bankan Gold Project stands out among West African mining developments due to its impressive scale, substantial production capacity, and compelling financial metrics. These factors position it as a major future gold producer in the region with significant economic potential.
Production Scale and Mine Life
The project boasts substantial production parameters that underscore its significance:
- 12.2-year life-of-mine (LoM)
- Average annual production of approximately 250,000 ounces of gold
- Total ore processing of 54.5 million tonnes at an average grade of 1.86 g/t gold
- Contained gold of 3.26 million ounces over the life of mine
This production scale places Bankan among the more substantial gold developments in West Africa, with annual output that will contribute meaningfully to Guinea's mining sector and overall economy.
Economic Fundamentals
The June 2025 definitive feasibility study revealed compelling financial metrics that demonstrate the project's economic viability:
- $1.64 billion after-tax net present value (using a 5% discount rate) at $2,400/oz gold
- 46% internal rate of return, indicating strong profitability
- 1.9-year payback period on capital investment
- $463 million total pre-production capital expenditure
These financial indicators highlight the project's potential to generate significant returns for investors while providing substantial economic benefits to the host country through tax revenues, employment opportunities, and infrastructure development.
Mining Sequence and Operational Strategy
The project employs a strategic mining sequence to optimize cash flow and operational efficiency throughout its lifecycle:
- NEB Openpit: Three-stage development prioritizing higher-grade ore early in the mine life to accelerate returns and strengthen initial cash flow
- GBE Pit: Early development scheduled during the construction phase to establish underground access
- Underground Development: 15-month timeline to first stope ore, with development beginning during the construction period
- BC Openpit: Deferred until years 9-11 to optimize capital allocation and maintain steady production rates
This carefully sequenced approach demonstrates sophisticated mine planning that balances grade optimization, operational efficiency, and capital management.
What Expansion Potential Does Bankan Offer?
The Bankan Gold Project demonstrates significant potential for extending its mine life and increasing resources beyond the current development plan. Geological indicators and preliminary exploration results suggest multiple avenues for resource growth.
Resource Expansion Opportunities
Several promising expansion avenues exist that could enhance the project's long-term value:
- Depth Extension: The NEB deposit remains open at depth beneath existing underground resources, indicating potential for additional mineralization that could extend underground mining operations
- Deposit Expansion: Both BC and GBE deposits show potential for growth through targeted drilling programs aimed at defining extension zones
- Near-Resource Targets: Additional exploration targets have been identified in proximity to current resources, presenting opportunities for satellite deposit development
- Regional Exploration: The broader property holds further exploration potential across multiple geological structures
These expansion opportunities represent a significant upside to the project's current economic model, potentially extending operations well beyond the initial 12.2-year mine life.
Future Development Scenarios
The project's long-term prospects could include several strategic developments:
- Extended mine life beyond the current 12.2-year plan through resource conversion and discovery
- Increased production capacity through processing plant expansion if resource growth justifies the investment
- Development of satellite deposits to supplement the main mining areas and optimize infrastructure utilization
- Operational optimization opportunities as mining progresses and technologies evolve
Geological evidence suggests that the Siguiri basin's gold mineralization extends beyond currently defined resources, providing substantive targets for future exploration programs.
How Does Bankan Fit Into Guinea's Mining Sector?
The Bankan Gold Project represents an important development for Guinea's growing mining industry, which has traditionally been dominated by bauxite but is increasingly diversifying into gold production. This diversification strengthens the country's mining portfolio and reduces economic dependence on a single commodity.
Strategic Importance to Guinea
The project will contribute to Guinea's economic development through multiple channels:
- Foreign direct investment of $463 million in pre-production capital, stimulating economic activity
- Long-term employment opportunities for local communities, contributing to skills development
- Technology transfer and capacity building in the mining sector
- Substantial tax revenue and royalties over the 12+ year mine life
- Infrastructure development that can benefit broader regional growth
These contributions align with Guinea's national development goals and highlight the project's role in strengthening the country's position as an emerging gold producer in West Africa.
Regional Mining Landscape
Bankan joins other significant mining operations in the region, enhancing Guinea's mining portfolio:
- The project operates in the established Siguiri basin mining district, an area with recognized geological potential
- It complements existing gold operations in northeastern Guinea, creating potential synergies
- The development adds to Guinea's growing portfolio of gold assets, which are becoming increasingly important to the country's mining sector
- The project contributes to establishing Guinea as a diverse mining jurisdiction rather than solely a bauxite producer
Guinea's mining code revisions in recent years have created a more structured environment for international mining investments, providing greater certainty for projects like Bankan.
What Are the Next Steps for the Bankan Gold Project?
With the definitive feasibility study completed in June 2025, the project is advancing toward construction and eventual production according to a structured timeline.
Pre-Construction Activities
Current focus areas include comprehensive preparation for the construction phase:
- Execution readiness activities ensuring all technical and operational plans are finalized
- Early works planning and implementation, including site preparation and access development
- Permitting and regulatory approvals to ensure compliance with Guinean mining regulations
- Community engagement and stakeholder relations to build social license to operate
- Financing arrangements and partnerships to secure the $463 million in required capital
These preparatory activities are critical to ensuring the project can transition smoothly into construction when formal approval is granted.
Construction and Development Timeline
The project's forward schedule includes key milestones:
- Construction start: Q2 2026
- Two-year construction period focusing on processing plant, infrastructure, and mining development
- Commercial production: Q2 2028
- Sequential development of mining areas according to the optimized mine plan
- Initial focus on NEB openpit with prestripping beginning three months before production
This timeline reflects a realistic approach to project development, incorporating appropriate lead times for equipment procurement, construction activities, and operational readiness.
FAQs About the Bankan Gold Project
What is the expected annual gold production from the Bankan project?
The Bankan Gold Project is expected to produce approximately 250,000 ounces of gold annually over its 12.2-year life of mine. This production will come from processing 54.5 million tonnes of ore at an average grade of 1.86 g/t gold, containing a total of 3.26 million ounces of gold throughout the project's lifespan.
How much will it cost to develop the Bankan Gold Project?
The pre-production capital expenditure for the Bankan project is estimated at $463 million. This investment covers the construction of the processing plant, development of mining infrastructure, establishment of site facilities, and all other costs required to bring the project to commercial production over a two-year construction period starting in Q2 2026.
What mining methods will be used at Bankan?
The project will employ both openpit and underground mining methods to optimize resource extraction. Openpit mining will use conventional drill, blast, truck and shovel operations at three locations (NEB, GBE, and BC). Underground mining beneath the NEB deposit will utilize transverse and longitudinal longhole stoping with engineered paste fill to maximize ore recovery while maintaining ground stability.
When is the Bankan Gold Project expected to begin production?
Following a two-year construction period scheduled to begin in Q2 2026, commercial production at the Bankan Gold Project is expected to commence in Q2 2028. The development schedule includes strategic sequencing of mining areas, with initial production coming from the Northeast Bankan openpit.
What is the economic potential of the Bankan project?
Based on a gold price forecast of $2,400/oz, the project demonstrates robust economics with an after-tax net present value of $1.64 billion (at a 5% discount rate), an internal rate of return of 46%, and a payback period of 1.9 years. These metrics indicate strong financial viability and potential for significant returns on investment.
Is there potential to extend the mine life beyond the current plan?
Yes, the project shows excellent potential for extending its mine life through additional drilling and exploration. The NEB deposit remains open at depth beneath the existing underground resources, while the BC and GBE deposits could be expanded through targeted drilling programs. There is also significant exploration potential at near-resource and regional targets across the property.
How will the Bankan project benefit local communities?
The project will create substantial employment opportunities during both construction and operations, prioritizing local hiring where skills are available. Additionally, community development initiatives, infrastructure improvements, and support for local businesses will generate positive socioeconomic impacts for surrounding areas throughout the project's lifecycle.
Further Exploration
Readers interested in learning more about gold mining projects in West Africa can explore related educational content from Mining Review, which offers additional perspectives on mining developments in Guinea and surrounding regions. Industry publications also provide valuable insights into the gold market performance and gold price analysis, as well as identifying potentially undervalued gold stocks for those interested in investing in the sector. For a more detailed look at the Bankan project itself, the Predictive Discovery website offers comprehensive information about the company's assets and development plans.
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