PDI Gold Managing Director and CEO Matthew Wilcox used his Africa Down Under presentation to introduce the company under its new name, formed via a recent merger, and to outline plans for a two-mine production hub in Guinea targeting more than 400,000 ounces of gold a year.
The company currently operates two producing gold mines, Nampala in Mali which produces around 45,000 ounces a year at a cash cost of just over US$2,000 an ounce; and Kiniéro in Guinea, the company’s most recently developed asset, which carries guidance of up to 170,000 for 2026 at a low cash cost of about US$1,250 an ounce.
The Company currently holds total Mineral Resources of 9.5 million ounces and Ore Reserves of just over 4.5 million ounces.
Kiniéro and the Bankan gold development project, which is approaching construction-ready status, are located just 25 kilometres apart, which Mr Wilcox said would ultimately form a single production hub.
“They’re going to be one hub that’s producing well over 400,000 ounces a year once it’s fully in production,” he said.
Mr Wilcox pointed to his and his team’s track record of mine construction across West Africa and internationally, noting the company would be building its seventh mine in an 18-year period once Bankan enters development.
“We know exactly what we are doing, we really roll into our construction with an experienced team on every level. We don’t rely heavily on EPCM contractors – we manage our own construction contractors, we self-perform where possible, and we do the vast majority of our own procurement,” Mr Wilcox said.
Group all-in sustaining costs sat at just over US$1,400 an ounce in the most recent quarter, with Kiniéro’s costs of around US$1,250 an ounce placing it in the bottom cost quartile among West African gold producers.
Kiniéro poured first gold on 21 December last year and has ramped up quickly, with second-quarter production annualising at around 8 million tonnes per annum against a 6 million tonne per annum nameplate capacity.
Mr Wilcox said Kiniéro was the Company’s flagship at the moment, at least until Bankan came online, which had initial guidance of between 157-174,000 ounces for the year at a cash cost estimate of US$1,100-1,300 per ounce.
“We closed the transaction mid-way through April, and really just produced a whole lot of gold and put away a whole lot of cash,” he said
“We are looking forward to building our mine with that cash balance. We will not need additional financing and will not raise further equity,” Mr Wilcox said.
