How much gold and silver do the Canadians expect to extract from the Certej mine in Romania?

Canadian gold mining company Eldorado Gold Corporation is ready to start the gold mining project at Certej, in western Romania, after finishing the feasibility study. The group estimates that it can extract more than USD 3.2 billion worth of gold and silver from the Certej mine. Eldorado Gold Corp estimates the total resources of the Certej mine to more than 4 million ounces (oz) of gold and 25.6 million ounces of silver. The proven and probable reserves, which represent that part of the mineral resources that can be economically mineable, stand at some 2.4 million oz of gold and 15.5 million oz of silver, according to the summary of the feasibility study that the Canadian group completed for the Certej project. The total value of these reserves is more than USD 3.25 billion, of which USD 3 billion for the gold and USD 256 million for the silver, considering an average gold price of USD 1,250/oz and an average silver price of USD 16.5/oz, as stated in the report. However, the net present value of the project, which represents the future net operating profits that Eldorado Gold Corp expects to make from extracting the gold and silver at Certej, discounted by an annual rate of 5%, is USD 229 million, according to the company. Eldorado Gold Corp estimates total investments of USD 652 million in this project, more than a third of which (USD 449 million) are initial investments to start the project. The group is confident that it will extract an average of 140,000 oz of gold per year and 830,000 oz of silver, which would turn into revenues of almost USD 190 million per year. The group’s representatives say the results of the feasibility study are encouraging and are ready to start the project. "The positive results of this study form the basis for Eldorado, together with our Romanian partners, to develop the Certej mine. Significant detailed engineering design and cost estimating provides for a high degree of confidence in the capital estimate and projected operating performance of the Certej project," stated Paul N. Wright, Chief Executive Officer of Eldorado Gold. Eldorado Gold Corp holds an 80.5% stake in Romanian firm Deva Gold which owns the Certej gold mining project. The Romanian state is a minority shareholder in Deva Gold, via state-owned company Minvest Deva. Some of Eldorado Gold Corp’s biggest shareholders are BlackRock, Van Eck Associates and Market Vectors Gold Miners ETF. The Certej open pit mine stretches over a few hundred hectares of land in the southern part of the Apuseni Mountains in central Romania, approximately 12 kilometres north-east of the regional town of Deva in Hunedoara County. The Certej project is just 90 kilometers away from the highly controversial Rosia Montana project, which has faced strong opposition from environmental organizations. The Certej project itself stirred controversy due to the way it got the environmental approval in 2012. The project will have a high impact on the environment, as more than 44 million tons of ore and 131 million tons of waste will be excavated. Cyanide will also be used in the process.