MONROVIA, Dec 17 (Reuters) - London-listed gold firm AureusMining will pour first gold at its Liberia project inthe first quarter of 2015, the company said on Tuesday, slightlylater than previously forecast.
Once operational, the New Liberty gold project is set toproduce 120,000 ounces of gold a year for the first six years,Debar Allen, head of operations in Liberia, told Reuters.
The mine would be the first ever large-scale commercial goldmine in Liberia, which is rich in minerals but only graduallyrecovering from years of war.
Aureus's chief executive David Reading had previously toldReuters Insider in an interview in May that production from themine near the country's western border with Sierra Leone wouldbegin in the fourth quarter of 2014.
Asked about the timing, Allen said on Tuesday: "We arestarting operations in 2014, but the first gold pull will be in2015 ... As a company we need to do all our testing and makesure we are set and ready."
Allen said that the main financing for the project had beensecured from South Africa's Rand Merchant Bank andNedBank.
"We expect loan documentation on the $100 million debtfacility to be completed by the year-end which will be followedby first drawdown in H1 2014," he added.
He said the mine has an estimated 900,000 ounces of goldreserves.
Liberia has enjoyed robust economic growth in the decadesince 14 years of civil wars drew to a close, with much of theinvestment coming from firms moving to tap into the country'svast iron ore reserves.