Natougou Development


Natougou is a high-grade gold deposit located in the Est region in southeastern Burkina Faso. Construction is underway with first gold pour scheduled for the second half of 2018.


  • Mining: Open pit
  • Processing: 4,000 tpd /CIP plant
  • Mine life: +7 years*
  • Capital expenditures: $231 million*
  • After-tax 5% NPV: $262 million at base case of $1,100/oz Au
  • After-tax project IRR: 48% at $1,250/oz Au
  • During the three years,
    • Average production of + 226,000 oz
    • Average total cash cost of $283/oz
    • Average all-in sustaining cost of $374/oz
    • Average head grade of 5.72 g/t
  • Ownership: 90%

*based on year-end 2016 mineral reserves and resources.

* increase of $12 million reflects reallocation of deferred capex to initial capital expenditures. See May 3, 2017 press release for further details.

2017 Update

Following award of the mining permit in December 2016, earthworks commenced including clearing and grubbing, in addition to construction of the water storage facility. By end of April, procurement was well advanced with all long-lead items ordered and principal suppliers selected. Detailed design and engineering was also fully complete.

At the end of March, development was proceeding on time with $38 million invested. Construction expenditures are estimated to be approximately $100 million in 2017.

Construction Schedule


The Boungou permit, which contains the Natougou deposit, lies within the Diapaga Greenstone Belt, a northeast-southwest orientated belt that extends over 250 kilometers in length and over 50 kilometers in width. SEMAFO holds four contiguous permits, collectively known as the Tapoa Permit Group, covering approximately 70 kilometers in strike length along the Diapaga belt. Laterite and alluvium cover extensive (lateral) portions of the permit however both are generally less than 10 meters in thickness.


The aim of the 2017 exploration programme is threefold: to upgrade the inferred resources on the West Flank to the indicated category; to investigate the potential for an underground operation; and to carry out exploration drilling on both proximal and local permits.

More on the 2017 programme