COMEX Metal inventory October 28, 2019

[SMM Gold Flash] Montage Gold reports that its Koné mine in Côte d’Ivoire processed approximately 880,000 tonnes of oxide ore during October, producing around 23,460 ounces of gold. The processing plant operated at more than 90% of its 11 million tonnes per year nameplate capacity on average, reaching 104% during the final week of October. Average head grade was 0.82 g/t gold and recovery averaged approximately 95%. The company also reported that exploration drilling has identified 12 deposits, compared with two in its 2024 feasibility study. The first gold pour took place on 26 September 2026, and commercial production is expected to be declared in the fourth quarter of 2026. The company is targeting further resource growth through its 2026 drilling programme, which has exceeded 120,000 metres year-to-date. The October output demonstrates a rapid operational ramp-up, although the mine has not yet formally declared commercial production.

[SMM African Mining Flash] Appian Capital Advisory has deployed approximately 70% of the International Finance Corporation’s (IFC) initial US$100 million commitment under a mining investment partnership launched in 2025, Reuters reported on 4 November. The investments cover three projects: Asante Gold’s gold mines in Ghana, Omico Copper’s copper project in Namibia and Atlantic Nickel’s nickel-copper-cobalt operation in Brazil. The wider partnership between Appian and the IFC was announced at US$1 billion. The development highlights the role of development finance in supporting mining projects in emerging markets. Appian expects to deploy the remaining balance of the IFC’s initial commitment by the end of 2026 while assessing further opportunities in Africa and Latin America. The report does not disclose the amount allocated to each project or provide a country-by-country breakdown.

Implats began its 2027 financial year with lower production and a larger fall in finished-metal output. Group 6E production fell 3% year on year to 854,000 ounces in July–September 2026, while gross refined and saleable production declined 8% to 763,000 ounces. Five fatalities, safety stoppages and processing interruptions marked the quarter.