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Taung Gold awards over US$520M construction contract for South African project

Taung Gold International Ltd. entered into an engineering, procurement and construction contract with Metallurgical Corp. of China Ltd. worth US$521.5 million for Taung's flagship Jeanette gold project in South Africa.

As part of the deal, Metallurgical Corp. of China will help Taung Gold secure equity and debt financing for the contract, according to a Dec. 30, 2019, news release.

The companies agreed to immediately start the final engineering design to facilitate completing the design work for long-lead items and for the early works program.

An August 2019 feasibility study for Jeanette defined a posttax net present value of US$509.9 million, discounted at 5%, with an internal rate of return of 14.1% and an 8.7-year payback period.