Lidya Madencilik Sanayi ve Ticaret A.S.


30% NPI; 2.0% NSR

Acquisition Date

2016 / Jan / 19

The Hod Maden project is located in northeastern Turkey within the Eastern Pontides metallogenic belt. Gold-copper mineralization in the Main Zone at Hod Maden occurs as semi-massive to massive sulphides and multi-phase quartz-sulfide breccia-hosted mineralization. The project has a Proven + Probable Mineral Reserve of 8.7 million tonnes at an average grade of 8.8 g/t gold and 1.5% copper for 2.45 million ounces of gold and 287 million pounds of copper based on a breakeven NSR cut-off value of $82/tonne with incremental NSR cut-off values of $63/tonne for stopes and $40/tonne for development (July 2020). The Southern Zone was discovered in 2016 and is located approximately 300 metres south of the Main Zone. The Southern Zone gold-copper mineralization is hosted in dacitic volcanic rocks and breccias. Pyrite is the dominant sulphide phase with relatively minor chalcopyrite.

A Feasibility Study was released in 2021 which considered an underground mine with a processing rate of 800,000 tonnes per annum. The base case has a mine life of 13 years with average annual production of 195,000 ounces of AuEq per year at an average head grade of 11.1 g/t AuEq. The average recovery is expected to be 85% for gold and 93% for copper.

Upfront capital expenditure is estimated at $309 million and once the mine is up and running the all-in sustaining costs are estimated to be $334 per ounce gold on a by-product basis and $595 per ounce gold on a co-product basis. The pre-tax NPV, using a 5% discount rate, is $1.3 billion with an internal rate of return of 41%.


Feasibility Study Downloads

For more information about the Hod Maden Feasibility Study, download the fact sheet and presentation below and be sure to watch the video here.

Fact Sheet
Technical Report


Recent Activities

November 2021
The Hod Maden project achieved two major milestones—publication of a Feasibility Study and granting of Environmental Impact Assessment (EIA). The Feasibility Study reaffirms strong project economics for Hod Maden, demonstrating a $1.3 billion pre-tax net present value (5% discount rate) and an internal rate of return of 41%. The EIA approval from the Ministry of Environment and Urbanization of Turkey ensures that the project can move into the next stage of development. Production from Hod Maden is currently expected in the second half of 2024.

October 2020
Lidya has been steadily advancing the project during 2020. A draft of the final Environmental Impact Assessment (“EIA”) is expected to be submitted in the fourth quarter of 2020 and a final EIA completed in the first quarter of 2021. Road upgrades are expected to begin in the fourth quarter of 2020. Due to COVID-19 related delays, the Feasibility Study is expected to be completed by the end of the first quarter of 2021, with first production projected for the fourth quarter of 2023.

June 2019
A gap analysis and trade-off studies were completed and will contribute to the Feasibility Study work. In conjunction, an Environmental Impact Assessment has been submitted and a public participation meeting was successfully conducted as part of the permitting process.

Hod Maden Feasibility Study Discussion

Hod Maden Royalty Map
Hod Maden Royalty Map