This paper examines the issue of heap leach cash flow based on some recent operational examples. After the first six months of operation, single-lift continuous heaps produce into salable bullion only 70% of the total recoverable gold stacked. This compares with "batch" heaps and lab columns which achieve 100% in two to three months. Multiple-lift heaps often experience a second cash flow depression as a result of the holdup of gold in the heap. Heap leach projects seldom fail based on technical performance, but they often fail in the sense that they generate cash flow at a much slower rate than expected.
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