05:30 PM EST, 12/18/2024 (MT Newswires) -- Montage Gold ( MAUTF ) after trade Wednesday said it has started construction at its Kone project in Cote d'Ivoire, with the first gold production expected in the second quarter of 2027.

The engineering, procurement, and construction management contract has been awarded to Lycopodium Minerals Pty, with some tasks being handled by Montage's construction team. The companies have reviewed the updated feasibility study from January, optimizing key design elements for better crushing, milling, and overall efficiency, the company said.

The project is fully funded, with expected upfront costs of US$835 million, the company said, adding that it has over US$900 million in available liquidity.