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Avanco on its way to midtier status

Avanco on its way to midtier status

Photo by Bloomberg

26th May 2017

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – A prefeasibility study (PFS) has proven that the Pedra Branca East copper/gold project, in Brazil, could realise project owner Avanco Resources’ ambition of becoming a midtier copper producer.

The PFS estimates that the Pedra Branca East project could deliver some 24 000 t/y of copper and 16 000 oz/y of gold in concentrate, based on a 1.2-million-tonne-a-year operation.

The project will require a capital investment of $158-million, and will have a C1 capital cost of around $1.30/lb, with the PFS estimating a net present value of around $200-million and an internal rate of return of 34%.

Over the mine life of eleven-and-a-half years, the project is expected to generate a cash flow of some $368-million.

“Pedra Branca is the company’s second and larger project. The Pedra Branca East PFS has returned positive results, providing the confidence to advance immediately to a definitive feasibility study (DFS),” said Avanco MD Tony Polglase.

“Our vision is clear: to be the next midtier copper company, and the development of Pedra Branca will get us there. I am encouraged by the results and look forward to advancing the project.”

The DFS on Pedra Branca East is expected within the next 12 months.

With 14 000 t/y of production already being delivered from the producing Antas mine, and the Pedra Branca West adding the option for a further 10 000 t/y of copper, Avanco could be on the verge of realising its midtier producer ambitions.

Edited by Creamer Media Reporter

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