Name of the Project
Caravel copper project.

Location
In the Wheatbelt of Western Australia.

Project Owner/s
Caravel Minerals.

Project Description
The prefeasibility study (PFS) completed in July 2022 defined a robust copper project capable of producing more that 60 000 t/y of copper in concentrate, generating strong cash flows over an initial 28-year mine life.

The PFS identified several options to improve project economics and operability, including:

• consolidation of the proposed dual train process plant into a simplified, single-train design;
• replacement of semiautogenous grinding mills with high-pressure grinding rolls (HPGR) in the primary comminution circuit; and 
• the inclusion of coarse-particle flotation (CPF) in the flotation circuit.

An updated PFS, completed in September 2022, has determined that:

• consolidating the flotation circuit into a single-train design provides significant efficiencies in construction and operation, resulting in forecast capital savings of about A$77-million and operating costs savings of about A$0.46 /t ore.
• using HPGR as an alternative to SAG mills reduces power consumption and operating consumables, consequently resulting in a A$0.68/t reduction in operating costs and an estimated A$23-million saving in upfront capital.
• including CPF in the flotation circuit will further reduce operating and capital costs through lower power use because of the coarser grind size and reduced volumes through the flotation plant.

Additional benefits will accrue through improved tailings characteristics and better water returns, lowering overall water requirements, but the financial impacts of this have not yet been included in the costings.

The mineral reserves and resources, and mining method have remained the same as in the July 2022 PFS.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The pretax net present value, at a 7% discount rate, has increased from A$1.05-billion in the July 2022 PFS to within the range of A$1.3-billion and A$1.7-billion. The pretax internal rate of return has increased from 14.7% to within the range of 16% and 20%. The payback has decreased from 6.8 years to 5.6 years.

Capital Expenditure
The adoption of the single-train processing plant with revised comminution and flotation circuits have resulted in savings of about A$100-million in capital expenditure.

Capital costs have been reduced from A$1.21-billion in the July 2022 PFS to A$1.1-billion in the 2022 updated PFS.

Planned Start/End Date
Not stated.

Latest Developments
None stated.

Key Contracts, Suppliers and Consultants
Ausenco (engineers to the PFS).

Contact Details for Project Information
Caravel Minerals, +61 8 9426 6400 or email investors@caravelminerals.com.au.