Updated scoping proves Metallica mettle
PERTH (miningweekly.com) – An updated scoping study for the Cape Flattery silica sands project, in Far North Queensland, has estimated that the project could produce 1.35-million tonnes a year of silica sand product over a 22-year mine life.
ASX-listed Metallica Minerals has now launched a prefeasibility study for the project, which is planned for completion in the first quarter of 2022.
The scoping study estimated that the project would have a pre-tax net present value of A$253-million and an internal rate of return of 38%, and could generate net cash of A$707-million over the mine life.
The updated scoping study was based on a new mineral resource estimate, which included a 48-million-tonne measured and indicated resource.
“The immediate proximity to the world’s largest silica sand mine owned by Mitsubishi, the positive financial and production results detailed in the updated scoping study, and the potential to construct a jetty solely for our own transshipping operations, support our continued investment in the project’s development,” said Metallica executive chairperson Theo Psaros.
“Our project continues to gain support from the local indigenous corporations and a number of key government agencies.”
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