Minera Alamos receives permit for Fortuna project
Toronto-based Minera Alamos has received an environmental permit for the La Fortuna gold project, in Mexico, which now allows the company to advance the project on several fronts.
Minera Alamos said on Wednesday that it would initiate applications for other state/local permits, including permits covering water use and explosives. The company would also advance discussions with potential contractors related to mining, crushing and construction.
La Fortuna will produce an average of 43 000 oz/y of gold, 220 000 oz/y of silver, 1 000 t/y of copper, or about 50 000 oz/y of gold equivalent.
A recently completed preliminary economic assessment (PEA) determined that La Fortuna will require C$34.9-million in preproduction capital and Minera Alamos reported that it had initiated discussions with a number of project finance groups to provide debt facilities complementary to the royalty structure arranged with strategic partner Osisko Gold Royalties.
The PEA calculated an after-tax internal rate of return of 93% and an after-tax net present value, using a 7.5% discount, of C$90.6-million. The project will be paid back in 11 months.
The PEA also identified several opportunities to enhance the overall project economics, which Minera Alamos said were under review.
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