Yenipazar, Turkey.
Photo by: Aldridge Minerals
TORONTO (miningweekly.com) – TSX-V-listed project developer Aldridge Minerals this week reported the results of an optimisation study for its Yenipazar polymetallic volcanogenic massive sulphides deposit in central Turkey.
The optimisation study sought to update the April 2013 Yenipazar feasibility study, revising critical design and operating parameters undertaken since the study was released.
The results enabled Aldridge to establish lower project capital costs with only a moderate increase in operating costs.
While the plant throughput remained the same at 2.5-million tonnes of ore a year over an expected 12-year mine life, the optimisation study lowered the expected preproduction capital costs by 40% to $230-million, compared with the $382-million previously expected.
“Despite lower base case precious metal prices compared to 2013, we believe that the key financial metrics of the project remain extremely strong, supporting our view that development of the Yenipazar … deposit is a sound investment opportunity.
“In addition, the risks associated with the operational permits have been considerably reduced with the approval of our EIA [environmental-impact assessment] permit. Accordingly, with lower capital costs and an approved EIA, we believe our project is well positioned for financing,” chairperson Barry Hildred said.
The news from Tuesday pushed the Toronto-based firm’s stock higher, and on Wednesday traded at C$0.245 apiece.