Photo by: Jervois Global
Name of the Project
Idaho Cobalt Operations (ICO).
Location
Idaho, in the US.
Project Owner/s
Jervois Global.
Project Description
The project was partially constructed when Jervois acquired it in July 2019, with more than $120-million invested by the previous owners since the discovery of the cobalt deposit.
An updated bankable feasibility study (BFS) has confirmed the potential of ICO to establish a near-term, low-cost cobalt/copper/cobalt mine, with significant opportunity to increase the mineral resource and extend mine reserves once mining starts.
The BFS is based on extracting 2.5-million metric tons of ore at an average grade of 0.55% cobalt, 0.80% copper and 0.64 g/t gold. Based on a processing rate of 1 200 t/d, the project could produce 1 915 t/y of cobalt, 2 900 t/y of copper and 6 700 oz/y of gold in concentrate over a seven-year life-of-mine.
The operation will comprise a 1 200 t/d mill and concentrator to produce separated cobalt and copper concentrates.
Jervois has also completed engineering design and costing, flowsheets to produce separate cobalt and copper concentrates, and calcined cobalt concentrate as part of the BFS.
Potential Job Creation
The project is expected to create about 200 construction jobs and 180 operational positions once the site transitions to commercial production.
Net Present Value/Internal Rate of Return
The project has a real post-tax net present value, at an 8% discount rate, of $95.7-million and an internal rate of return of 40.6%.
Capital Expenditure
$107.5-million.
Planned Start/End Date
Not stated.
Latest Developments
Jervois has started its underground resource extension programme at the RAM deposit at ICO.
The programme will involve the construction of an underground exploration drift, as well as extensional drilling to define potential step-outs from the existing RAM mineral resource estimate.
The extensional drilling is expected to start in the first quarter of 2024.
Further, Jervois has completed initial surface drilling at the Sunshine historic resource, which is also part of the ICO.
The Sunshine deposit is located near the mill and concentrator facilities at ICO, with a maiden mineral resource estimate for Sunshine expected in the second quarter of 2024.
Jervois has said that, based on the existing US Department of Defense $15-million funding agreement, the costs for these exploration programmes, to the end of the third quarter of 2024, will be fully reimbursed.
Key Contracts, Suppliers and Consultants
DRA Global and M3 Engineering (BFS).
Contact Details for Project Information
Jervois Global, tel +61 (03) 9583 0498 or email contact@jervoisglobal.com.