Altona review reins in costs at Little Eva
PERTH (miningweekly.com) – A cost review of copper miner Altona Mining’s definitive feasibility study for its Little Eva project, in Queensland, has decreased the estimated capital cost of the project, while increasing its value.
The cost review reduced expected capital costs by about 8%, from A$320-million to A$294-million, while the project’s net present value increased by 37% from A$252-million to A$346-million.
The internal rate of return was also up from 22% to 29%, while the project’s capital intensity was estimated at some $6 700/t a year.
Altona MD Alistair Cowden said that the company was "delighted" with the outcome of the cost review, adding that it would benefit the process of finding a partnering and financing solution to enable Altona to deliver value on the asset.
“There are few large-scale, financially robust copper projects that are both permitted and located in high skill, low-risk environments. Little Eva is such a project and one with a very competitive capital cost for the scale of production,” Cowden said.
The project comprises a large-scale openpit mine and three smaller satellite deposits. Ore would be processed at a rate of seven-million tonnes a year and was expected to produce some 150 000 t/y of clean copper/gold concentrate, containing an average of 38 800 t/y of copper and 17 200 oz/y of gold.
The project was expected to have an initial mine life of 11 years.
Permitting for Little Eva was largely completed and Cowden noted that environmental approvals had been received, with the mining leases also granted.
Modification to the environmental management plan, submission of a plan of operations and other pre-development activities have been placed on hold until project funding has been secured.
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