PERTH (miningweekly.com) – A scoping study into the MCB copper/gold project, in the Philippines, has confirmed a potential mine life of 25 years, delivering an average 16 000 t/y of copper-in-concentrate and 19 000 oz/y of gold-in concentrate.
ASX-listed Celsius Resources on Wednesday reported that the scoping study estimated an initial capital cost of $253-million to develop the project, which will have a plant throughput rate of 2.28-million tonnes a year.
The scoping study estimated a post-tax net present value of $464-million over the life of the project, and an internal rate of return of 31%, with a pay-back period of just under three years, based on a copper price of $4/lb and a gold price of A$1 695/lb.
“The scoping study results identified a potentially large and long mine life which has the potential to provide significant benefits to the company’s shareholders, the host communities and the Philippine economy in general,” said Celsius Philippine country operations director Peter Hume.
“The high-quality detailed study confirmed that the orebody can be mined via a standard underground mining method. Studies on mineral processing, tailings management, infrastructure, permitting and approvals, including environment and social impacts, indicated no significant impediments to developing the MCB project. Marketing feedback from commodity traders and smelters indicated that the lack of impurities makes the potential MCB copper/gold concentrate highly marketable.”
The company will immediately embark on the necessary work streams to convert the current exploration licence into a mining title, including submitting a declaration of mining project feasibility with the Philippine government.