https://www.miningweekly.com
Construction|flotation|Mining|PROJECT|Infrastructure
Construction|flotation|Mining|PROJECT|Infrastructure
construction|flotation|mining|project|infrastructure

Defense’s Wicheeda REE project one step closer to production

25th November 2021

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

Font size: - +

Minerals explorer Defense Metals on Wednesday announced a positive preliminary economic assessment (PEA) for the Wicheeda rare earth element (REE) project, in British Columbia.

The company reported an aftertax net present value of C$512-million and an internal rate of return of 16% for Wicheeda, which is located near Prince George.

The study contemplates a 1.8-million-tonne-a-year mill throughput openpit mining operation with a 19-year mine life, including three years of construction and early revenue generation through a phased openpit development.

The Wicheeda mine will produce an average of 25 423 t/y of rare earth oxide.

The PEA estimates that C$461-million of initial capital expenditure (capex) will be required and puts a $474-million price tag on expansion capex under a cash-funded scenario.

The initial capital payback is five years from start of production and it assumes partial self-funding of the hydrometallurgical plant from concentrate sales.

Defense director Luisa Moreno pointed out that the project had three main aspects for a successful rare earth project: favourable mineralogy dominated by coarse grained bastnasite family minerals, metallurgical process that yielded high grade flotation concentrate and great infrastructure in a friendly jurisdiction.

“With the positive PEA, the project is undoubtedly a step closer to production,” said Moreno.

While Defense was upbeat about its PEA results, the market does not appear to have been as excited. The company’s stock fell 15% on Wednesday to C$0.26 a share.

Edited by Creamer Media Reporter

Comments

Latest News

MinRes to sell online in transparency push
MinRes to sell online in transparency push
Updated 2 hours 29 minutes ago By: Bloomberg

Showroom

Goodwin Submersible Pumps Africa (Pty) Ltd
Goodwin Submersible Pumps Africa (Pty) Ltd

Goodwin Submersible Pumps Africa is sole distributors for Goodwin electrically driven, submersible, abrasion resistance slurry pumps.

VISIT SHOWROOM 
Condra Cranes
Condra Cranes

ISO-certified Condra manufactures overhead cranes, portal cranes, cantilever cranes and crane components: hoists, drives, end-carriages, brakes and...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.226 0.259s - 90pq - 2rq
Subscribe Now