Elemental gets licence for Congo potash project
PERTH (miningweekly.com) – Dual-listed potash developer Elemental Minerals has been awarded a mining licence for its Sintoukola potash project, in the Republic of Congo.
“This timely approval continues to demonstrate the support for the high-quality Sintoukola potash project. The mining licence is another positive step in the development of the project and puts Elemental in a strong position to begin construction once our engineering and feasibility work is complete,” said CEO Iain Macpherson.
He noted that the award of the licence also emphasised the seriousness with which the local government was committed to the development of mining assets in the region.
The licence covers some 205 km2, which was some 15% of the current exploration licence, and included the mineral reserve and resource on which the Sintoukola prefeasibility study (PFS) was based.
A PFS into the project has shown that it could deliver some two-million tons a year of muriate of potash, and the underground operation was expected to have a mine life of some 23 years. The project could be developed at a capital cost of $1.85-billion, and would have a net present value of $2.9-billion, and an internal rate of return of 29.3%.
Elemental was targeting initial potash production by 2017 and to reach full capacity in 2018.
The company said on Thursday that the environmental and social impact assessment permit, which was applied for in December last year, was still outstanding.
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