FS confirms Zambia project’s feasibility
PERTH (miningweekly.com) - A feasibility study into ASX-listed Luiri Gold’s Dunrobin project, in Zambia, has confirmed the technical and economic feasibility of the project.
With an initial capital investment of some $20-million, the project was expected to produce 85 000 oz of gold over an eight-year mine life, at a cash cost of $790/oz.
Total revenue for the project was estimated at $137-million, with the project estimated to have a net present value of $24.9-million and an internal rate of return of 37%.
“The delivery of the Dunrobin feasibility study has been a key priority for Luiri over the past quarter,” said Luiri CEO Evan Kirby.
“The results of the study are very pleasing and quite clearly justify the work undertaken and our faith in this project.”
Kirby noted that, with a relatively low capital expenditure and robust economics, Luiri was confident of securing a large component of the capital required for Dunrobin from debt sources, thereby reducing the stress on the company’s balance sheet.
“We have updated the financial institutions that have expressed interest in providing debt funding to the company on the results of these studies. Discussions with financiers are continuing, with the key outcome being the provision of initial debt development funding for Dunrobin during the first quarter of 2013,” he added.
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