Jameson hopes for Crown Mountain start by 2017
PERTH (miningweekly.com) – Coal explorer Jameson Resources on Monday announced that it would advance with the development of its Crown Mountain project, in British Columbia, after its prefeasibility study (PFS) proved positive.
The miner would undertake environmental assessment fieldwork to compile a permit application, with the aim of achieving the late-2017 production target, as well as a detailed evaluation on developing alternate scenarios to build on the PFS and to improve the project’s financial parameters.
Jameson was currently also undertaking longer term environmental studies, which were launched in 2012, with the objective of fast-tracking the permitting process.
The PFS has estimated that the Crown Mountain project would have a net present value of around $369-million, an internal rate of return of 33% and a pay-back period of 2.7 years.
Based on a resource estimate of 23.7-million tonnes, the project was expected to have a base-case production of between 1.5-million tonnes and 2-million tonnes a year of coal over a 16-year mine life. Start-up capital for the project has been estimated at $339.7-million.
Jameson told shareholders on Monday that the Crown Mountain PFS was only the first step in quantifying the value of the asset.
The company would now look to incorporate the potential of the southern extension into the results, which could lead to additional exploration targets, while also looking at blending opportunities between the pits to improve overall product sales realisations, and opportunities to use contract mining.
Potential synergies with neighbouring operations would also be explored.
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