PERTH (miningweekly.com) – An enhanced scoping study into the Antler copper project, in Arizona, has increased the production profile and estimated a longer operating life, compared with the 2022 scoping study, ASX-listed New World Resources said.

The enhanced scoping study estimated that the project could produce 15.4-million tonnes of ore from the operation, at a mining rate of between 1.3-million and 1.5-million tonnes a year, producing 381 400 t of copper equivalent metal in concentrate over a mine life of more than 13 years.

This compared with the initial scoping study estimates which estimated that 9.3-million tonnes of ore could be mined at a mining rate of one-million tonnes a year, producing 190 300 t of copper-in-concentrate over a mine life of ten years.

New World told shareholders on Tuesday that the enhanced scoping study estimated an average 32 700 t/y of copper-equivalent production once steady-state operation was achieved.

The increased production and longer mine life have also resulted in the project economics increasing, with a 50% increase in revenue flagged, which is now estimated at $3-billion, and a 58% increase flagged in the free cash flow over the initial operating period, while the pre-production capital cost has increased by 25% to $252-million, including a $44.2-million contingency.

The C1 cash costs for the project have now been estimated at $1.68/lb on a copper-equivalent basis, with the project’s net present value standing at $835-million, a 59% increase on the initial scoping study, while the internal rate of return stood at 40.2%.

“The updated 2023 scoping study marks another significant step forward in our strategy to develop a long-life, high-grade copper operation based on the Antler copper deposit – demonstrating that we have an even more robust opportunity than we were considering last year,” said New World MD Mike Haynes.

“The very high grade of the mineralisation at Antler allows us to develop a mine for relatively modest capital estimate. And in line with this, the sizeable 11.4-million-tonne resource we have delineated following the very successful exploration drilling completed throughout 2022 has the potential to generate more than A$2-billion of free cash over the initial operating period, 57% more free cash than we had been considering previously.

“Antler now stacks up as one of the most financially robust copper development opportunities in the world at a time when global copper supplies are rapidly declining and global demand is forecast to continue to be very strong,” said Haynes.

“Given Antler’s strong environmental, social and governance credentials and minimal environmental footprint we expect relatively short permitting and construction lead times. Being a very low-cost near-term producer puts us in a great position to capitalise on the increased demand for copper in the near future.”

New World is now continuing prefeasibility work on the project, with priority being assigned to work needed to complete mine permitting.