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Iron Ore|PROJECT|Resources
Iron Ore|PROJECT|Resources
iron-ore|project|resources

Nowa Nowa proves profitable for Eastern Resources

24th January 2022

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – A feasibility study into the Nowa Nowa iron project, in Victoria, has estimated a capital cost of A$15.7-million to support the production of one-million tonnes a year of magnetite direct shipping ore.

ASX-listed Eastern Resources on Monday said that the study estimated a life-of-mine of six years, underpinned by a Joint Ore Reserves Committee-compliant resource of 4.65-million tonnes, at 51.75% iron.

The study estimated a pre-tax net present value of A$61.94-million and an internal rate of return of 11.8%.

Eastern Resources is now looking to extend the life-of-mine by upgrading the existing resource in the Five Mile deposit, as well as exploring the upside of the Seven Mile project, where iron-ore has been identified. The company would also look to increase the proposed production rate to 1.5-million tonnes a year, and to improve operational efficiencies in order to reduce the expected costs.

Eastern Resources is also looking at project partnership opportunities for Nowa Nowa, the company said on Monday.

Edited by Creamer Media Reporter

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