Name of the Project
Santa Rita nickel/cobalt underground project.

Location
Bahia, Brazil.

Project Owner/s
Appian Capital Advisory.

Project Description
The Santa Rita is an operational openpit mine that encompasses a large openpit and a nearby, much smaller, satellite openpit along strike. Both pits will be mined using conventional mining equipment. The mine plan will be executed in ten phases over an eight-year mine life.

A preliminary economic assessment on the Santa Rita underground mine has extended the mine’s life from 8 to 34 years.

Sublevel caving has been selected for the underground mine.

The mine will include:

• a boxcut and portal located west of the north end of the openpit;

• a conveyor portal connecting to the bottom of the existing crusher installation;

• a temporary construction portal in the west wall at the north end of the openpit on 82 m RL bench;

• multiple ventilation raise surface collars on the western side of the openpit;

• ventilation addits on the west wall at the south end of the openpit on the 10 m RL bench;

• a dewatering pond to store, settle and recycle water from underground;

• electrical reticulation to the portals, addits and services; and

• a shotcrete batch plant.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has an after-tax net present value, at an 8% discount rate, of $795-million.

Capital Expenditure
The project is expected to require $355-million of capital over the first five years, partially funded by cash flows generated from openpit operations.

Planned Start/End Date
Underground development is expected to start in 2026, with first production expected in 2028.

Latest Developments
None stated.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Appian Capital Advisory, tel +44 20 7004 0951 or email info@appiancapitaladvisory.com.