Shareholders back restart plans at Dolphin
PERTH (miningweekly.com) – The shareholders of ASX-listed King Island Scheelite (KIS) have approved the redevelopment of the Dolphin tungsten project, in Tasmania.
KIS has previously committed to long-lead items, by paying deposits, ensuring that the project would be completed as rapidly as possible.
While KIS was yet to provide an indicative timeline of activities for the redevelopment and subsequent restart of the project, the company said that the earthworks were scheduled to start in December.
“As we move into the next stage of the company’s growth with the commencement of the redevelopment of the Dolphin tungsten mine, on behalf of all the board and management I wish to thank all of those who have assisted the company in reaching this pivotal moment,” said executive chairperson Johann Jacobs.
“The company has worked tirelessly to progress to this stage, at which it is fully funded to commence its future trajectory to becoming a significant tungsten producer.
“The Dolphin tungsten mine is host to the highest grade tungsten deposit of significant size in the Western world, and we look forward to the recommencement of mining from this fantastic asset.”
A previously completed economic analysis of the Dolphin project estimated that A$65-million would need to be invested to bring the opencut operation into production to produce 20 t/y of tungsten over an eight-year mine life.
The updated feasibility study has estimated a startup capital cost of A$72.1-million to develop the Dolphin project, with life-of-mine capital estimated at A$129.2-million, placing capital cost for the operation at A$40/t of tungsten produced.
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