Stockman's optimisations a coup for Independence
PERTH (miningweekly.com) – An optimisation study of ASX-listed Independence Group’s Stockman base metals project, in Victoria, has delivered promising results.
The study estimated that the project would require a preproduction capital investment of about A$202-million to deliver yearly production of 15 000 t of copper, 26 000 t of zinc and 400 000 oz of silver.
Life-of-mine cash costs have been estimated at A$1.30/lb of copper, while the average annual free cash flow is expected to be about A$64-million a year, before tax.
The optimisation study incorporated a 2013 feasibility study and was aimed at further de-risking the project while improving returns.
“The Stockman project represents a viable development project for the company that has been significantly de-risked with the completion of the optimisation study and recent Ministerial assessment approval,” said Independence Group MD Peter Bradford.
“The operating skills and capital requirements sit comfortably within the capabilities of the company, which remains committed to advancing the project to the next milestone decision.”
The current scope of the project encompasses the concurrent development of two underground deposits to feed a central one-million-tonne-a-year flotation concentrator that would produce about 140 000 t/y of copper and zinc concentrate over a mine-life of some ten years.
Bradford said on Friday that the company would continue to advance the project with the critical path being to secure a range of licences from the commonwealth government and the various Victorian agencies, which could take between 12 to 18 months.
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