Name of the Project
West Musgrave base metals project.

Location
West Musgrave Ranges of Western Australia.

Project Owner/s
Copper/gold miner OZ Minerals.

Project Description
The West Musgrave includes the Nebo-Babel nickel/copper and Succoth copper deposits and is considered to be one of the world’s biggest, lowest-cost and lowest-emissions copper/nickel projects.

The processing capacity has increased from 12-million tonnes in the December 2020 updated prefeasibility study to 13.5-million tonnes in the 2022 feasibility study.

The 2022 feasibility study envisages average nickel production at 35 000 t/y nickel and 41 000 t/y copper in the first five years, and 28 000 t/y nickel and 35 000 t/y copper over a 24-year life-of-mine.

Further, a mixed hydroxide precipitate (MHP) project study was completed at the West Musgrave project in November 2022, confirmed the technical and commercial opportunity of producing a high-quality and high-grade MHP product, and the potential for significant value uplift at the project. The MHP study considers further processing nickel concentrate from the project into a high-grade nickel product through a pressure oxidation and precipitation process.

The MHP process plant will be built after the mine begins production.

Potential Job Creation
The project is expected to create about 1 500 jobs during construction and about 400 jobs in ongoing operations.

Net Present Value/Internal Rate of Return
The 2022 feasibility study estimates a net present value of between $1.5-billion and $2.2-billion on capital of $1.7-billion, and an internal rate of return of between 18% and 22%, with project payback estimated at 6.5 to 7.5 years.

Capital Expenditure
$1.7-billion.

Planned Start/End Date
First concentrate is targeted for the second half of 2025.

Latest Developments
None stated.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
OZ Minerals, tel +61 8 8229 6600 or email info@ozminerals.com.