Name of the Project
Caravel copper project.

Location
In the Wheatbelt of Western Australia.

Project Owner/s
Caravel Minerals.

Project Description
A scoping study has confirmed the real potential to establish a new copper mining and processing operation at the project to produce and export copper concentrate to global markets over 23 years.

The project comprises the Bindi, Dasher and Opie deposits and has a total mineral resource of 661.9-million tonnes grading 0.28% copper and 55 parts per million molybdenum.

The scoping study considers only the Bindi and Dasher deposits.

The study has set out a project that will process 16-million tonnes a year of ore, ramping up to 30-million tonnes a year by Year 8 to produce an estimated 45 000 t/y, before increasing to about 65 000 t/y of copper in concentrate for export.

The study proposes a traditional openpit mine, with all mining activities to be undertaken by a mining contractor. The schedule envisages the Bindi deposit being mined during the initial stages of the project, with mining at Dasher starting in Year 10.

Over the life of the mine, the Bindi and Dasher deposits will produce 576-million tonnes of ore at an average grade of 0.25% copper.

Mining of the current resources is forecast to finish in Year 20, when the mill will process material from the accumulated low-grade stockpiles.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has a pretax net present value, at a 7% discount rate, of A$1.05-billion and an after-tax internal rate of return of 20%.

Capital Expenditure
Initial capital expenditure for a throughput of 16-million tonnes a year for the first five years is estimated at A$481-million. Initial capital is expected to be repaid within four years from the start of production.

Capital expenditure for the ramp-up to 30-million tonnes a year in Year 5 is estimated at A$256-million.

Planned Start/End Date
Not stated.

Latest Developments
Caravel Minerals will raise A$9-million to fund prefeasibility study (PFS) work at its Caravel copper project.

The explorer has received firm commitments from institutional, sophisticated and professional investors for the placement of 56.25-million shares, at 16c each.

The shares will be placed under Caravel’s existing capacity.

The funds will be used to complete PFS work at Caravel and fund exploration at the company’s other exploration projects, as well as for general working capital.

A PFS on the project is expected by the end of 2021.

Key Contracts, Suppliers and Consultants
MSP Engineering (engineering studies); Knight Piésold (tailings studies); Orelogy (mining studies for scoping study); Dajolin Mine Management Services (oversight and per review); Dempers & Seymour (geotechnical analysis).

Contact Details for Project Information
Caravel Minerals, tel +61 8 9426 6400.