Evolution awards FEED contract in Tanzania
PERTH (miningweekly.com) – Graphite developer Evolution Energy Minerals has awarded the front-end engineering design (FEED) contract for its Chilalo graphite project, in Tanzania, to CPC Engineering.
“The commencement of the FEED study is a significant milestone towards the realisation of the Chilalo graphite project. We are pleased to be partnering with CPC, a firm I have previously executed projects with. I worked closely with CPC in the development of Syrah’s Balama graphite project and believe that, combined with my own experiences, their considerable insight and learnings will be invaluable to the development of our Chilalo project,” said Evolution executive director Michal Bourguignon.
“We remain firmly focused on bringing Chilalo into production. With a binding offtake agreement for our high-value coarse flake graphite in place and continued engagement with potential financiers, we continue to target a final investment decision towards the end of this year. The appointment of CPC and commencement of the FEED is central to delivering on that objective.”
FEED is expected to start immediately and is targeted for completion in September.
The FEED will incorporate a series of optimisations from the definitive feasibility study (DFS) to enhance the project economics and to reduce the carbon footprint of the project.
A 2020 DFS into the project, based on yearly throughput of 500 000 t/y to produce around 50 000 t/y of graphite, found that the project would require pre-production capital investment of $87.4-million.
The study estimated a post-tax net present value of $331-million and a post-tax internal rate of return of 36%, with Chilalo anticipated to generate average yearly earnings before interest, taxes, depreciation and amortization of $74-million over its 18-year mine life.
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