Minim Martap reserve supports mine life plans
PERTH (miningweekly.com) – A maiden Joint Ore Reserves Committee compliant resource at the Minim Martap bauxite project, in Cameroon, has supported the planned 20-year mine life, ASX-listed Canyon Resources said on Monday.
The maiden probable reserve has been estimated at 97.3-million tonnes, at 51.1% total alumina and 2.3% total silica.
“We are very pleased to be able to confirm what we have stated since the beginning; that this project can deliver a stable output of the highest grade bauxite product in the world for at least two decades, and the modeled Stage 1 output is only base don three bauxite plateau out of the 79 on the project,” said Canyon MD Phillip Gallagher.
“It is clear there are many additional, almost identical bauxite plateau, all at the same altitude and with the same characteristics as the three within the reserve, that haven’t yet been drilled. The potential for the Minim Martap project as we develop into the full Stage 2 project and beyond is enormous.”
A July prefeasibility study estimated that the Stage 1 project could support a production rate of five-million tonnes a year, at a capital cost of $120-million. The study estimated that the Stage 1 project would have a net present value of $291-million and an internal rate of return of 37%.
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