Photo by: New World Resources
Name of the Project
Antler copper project.
Location
Arizona, US.
Project Owner/s
New World Resources.
Project Description
An updated scoping study has evaluated the development of a 48% larger resource base than that considered in New World’s 2022 scoping study. The larger resource comprises 11.4-million tonnes at 2.1% copper, 5% zinc, 0.9% lead, 32.9 g/t silver and 0.36 g/t gold.
The 2023 scoping study considers a significantly increased production profile over a longer operating period than that of the 2022 scoping study. The 2023 study envisages mining a total of 15.4-million tonnes from an underground mining operation at 1.3-million tonnes to 1.5-million tonnes a year, exceeding an initial 13-year operating period.
The operation is expected to produce an average of 32 700 tonnes of copper equivalent metal-in-concentrate a year once steady-state production has been reached.
In addition to substantial increases in base metal production, 57 400 oz of gold and 7.7-million ounces of silver in concentrate are produced over the initial operating period.
New World has decided to pursue only underground mining operations at Antler – no starter openpit – which will minimise the project’s surface footprint, as well as its impact on the environment and the local community.
Potential Job Creation
Not stated.
Net Present Value/Internal Rate of Return
The 2022 scoping study project estimated a pretax net present value (NPV), at a 7% discount rate, of $525-million tonnes and an internal rate of return (IRR) of 42%, with a payback of 29 months after the preproduction period.
The 2023 scoping study estimates a pretax NPV, at a 7% discount rate, of $835-million and an IRR of 40.2%, with a payback of 36 months.
Capital Expenditure
Preproduction capital has increased from $201-million in the 2022 scoping study to $252-million in the 2023 scoping study.
Planned Start/End Date
Not stated.
Latest Developments
New World Resources reported on November 8 that it was well financed to continue advancing the project towards initial production, announcing an $11-million funding agreement with Trident Royalties.
New World has entered into a binding agreement with Trident Royalties, whereby the UK-listed group will acquire a 30.9% net smelter return royalty on future metal production from Antler.
The funding will enable New World to expand the Antler resource base while expediting development activities at the project and without diluting shareholders.
A prefeasiblity study is expected in the fourth quarter, with preconstruction development works expected to start in the first quarter of 2025.
Mine development and surface infrastructure will be located on privately owned land that is currently owned or controlled by New World, thereby streamlining the permitting process.
Key Contracts, Suppliers and Consultants
None stated.
Contact Details for Project Information
New World Resources, tel +61 9226 1356 or email info@newworldres.com.