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Altura Mining Ltd.
Summary
| Project: | Pilgangoora | |
|---|---|---|
| Deposit: | Pilgangoora | |
| Location: | Australia | |
| Commodities: | Lithium | |
| Date: | 9/26/2016 | |
| Report Code: | JORC | |
| Report Type: | Feasibility Study | |
| Project Stage: | Mine Development | |
| Report details: | 26-9-2016: Altura Mining Ltd. announces a Feasibility Study report for its Pilgangoora deposit at the Pilgangoora project. DFS results incl. pre-tax NPV of A$411M, IRR of 58%, initial 13 year LOM. Altura Mining Limited (ASX: AJM) (“Altura” or the “Company | |
| Resources: | (Reserve, Prob.): 20.3Mt @ 1.06% Li2O for 215000t Li2O contained | |
| CP/QP: | [Resources]: Stephen Hyland; Bryan Bourke (Hyland Geological and Mining Consultants;Internal) | |
| ABSTRACT: | Altura Mining Limited (ASX: AJM) (“Altura” or the “Company”) is pleased to announce the results of the Definitive Feasibility Study (DFS) completed on its 100% owned Pilgangoora Lithium Project in Western Australia’s Pilbara region. Key outcomes of the DFS include a project Net Present Value (NPV) of $411 million (1) over an initial 13 year mine life based on the current ore reserve estimate of 20.33 million tonnes, Life of Mine (LOM) cash costs of A$316 per tonne of spodumene concentrate, an attractive capital estimate of A$139.7 million including sustaining capital and a payback period of 1.8 years. Significant potential exists to increase both the current resource of 39.4 million tonnes and ore reserve estimate on completion of the current resource extension drilling program with results expected in Q4 2016. Altura’s Pilgangoora deposit will be extracted by open pit methods enhanced by the shallow and thick mineralisation allowing spodumene ore to be mined from the commencement of mining. The DFS has highlighted a very attractive LOM strip ratio of 2.9:1 providing Altura with a very low operational mining cost. The DFS has been completed with contributions from industry leading professional service providers; capital cost estimates and operating cost estimates are presented in Australian dollars, are on a third quarter 2016 basis and carry an expected accuracy range of ±10%. The DFS capital and operating cost estimates have been externally peer reviewed by integrated project service group Aquenta Consulting Pty Ltd (Aquenta). | |
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