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Ardea Resources Ltd.
Summary
| Project: | KNP | |
|---|---|---|
| Deposit: | Goongarie | |
| Location: | Australia | |
| Commodities: | Cobalt-Nickel-Scandium | |
| Date: | 7/24/2018 | |
| Report Code: | JORC | |
| Report Type: | Pre-Feasibility Study | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 24-7-2018: Ardea Resources Ltd. announces a Pre-Feasibility Study report for its Goongarie deposit at the KNP project. Expansion study results incl. post-tax NPV of A $2.3B (8%), IRR of 27% and 25yr LOM at the project. Ardea Resources Limited (“Ardea” or | |
| Resources: | (Resource, total): 215.6Mt @ 0.06% Co, 0.71% Ni | |
| CP/QP: | [Overall Report]: Ian Buchhorn (Internal) | |
| ABSTRACT: | Ardea Resources Limited (“Ardea” or “the Company”) is pleased to announce the results from its recently completed 2.25Mtpa Expansion Study at the Company’s flagship Goongarrie Nickel Cobalt Project (“Goongarrie”, “GNCP”). Goongarrie is a large mineral resource and this study evaluates the option of a higher throughput base case than that in the Pre-Feasibility Study (“PFS”). The Expansion Study showed significant improvements in the value of the project, the rate of return and the payback period compared to the 1.0Mtpa and 1.5Mtpa PFS results (see ASX announcement 28 March 2018). The purpose of the 2.25Mtpa Goongarrie Expansion Study was to investigate the optimal throughput that could be achieved using one autoclave processing train. The positive results reflect the favourable metallurgical characteristics of the Goongarrie orebody which enables extremely short residence time in the autoclave, with no significant loss in metal recovery. These outstanding metallurgical characteristics and rheology have resulted in an extremely robust unleveraged pre-tax NPV of approximately A$3.1 billion, with a pre-tax IRR of approximately 31% and a rapid payback period of 5.1 years for a 2.25Mtpa operation. The 2.25Mtpa start-up option can easily be expanded by adding modular processing trains to take advantage of the full scale of Goongarrie’s world-class resource base. Commenting on the Expansion Study results, Ardea Executive Chair Katina Law said “We are pleased with the results of this Expansion Study as it highlights the upside potential of Goongarrie and its competitive economies of scale. The primary goal of the Company is to determine a cost-effective startup scenario and also provide an upside case more suited to a financier or partner seeking a long life, lower cost, sustainable production base in a stable jurisdiction. The results have shown the benefits of scale, demonstrating Goongarrie as a unique battery metals project that can become a significant global producer over a long life.” | |
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