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Atlas Iron Ltd.
Summary
| Project: | Corunna Downs | |
|---|---|---|
| Deposit: | Corunna Downs | |
| Location: | Australia | |
| Commodities: | Iron | |
| Date: | 12/21/2016 | |
| Report Code: | JORC | |
| Report Type: | Feasibility Study | |
| Project Stage: | Mine Development | |
| Report details: | 21-12-2016: Atlas Iron Ltd. announces a Feasibility Study report for its Corunna Downs deposit at the Corunna Downs project. DFS results incl. initial annual production of 4Mtpa DSO, 5-6yr LOM. Atlas Iron (ASX: AGO) is pleased to announce the results of A | |
| Resources: | (Reserve, Prob.): 21Mt @ 57.0% Fe | |
| CP/QP: | [Resources]: Leigh Slomp (Internal) | |
| ABSTRACT: | Atlas Iron (ASX: AGO) is pleased to announce the results of Atlas’ 100% owned Corunna Downs Project Definitive Feasibility Study (DFS). The Corunna Downs (Corunna) project has the potential to deliver 4Mtpa of Lump and Fines DSO over an initial mine life of 5 to 6 years. There are upside opportunities to extend the mine life by exploiting both the below water table Resources and the Glen Herring Mineral Resource. Capital expenditure estimate is in the range A$47M to A$53M (incl. contingency), C1 cost estimate in the range A$37 to A$43/wmt, and Full cash cost estimate in the range A$49 to A$55/wmt are demonstrated under the DFS. A life of mine breakeven price of ~US$50/dmt (62%Fe index price, assuming C1 cost A$43/wmt, exclusive of development capital, F/X rate of A$1.00 = US$0.75). Value engineering and further commercial discussions are underway to reduce operating costs to the low end of these ranges. A decision on whether or not the Corunna project will proceed to development is expected to be made by the Board in the March 2017 Quarter, and will be subject to achieving a satisfactory funding solution. Atlas will continue to progress approvals for the Corunna project during the March 2017 Quarter at minimal cost (already included in FY2017 Guidance). Subject to Atlas making an investment decision in the March 2017 Quarter, first ore on ship from the Corunna project is targeted in the March 2018 Quarter. | |
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