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Australian Mines Ltd.
Summary
| Project: | Sconi | |
|---|---|---|
| Deposit: | Sconi | |
| Location: | Australia | |
| Commodities: | Scandium-Cobalt-Nickel | |
| Date: | 11/20/2018 | |
| Report Code: | JORC | |
| Report Type: | Feasibility Study | |
| Project Stage: | Pursuing Environmental Approval | |
| Report details: | 20-11-2018: Australian Mines Ltd. announces a Feasibility Study report for its Sconi deposit at the Sconi project. BFS results incl. post-tax NPV of A $697M, IRR of 15%, Initial ore reserve. Australian Mines Managing Director, Benjamin Bell, commented: “A | |
| Resources: | (Reserve, P+P): 33.89Mt @ 0.67% Ni, 0.10% Co, 42ppm Sc | |
| CP/QP: | [Resources]: David Williams (CSA Global Pty Ltd.) | |
| ABSTRACT: | Australian Mines Managing Director, Benjamin Bell, commented: “Almost two years ago to the month we reset the strategy at Australian Mines and set out to evaluate and acquire at least one advanced technology metals project in Australia, looking for the right project that was a genuine near-term development prospect.” “That process resulted in us not only picking up the Sconi Cobalt-Nickel-Scandium Project in Queensland, which quickly became the core focus within the Company and is now the subject of the positive Bankable Feasibility Study (BFS) announced here, but we also simultaneously acquired the Flemington Cobalt-Nickel-Scandium Project in New South Wales and then a bit further down the track picked up the greenfield Thackaringa Cobalt Project near Broken Hill. “The Sconi BFS demonstrates robust project and financial metrics, with capital costs in-line with Australian Mines’ prediction for the processing plant, while production volumes and specifications are within the range sought by our off-take agreement with SK Innovation. The Project also benefits from strong annual revenues across the Life of Mine and a relatively short payback period. “Our acquisition timing proved spot-on and now, two years later, we believe the Project is well on track to move to the next stage in project funding negotiations. I am very pleased to be in a position to release the BFS on the Sconi Project and look forward to implementing the next steps on the path towards production of what are increasingly in-demand and essential commodities for the manufacture of lithium-ion batteries used extensively in electric vehicles and energy storage applications. | |
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