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Greenland Minerals Ltd.
Summary
| Project: | Kvanefjeld | |
|---|---|---|
| Deposit: | Kvanefjeld | |
| Location: | Greenland | |
| Commodities: | Rare Earth-Uranium-Zinc | |
| Date: | 7/9/2019 | |
| Report Code: | JORC | |
| Report Type: | Feasibility Study | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 9-7-2019: Greenland Minerals Ltd. announces a Feasibility Study report for its Kvanefjeld deposit at the Kvanefjeld project. Kvanefjeld Optimised Feasibility Study - 40% Capital Cost Reduction. Greenland Minerals Ltd (‘GML’ or ‘the Company’) is pleased to | |
| Resources: | (Reserve, P+P): 108Mt @ 14,300ppm TREO | |
| CP/QP: | [Resources]: Robin Simpson (SRK Consulting) | |
| ABSTRACT: | Greenland Minerals Ltd (‘GML’ or ‘the Company’) is pleased to provide an updated capital cost estimate for the Kvanefjeld Project (the Project). The Project’s capital cost estimate has been reduced by 40% from US$832M (Company Announcement April 6th, 2016) to US$505M. The Kvanefjeld Project, 100% owned by GML, is underpinned by the largest code‐compliant (JORC or CIM) rare earth resource globally. The reduction in the capital cost estimate is the result of optimisation studies covering all elements of the Project from the flowsheet to civil construction. The results of individual optimisation studies have been the subject of progressive updates to the market since 2016. Improvements to the flowsheet include a major enhancement to flotation performance (the production of smaller volumes of higher‐grade concentrate) and the development of a simpler, more efficient leaching circuit. These improvements have been developed in close collaboration with the Company’s major shareholder, leading rare earth company Shenghe Resources Holding Co Ltd (Shenghe). In combination, these developments significantly reduce the scale of the refinery circuit resulting in substantial cost reductions. Civil engineering design and construction costs were also a major focus of optimisation studies. A multi‐disciplinary team of specialist engineering firms including Nuna Logistics, Tetra Tech, PND Engineers and China Communications Construction Co. has contributed to an updated civil design with constructions costs reduced substantially (Company announcement March 26, 2019). The updated capital cost of US$505M is transformational for the Project which now has the lowest capital intensity of emerging ASX‐listed rare earth projects. | |
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