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Harvest Minerals Ltd.
Summary
| Project: | Arapua | |
|---|---|---|
| Deposit: | Maximus | |
| Location: | Brazil | |
| Commodities: | Phosphate-Potassium | |
| Date: | 8/10/2016 | |
| Report Code: | JORC | |
| Report Type: | Scoping Study | |
| Project Stage: | Pursuing Environmental Approval | |
| Report details: | 10-8-2016: Harvest Minerals Ltd. announces a Scoping Study report for its Maximus deposit at the Arapua project. Maximus Scoping Study results incl. production of 100ktpa for 7 years, based on initial resource. Harvest Minerals Limited (AIM:HMI) is please | |
| Resources: | (Resource, Ind.): 883Kt @ 4.21% K2O and 3.53% P2O5 at Maximus | |
| CP/QP: | [Resources]: Bernardo H C Viana (GE21 Consultoria Mineral) | |
| ABSTRACT: | Harvest Minerals Limited (AIM:HMI) is pleased to announce that that an independent Scoping Study (the "Study") has been completed for its Maximus Direct Application Natural Fertilizer (DANF) Project, highlighting the robust economics of the project and the simple low cost mining and processing required to support the initial trial mining permit. Maximus is part of the Arapua Fertilizer Project and is located in the Brazilian state of Minas Gerais. The Study was conducted by consultants GE21 Consultoria Mineral (GE21) and includes pit optimization and design, mine scheduling, capital expenditure (CAPEX), operational expenditure (OPEX) estimates and a preliminary economic assessment based on the current initial resource, which represents only ~3% of the estimated mineralisation. Commenting on the scoping study, Executive Chairman of Harvest, Brian McMaster stated: "Completion of this study demonstrates the robust economics of the project and brings us one step closer to our objective of designing a simple and efficient project that delivers significant value for Harvest and its shareholders. There is significant upside to the project both in terms of the current resource and potential to expand the planned initial production with the project ideally located in the prime agricultural Cerrado region where fertilizer demand is high. We expect to be able to refine and improve on the numbers presented in the scoping study and we are in the process of appointing contractors to carry out the mining and processing, which could significantly reduce the initial CAPEX requirements and potentially reduce these already low OPEX costs even further. We are busy working towards first production later this year and whilst our trial mining permit application is being processed, our technical team and consultants continue to conduct further test work including an agronomic study, the initial results of which we expect to receive during the current quarter." | |
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