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Metallica Minerals Ltd.
Summary
| Project: | Urquhart | |
|---|---|---|
| Deposit: | Urquhart | |
| Location: | Australia | |
| Commodities: | Aluminium | |
| Date: | 12/30/2016 | |
| Report Code: | JORC | |
| Report Type: | Pre-Feasibility Study | |
| Project Stage: | Mine Development | |
| Report details: | 30-12-2016: Metallica Minerals Ltd. announces a Pre-Feasibility Study report for its Urquhart deposit at the Urquhart project. Amended PFS results for Urquhart Bauxite project. Brisbane bauxite developer, Metallica Minerals Limited (Metallica) (ASX:MLM), | |
| Resources: | (Reserve, P+P): 6.532Mt Direct Shipping Bauxite @ 52.7% Al2O3 | |
| CP/QP: | [Resources]: John Horton (IMC Mining Pty Ltd.) | |
| ABSTRACT: | Brisbane bauxite developer, Metallica Minerals Limited (Metallica) (ASX:MLM), is pleased to announce the results of the recently completed Pre-Feasibility Study (PFS) for the Company’s 50%- owned Urquhart Bauxite project (UBx), five kilometres southwest of Weipa on Queensland’s Cape York and slated for first production and DSB shipment by mid next year. Based on forecast AUD-USD exchange rates starting at A$0.75 for calendar 2017, the PFS Base Case points to a potential revenue stream nearing A$300 million across 5.5 years of production, delivering a total operating margin (allowing for all costs including royalties) of around A$12 per tonne with payback of just five months. The PFS was independently prepared by Brisbane-based international consultancy, IMC Mining Pty Ltd (IMC), which also completed Urquhart Bauxite’s recently upgraded JORC (2012) resources estimate (see ASX Release 14 November 2016). London based independent metals analyst, CRU International estimated the Free On Board (FOB) USD price of bauxite received utilising the Life of Mine (LOM) schedule produced by IMC. Each member of the Cape York HMS & Bauxite Project Joint Venture (JV) is responsible for their portion of mine start-up costs. Metallica is currently in discussions with various parties to deliver its portion of the capital and ensure the Company has adequate funds to develop the project. At this stage negotiations remain incomplete, however due to the very low capital nature of the project the Company remains confident of securing funding. As of 30 June 2016, Metallica has accumulated tax losses of A$17.6 million that are also capable of being offset against income earned from Urquhart Bauxite | |
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