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EQ Resources improves Mt Carbine economics
9th November 2022
By: Esmarie Iannucci
Creamer Media Senior Deputy Editor: Australasia
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PERTH (miningweekly.com) – An updated bankable feasibility study (BFS) into the Mt Carbine expansion project, in Queensland, has improved the project’s economics when compared with the 2021 BFS.
The updated BFS was enhanced by the recently announced 29% increase in the openpit ore reserves, which resulted in a 15% higher tungsten concentrate output over an expanded 14-year production schedule, compared with the 12-year estimated in the previous study.
Concentrate production has also increased from the 26 680 t in the initial BFS, to 30 960 t.
Capital costs for the project are now estimated at A$21.4-million, down from the A$22.9-million in the original BFS, while the pre-tax net present value has increased from A$131-million to A$210-million, and the internal rate of return from 154% to 397%.
“The Mt Carbine planning process continues to deliver strong outcomes in terms of robust economics and extended mine life,” said EQ Resources CEO Kevin MacNeill.
“The continuous operations and completion of the Phase 1 plant upgrades through the early works programme have provided invaluable data and project development insights. The successful funding of the project allows the continued execution of the development schedule for the Phase 2 expansion.
“As we are already in production and have had the chance to optimise the processing plant, we can say that target recoveries of 79.5% have been achieved on an ongoing basis,” said MacNeill.
“We are now prioritising further resource drilling on the projected Western Extension of the Mt Carbine orebody with a view to expanding the near-pit mine reserves. Any successful results from the drill campaign could be quickly brought into life-of-mine planning.
“This BFS update proves the continuity we set ourselves as a target in developing a regional critical minerals cluster, given there are several other deposits with significant resource potential in our vicinity.”
Edited by: Creamer Media Reporter
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