Phoenix Global PEA lifts Idaho-based Empire mine output 16%
VANCOUVER (miningweekly.com) – A preliminary economic assessment (PEA) of LSE-quoted project developer Phoenix Global Mining’s historic Empire mine, in Idaho, has outlined a 16% improved production scenario over previous estimates, taking only the openpit copper oxide resource into consideration.
The PEA shows an average copper cathode production rate of 8 124 t/y from a two-million-tonne-a-year mine, at a cash cost of production of $1.85/lb of copper.
Importantly, the PEA excludes the potential economic benefits of the gold, silver and zinc that were reported in the updated November 2017 resources, following the 2017 drilling programme. To make better sense of these minerals, the company will start work on a bankable feasibility study (BFS) in the third quarter to examine their potential.
Based on the openpit copper oxides occurring within an optimised pit shell that includes 11.49-billion tons in the measured and indicated categories grading 0.52% copper, above a cutoff grade of 0.184%, and 9.88-billion tons of inferred material above the same cutoff grading 0.41% copper, the Empire project has a calculated after-tax net present value (when applying a 7.5% discount rate) of $53.66-million, and an internal rate of return of 23.5%.
Preproduction capital is estimated at $61.2-million, to establish an operation that can produce 8 124 t/y of copper cathode over the operation’s eight-year mine life.
The BFS will provide the necessary information to start construction in 2019, with the goal of first production by early 2021, the company stated.
Phoenix Global, which made its debut on the LSE's Aim market late in June last year, gained as much as 7.14% a share in early trading in London, before settling down 1.19% at 4.15 pence a share at the closing bell.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Developed to exceed the latest EN 15964 standards for police breathalysers proving that it will remain accurate and reliable for many years to come.
VISIT SHOWROOM
Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
