Ascot eyes 2015 start for Titiribi
PERTH (miningweekly.com) – A prefeasibility study (PFS) into junior miner Ascot Resources' Titiribi coal project, in Colombia, has confirmed the technical and economic viability of a 400 000 t/y starter mine operation, with a minimum five-year life-of-mine.
The PFS was based on a measured and indicated resource of some 8.1-million tonnes, and indicated that a capital investment of $7.8-million would be required to fund the project.
Operating costs for a mine-gate sale operation have been estimated at $44/t.
A second development option, which would see coal production conveyed across the River Cauca and shipped through Port Buenaventura, would require a $14.3-million capital investment and would have an operating cost of $84/t.
An additional $2.1-million in development capital would be required to ramp up production to 400 000 t/y.
“Completion of the PFS provides confirmation and strong endorsement that a starter operation at the Titiribi project can be developed to support the company’s objective of targeting projects that exhibit near-term production and low development capital,” said Ascot executive chairperson Andrew Caruso.
He noted that in the near term, Ascot would continue to advance environmental and mining approvals, and would complete trade-off studies and position the project to interested parties, prior to the start of the feasibility study later in the year.
In tandem, Ascot would also undertake further infill drilling and exploration work, as well as progress discussions with surrounding concession owners to expand the Titiribi project site.
Ascot was hoping to fast-track project development with the aim of achieving first production by early 2015.
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