Blackthorn to start DFS for Zambia copper project
PERTH (miningweekly.com) – An optimised prefeasibility study (PFS) for ASX-listed Blackthorn Resources’ Kitumba copper project, in Zambia, has more than tripled the project’s expected value.
The optimised PFS estimated that the Kitumba project would have an internal rate of return (IRR) of 21% and a net present value (NPV) of $461-million. This compared with an initial IRR estimate of 12.7%, and a NPV estimate of $108-million.
The project’s proposed cash costs have also decreased from an initial $2.04/lb to $1.57/lb.
“We are delighted with the results of the PFS optimisation for the Kitumba copper project. We have carefully developed the PFS to represent a fully implementable project,” said Blackthorn CEO Mark Mitchell.
“The results show that we have an economically robust project at prefeasibility study level, and we have identified a proven, cost-effective mining and processing solution with the work having been done to understand the orebody.”
Meanwhile, project development costs have increased from the initial $358-million to $680-million, but copper recoveries have increased to 92%, with the project now expected to deliver yearly production of up to 70 000 t, with an average of 58 000 t/y over the life of the project, rather than the initial average of 39 000 t/y copper.
The underground mine life has remained unchanged at 11 years.
Mitchell said that Blackthorn would now move to the definitive feasibility study (DFS) stage, with the aim of further refining and improving the project economics.
“Blackthorn is in discussions with a number of potential partners to help fund the DFS, work with us to improve the project outcomes and ultimately deliver a high performance and responsible copper asset in Zambia.”
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