Cuesta's scoping study for Moorland delivers positive results
PERTH (miningweekly.com) – A scoping study for coal developer Cuesta Coal’s Moorlands project, in Queensland, has confirmed that the project could be developed into a 1.9-million-tonne-a-year opencut operation, with an estimated mine life of 30 years.
Cuesta told shareholders on Monday that the project would require an initial capital investment of A$148-million, with operating costs estimated at A$63/t.
The project, which has a Joint Ore Reserves Committee-compliant resource of 146.1-million tonnes, would have a net present value of A$138-million and an internal rate of return of 20.1%.
“We are pleased the scoping study for the Moorlands project has returned such an encouraging result. The scoping study confirms the company’s long-held belief that the Moorlands project sits firmly in the lower quartile of coal mine development projects, in terms of capital cost per tonne and free-on-board costs,” said Cuesta MD Matthew Crawford.
He noted that the confirmation of a robust South Pit mining operation at Moorlands was a positive result for the company, and endorsed the project’s position as one of the largest undeveloped coal assets in the Western Bowen basin of Queensland.
“We believe the definitive feasibility study (DFS) next year will further validate the positive project economics.”
The DFS would start in the first quarter of next year, and would further look at optimising the capital and operating costs of the project. First production has been scheduled for 2016.
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