Mount Boppy delivers the goods for Polymetals
PERTH (miningweekly.com) - A feasibility study into junior Polymetals Mining’s Mount Boppy gold project, in New South Wales, has revealed that the project could deliver some 64 630 oz of gold.
The feasibility study considered that the opencut mine could extract some 587 000 t of ore, at 4.32 g/t gold, over a ten-month period, with the ore processed over a 24-month period using the existing plant at Mount Boppy.
The project would require a capital injection of A$26.6-million, and would operate at a C1 cash cost of A$572/oz. The Mount Boppy project was expected to have a net present value of A$21.8-million, at a gold price of A$1 500/oz, and an internal rate of return of 82%.
“This project has near-term production potential, low execution risk and robust economics, as well as high strategic value,” said Polymetals’ CEO Frank Terranova.
“Owning processing infrastructure in a region surrounded by many active exploration companies places a strategic premium on this project,” he added.
Terranova noted that the Mount Boppy operation was one of a number of growth opportunities for the company, and noted that Polymetals would continue to enhance the value of the company through creating a suite of projects.
“Completion of the feasibility study with all major approvals to hand enables us to assess fully the strategic optionality of this project,” he added.
Key licences that have been approved for the project include a mining lease and an environmental protection licence, which were granted in January this year.
Gold production could likely be achieved in seven months, once the project go-ahead was given.
Polymetals said that it was currently assessing its funding options as part of an investment decision process.
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