Mutiny signs MoU to advance Deflector
PERTH (miningweekly.com) – ASX-listed Mutiny Gold has moved a step closer with its Deflector gold/copper/silver project, in Western Australia, announcing on Thursday that it had signed a memorandum of understanding (MoU) for the engineering, procurement and construction (EPC) of a new processing facility.
The signing of the MoU with GR Engineering Services followed the receipt of several indicative nonbinding project finance offers, and the resultant short-listing of a number of banks for the Deflector debt financing.
The company told shareholders that the combination of the EPC MoU and the indicative offers of funding meant that Muntiny remained firmly on track to bring Deflector into production.
In August this year, Mutiny launched a new mine plan for the Deflector project, which reduced the size of the proposed openpit volume from that considered in a definitive feasibility study, with the expected throughput revised to an optimal underground production rate of 380 000 t/y reducing yearly production to around 63 000 oz of gold, 2 662 t of copper and 60 000 oz of silver.
Capital cost requirements for the project have been estimated at A$67.6-million, with the project expected to have a net present value of A$111-million and an internal rate of return of 50%.
Mutiny said on Thursday that the MoU would allow GR Engineering to undertake preliminary work that was preapproved by Mutiny, and to recover invoiced expenditure and commitments in relation to this work, if the MoU is terminated.
In order to bring Deflector into production as early as possible, preliminary work would continue on the project while some final approval conditions were completed, and the terms of the EPC contract negotiated.
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