Pacific Nuigini reveals Nicolsons reopening plans
PERTH (miningweekly.com) – Junior gold developer Pacific Niugini on Monday revealed the details of its re-start operation at the Nicolsons project, which forms part of the Halls Creek operation, in Western Australia.
Existing infrastructure at the Nicolsons mine would allow Pacific to restart operations for a minimal capital injection of A$10.7-million, with the project targeting production of about 130 000 t/y from a small-scale underground mine at the base of the existing openpit operation.
Pacific told shareholders that the company would directly employ the process plant and mine operators, while it would dry hire underground mining equipment for the initial operations, minimising the pre-production capital as far as possible.
The project was expected to have an initial mine life of four-and-a-half years, and would deliver a net profit after tax of A$50-million, a net present value of A$42-million and an internal rate of return of 162%.
“This is a fantastic result for the restart of Nicolsons. The project team that we have pulled together is committed to restarting production at Halls Creek in the most efficient way possible and we will pursue the finalisation of permitting requirements as an absolute priority,” said Pacific MG Paul Cmrlec.
He noted that the company was hoping to start early site work in 2015, with production expected by mid-year.
The restart estimate has also resulted in the estimation of a probable reserve, with the underground mine projected to host 435 455 t, grading 6.17 g/t gold for 86 362 oz.
The project also hosts a resource estimate of 768 652 t, grading 6.6 g/t gold for 163 123 oz.
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