Serengeti defers British Columbia copper/gold project PFS
The completion of the prefeasibility study (PFS) for the Kwanika copper/gold project, in British Columbia, has been deferred, owing to a lack of funding, 65%-owner Serengeti Resources reported on Wednesday.
The company, which owns Kwanika in a joint venture with Posco International, would instead focus on completing an interim study report.
Serengeti reported that the $7-million original budget for the PFS had been fully expended and that the partners had jointly funded a further $590 000 on a pro-rata basis.
The partners concluded that although well advanced, the Kwanika project mine plan was not fully optimised to a level such that upon its completion, the best path to feasibility and ultimately a construction decision would be achieved, the exploration company said in a statement.
“Our technical team has advanced the engineering of a combined openpit and bulk underground copper/gold mine plan at Kwanika. However, as important, we recognise that in order to reach the full potential of the project, more work is required. We believe the additional funds that would be required to complete the PFS study now, are better directed towards future optimization work for the project,” said CEO David Moore.
The balance of the available funds would be used to complete the interim study report, which would document the extensive work that had been achieved by the independent engineering consortium in order to best facilitate future advancement of the project.
Further, a number of opportunities have been recognised as the PFS progressed that could add value to the project, but more funding would be required to pursue these opportunities.
Serengeti has proposed a budget to Posco to fund a 2020 programme to pursue these and said it would work with its partner in the coming months regarding the next phase of advancement of the Kwanika project.
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