Cyprium Metals confirms economic viability of Nifty Surface Mine
23.05.2024 | NewsDirect
Cyprium Metals Ltd. (ASX:CYM) executive chair Matt Fifield joins Proactive's Jonathan Jackson after the company completed and published the Nifty Surface Mine Scoping Study, confirming the economic viability of a large surface mine.The study highlights that the optimal pit is estimated to contain 70 million tonnes of sulphide ore at 0.9% copper, leading to an expected recovery of 570,000 tonnes of copper through a concentrator over the mine's life. The proposed truck-shovel surface mine is expected to generate approximately 4.5 million tonnes of ore feed per year, with anticipated average annual production of 36,000 tonnes of contained copper-in-concentrate through an expanded plant.The projected capital expenditure is A$175 million, covering plant refurbishment, expansion and ancillary site capital, excluding the cost of the mobile fleet. The preliminary design ensures that 89% of life-of-mine waste disposal requirements can be met within currently permitted disturbance areas. The study reports a Net Present Value (NPV8%) of $880 million and an Internal Rate of Return (IRR) of 46% at a copper price of A$13,000 per tonne. The board has approved advancing the project to a pre-feasibility study.Fifield stated that this study consolidated months of work and outlined a high-level plan for accessing the large sulphide resource at Nifty. The plan includes a truck-shovel surface mine and moderate investment in the brownfield processing plant, aiming to nearly double its throughput. This surface mine project is designed to be standalone, separate from the copper cathode project, which is also progressing towards a restart.Contact Details
Proactive Investors
Jonathan Jackson
+61 413 713 744
jonathan@proactiveinvestors.com
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