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First Quantum Minerals Files Updated Technical Report for Ravensthorpe
TORONTO, March 28, 2022 (GLOBE NEWSWIRE) -- First Quantum Minerals Ltd. (“First Quantum” or “the Company”) (TSX: FM) today filed an updated Technical Report
About this update from First Quantum Minerals Ltd.
[{"type":"text","content":" TORONTO, March 28, 2022 (GLOBE NEWSWIRE) -- First Quantum Minerals Ltd. (“First Quantum” or “the Company”) (TSX: FM) today filed an updated Technical Report for the Ravensthorpe Nickel Operations (“RNO”) in Western Australia. The purpose of this Technical Report is to incorporate updates that reflect the recently completed Mineral Resource and Mineral Reserve estimates and to provide commentary on the status of operations, including recent development work being undertaken to bring the Shoemaker-Levy open pit mine into full production. The effective date for the Mineral Resource and Mineral Reserve estimates is December 31, 2021. The updated RNO models for Halleys, Hale-Bopp, Shoemaker-Levy, Shoemaker-Levy North and Nindilbillup, incorporate recent drilling and metallurgical test work results. The Shoemaker-Levy deposit makes up 81% of the total RNO Mineral Resource, which remains the main focus for development, extension and mining for the years ahead. Since the previous Technical Report (“RNO, 2012”), RNO has embarked upon several key upgrades to the processing operations. These include reduced water consumption, cyclone optimization for improved beneficiation as well as limestone ball milling. Additionally, RNO has finalized the required infrastructure for the Shoemaker-Levy mining operations, which includes offices, run-of-mine pads, heavy equipment workshops and laydown areas, power lines and raw water pipelines, and most significantly, crushing facilities and a 9 kilometer overland conveying system. RNO is strategically positioned as a clean, sustainable source of nickel for electric vehicle batteries with industry-leading environmental credentials and a small carbon emissions footprint. RNO is self-sufficient with respect to power and water and will further reduce its reliance on diesel with the recently constructed overland ore conveying system. LIFE OF MINE (“LOM”) SCHEDULE Mining activities commenced at Shoemaker-Levy in 2021. The LOM mining and production schedule highlights a 19-year mine life from January 2022 to the end of 2040. Production in the first five years is expected to be an average of 30,000 tonnes of nickel metal per annum and thereafter an average of 28,000 tonnes per annum. Cobalt production is approximately 1,000 tonnes of metal per annum. The overall LOM strip ratio (tonnes) is expected to be 1.06 t...