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Updated EIA Report Submitted for Muratdere Project
Updated EIA Report Submitted for Muratdere Project.
About this update from Oriole Resources Plc
[{"type":"text","content":"\n \n \n \n Oriole Resources PLC \n \n \n \n ('Oriole Resources' or 'the Company' or 'the Group')\n \n \n \n \n \n \n Updated EIA Report Submitted for Muratdere Project, Turkey \n \n \n \n \n \n \n Oriole Resources (AIM: ORR), the AIM-quoted exploration company focussed on West Africa,\n is pleased to provide an update on the Muratdere copper-molybdenum porphyry development project ('Muratdere' or 'the Project') in Turkey. The Company has a 1.2% post-tax net smelter return ('NSR') royalty in the Project, which is operated by Lodos Maden Yatırım Sanayii ve Ticaret A.Ş. ('Lodos'), a wholly-owned mining investment company of Istanbul-quoted investment company Pragma Finansal Danımanlık Ticaret A.Ş. ('Pragma').\n \n \n \n \n \n \n \n \n \n Highlights\n \n \n \n \n \n \n · \n An updated Environmental Impact Assessment ('EIA') report has been submitted to the Environmental and City Planning Office;\n \n \n · \n Mine plan includes 16 million tonnes of ore Reserves with an average ore grade of 0.52% copper ('Cu'), 0.0125 % molybdenum ('Mo'), 0.11 grammes per tonne ('g/t') gold ('Au') and 2.40 g/t silver ('Ag');\n \n \n · \n An average of 1.60 million tonnes of copper-molybdenum ore will be extracted per year, through an open pit operation, over a mine life of 10 years;\n \n \n · \n The ore will be enriched in a state-of-the-art flotation facility to be built on site to produce a copper and molybdenum concentrate, that will also have payable gold and silver credits. This facility is designed to operate with the principle of zero discharge out of the facility;\n \n \n · \n Gross metal revenues over the mine life are expected to be in excess of US$650 million[1];\n \n \n · \n Oriole's 1.2% NSR royalty is estimated to be approximately US$7.5 million over the same period, though this does not take into account any value from the underlying Resource, which is outside of the current mine plan;\n \n \n · \n The Project will be funded by Pragma and therefore does not require external financing to take into production.\n \n \n \n \n \n \n \n \n \n Oriole Resources\n \n \n CFO, \n Bob Smeeton\n \n \n , said: \n \n \"After a false-start back in 2019/2020, we commend Lodos' tenacity and professionalism in working alongside more th...