Business
Updated Redmoor Scoping Study
Updated Redmoor Scoping Study.
About this update from Strategic Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 1814Z Strategic Minerals PLC 16 May 2019 \n\nMarket Abuse Regulation (MAR) Disclosure\nCertain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.\n \n16th May 2019\nStrategic Minerals plc\n(\"Strategic Minerals\", \"SML\" or the \"Company\")\nRedmoor mining scoping study leads to positive financial assessment\nStrategic Minerals plc (AIM: SML; USOTC: SMCDY), a producing mineral company actively developing projects prospective for battery materials, is pleased to announce that Cornwall Resources Limited (\"CRL\"), the joint venture vehicle developing the Redmoor Tin/Tungsten project, has received an updated scoping study it commissioned from mining consultants Wardell Armstrong International (\"WAI\"), following on from the recent Mineral Resource Estimate update.\nOn the basis of this study, CRL has carried out a preliminary assessment of the potential returns from an underground mining project at Redmoor in Cornwall. This assessment suggests, based on a nominal plant feed rate of 600ktpa, an IRR of 19%, and an NPV of $94m, based on a capex of $89m. Further work will now be carried out to continue to advance and further optimise the project as it heads towards a pre-feasibility study (\"PFS\").\nHighlights:- \n· Positive outcome from scoping level underground mining study completed by regionally based consultants WAI; resultant indicative mine schedule confirms economic potential of project.\n· Study suggests an indicative production rate of 600ktpa; potential mine life of 10+ years.\n· Life of Mine production schedule indicates 7.1Mt @ 1.09% tin equivalent grade.\n· The results of the study have been modelled internally by CRL and already show strong positive returns, together with potential for further optimisation. \n· Metallurgical testwork carried out in parallel confirms amenability of ore to gravity pre-concentration with good potential recoveries and grades. \n· Significant upside has been identified with exploration target likely to extend the existing mine life as well as targeting high margin ores early in the...