Corridor Sands proves up for MRG
PERTH (miningweekly.com) – A scoping study and preliminary economic assessment (PEA) into the Corridor Sands project, in Mozambique, estimates that the project will require a capital investment of $239-million.
ASX-listed MRG Metals told shareholders that the project could produce 262 000 t/y of titano-magnetite, 369 000 t/y of ilmenite and 48 000 t/y of non-mag over a mine life of 26 years.
“The result of this study gives the board great confidence of an exceptional, robust mine development opportunity at the Corridor projects, said MRG Metals chairperson Andrew van der Zwan.
“A net present value of A$413-million is indicated, which, given the current market cap of MRG is highly exciting for MRG shareholders, and the board is confident significant enhancement can be made in the next phase of project development,” he added.
The scoping study also estimated an internal rate of return of 21%, with a project pay-back period of five-and-a-half years. Operating costs of ore processed have been estimated at $3.10/t, while revenue per tonne of ore processed has been estimated at $6.40/t.
Van Der Zwan told shareholders that as MRG progressed to the prefeasibility stage, the company had already identified a number of opportunities to improve the project’s net present value by reducing capital expenditure through different on-site processing options, bulk sampling higher value mineral assemblage from the Nhacute/Poiombo starter pit, conducting further metallurgical testwork and incorporating newly identified zones of resources.
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