Queensland-based copper explorer Coppermoly Limited (ASX:COY) (“Coppermoly”) is pleased to announce a positive financial outcome following the completion of an independent Conceptual Mining Study (CMS) at its Nakru-01 copper-gold-silver project on New Britain Island, Papua New Guinea (“PNG”).
Swain Engineers have made the recommendation that the Nakru tenement continue to be explored for additional copper ore and for drilling to continue to at Nakru-01 and Nakru-02 in order to define the extent of mineralisation prior to feasibility studies.
Key Results:
- An open pit containing an estimated 40 million tonnes ROM Ore
- A mining rate of 5.0 million tonnes per annum (Mtpa) for 8 year mine life
- Employment of over 400 personnel
- Recovery of approximately 90%
- Royalty to PNG 2%
- 6% Allowance for Smelter Charges
- Total Electrical demand of 27 MW/Hr
- Waste Ore Ratio of 2m3 : 1t
- Project completes payback within 2 years
- Potential for significant increase of tonnage in the area
- Estimated capital costs of US$458 million
- Operating costs estimated at US$16.50/tonne of ore
- Shipping using existing wharf at Kimbe or a new wharf built on the south coast.
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