Appian Capital Advisory’s Atlantic Nickel has released the results from a preliminary economic assessment (PEA) of its wholly owned Santa Rita nickel-copper-cobalt mine in northeastern Brazil.
Santa Rita, one of the largest open-pit nickel sulphide mines in the world, was acquired by the private equity firm from Mirabela Nickel in a bankruptcy process in 2018.
Since open-pit operations restarted in August 2019, the mine has produced 48,000 tonnes of nickel concentrate. (Mirabela put the mine on care and maintenance due to low nickel prices in 2015.)
Mining from the open pit is scheduled to last eight years, ending in 2028. It will then transition to an underground mining operation, extending the life of the mine from eight to 34 years.
The PEA estimates production from the open-pit mine of 20,000-25,000 tonnes nickel-equivalent annually over eight years at an all-in sustaining cost (AISCs) of US$4.12 per lb. nickel.
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