NEWFOUNDLAND – Canada Fluorspar Inc. (CFI) of Toronto has completed a preliminary feasibility study for reopening its St. Lawrence fluorspar mine on the Burin Peninsula. The project is a joint ventures of CFI (50%) and French chemical manufacturer Arkema.
The PFS is based on updated capital and operating costs and the existing resource estimate. A 131,000-t/y project has pre-tax net present value (5% discount) of $124 million and internal rate of return of 15.4%. Adding 10% to the base case price assumption bumps the NPV up to $182 million and the IRR to 21.1%. In either case it will cost $154 million to build the facility and cash operating costs per tonne of ore processed will be $78.61.
CFI says the project includes underground development of two previously mined veins, upgrades to the existing mill, design and construction of a new tailings management facility, and design and construction of a new marine terminal. The two veins have a combined indicated resource of 9.09 million tonnes grading $42.0% CaF2 and an inferred resource of 950,000 tonnes grading 31.1% CaF2.
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