IRON ORE: Century files PEA for Duncan Lake

QUEBEC – Century Iron Mines of Toronto has filed the preliminary economic assessment for the Duncan Lake iron project in the James Bay region, 570 km north of Matagami. The report was prepared by Met-Chem for partners Century (65%) and...

QUEBEC – Century Iron Mines of Toronto has filed the preliminary economic assessment for the Duncan Lake iron project in the James Bay region, 570 km north of Matagami. The report was prepared by Met-Chem for partners Century (65%) and Augyva Mining Resources (35%) of Montreal.

The PEA is based on a measured and indicated resource of 1.05 billion tonnes averaging 24.42% Fe and 5.46% SiO2. There are also 563.1 million inferred tonnes at 24.69% Fe and 6.03% SiO2. Establishing an open pit and plants that to produce 12 million tonnes of acid pellets per year would cost $3.88 billion. Sustaining capital over 20 years of operation is estimated at $665 million. Operating costs over the life of the mine would average $59.17 per tonne of pellets produced.

The pre-tax economics for Duncan Lake include a net present value of $4.1 billion at an 8% discount, an internal rate of return of 20.1% and a payback period of 4.2 years. The post-tax numbers look different – a NPV $2.2 billion, an IRR of 15.9% and a 4.8-year payback.

Read the recommendations of the PEA at CenturyIron.com.

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