LABRADOR – Century Iron Mines of Toronto, the operator of the Joyce Lake DSO (direct shipping ore) project just across the border from Schefferville, QC, has released a positive preliminary economic assessment. The property is a joint venture of Century (56%) and Champion Iron Mines (44%) of Toronto, and is part of the Aittikamagen project along the border of Labrador and Quebec.
The report puts a net present value of $94.5 million and an internal rate of return of 35% (both figures are pre-tax) on Joyce Lake. An operation that produced 2 million t/y of lump and sinter fines would pay for itself in the first 2.9 years of its four-year mine life. The initial capital expenditure is pegged at $96.6 million.
Century noted that the PEA includes the inferred resource. The 43-101 report is to be filed with SECAR within 45 days and will undoubtedly be posted at CenturyIron.com.