ONTARIO – Globex Mining of Rouyn-Noranda, QC, has filed on SEDAR the preliminary economic assessment for its Timmins Talc-Magnesite (TTM) project in Deloro Twp. The project is expected to generate approximately $2.58 billion in gross revenue over an initial 20-year period with an after tax, internal rate of return of approximately 20%. Capital costs for the facility are projected at $268 million.
Globex now has to raise the initial $50 million required to construct a 100,000-t/y talc demonstration plant to provide talc for testing by potential consumers as well as to complete permitting and infill drilling.
A feasibility study was prepared for the Timmins project in 1974, and Globex bought the property in 2000. The indicated resource is 12.7 million tonnes averaging 52.1% magnesite and 35.4% talc. Inferred resources are 18.8 million tonnes grading 53.1% magnesite and 31.7%.
A history of the property is available at GlobexMining.com.