IN BRIEF: Phoenix Copper Completes Updated Empire Mine Economic Model
Tue, 16th Feb 2021 18:01
Phoenix Copper Ltd - North American-focused base and precious metals explorer - Completes updated economic model for the Empire Mine open pit project in Idaho, US which indicates "strong cashflow" and rapid payback in less than two years. Model shows 10-year life-of-mine processing a total of 14.3 million tonnes measured & indicated ore at a 0.5% copper cut-off grade. Notes life-of-mine revenue of USD784 million, producing average annual production of 8,550 tonnes of copper, 1,970 tonnes of zinc, 17,235 ounces of gold and 680,050 ounces of silver.
"The updated EM shows an impressive "starter" operation that delivers revenue of USD784 million with a pre-tax 7.5% NPV of USD105 million and an IRR of 57%. This significant increase in the NPV from the previous EM (August 2019) is a product of increased M&I resources, a higher head grade for copper, the use of ATS to recover gold and silver, and an increase in ore processing capacity from 1.6 to 2.1 million tonnes per year. The NPV is also well in excess of pre-production capital costs," says Chief Executive Ryan McDermott.