Announcement Date: 2023-01-23
Announcement Type: Pre-Feasibility Study
Announcement Code: JORC
Company name: New Century Resources Ltd.
Project name: Mt Lyell
Location: Australia
Commodities: Gold,Copper
Highlight: Pre-Feasibility Study result incl. Pre Tax NPV (7%) of AUD $560M & IRR of 22%
Resources: only available to subscribers
CP/QP: only available to subscribers
Announcement summary: New Century Resources Limited (ASX: NCZ) (New Century or the Company) is pleased to announce the release of the Mt Lyell Copper Mine PFS results, which demonstrate highly attractive economics through the potential development of a low-cost, long-life copper and gold operation in a Tier-1 jurisdiction, supplied by 100% renewable power. The robust economic profile demonstrated by the PFS includes a pre-tax NPV7 of A$560 million, IRR of 22% and Life of Mine net cash flow of A$1,081 million. The estimated pre-production capital investment requirement is A$279 million, leveraging existing infrastructure, with a maximum cash draw of A$360 million. Average C1 costs of US$1.73/lb Cu (including by-product credits) are projected over the first 10 years of steady-state operations, and average life of mine C1 costs of US$1.89/lb Cu with the inclusion of the production ramp-up period. The PFS supports an initial 25-year mine life, producing 555kt of copper and 320koz of gold in concentrate over this period. The average annual production over the first 10 years post-ramp up is approximately 27kt of copper and 16koz
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