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Gensource forecasts construction costs for Vanguard One potash project at C$279M

Gensource Potash Corp. has released the results of a feasibility study for its Vanguard One potash project in Saskatchewan that indicates the operation will have a posttax net present value, at an 8% discount rate, of US$235.8 million and internal rate of return of 16.31%.

The 250,000 tonne-per-annum mine is expected to cost about C$279 million to build, with construction taking just under two years.

The TSX Venture Exchange-listed company said May 31 that the project will require average annual sustaining capital of C$15.68 per tonne, or about C$3.3 million.

Under the base case scenario, which assumes a potash price of US$300 per tonne, payback is expected to take 6.3 years.

The feasibility study recommends bringing the Vanguard project into production.