Rambler Metals & Mining Plc expects to complete the second phase of mining and milling expansion at the Ming copper-gold mine in Newfoundland and Labrador in March.
At an expanded daily rate of 1,250 tonnes of ore mined and processed, the mine is seen continuing production for 20 years until 2037, according to a March 5 release.
The project has a projected net present value, discounted at 7%, of US$83 million after taxes and a net cash flow of US$157 million.
Production during the 20-year mine life is estimated at 514,000 tonnes of copper concentrate containing salable metal of 312 million pounds of copper and 57,000 ounces of gold.
Average annual sales are estimated at 26,000 tonnes of copper concentrate containing an average of 16 million pounds of salable copper and 2,800 ounces of salable gold.
The average operating cost per year is estimated at US$1.98 per pound of copper, net of byproduct credits, with all-in posttax cost of US$2.49/lb of copper.
Rambler's measured and indicated mineral resource estimate for the Ming mine included an 18% decline in tonnage compared to the 2015 estimate, while gold and copper grades increased 14% and 9%, respectively.
The measured and indicated resource stands at 23.4 million tonnes containing 849 million pounds of copper, 239,000 ounces of gold and 1.9 million ounces of silver.
The inferred resource totals 2.9 million tonnes containing 113 million pounds of copper, 39,000 ounces of gold and 256,000 ounces of silver.
Proven reserves stand at 3.5 million tonnes containing 143 million pounds of copper, 49,000 ounces of gold and 338,000 ounces of silver.
Probable reserves total 5.0 million tonnes containing 198 million pounds of copper, 71,000 ounces of gold and 500,000 ounces of silver.
