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Meridian defines US$50.2M net present value for Bom Futuro tin project in Brazil

Meridian Mining SE said Dec. 7 that a preliminary economic assessment on its Bom Futuro tin tailings joint venture in Brazil defined an after-tax net present value of US$50.2 million, using a 10% discount rate, and an internal rate of return of 39.8%.

The company entered into an agreement in December 2016 to explore up to three components of the Bom Futuro property, with the deal including a tin tailings reprocessing permit.

The proposed operation is expected to process 3.8 million tonnes per year to produce an average 2,000 tonnes of concentrate grading 60% tin over a 16-year mine life.

CapEx is pegged at US$28.3 million, including US$3 million in contingencies, with payback anticipated in 2.3 years. Operating costs are estimated at US$7.7 million. The analysis incorporates a tin price of US$20,500/tonne.

Meridian also reported an initial resource estimate for the project, comprising indicated resources of 3.3 million tonnes grading 629 parts per million of tin for 2,076 tonnes of contained metal and inferred resources of 57.9 million tonnes grading 526 ppm of tin for 30,447 tonnes of contained metal.

The resource incorporates results from 252 percussion drillholes totaling 2,854.3 meters and 437 auger drillholes totaling 1504.1 meters.

The company noted that the resource estimate does not include material in the recently allocated Carlinhos South and Grota Rica tailings basis or along the southern paleovalley trend, where work is underway.

"As work on the tailings consolidates, we will be able to focus attention more on targeting extensions to the Bom Futuro corridor in the broader exploration area," Meridian President and CEO Anthony Julien said. "Our programs will be paused over the wet season as we plan for the next phase of evaluation."