Venture Minerals (ASX: VMS) is looking to progress the Mt Lindsay tin-tungsten project at speed following the robust Pre-Feasibility Study, by kicking off a Bankable Feasibility Study.
The Pre-Feasibility Study produced a very strong internal rate of return of up to 55% at current spot prices, with a capital cost estimated at A$162 million, including a new APT (Ammonium Para Tungstate) plant for tungsten.
Venture said Mt Lindsay is one of the world’s largest undeveloped tin projects, with the study focused on open pit mining, utilised indicated resources only and was based on a throughput of 1.3 million tonnes annually, optimised at a tin price of US$25,400 per tonne.
This tin price is a 20% discount to the current spot price.
Venture has already commenced project financing and offtake strategies.
Hamish Halliday, managing director, said "The study’s financials certainly suggest that the Mt Lindsay Project has the potential to transform Venture into a successful mining company.”
The company is very well funded with $25 million in cash, with exploration to continue rapidly with six drill rigs on site.