Dart Mining NL announced the completion of the scoping study for the Unicorn Mo + Cu + Ag project in North Eastern Victoria. The scoping study has produced very positive financial results and demonstrates the potential for Unicorn to become a viable, long mine life operation.

Scoping Study Highlights;
1. Initial mine life of 14 years with strong potential to increase to 20 years;
2. 10 million tonne per annum production gives best financial result due to economies of scale;
3. Pre tax IRR 27% at a discount rate of 10% Payback less than 2.5 years
4. NPV (100% equity) USD 255 million based on initial 14 year mine life.
5. Additional 6 year mine life could add approx USD 50 - 70million NPV;
6. USD 3.58 cash cost lb (net of credits) places Unicorn in lowest cost quartile;
7. Cash positive at USD 8 per lb Mo (net of credits)
8. Capital cost USD 304 million with production targeted to commence mid 2016.

Dart Mining in conjunction with Ausenco Services (a leading Australian engineering and project management company), Arccon Mining Services (a leading Perth based engineering and project management company), Braemar Seacope (one of the world’s largest ship charterers and provider of logistics services) and Taylor Mine Planning (a specialist mine planner) investigated three operational scenarios for Unicorn. The economies of scale provided by the higher annual production throughput of 10 million tonne per annum delivers the best financial outcome for the project.

Mr Lindsay Ward MD of Dart Mining said that “Completion of the scoping study for the Unicorn Project is the culmination of many months of technical evaluation and we now have a clear focus and pathway for moving Unicorn closer to production. We are very pleased with the results of the scoping study and believe that there is still upside that may result from further refining of mine and mill operating scenarios and expanding the current resource which remains open at depth to give a 20 year mine life.”

Source - Dart Mining

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