Ecuador court gives green light for Silvercorp, Salazar’s El Domo project
The ruling removes the last major obstacle for the $250 million project, located 150 km northeast of Guayaquil.
Century Global Commodities (TSX: CNT) and its 91.6% owned subsidiary Joyce Direct Iron filed on SEDAR the feasibility study prepared earlier this year for its Joyce Lake direct shipping iron ore project located in Newfoundland near Schefferville, Quebec.
According to the report, Joyce Lake will be an open-pit mine which delivers high iron grade material to the crushing and screening plant, while stockpiling lower grade material for crushing and screening at the end of the open-pit mine life.
Joyce Lake high-grade mineral reserves are reported at a diluted cut-off grade of 55% iron. The cut-off grades and pit designs are considered appropriate for an iron ore price of $117.53/t for high-grade and a recovery of 98%.
Joyce Lake low-grade mineral reserves are reported at a diluted cut-off grade of 52% iron and below the higher cut-off grades. It is planned that low-grade mineral reserves within the designed pits will be stockpiled during pit operation and processed during pit closure. The low-grade cut-off is considered appropriate for an iron ore price of $61.14/t for low-grade and a process recovery of 98%.
The report claims the initial capital cost estimate of the project is C$270 million which excludes investment of C$58 million to acquire pre-production capability for product handling at rail and ship-loading facilities.
