Deep sea mining puts $560 billion in land extraction at risk — report
Even in optimal scenarios, the activity would generate only $6.25 million in tax revenue for countries involved, says Planet Tracker.
Vista Gold (TSX: VGZ; NYSE: VGZ) is taking a close look at staged development for its 100%-owned Mt Todd gold project in Northern Territory, Australia. The company has received all major operating and environmental permits, but phased development would lower the initial capital requirement.
The 2022 feasibility study estimated that there are 7.9 million oz. of gold in the measured and indicated resource, and 7 million oz. are within proven and probable reserves. The mine has a life of 16 years with average annual production being 479,000 oz. gold. The capex requirement was given as $892 million.
Vista refined its plans with a scoping study last year. The initial capex will be less than $350 million, assuming contract mining. Initial production would be 150,000 to 200,000 oz. annually.
The Batman deposit will be the first to be developed, but there is potential to expand those resources as well as find more resources over a district-scale area, the company said. The Batman deposit contains proven and probable reserves of 287 million tonnes grading 0.79 g/t gold (6.7 million oz.). There are also heap leach reserves of 13.4 million tonnes grading 0.54 g/t gold (232,000 oz.).
The total measured and indicated resources for Batman, the heap leach, and Quigleys deposit is 299.1 million tonnes grading 0.82 g/t gold and containing almost 7.9 million oz. The total inferred resource for the three is 65.3 million tonnes grading 0.77 g/t gold and containing about 1.6 million oz. of gold.
