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Australian Mines Limited update on Sconi Cobalt-Nickel-Scandium Project in North Queensland

Mining News - Published on Fri, 15 Feb 2019

Image Source: ASX
Australian Mines Limited announced that its Sconi Cobalt-Nickel-Scandium Project in North Queensland, once developed, has been forecast to be one of the most competitive cobalt-producing nickel operations in the world by an independent nickel and cobalt sulphate Market Study commissioned by the Company. The Market Study, undertaken by commodity research specialist CRU International, forecasts that the 2025 value-adjusted business costs3 of the Sconi Project would place it in the 1st quartile compared to other existing and proposed analogous operations globally, based on the outcomes of the financial modelling that was released in Australian Mines’ base case Bankable Feasibility Study (BFS).

As it currently stands, Sconi is a late-stage, laterite-hosted cobalt-nickel-scandium project with payable metals expected to be produced annually, on average (based on an 18-year mine life), of 8,500 tonnes of cobalt sulphate and 53,300 tonnes of nickel sulphate.

Australian Mines completed a Mineral Resource extension drilling program in late 20186 and expects to be in a position to release an updated Mineral Resource Estimate for Sconi in the March quarter, which will feed into an optimised BFS on the project.

Due to modelled demand growth for both cobalt and nickel sulphate from the lithium-ion battery industry, on the back of global vehicle fleets transitioning to a greater variety and volume of electric vehicles, the Market Study found there was a clear need for new supply of these crucial battery chemicals.

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Posted By : Rabi Wangkhem on Fri, 15 Feb 2019
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