MINEX Forum

Tag: feasibility study

  • Ausenco Selected to Lead Feasibility Study for Finland’s Ikkari Gold Project

    Ausenco Selected to Lead Feasibility Study for Finland’s Ikkari Gold Project

    Engineering and project delivery firm Ausenco has been awarded a contract to lead the feasibility study for the Ikkari gold project in northern Finland, owned by Rupert Exploration Finland Oy.

    The project is located about 45 km from Sodankylä in the Lapland region and represents a significant grassroots gold discovery made in 2020. Following the completion of a Pre-Feasibility Study in early 2025, the project is now advancing toward development as a staged 3.5 million tonne per year mining operation with a planned mine life of around 20 years.

    The development strategy предусматривает запуск открытой добычи в течение первых десяти лет, после чего проект перейдет на подземную разработку методом long-hole open stoping на оставшийся срок эксплуатации.

    Ausenco will deliver a bankable feasibility study from its Perth office, integrating specialists from its teams in Australia and Canada. The company says the collaborative structure will combine global technical expertise with experience designing and delivering gold mining projects in remote and challenging environments.

    Rupert Resources CEO Graham Crew said the appointment marks an important step in advancing the project toward development.

    “The appointment of Ausenco represents an important milestone in advancing the project towards development,” Crew said. “Their proven ability to integrate teams from Australia and Canada in close collaboration with our project team and local partners ensures the delivery of a world-class study aligned with our strategic objectives.”

    The feasibility study will cover value engineering, project implementation planning and detailed design of the processing plant and supporting mine infrastructure.

    The study will be prepared to AACE Class 3 standards, providing capital and operating cost estimates with an accuracy of approximately ±15%. Ausenco will also act as the Qualified Person responsible for the NI 43-101 technical report.

    The company plans to incorporate energy-efficient technologies and design features aimed at reducing the project’s carbon footprint, supporting Rupert Resources’ broader carbon-neutral targets.

    Reuben Joseph, President for APAC and Africa at Ausenco, said the company looks forward to applying its experience in gold recovery technologies and energy-efficient project design.

    “We are excited to partner with Rupert Resources on their Ikkari project,” Joseph said. “By leveraging our global gold study and project delivery experience, we are well positioned to deliver a robust study that supports Rupert’s operational, environmental and local community goals.”

    Ausenco also emphasised the importance of working with local communities and regional organisations as the feasibility study progresses. The company said it will develop a project delivery framework that incorporates local expertise and aligns with regional standards, aiming to create long-term benefits for the surrounding region.

  • Euro Sun Mining Advances Romanian Copper-Gold Project with Key Regulatory Wins and Strong Updated Feasibility Results

    Euro Sun Mining Advances Romanian Copper-Gold Project with Key Regulatory Wins and Strong Updated Feasibility Results

    TORONTO — Euro Sun Mining Inc. (TSX: ESM) announced a major regulatory breakthrough in Romania as the government has adopted an Emergency Ordinance establishing a national Single Point of Contact to implement the European Union’s Critical Raw Materials Act (CRMA). This new framework is designed to accelerate permitting and streamline processes for strategic projects, directly benefiting Euro Sun’s flagship Rovina Valley Copper-Gold Project.

    The company also released results from its optimized and updated definitive feasibility study (DFS) for the Colnic and Rovina open pits, marking the first phase of development for the project. According to the updated economic model, the project’s pre-tax net present value (NPV) has surged 173% to US$1.776 billion, with a pre-tax internal rate of return (IRR) of 39.7%, based on copper priced at US$4.50/lb and gold at US$3,300/oz.

    Euro Sun estimates the first-stage development will produce 403 million pounds of copper and 1.472 million ounces of gold at an all-in sustaining cost (AISC) of US$1,206 per gold-equivalent ounce. The project incorporates a cyanide-free process and dry stack tailings, aligning with responsible mining practices. Initial capital expenditure (CAPEX) is estimated at US$607.1 million.

    CEO Grant Sboros called the regulatory milestone and DFS results “significant,” adding that the company’s environmental impact assessment technical report has also been completed. Sboros emphasized that the strengthened project economics reaffirm Rovina Valley’s importance as a future European source of critical metals.

    Euro Sun further announced it has fully repaid a US$350,000 secured debenture owed to a company affiliated with one of its directors, releasing all associated security interests.

    In a strategic move, the company has appointed Cantor Fitzgerald Canada Corp. as its exclusive financial advisor to explore potential mergers, acquisitions, or asset-level transactions that could unlock additional value.

    The environmental impact assessment is now ready for submission, and Euro Sun plans to work closely with Romanian authorities to advance the project toward construction. The updated DFS reflects current cost data and revalidated economic assumptions, and it maintains a phased development approach. While the initial phase focuses on the Colnic and Rovina open pits, the underground Ciresata deposit may be integrated later pending future studies.

    Located in Romania’s historic Golden Quadrilateral Mining District, the Rovina Valley Project has access to established infrastructure, skilled local labor, and proximity to major transportation hubs. Over its 17-year open-pit operation, the project is expected to mine 140 million tonnes of ore, delivering 123.3 million tonnes for processing and stockpiling lower-grade material where feasible. Total material movement over the mine life is projected at 219 million tonnes, with a stripping ratio of 1.78:1.

  • Ferro-Alloy Resources Publishes Feasibility Study for Balasausqandiq Vanadium Project in Kazakhstan

    Ferro-Alloy Resources Publishes Feasibility Study for Balasausqandiq Vanadium Project in Kazakhstan

    Ferro-Alloy Resources Limited has released the results of the feasibility study (FS) for the first stage of development of the Balasausqandiq vanadium deposit in southern Kazakhstan, confirming the project’s strong economic potential.

    According to preliminary estimates, the total investment required for the first phase amounts to $520 million, with the company currently in talks with potential investors to secure financing.

    The project envisions the annual production of 8,500 tonnes of vanadium pentoxide (V₂O₅) and 247,000 tonnes of carbon black substitute (CBS) over a 20-year mine life. A second phase is expected to quadruple production capacity while maintaining a similar project timeframe. The net present value (NPV) of the project is estimated at $748 million.

    One of the project’s main advantages lies in the unique composition of the Balasausqandiq ore, which consists of black shale that does not require pre-concentration – unlike typical vanadium-bearing titanomagnetite ores that require beneficiation and high-temperature roasting. This gives the project significant cost advantages compared to conventional vanadium production.

    The FS confirmed the high economic viability and low operating costs of the project, indicating that Balasausqandiq could position Ferro-Alloy Resources as one of the world’s leading vanadium producers.

    The company also noted additional opportunities to enhance value-added production, which will be further examined during the detailed design phase.

    Nick Bridgen, CEO of Ferro-Alloy Resources Limited, emphasized the growing global demand for vanadium and the looming supply deficit expected from 2029 onward.

    “By 2035, the vanadium shortfall could exceed the total global production level recorded in 2024,” he said, underscoring the strategic importance of the Balasausqandiq project for the global vanadium supply chain.

  • Montenegro Cancels Concession Contract with Tara Resources for Brskovo Mine

    Montenegro Cancels Concession Contract with Tara Resources for Brskovo Mine

    Montenegro has canceled its concession contract with Swiss-based Tara Resources for the geological exploration and exploitation of polymetallic sulphide deposits in the area of the former Brskovo mine, according to local media reports on Thursday. The decision followed the discovery of a problem with a feasibility study that conflicted with the country’s current laws, stated energy minister Sasa Mujovic as quoted by public broadcaster RTCG.

    “We notified the concessionaire and gave a deadline of 30 days to correct the deficiencies. However, that deadline expired on May 25 but we did not receive a response, which means that we have in place the conditions to unilaterally terminate the contract,” Mujovic explained. Tara Resources retains the right to appeal the decision.

    In 2010, the Montenegrin government awarded Australian mining company Sultan Corporation a 25-year exploration and mining lease for the Brskovo lead and zinc complex. By 2011, Sultan announced it had discovered an initial inferred resource of 9.2 million tonnes at Brskovo, with strong potential for further findings. Tara Resources acquired the project in 2018 and has been operating it via its local subsidiary Brskovo Mine.

    Tara Resources reported on its website that it completed a preliminary economic assessment in 2019 and a pre-feasibility study in 2021, demonstrating the strong economics of the project. The construction of the Brskovo mine was projected to involve a capital investment of around 180 million euro ($195 million) and would include two open-pit mines, a processing plant, and an integrated waste management facility.

    In February, local media outlet Vijesti reported that during the first session of the working group formed to examine the project, the state body responsible for protecting property rights and interests in Montenegro asserted that the government had a legal basis to cancel the concession contract with Brskovo Mine due to missed deadlines for receiving urban and technical permits by the concessionaire.

  • Beogradska Elektrana Plans Investment in Geothermal Energy Exploration

    Beogradska Elektrana Plans Investment in Geothermal Energy Exploration

    The public utility company Beogradska Elektrana is now planning to invest in the drilling of a research and exploratory well to evaluate the feasibility of supplying geothermal energy to its geothermal heating plant in Batajnica.

    This decision comes after the presentation of the results of a study done by the Faculty of Mining and Geology that identified three high-potential sites for geothermal heating – Batajnica, Borca, and Dunav. Each of these areas has the potential to support between 5 to 20 MW of heating capacity. The heating plants identified in this study align with the results of a similar study done in 2023, although the more recent study proposes a shorter list of potential sites for development.

    The study was done based on geological data collected through research, analysis of archival materials, and recorded data of operating parameters of the heating plants.

    During the discussion, it was concluded that the exploitation of geothermal energy at the Batajnica heating plant has the potential to substitute more than 90% of the annual amount of fossil fuel-based energy generated in this heating plant. Thus, Vanja Vukic, Director of Beogradska Elektrana, stated that the company now plans to invest in exploratory drilling to confirm the predicted parameters for geothermal heating capacity.

    The plan is for the drilling of the exploration well to start this year, with the aim of utilizing heat from the well for the 2025/2026 heating season.

    Serbia currently has a single operation geothermal heating plant in Bogatic, which started construction in 2018 and became operational a year after.