10/10/2018 - 15:25

Venturex plan $146m project

10/10/2018 - 15:25

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Venturex Resources managing director Ajanth Saverimutto says the company’s Sulphur Springs copper-zinc project is ready to develop, after releasing a definitive feasibility study detailing a $146 million capex.

Venturex plan $146m project
The DFS forecasts annual production of 65,000 tonnes of copper.

Venturex Resources managing director Ajanth Saverimutto says the company’s Sulphur Springs copper-zinc project is ready to develop, after releasing a definitive feasibility study detailing a $146 million capex.

The DFS forecasts annual production of 65,000 tonnes of 25 per cent copper and 75,000 tonnes of 50 per cent zinc concentrate over a 12-year mine life.

The company is expecting project revenue of $2.6 billion and free cash flow of $818 million.

Mr Saverimutto said the delivery of the project would put the company on track to become a mid-tier copper-zinc producer.

“What stands out from the vast amount of work completed as part of the DFS is that Sulphur Springs is a highquality, long-life project that will generate robust margins and strong financial returns, even using relatively conservative long-term metal price assumptions,” he said.

“This is a project which is well and truly ready to go.

“It’s a straightforward development and mining proposition. It’s located in a tier-1 mining district, close to major iron ore and lithium operations and first-rate infrastructure.

“With the DFS now complete, we are confident that we will be able to move rapidly to secure an appropriate project finance package supported by strategic off-take arrangements that will allow us to start development in the near term.”

Shares in the company finished up 2.94 per cent at 18 cents each today.

 

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