Pele Mountain Resources has released an updated NI-43-101 preliminary economic assessment (PEA) for its Eco Ridge Mine Rare Earths and Uranium project located in Elliot Lake, 160 kilometres west of Sudbury.
The updated PEA demonstrates that the projected financial benefits from sharply higher rare earth recoveries, as a result of conventional milling rather than leaching, far outweigh associated capital and operating cost increases and more conservative forecast pricing for rare earth oxides and uranium oxide.
The PEA is based on a 9,000 tonne per day operation with life-of-mine production of 97.2 million pounds of rare earth oxides and 27.5 million pounds of uranium oxides and over an 11-year mine life.
Total projected revenue over the 11-year mine life is estimated at $5.9 billion. Startup capital expenditures are estimated at $563 million.
"Our updated PEA demonstrates that Pele is one of the clear leaders in the ongoing race to develop new sources or critical rare earths outside of China," said company president and CEO Al Shefsky. "We are focused on transitioning into the feasibility and licensing stages as we advance Eco Ridge toward development and production."
Pele's Eco Ridge team is led by executive vice-president Roger Payne, an engineer with 20 years of experience in the Elliot Lake camp. Permitting will be led by SENES Consultants and Golder Associates, while SNC-Lavalin has been selected to provide the engineering design for mineral processing.
Pele's Rare Metals Advisory Board includes renowned industry experts Dr. Tony Mariano and Dr. William Bird.
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