“A low capital approach of establishing a new surface portal will provide quick access to the resource, allowing us to offset capital costs with early revenues,” Jeff Huffman, chief operating officer, said in a release. “The project timeline has been derisked by having environmental permits approved and in-hand, as well as more detailed stope planning and sequence optimization.”
The update comes just over one year after its predecessor and almost six months after Magna inked a toll-milling agreement with Vale (NYSE: VALE). It would send initial production from Crean Hill to Vale’s nearby Clarabelle mill.
Stock uptick
Magna shares gained 2.6% to C$1.18 apiece on Tuesday morning in Toronto, valuing the company at C$201.1 million. Its shares traded in a 52-range of C$0.37 to C$1.35.
The study assumes metal prices of $8.50 per lb. nickel, $4.00 per lb. copper and $13.00 per lb. cobalt. Also factored in are $900 per oz….
