Mining Intelligence and News
Madagascar

Toliara Project

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Categories

Summary

Mine TypeOpen Pit
Study CompletedPrefeasibility
Study in ProgressFeasibility
StagePermitting
Commodities
  • Heavy Minerals
  • Ilmenite
  • Rutile
  • Zircon
  • Leucoxene
  • Monazite
  • Garnet
Mining Method
  • Truck & Shovel / Loader
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SnapshotThe Toliara Project is considered one of the best undeveloped mineral sands opportunities in the world.

The Toliara Monazite Project will be integrated into the Toliara Mineral Sands Project, processing the monazite waste stream to produce monazite.

The definitive feasibility study for titanium and zirconium minerals (2021), along with the prefeasibility study for the addition of the Monazite stream (2023) demonstrate attractive project economics.

On October 17, 2025, a new President of Madagascar was sworn in following a period of social unrest and political instability. At this time, it is too early to determine whether and to what extent, recent social and political developments in Madagascar may impact the Toliara Project, whether positively or negatively, including with respect to the Project's development prospects or timelines, the ability to achieve suitable fiscal or other terms applicable to the Project or the ability to achieve a positive FID.

Owners

SourceSource
CompanyInterestOwnership
Energy Fuels Inc. 100 % Indirect
Base Toliara SARL (operator) 100 % Direct
Base Resources, a wholly owned subsidiary of the Energy Fuels Inc, owns the Toliara Project.

Contractors

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Deposit type

  • Mineral sands

Summary:

The heavy mineral sand deposit is located on the southwest coast of Madagascar within the Mesozoic Morondava Basin along the eastern margin of a coastal plain juxtaposed to an Eocene limestone scarp. The coastal plain is underlain by limestone and overlain by a sequence of progressively shallowing beach and lagoon unconsolidated clastic sediments and subaerial dunes which successively overstep and onlap the basement limestone scarp in the east.

The deposit is hosted within a stabilized mega-dune system which is arrested along the basement scarp slope and extends for approximately 20 km north northwest south southeast. The entire dune unit is mineralized by an assemblage of ilmenite, zircon, rutile and monazite concentrated within the unit by aeolian winnowing. The unit generally thickens westwards away from the scarp slope from 3m to 60m. The deposit anisotropy parallels the scarp slope, with higher HM grades concentrated along the megadune crest line.

Upper sand unit (USU) - a well sorted, fine-grained, unconsolidated aeolian sand containing approximately 4% slime or clay (SL) and approximately 5% HM. The HM is primarily ilmenite, with secondary zircon and rutile. The USU can also contain a surface silt unit (SSU) within broad topographical drainage features, and another silty sand unit (USSU) at the base of the USU profile.

Intermediate clay sand unit (ICSU) - a thin unit of high slime content with a dark red to orange-brown sandy clay and clayey sand material averaging approximately 3% HM and 25% SL deposited in a low energy lagoonal environment.

Lower sand unit (LSU) - orange-brown to yellow-brown medium grained quartz sand with variable mineralisation and moderately low slimes content. The LSU is interpreted as a shallow marine or fluvial sediment that onlaps the limestone (LST) basement with HM primarily ilmenite and garnet, with secondary zircon.

The deposit thickness generally increases to the west.

The resource extends for 20km north - south and averages 3km wide east-west. The average depth of mineralization from the surface to the 1.5% HM cut-off is 20m with a range of 2m to 36m.

Reserves

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Mining Methods

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Required Heavy Mobile Equipment

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Comminution

Crushers and Mills

Milling equipment has not been reported.

Processing

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Water usage

Parameter2021
Groundwater 972 m3/h

Commodity Production

CommodityProductUnitsAvg. AnnualLOM
Heavy Minerals Concentrate kt 1,500 *55,600 *
Ilmenite Mineral in concentrate kt 960 *36,115 *
Rutile Mineral in concentrate kt 8 *283 *
Zircon Mineral in concentrate kt 66 *2,468 *
Monazite Mineral in concentrate kt 21 *810 *
* According to 2023 study.

Operational metrics

Metrics
Annual ore mining rate  ....  Subscribe
Ore tonnes mined, LOM  ....  Subscribe
* According to 2023 study.

Production Costs

CommodityUnitsAverage
Assumed price Monazite USD  ....  Subscribe
Assumed price Rutile USD  ....  Subscribe
Assumed price Zircon USD  ....  Subscribe
* According to 2023 study / presentation.

Operating Costs

CurrencyAverage
Total operating costs ($/t mined) USD  ....  Subscribe
* According to 2023 study.

Project Costs

MetricsUnitsLOM Total
Initial CapEx $M USD  ......  Subscribe
Expansion CapEx $M USD  ......  Subscribe
Total OpEx $M USD  ......  Subscribe
Gross revenue (LOM) $M USD  ......  Subscribe
EBITDA (LOM) $M USD  ......  Subscribe
After-tax Cash Flow (LOM) $M USD  ......  Subscribe
After-tax NPV @ 10% $M USD  ......  Subscribe
After-tax NPV @ 8% $M USD  ......  Subscribe
After-tax IRR, %  ......  Subscribe
After-tax payback period, years  ......  Subscribe

Personnel

Mine Management

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Nov 20, 2025
....................... Subscription required ....................... Subscription required Subscription required Nov 20, 2025
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Workforce

Aerial view:

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