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Chile
Penco Module Project

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 Location:
9 km NE from Concepcion, Chile

  Project Contacts:
17 Cavendish Square
London
United Kingdom
W1G 0PH
Phone  ...  Subscription required
Fax+44-(0)- 203-709-3261
EmailEmail
WebsiteWeb
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  • Overview
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  • Mining
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  • Production
  • Reserves
  • Costs & Financials
  • Fleet
  • Personnel
  • Filings & News

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Overview

StagePermitting
Mine TypeOpen Pit
Commodities
  • Total Rare Earth Oxides
Mining Method
  • Truck & Shovel / Loader
Production Start...
Mine Life12 years (as of Jan 1, 2021)
Latest NewsAclara Awards the Penco Module Feasibility Study Contract to Pares & Alvares     March 13, 2023


Owners

Source: p. 33,45
CompanyInterestOwnership
Hochschild Mining Plc. 20 % Indirect
Aclara Resources Inc. (operator) 100 % Indirect
REE Uno SpA is a capital company incorporated as a corporation by shares (sociedad por acciones) in accordance with articles 424 to 446 of the Code of Commerce of the Republic of Chile. REE Uno SpA is the unique holder and owner of the Penco Module.
Hochschild Mining Plc. wanted to separate the Aclara project from their other businesses dedicated to the extraction and production of gold and silver. For this purpose, a new company named Aclara Resources Inc. located in Canada (hereinafter, ‘Aclara’) was incorporated by the Group. The investment held in REE UNO SpA was then transferred to Aclara. The Demerger Dividend was effected on 10 December 2021, shortly before the Aclara Initial Public Offering (‘IPO’) was completed later that day. Once the Aclara IPO was completed, Aclara became an independent company listed on the Toronto Stock Exchange. HM Holdings retained 20% of the Aclara Shares.

Contractors

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Deposit Type

  • Saprolite


Summary:

The Penco Module deposits have been defined as “regolith-hosted REE deposits” or “ion-adsorption deposits” (IAD). These are traditionally formed by tropical or subtropical weathering and decomposition of intrusive rocks with a primary enrichment in either mid/heavy REEs (peralkaline igneous rocks) or light REEs (peraluminous igneous rocks or carbonatites), where REEs are readily liberated by ionic solutions and are hence ion exchangeable (Wang et al., 2015; Dostal, 2017; Borst et al., 2020). Exchangeable REEs are associated with kaolinite and halloysite, the dominant clay minerals in IADs due to their role in adsorbing and fractionating REEs (Wu et al., 1990; Bau, 1991; Jeong, 2000; Bao and Zhao 2008; Williams-Jones et al., 2012; Sanematsu and Watanabe, 2016; Li et al., 2019; Yang, 2019; Borst et al., 2020 and references within).

The regolith profiles in the Project were developed through subtropical weathering of a peraluminous garnet-bearing granitoid, hence richer in LREEs. The regolith ranges between 25 to 48 m in thickness and is more developed in the garnet-rich granitoid than the other granitoids. The primary REE source is hosted in monazite-allanite and lesser xenotime, garnet and ilmenite. A secondary paragenesis formed by a late propylitic hydrothermal alteration (chlorite, sericite, epidoteallanite, locally biotite) replaced monazite with allanite and torite, and was relevant for the subsequent REE fractioning (Dold, 2015).

The exchangeable ........


Mining Methods

  • Truck & Shovel / Loader


Summary:

The Penco Module covers a surface area of approximately 600 ha. However, the property directly involved has a surface area of approximately 250 ha.

Mining Methods
As the aforementioned technical studies for the Preliminary Economic Assessment of the Project were developed, the following outcomes were obtained based on the available information:

• The final sequence obtained, following the plans indicated in the previous point, corresponds to Victoria Sur - Victoria Norte - Luna - Maite - Alexandra.
• A sequential exploitation of the sectors is carried out. Once mining has been completed in one sector, then begins in another.
• Regarding the final pit shells selected by sector.
• Overall pit angles per rock type were used in the pit optimization analysis. No final pit and mining phase designs were generated during this stage of the Project.
• The mining Project consists of 5 pits: Victoria Norte, Victoria Sur, Alexandra, Maite, and Luna. In addition, there are Waste Disposal Facilities called Jupiter and Neptuno plus three temporary topsoil deposits or stockpiles.
• Three types of materials are obtained from mining the deposits: mineralized material, waste, and topsoil, which are destined for processing plants, disposal areas and temporary stockpiles respectively. Mineralized material will be sent to the processing plant, the waste and filtered tailings (mineralized material that have already been processed) will be sent to ........


Crushing and Grinding


Processing

Flow Sheet: Subscription required

Summary:

- subscription is required.


Projected Production:

CommodityProductUnitsAvg. AnnualLOM
Total Rare Earth Oxides Concentrate kt 9.6
REE Oxide t  ......  Subscription required  ......  Subscription required
REE Carbonate t  ......  Subscription required

Operational Metrics:

Metrics
Stripping / waste ratio  ......  Subscription required
Waste tonnes, LOM  ......  Subscription required
Ore tonnes mined, LOM  ......  Subscription required
Total tonnes mined, LOM  ......  Subscription required
Tonnes processed, LOM  ......  Subscription required
Annual ore mining rate  ......  Subscription required
* According to 2021 study.
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Reserves at September 15, 2021:
Mineral Resources are presented in cut-off NSR of 9.79 USD/t

CategoryTonnage CommodityGradeContained Metal
Measured 15,357,416 t Total Rare Earth Oxides 2467 ppm 37,887 t
Measured 15,357,416 t REYT 2080 ppm
Indicated 5,323,628 t Total Rare Earth Oxides 2309 ppm 12,292 t
Indicated 5,323,628 t REYT 1945 ppm
Measured & Indicated 20,681,044 t Total Rare Earth Oxides 2426 ppm 50,178 t
Measured & Indicated 20,681,044 t REYT 2045 ppm
Inferred 2,083,200 t Total Rare Earth Oxides 2299 ppm 4,788 t
Inferred 2,083,200 t REYT 1936 ppm

Commodity Production Costs:

CommodityUnitsAverage
Cash costs Total Rare Earth Oxides USD  ......  Subscription required&nbs
All-in sustaining costs (AISC) Total Rare Earth Oxides USD  ......  Subscription required&nbs
Assumed price Total Rare Earth Oxides USD  ......  Subscription required&nbs
* According to 2021 study / presentation.
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Operating Costs:

Units2021
OP mining costs ($/t mined) USD 3.11 *
Processing costs ($/t milled) USD  ......  Subscription required
G&A ($/t milled) USD  ......  Subscription required
Total operating costs ($/t milled) USD  ......  Subscription required
* According to 2021 study.
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2021 Study Costs and Valuation Metrics :

MetricsUnitsLOM Total
Initial CapEx $M USD  ......  Subscription required
Sustaining CapEx $M USD  ......  Subscription required
Closure costs $M USD  ......  Subscription required
OP OpEx $M USD  ......  Subscription required
Processing OpEx $M USD 142
G&A costs $M USD 44
Total Taxes $M USD  ......  Subscription required
Gross revenue (LOM) $M USD  ......  Subscription required
EBITDA (LOM) $M USD  ......  Subscription required
Pre-tax Cash Flow (LOM) $M USD  ......  Subscription required
After-tax Cash Flow (LOM) $M USD  ......  Subscription required
Pre-tax NPV @ 5% $M USD  ......  Subscription required
Pre-tax NPV @ 10% $M USD  ......  Subscription required
Pre-tax NPV @ 8% $M USD  ......  Subscription required
After-tax NPV @ 5% $M USD  ......  Subscription required
After-tax NPV @ 10% $M USD  ......  Subscription required
After-tax NPV @ 8% $M USD  ......  Subscription required
Pre-tax IRR, %  ......  Subscription required
After-tax IRR, %  ......  Subscription required
Pre-tax payback period, years  ......  Subscription required
After-tax payback period, years  ......  Subscription required
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Proposed Heavy Mobile Equipment as of September 15, 2021:
HME TypeModelSizeQuantity
Bulldozer ....................... Subscription required 325 kW ....................... Subscription required
....................... Subscription required ....................... Subscription required ....................... Subscription required
....................... Subscription required ....................... Subscription required
....................... Subscription required ....................... Subscription required ....................... Subscription required ....................... Subscription required
....................... Subscription required ....................... Subscription required
....................... Subscription required ....................... Subscription required ....................... Subscription required
Subscription required - Subscription is required.

Mine Management:

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Nov 10, 2022
....................... Subscription required ....................... Subscription required Subscription required Sep 15, 2021
....................... Subscription required ....................... Subscription required Subscription required Sep 15, 2021
....................... Subscription required ....................... Subscription required Subscription required Nov 10, 2022
Subscription required - Subscription is required.

Staff:

EmployeesYear
Subscription required 2021

Corporate Filings & Presentations:

DocumentYear
Corporate Presentation 2022
................................... Subscription required 2021
................................... Subscription required 2021
Subscription required - Subscription is required.

News:

NewsDate
Aclara Awards the Penco Module Feasibility Study Contract to Pares & Alvares March 13, 2023

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