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United States
Mount Hope Project

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 Location:
35 km NW from Eureka, Nevada, United States

  Project Contacts:
c/o Resource Capital Funds 1400 Wewatta Street, Suite 850
Denver
Colorado, United States
89801
Phone  ...  Subscription required
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Overview

StagePermitting
Mine TypeOpen Pit
Commodities
  • Molybdenum
Mining Method
  • Truck & Shovel / Loader
Mine Life41 years (as of Jan 1, 2014)
The Mt. Hope Project is one of the largest and highest grade primary molybdenum deposits in the world.

Project is fully permitted. Subject to satisfactory resolution of the appeal for the Record of Decision. Pre-construction work suspended.

Life of mine of Mount Hope project is 41 years. Active mining is about 34 years. Low-grade material is stockpiled for later post-mining processing.


Owners

Source:
CompanyInterestOwnership
POSCO International Corp. 20 % Indirect
New Moly LLC 80 % Indirect
Eureka Moly, LLC (operator) 100 % Direct
The project is owned and operated by Eureka Moly, LLC (EMLLC), of which New Moly has an 80% interest and POS-Minerals Corporation, a subsidiary of the South Korean steel company POSCO, has a 20% interest.

New Moly was created through a business combination between Avanti Kitsault Mines Ltd. and General Moly Inc. which owned the Kitsault and Mt. Hope assets.

Contractors

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Deposit Type

  • Porphyry


Summary:

The Mount Hope Deposit is a classic molybdenum porphyry, typified by the deposit at Climax Colorado. This type of deposit has well zoned molybdenum (moly) mineralization where the grade zoning surrounds the central zone of the deposit and forms geometries that are circular in plan and arch shaped in section.

Mount Hope differs from Climax in that the multiple mineral centers are adjacent horizontally rather than juxtaposed over the same porphyry center. The centers of mineralization are referred to as the east and west mineral systems. The eastern and western mineral systems each contain mineral shells at least 3,300 ft in diameter, and the two systems are centered about 2,300 ft apart along a west-northwest axis. The mineral zones or “shells” consist of quartz stockwork veining that contains molybdenite that is hosted within both porphyry and sedimentary units.

MINERALIZATION
The main form of molybdenum mineralization is molybdenite (MoS2), developed within the porphyritic igneous rocks and in the Vinini hornfels adjacent to the southern margin of the igneous rocks. Much of the known molybdenite is distributed around two mineralized systems consisting of two dome shaped zones of mineralized stockworks. These zones are shaped like inverted bowls along an east-west trend. The two systems form east and west mineral systems that intersect each other.

Eastern and Western Minerals Systems
The western mineral system is characterized by a t ........


Mining Methods

  • Truck & Shovel / Loader


Summary:

The Mount Hope deposit will be mined utilizing conventional open pit methods. Low-grade material between the mill cut-off and a breakeven cut-off is stockpiled for later processing primarily in years 35 through 41, with some low-grades ores supplementing the mill throughout the mine life.

A conventional hard rock open pit mine plan was developed for the Mount Hope deposit based on the block model of the mineralization. The mining process will use standard open pit mining techniques of drilling, blasting, loading, and hauling of ore and waste to the crusher and waste storage facilities.

The mine is planned to deliver a nominal 66,688 t/d of sulfide flotation ore to the crusher.

Low-grade material between the mill cutoff and a lower stockpile cutoff is stockpiled for later processing in years 34 through 41. The total material rate for the first 15 years of the mine life starts at 97,207 kt/yr and ramps up to 112,564 kt/yr (266,320 to 308,395 t/d). The rate decreases from year 16 through the end of the mine life.


Crushing and Grinding
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Processing

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Summary:

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Projected Production:

CommodityUnitsAvg. AnnualLOM
Molybdenum M lbs 291,200
All production numbers are expressed as oxide.

Operational Metrics:

Metrics
Daily milling rate 66,688 tons *
Stripping / waste ratio 1.7 *
Daily mining capacity 272 k tons *
Daily ore mining rate 66,688 tons *
Waste tonnes, LOM 1,699,778 k tons *
Ore tonnes mined, LOM 984,602 k tons *
Total tonnes mined, LOM 2,684,380 k tons *
Tonnes milled, LOM 984,602 k tons *
Annual milling rate 24 M tons *
Annual ore mining rate 24 M tons *
* According to 2014 study.

Reserves at January 15, 2014:
The mineral resource cut-off grade is 0.025% sulfide molybdenum, and 0.034% is the stockpile cut-off grade used for mine planning.

CategoryTonnage CommodityGrade
Proven 320,473 k tons Molybdenum 0.084 %
Probable 664,129 k tons Molybdenum 0.063 %
Proven & Probable 984,602 k tons Molybdenum 0.07 %
Measured 12,976 k tons Molybdenum 0.033 %
Indicated 52,267 k tons Molybdenum 0.033 %
Measured & Indicated 65,243 k tons Molybdenum 0.033 %
Inferred 111,261 k tons Molybdenum 0.056 %

2014 Study Costs and Valuation Metrics :

MetricsUnitsLOM Total
Initial CapEx $M USD  ......  Subscription required
Sustaining CapEx $M USD  ......  Subscription required
Total OpEx $M USD  ......  Subscription required
Income Taxes $M USD  ......  Subscription required
After-tax Cash Flow (LOM) $M USD  ......  Subscription required
After-tax NPV @ 8% $M USD  ......  Subscription required
After-tax IRR, %  ......  Subscription required
After-tax payback period, years  ......  Subscription required
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Pipelines and Water Supply
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Proposed Heavy Mobile Equipment as of January 15, 2014:
HME TypeModelSizeQuantity
Dozer ....................... Subscription required ....................... Subscription required
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Mine Management:

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Jan 6, 2023
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Corporate Filings & Presentations:

DocumentYear
................................... Subscription required 2020
................................... Subscription required 2019
Fact Sheet 2018
Form 10-K 2018
Feasibility Study Report 2014
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