South Africa

Steelpoortdrift Project

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Overview

Mine TypeOpen Pit
StagePermitting
Commodities
  • Vanadium
Mining Method
  • Truck & Shovel / Loader
Mine Life... Lock
SnapshotThe Steelpoortdrift Project is divided into two separate surface localities namely, the mine / concentrator site, and the SRL (Salt Roast Leach Plant)/ administration site, located approximately 23km apart by road.

Environmental authorizations and water use license applications for each site are advancing well with approval expected in H1 CY2024. The study also indicated potential for optimizing project economics through value engineering studies to reduce costs, extend project lifespan to over 100 years, increase earnings, and minimize environmental impacts.

Owners

SourceSource
CompanyInterestOwnership
BEE 13.51 % Indirect
Vanadium Resources Ltd. 86.49 % Indirect
Steelpoortdrift Vanadium Project Project (SPD) is underpinned by a Mining Right awarded to Vanadium Resources (Proprietary) Limited.

In November 15, 2023, Vanadium Resources Ltd. (VR8) increased its interest in Vanadium Resources (Pty) Ltd (VanRes) to 86.49% (up from 81.90%), following the satisfaction of all conditions precedent3 of the sale and option agreement with Math-Pin (Pty) Ltd (Math-Pin). Under the Agreement, VR8 has acquired Math-Pin’s 4.59% stake (293 shares) in VanRes.

Contractors

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Deposit type

  • Intrusion related

Summary:

The Steelpoortdrift Project is located within the Eastern Limb of the Bushveld Complex which is the world’s largest igneous intrusion and spans approximately 450km in width, 66,000km2 in area and up to 9km in thickness. Stratigraphically, the Bushveld Complex is comprised of three intrusive suites, namely the Rustenburg Layered Suite (“RLS”), Rashoop Granophyre Suite and the Lebowa Granite Suite.

The RLS is host to mafic layers rich in platinum group elements (“PGEs”), nickel, copper, chromium and vanadium. The RLS is sub-divided into four stratigraphic zones namely the Upper Zone, Main Zone, Critical Zone and Lower Zone. Only the Upper Zone is of relevance to the Steelpoortdrift Project and comprises a layered succession of ferrogabbros, troctolites, anorthosites and magnetite layers.

The Bushveld Complex is a saucer-shaped, layered igneous intrusion emplaced as multiple injections or pulses of sulphide rich magma. Crystal fractionation of the magmas into immiscible silicates and sulphides formed the layering. The sulphides scavenged the PGEs and other metals from the melt and deposited them into the sulphide layers. The layers or reefs are typically gently dipping tabular bodies, which are identifiable across hundreds of kilometres.

Vanadium predominantly reports, but not only, to the magnetite layers, with controls on mineralisation being related to oxygen fugacity and temperature of the melt. Vanadium mineralisation occurs within four vanadiumbearing titano-magnetite-rich layers which are located at the base of the Upper Zone. A distinct anorthosite layer is present near the contact with the Main Zone. Previous work focussed on the various layered zones or units present namely; the Main Magnetite Layer Mineralised Zone (“MMLZ”), the Upper Mineralised Zone (“UMZ”), the Intermediate Mineralised Zone (“IMZ”) and the Lower Mineralised Zone (“LMZ”), with average thicknesses of 5m, 19m, 14m and 12m, respectively. These units are each comprised of varying thicknesses magnetite, magnetite gabbro, gabbro and anorthosite.

Dimensions
The UMZ and LMZ have been mapped along strike (NW-SE) for approximately 4km and intersected in drilling for approximately 1.7km to the SW (distance from outcrop to furthest drilling. The thickness of the layers ranges from 5m to 37m (not true thickness).

Reserves

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Mining Methods

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Comminution

Crushers and Mills

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Processing

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Production

CommodityUnitsAvg. AnnualLOM
All production numbers are expressed as flake.

Operational metrics

Metrics
Annual ore mining rate  ....  Subscribe
Annual processing capacity  ....  Subscribe
Stripping / waste ratio  ....  Subscribe
Waste tonnes, LOM  ....  Subscribe
Ore tonnes mined, LOM  ....  Subscribe
Total tonnes mined, LOM  ....  Subscribe
* According to 2022 study.

Production Costs

CommodityUnitsAverage
Cash costs V2O5 USD  ....  Subscribe
Assumed price V2O5 USD  ....  Subscribe
* According to 2022 study / presentation.

Operating Costs

Currency2022
OP mining costs ($/t mined) USD 2.33 *  
OP mining costs ($/t milled) USD  ....  Subscribe
Total operating costs ($/t milled) USD  ....  Subscribe
* According to 2022 study.

Project Costs

MetricsUnitsLOM Total
Pre-Production capital costs $M USD  ......  Subscribe
Expansion CapEx $M USD  ......  Subscribe
Total CapEx $M USD  ......  Subscribe
Total OpEx $M USD  ......  Subscribe
Income Taxes $M USD  ......  Subscribe
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Gross revenue (LOM) $M USD  ......  Subscribe
Net revenue (LOM) $M USD  ......  Subscribe
Operating margin, %  ......  Subscribe
EBITDA (LOM) $M USD  ......  Subscribe
Pre-tax Cash Flow (LOM) $M USD  ......  Subscribe
After-tax Cash Flow (LOM) $M USD  ......  Subscribe
Pre-tax NPV @ 7.5% $M USD  ......  Subscribe
After-tax NPV @ 7.5% $M USD  ......  Subscribe
Pre-tax IRR, %  ......  Subscribe
After-tax IRR, %  ......  Subscribe
After-tax payback period, years  ......  Subscribe

Heavy Mobile Equipment

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Personnel

Mine Management

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Oct 4, 2022
....................... Subscription required ....................... Subscription required Subscription required Apr 10, 2024
....................... Subscription required ....................... Subscription required Subscription required Apr 11, 2024

Aerial view:

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