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Australia
Cosmos - Odysseus Project

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 Location:
30 km N from Leinster, Western Australia, Australia

  Project Contacts:
Suite 4, Level 5 South Shore Centre 85 South Perth Esplanade
Perth
Western Australia, Australia
6151
Phone  ...  Subscription required
Fax+61-8-9238-8399
EmailEmail
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  • Overview
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  • Geology
  • Mining
  • Processing
  • Production
  • Reserves
  • Costs & Financials
  • Personnel
  • Filings & News

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Overview

StageConstruction
Mine TypeUnderground
Commodities
  • Nickel
  • Cobalt
Mining Method
  • Longhole open stoping
  • Paste backfill
Production Start...
Mine Life10 years (as of Jan 1, 2021)
Cosmos is a development stage project with first production expected mid-2023.


Owners

Source: p. 15,48
CompanyInterestOwnership
IGO Ltd. (operator) 100 % Indirect
The Cosmos Project, 100% owned and operated by IGO.

The Cosmos Project was acquired during the year as part of the Group's transaction to acquire Western Areas Limited, which completed on 20 June 2022.

Contractors

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Deposit Type

  • VMS
  • Metamorphic


Summary:

Cosmos’ cluster, or ‘camp’ of nickel sulphide deposits, occurs within or adjacent to a local sequence of ~2.7 billion year (Ga) old (Archean age), and now metamorphosed, komatiitic lavas that are part of the Agnew-Wiluna Greenstone Belt (AWGB) of the Kalgoorlie Terrane of the Eastern Yilgarn Craton.

The genetic formation model for the nickel mineralisation is the ‘Kambalda-style’ model where precipitation of nickel sulphides is interpreted to occur in channelised komatiitic lava flows and/or lava tubes. This model proposes two dominant deposit types – Type 1 and Type 2.

‘Type 1’ deposits are interpreted to have formed where the hottest lava in the centre of a lava channel thermally erodes into a sulphidic substrate and massive sulphides accumulate at the channel’s base. This high-grade primary formation style is applicable to the Cosmos, Cosmos Deeps, AM1, AM2, parts of AM5 and the Odysseus Massive zones.

Type 1 deposits are often subject to mobilisation into structural sites when massive sulphide bodies behave plastically or even re-melt under the high metamorphic temperatures and pressures that are generated by local or regional tectonic faulting and/or folding events. The Cosmos Deeps and the Odysseus Massive zone are examples of this remobilisation style.

‘Type 2’ deposits are interpreted to have formed from cooler and slower-flowing lavas than those for Type 1 deposits. In this model, the mineral olivine is envisaged to cryst ........


Mining Methods

  • Longhole open stoping
  • Paste backfill


Summary:

Cosmos Nickel Complex is located 30km north of Leinster and include high grade deposits at Cosmos, Cosmos Deeps, Prospero, Tapinos, AM1, AM2, AM4 and Odysseus North Massive Sulphide, medium grade deposits at AM5 and AM6 and large low-grade Mt Goode deposit.

The Cosmos Project comprises the development of the Odysseus underground mine focused on the production of nickel concentrate. First production expected mid-2023.

WSA’s(Western Areas Limited) 2018 FS was a detailed analysis that confirmed the technical feasibility and economic viability of a 10-year underground mine at Odysseus based on the assumption of an average 0.9Mt/a of processing to produce ~14.6kt/a of a 16.5% Ni saleable concentrate. This production target was based on the 8.14Mt grading 2.02% Ni designed to be extracted from the Odysseus 2018 MRE discussed above. Processing was targeted to commence from October 2022, with a ramp up to full production in FY24. The FS also considered the inclusion of AM6 to extend the mine life, with a subsequent PFS confirming the Ore Reserves for AM6.

IGO is in the process of implementing an optimisation strategy and plan for the project. This will involve expanding the scope of the project along with de-risking some elements of what was originally planned. These changes include:
- coupling completion of the shaft with that of the processing plant;
- completion of additional underground mining development to create multiple working areas ........


Crushing and Grinding


Processing

Flow Sheet: Subscription required

Summary:

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Projected Production:

CommodityUnitsAvg. Annual
Nickel kt 20
All production numbers are expressed as metal in concentrate.

Operational Metrics:

Metrics
Annual processing capacity  ......  Subscription required
* According to 2022 study.
Subscription required - Subscription is required.

Reserves at June 30, 2022:

CategoryTonnage CommodityGradeContained Metal
Probable 10.23 Mt Nickel 2.07 % 212 kt
Measured 13.56 Mt Nickel 0.78 % 106 kt
Indicated 38.92 Mt Nickel 1.08 % 421 kt
Inferred 14.53 Mt Nickel 0.89 % 129 kt
Total Resource 67.01 Mt Nickel 0.98 % 656 kt

Commodity Production Costs:

CommodityUnitsAverage
Credits (by-product) Nickel USD -0.11 / lb *  
Total cash costs Nickel USD 2.43 / lb *†  
All-in sustaining costs (AISC) Nickel USD 2.63 / lb *†  
C1 cash costs Nickel USD 1.98 / lb *†  
Assumed price Cobalt USD 12 / lb *  
Pre-tax break-even price Nickel USD 4.58 / lb *  
Assumed price Nickel USD 7.5 / lb *  
* According to 2018 study / presentation.
† Net of By-Product.

Operating Costs:

Units2018
UG mining costs ($/t milled) USD 47.8 *
Processing costs ($/t milled) USD  ......  Subscription required
Total operating costs ($/t milled) USD  ......  Subscription required
* According to 2018 study.
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2018 Study Costs and Valuation Metrics :

MetricsUnitsLOM Total
Pre-Production capital costs $M AUD  ......  Subscription required
Sustaining CapEx $M AUD  ......  Subscription required
Closure costs $M AUD  ......  Subscription required
Total CapEx $M AUD  ......  Subscription required
Gross revenue (LOM) $M AUD  ......  Subscription required
EBITDA (LOM) $M AUD  ......  Subscription required
Pre-tax Cash Flow (LOM) $M AUD  ......  Subscription required
After-tax Cash Flow (LOM) $M AUD  ......  Subscription required
Pre-tax NPV @ 7% $M AUD  ......  Subscription required
After-tax NPV @ 7% $M AUD  ......  Subscription required
Pre-tax IRR, %  ......  Subscription required
After-tax IRR, %  ......  Subscription required
Pre-tax payback period, years  ......  Subscription required
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Heavy Mobile Equipment:

Mine Management:

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Sep 27, 2022
....................... Subscription required ....................... Subscription required Subscription required Sep 27, 2022
....................... Subscription required ....................... Subscription required Subscription required Sep 27, 2022
Subscription required - Subscription is required.


Corporate Filings & Presentations:

DocumentYear
Annual Report 2022
Corporate Presentation 2022
Corporate Presentation 2022
Press Release 2022
................................... Subscription required 2020
................................... Subscription required 2020
................................... Subscription required 2020
................................... Subscription required 2019
................................... Subscription required 2019
................................... Subscription required 2019
Feasibility Study Report 2018
Subscription required - Subscription is required.

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