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Brazil
Vermelho Project

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 Location:
147 km SW from Maraba, Brazil

  Project Contacts:
Rex House, 4-12 Regent Street
London
United Kingdom
SW1Y 4RG
Phone  ...  Subscription required
WebsiteWeb
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Overview

StagePermitting
Mine TypeOpen Pit
Commodities
  • Nickel
  • Cobalt
  • Kieserite
Mining Method
  • Truck & Shovel / Loader
Mine Life38 years (as of Jan 1, 2019)


Owners

Source: p. 2
CompanyInterestOwnership
Horizonte Minerals Plc. 100 % Indirect

Contractors

Subscription required - Subscription is required.


Deposit Type

  • Laterite


Summary:

The target mineralisation at the Project’s V1 and V2 deposits are characteristic of typical nickel laterite deposits formed in a seasonally wet tropical climate, on weathered and partially serpentinised ultramafic rocks.

The Vermelho nickel deposits consist of two hills named V1 and V2 (after Vermelho 1 and Vermelho 2), aligned on a northeast-southwest trend, overlying ultramafic bodies. The ultramafic bodies have had an extensive history of tropical weathering, which has produced a thick lateritic profile of nickel-enriched limonite and saprolite at V1 and V2.

The V1 and V2 deposits form flat lying topographical highs, where V1 body reaches heights of around 500 m, standing out from the adjacent terrain about 175 m whereas the V2 body has a maximum height of 450 m. The flattened terrain adjacent to the two bodies represents the gneiss ground that hosts the layered intrusion of Vermelho. The V2 hill is located approximately 2 km southwest of V1. The V1 hill has a deformed convex-concave shape (convex to northeast), and extends for approximately 2.4 km east-west, ranging from 700 m to 1.6 km north-south. The V2 hill has an east-west elongation, and extends for approximately 1.9 km east-west, ranging from 600 m to 900 m north-south. The V1 deposit has an average thickness of 53 m and a maximum thickness of 146 m, whereas the V2 deposit has an average thickness of 56 m and a maximum thickness of 115 m.

The ultramafic bodies are erosional relicts ........


Mining Methods

  • Truck & Shovel / Loader


Summary:

Typical truck and excavator mining using contractors is proposed. The proposed mining cycle would include the following primary activities:
• Grade control;
• Clearing, stripping and stockpiling of topsoil;
• Drill and blast (where necessary);
• Haulage, stockpiling and re-handling of ore and sheeting material;
• Rehabilitation of mining areas with stockpiled topsoil.

Ore will be hauled from the pit to stockpiles or to ROM. Ore from the long-term stockpiles is then re-handled and hauled from these stockpiles to the ROM for further re-handle into the plant.

Waste will be placed on external waste dumps. Pits are not intended to be backfilled at this stage, as the waste component for this Project is low and mineralised material is at the base of the pits which may be economic. Backfilling pits remain an opportunity for the Project to reduce mining costs.

The primary aim of this mining operation will be to maximise margin, particularly in the early life of the mine, and to supply ore to the processing plant so it that maintains a constant acid consumption below 350 kg/t HPAL feed. The mining layout and methodology relies on a combination of mining selectivity and stockpiling. The stockpiling strategy proposed in this study relies on dividing ore into different stockpiling ranges to maximise nickel grade and control acid consumption. The stockpile categories are based on material type and profit per tonne (PPT), or revenue ........


Crushing and Grinding
Source: Subscription required

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Processing

Flow Sheet: Subscription required

Summary:

- subscription is required.


Projected Production:

CommodityProductUnitsAvg. AnnualLOM
Nickel Metal in sulphate kt 25924
Cobalt Metal in sulphate kt  ......  Subscription required  ......  Subscription required
Kieserite Crystals kt  ......  Subscription required  ......  Subscription required

Operational Metrics:

Metrics
Stripping / waste ratio 0.14 *
Waste tonnes, LOM 20.2 Mt *
Ore tonnes mined, LOM 141,316 kt *
Total tonnes mined, LOM 161.6 Mt *
Tonnes processed, LOM 141,316 kt *
Annual processing capacity 4.34 Mt *
Mining scale, tpd 12,000 t
* According to 2019 study.

Reserves at October 31, 2019:
Mineral Resource report for Vermelho above 0.7% Ni cut-off.

CategoryTonnage CommodityGradeContained Metal
Probable 141.3 Mt Nickel 0.91 %
Probable 141.3 Mt Cobalt 0.052 %
Probable 141.3 Mt Magnesium 3.81 %
Measured 140.8 Mt Nickel 1.05 % 1,477 kt
Measured 140.8 Mt Cobalt 0.05 % 74.6 kt
Measured 140.8 Mt Magnesia 11.3 %
Indicated 5 Mt Nickel 0.99 % 49 kt
Indicated 5 Mt Cobalt 0.06 % 2.8 kt
Indicated 5 Mt Magnesia 8.6 %
Measured & Indicated 145.7 Mt Nickel 1.05 % 1,526 kt
Measured & Indicated 145.7 Mt Cobalt 0.05 % 77.3 kt
Measured & Indicated 145.7 Mt Magnesia 11.2 %
Inferred 3.1 Mt Nickel 0.96 % 29 kt
Inferred 3.1 Mt Cobalt 0.04 % 1.4 kt
Inferred 3.1 Mt Magnesia 15.5 %

Commodity Production Costs:

CommodityUnitsAverage
Total cash costs Nickel USD  ......  Subscription required&nbs
All-in sustaining costs (AISC) Nickel USD  ......  Subscription required&nbs
C1 cash costs Nickel USD  ......  Subscription required&nbs
Assumed price Kieserite USD  ......  Subscription required&nbs
Assumed price Cobalt USD  ......  Subscription required&nbs
Pre-tax break-even price Nickel USD  ......  Subscription required&nbs
Assumed price Nickel USD  ......  Subscription required&nbs
* According to 2019 study / presentation.

Operating Costs:

Units2019
OP mining costs ($/t milled) USD 6.94 *
Processing costs ($/t milled) USD  ......  Subscription required
G&A ($/t milled) USD  ......  Subscription required
Total operating costs ($/t milled) USD  ......  Subscription required
* According to 2019 study.
Subscription required - Subscription is required.

2019 Study Costs and Valuation Metrics :

MetricsUnitsLOM Total
Initial CapEx $M USD  ......  Subscription required
Expansion CapEx $M USD  ......  Subscription required
Sustaining CapEx $M USD  ......  Subscription required
Closure costs $M USD  ......  Subscription required
Total CapEx $M USD  ......  Subscription required
OP OpEx $M USD  ......  Subscription required
Processing OpEx $M USD 5,785
G&A costs $M USD 215
Total OpEx $M USD  ......  Subscription required
Total Taxes $M USD  ......  Subscription required
Royalty payments $M USD  ......  Subscription required
Gross revenue (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 @ 8% $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
Subscription required - Subscription is required.


Proposed Heavy Mobile Equipment as of October 31, 2019:
HME TypeModelSizeQuantityLeased or
Contractor
Compactor ....................... Subscription required ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required ....................... Subscription required ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required ....................... Subscription required ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required ....................... Subscription required ....................... Subscription required Leased
Subscription required - Subscription is required.

Mine Management:

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Oct 31, 2019
....................... Subscription required ....................... Subscription required Subscription required Oct 31, 2019
....................... Subscription required ....................... Subscription required Subscription required Dec 9, 2022
Subscription required - Subscription is required.

Staff:

Total WorkforceYear
Subscription required 2022

Corporate Filings & Presentations:

DocumentYear
Management Discussion & Analysis 2022
................................... Subscription required 2021
................................... Subscription required 2019
Subscription required - Subscription is required.

Subscription required - Subscription is required.

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