Overview
Stage | Permitting |
Mine Type | Open Pit |
Commodities |
|
Mining Method |
|
Mine Life | 33 years (as of Jan 1, 2018) |
The 2018 feasibility study aimed to improve the Frieda River Copper-Gold Project economics by adopting a shared-use infrastructure model and creating two separate commercial projects: the Frieda River Copper Gold Project and the Frieda River Hydroelectric Project (FRHEP). The shared use infrastructure model incorporates the Sepik River Infrastructure Project (SIP) and Sepik Power Grid Project (SPGP). The project evolved into a US$7.2 billion mega-project with several inter-dependent parts.
The feasibility study provided operating parameters for the mine, process plant and hydroelectric facility on a combined basis.
In 2020, PanAust continues to work with PNG’s MRA and CEPA to progress the permitting and approvals process related to the updated Proposal for Development and EIS that were submitted in December 2018. |
Source:
p. 108
The Frieda River Project is held by the Frieda River Limited, a wholly owned subsidiary of PanAust Limited.
Contractors
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Summary:
The Frieda River is a porphyry copper-gold deposit of island arc affinity. Mineralisation is mainly hosted by the Horse microdiorite, which intruded into older diorites and volcanics of the Frieda River Igneous Complex.
The mine area lies on the Frieda River Igneous Complex (“FRIC”), in the northern foothills of the Central Cordillera, towards the southern margin of the New Guinea Thrust Belt. The igneous complex is approximately 17 km long by 7 km wide and is considered to be the remnants of a large stratavolcano. Mineralisation comprises a cluster of copper-gold deposits, with the most significant of these being the Horse-Ivaal-Trukai, Ekwai and Koki (HITEK) porphyry deposits.
The Frieda River deposit is associated with a mid-Miocene calc-alkaline intrusive centre, with mineralisation associated primarily with hydrothermal fluids and alterations associated with dioritic intrusions. Porphyry-style copper mineralisation occurs both within the diorites and adjacent rock types. Seven intrusive centres have been identified of which the three principal ones are the Horse (southeast), Ivaal (central) and Trukai (northwest) centres; together with the adjacent Ekwai and Koki mineralisation centres to the north and northeast these form the Horse/Ivaal/Trukai, Ekwai and Koki copper-gold porphyry deposit (HITEK), which is the focus of the Frieda River development studies. The Nena deposit further to the northwest is high sulphidation epithermal in style, with comp ........
Summary:
The mine is based on the Horse-Ivaal-Trukai, Ekwai and Koki (HITEK) porphyry copper/gold deposits.
The open-pit mine will be a large-scale truck and shovel operation. The mountainous terrain and high rainfall conditions require more than one equipment fleet size to effectively manage the material movement through mine development. Equipment fleet size will be staged to enable access into steep, narrow topographical areas and manage the removal of vegetation, topsoil and overburden material.
The total material mined over the 33-year life of mine will be 2,950 Mt, comprising 1,500 Mt of mill feed (0.45% copper and 0.24 g/t gold) and 1,450 Mt of waste rock. There will be an average processing of 45 Mt/year of mill feed and 42 Mt/year of waste, with peak total material movements of up to 135 Mt/year.
The Horse-Ivaal-Trukai (HIT) open-pit will be up to 2.6-km-long and 2.4-km-wide. The northern wall in the main Horse-Ivaal-Trukai pit extending around 500m to 700m depth. The Ekwai open-pit will be up to 0.8-km-long and 0.6-km-wide and the Koki open-pit will be up to 0.7-km-long and 0.9-km-wide. The Ekwai open-pit void will be used as an intermediate ore stockpile.
In terms of geomechanics, rock strengths and rock quality are typically low in the weathered zone above the gypsum-anhydrite surface (GAS), which is projected to lie 200-300m below surface. Above the GAS, the rock mass appears to be highly fractured, whereas below that surface, ........
Source:
Source:
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Flow Sheet:
Summary:
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Source:
Projected Production:
Commodity | Product | Units | Avg. Annual |
Copper
|
Metal in concentrate
|
kt
| 175 |
Copper
|
Concentrate
|
kt
| 670 |
Gold
|
Metal in concentrate
|
koz
| ...... |
Operational Metrics:
Metrics | |
Annual ore mining rate
| 45 Mt * |
Annual milling capacity
| 65 Mt * |
Annual milling rate
| 45 Mt * |
Stripping / waste ratio
| 0.96 * |
Waste tonnes, LOM
| 1,430 Mt * |
Ore tonnes mined, LOM
| 1,490 Mt * |
Total tonnes mined, LOM
| 2,920 Mt * |
Tonnes milled, LOM
| 1,490 Mt * |
* According to 2018 study.
Reserves at September 30, 2018:
The 2018 HITEK Ore Reserve: The reserve defined at a Cu price of US$3.30/lb Cu and a gold price of US$1,390/oz Au; selected 2018 pit shell corresponds to a 0.88 revenue factor of US$2.90/lb Cu and US$1,276/oz Au; the minimum Cu grade selected is 0.15% Cu for primary ore and 0.2% Cu for oxidised ore.
HITEK resources constrained by an economic Whittle pit shell using metal prices of US$3.30/lb Cu and US$1,450/oz of Au times a factor of 1.5; resource reported at a 0.2% Cu cut off.
Mineral Resources are reported inclusive of Mineral Reserves.
Category | Tonnage | Commodity | Grade | Contained Metal |
Proven
|
604 Mt
|
Copper
|
0.51 %
|
3,080 kt
|
Proven
|
604 Mt
|
Gold
|
0.3 g/t
|
3,080 koz
|
Probable
|
761 Mt
|
Copper
|
0.42 %
|
3,200 kt
|
Probable
|
761 Mt
|
Gold
|
0.21 g/t
|
5,140 koz
|
Proven & Probable
|
1,365 Mt
|
Copper
|
0.46 %
|
6,280 kt
|
Proven & Probable
|
1,365 Mt
|
Gold
|
0.25 g/t
|
10,970 koz
|
Measured
|
620 Mt
|
Copper
|
0.53 %
|
3,290 kt
|
Measured
|
620 Mt
|
Gold
|
0.3 g/t
|
5,980 koz
|
Indicated
|
1,240 Mt
|
Copper
|
0.44 %
|
5,500 kt
|
Indicated
|
1,240 Mt
|
Gold
|
0.22 g/t
|
8,600 koz
|
Measured & Indicated
|
1,860 Mt
|
Copper
|
0.47 %
|
8,790 kt
|
Measured & Indicated
|
1,860 Mt
|
Gold
|
0.25 g/t
|
14,580 koz
|
Inferred
|
780 Mt
|
Copper
|
0.35 %
|
2,760 kt
|
Inferred
|
780 Mt
|
Gold
|
0.18 g/t
|
4,520 koz
|
Total Resource
|
2,640 Mt
|
Copper
|
0.44 %
|
11,550 kt
|
Total Resource
|
2,640 Mt
|
Gold
|
0.23 g/t
|
19,100 koz
|
Commodity Production Costs:
| Commodity | Units | Average |
All-in sustaining costs (AISC)
|
Copper
|
USD
|
1.01 / lb *†
|
C1 cash costs
|
Copper
|
USD
|
0.76 / lb *†
|
Assumed price
|
Copper
|
USD
|
3.3 / lb *
|
Assumed price
|
Gold
|
USD
|
1,390 / oz *
|
* According to 2018 study / presentation.
† Net of By-Product.
Operating Costs:
| Units | 2018 |
Direct operating costs ($/t milled)
|
USD
| 10.1 * |
Total operating costs ($/t milled)
|
USD
| ...... |
* According to 2018 study.
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2018 Study Costs and Valuation Metrics :
Metrics | Units | LOM Total |
Pre-Production capital costs
|
$M USD
|
......
|
Sustaining CapEx
|
$M USD
|
......
|
After-tax Cash Flow (LOM)
|
$M USD
|
......
|
After-tax NPV @ 8%
|
$M USD
|
......
|
After-tax IRR, %
|
|
......
|
After-tax payback period, years
|
|
......
|
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Mine Management:
Job Title | Name | Profile | Ref. Date |
.......................
|
.......................
|
|
Feb 7, 2024
|
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Staff:
Total Workforce | Year |
|
2018
|
Corporate Filings & Presentations:
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