Develop Global release updated Pioneer Dome Scoping Study
Hybrid
Develop Global this month released an updated scoping study for the Pioneer Dome project in Western Australia. The study incorporates an updated mine plan which transitions the project from a large-scale open pit operation to a hybrid open pit and underground operation.
Capital expenditure was estimated at A$388.1M ($260M) for a 1.2 Mtpa DMS and flotation plant producing 200 ktpa SC5.5 for 7 years.
Operating costs came in at A$1,178/t ($789/t) SC6 on an AISC basis, FOB Esperance. Using a flat price of $1,393/t SC6 CIF China, the NPV8% was estimated at A$373M ($250M) pre-tax.
The study also assessed mine gate sale or toll treatment scenarios costing just A$35-40M. The company stated this option could work at today’s prices but would consider building the concentrator if prices rose above $1,500/t SC6.
アダマスの見解：
Although the new study eliminates substantial waste handling (from 117.4Mt to 8.5Mt), the hybrid mine plan has resulted in a 43% hike in costs since the February 2023 PEA.
Only a fraction of this delta can be attributed to inflation, so a win for the environment via minimized surface disturbance has resulted in a loss for the project’s economics.
As stated by the company, to build the full plant would require an incentive price of at least $1,500/t SC6. Not shown in the study are Develop’s acquisition costs of the project in 2023, which at the time was A$152.6M ($101.60M) in scrip.
At today’s Li prices, there remains little value for the project when incorporating acquisition costs and taxation.
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Image: Port of Esperance
アダマス・インテリジェンスのアナリスト、クリス・ウィリアムズ
クリスは、アダマス・インテリジェンスのアナリストとして、世界のリチウム産業を専門に担当しています。彼はリチウムのバリューチェーンを調査・分析し、クライアントにとって実践的なビジネスチャンスを見出しています。
クリス氏は、鉱業および石油・ガス事業の業務最適化において11年の経験を持ち、データを活用した深い洞察を通じて価値を創出しています。クイーンズランド大学で機械工学を専攻し、工学の学士号および修士号を取得しており、現在はブリティッシュコロンビア大学で経営学修士（MBA）の課程を履修中です。
