Search Minerals Updates PEA for Foxtrot Rare Earths Project

Search Minerals Inc. (TSXV:SMY) released an updated preliminary economic assessment (PEA) for its Labrador-based Foxtrot rare earths project. The new PEA looks at an “open pit-underground scenario with lower capital costs, a lower mining rate and higher grade processing facility feed.”
Economic and financial highlights are as follows:

• $152 million initial capital cost – includes $33 million contingency)
• $57 million underground mining capital (Year 8);
• $23 million sustaining and closure capital;
• $1.713 billion total net revenue

Operational highlights include:

• 1,000 tonnes per day processing rate
• Mine life: 14 years: 8 years open pit, 6 years underground
• $353 per tonne processing facility average unit revenue, net of pay factors and third party separation charges
• $238 per tonne processing facility average unit operating cost
• Feed grade-weighted average REE recovery of 76.8%;
• Total Life-of-Mine production of 44,129 tonnes of TREO, or 3,300 tonnes per year at peak production;
• Life-of-Mine production includes 7.095 million kg of neodymium oxide (Nd₂O₃), and 0.836 million kg of dysprosium oxide (Dy₂O₃).
• Revenue is recognized at the time of production
• Metallurgical process produces a dry stackable residue, for ease of disposal and eliminates risk associated with wet tailings pond.

Click here to read the full Search Minerals Inc. (TSXV:SMY) press release.