INV Metals released an updated feasibility study for its Ecuador-based Loma Larga gold-copper-silver project.
INV Metals (TSX:INV) released an updated feasibility study for its Ecuador-based Loma Larga gold-copper-silver project.
As quoted in the press release:
Loma Larga is projected to be a low-cost operation with expected life of mine (“LOM”) cash costs of $559/oz, all-in sustaining costs of $627/oz, and all-in costs of $789/oz. Initial pre-production capital expenditures are estimated at $316 million, with sustaining capital of $71 million and closure costs of $22 million (including taxes and duties). The projected 12 year mine life and forecasted life-of-mine mined production remains unchanged. Average yearly mined production is forecasted at 223,000 gold equivalent ounces, with an average of 289,000 gold equivalent ounces mined during the first four full years.
Candace MacGibbon, CEO of INV, commented:
We are very pleased to release the positive results of the updated Feasibility Study which incorporate the relocation of the plant infrastructure and tailings facility near the proposed mine site; updated capital and operating cost estimates; and current Mineral Resources and Reserves. While the capital and operating costs have not changed materially since the results of the previous Feasibility Study were filed in January 2019 (“2019 FS”), the gold price environment has strengthened and we have reflected the current long-term consensus gold price of US$1,400/oz into the FS.