Magnum Mining And Exploration Limited
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Magnum Mining & Exploration Announces Technical Feasibility Refresh to Accelerate Buena Vista Production
Magnum Mining & Exploration (ASX: MGU) is excited to unveil its plan for a technical feasibility refresh of the Buena Vista Iron Project in Nevada, USA. The project aims to expedite production and maximise the potential of the Buena Vista magnetite resource.
The company has engaged Samuel Engineering to refresh engineering design and costings at Buena Vista, with the goal of delivering a +68% Fe product based on recent successful test work. The refresh will also focus on accessing the high-grade, at-surface resource to enable early start-up and payback.
The process is estimated to take six to eight weeks, during which Samuel Engineering will collaborate with recently appointed project manager Mr. Chris Tanner. The reputable firm has a long-standing association with the project, having provided substantial engineering design work in the past.
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Magnum Mining & Exploration's Board authorised the engineering and planning studies following confirmatory test work by MinRizon Projects, which demonstrated the technical and economic viability of a DRI concentrate grade of +68% Fe. This decision reflects the company's commitment to fast-track the project to production.
A contract has been executed with Samuel Engineering to design and cost a benefaction plant with an initial capacity of 500,000 tonnes per year. The Buena Vista iron resource consists of 232 million tonnes at 18. 6% Fe and 22. 6% DTR, showcasing its significant potential. Notably, the resource encompasses a high-grade pod within the West Deposit that can substantially derisk the project and lead to a shorter payback period.
Looking ahead, Samuel Engineering will deliver Feasibility Study level designs and costings. Magnum Mining & Exploration will also initiate investigations into various aspects of the project, including mine planning and scheduling, transport logistics, access to power and water, and permitting. Updates on these components will be provided as contracts are finalised.
The final investment decision to proceed with the project is expected to be made by Magnum's Board once all the necessary evaluations and studies are completed within the next six to eight weeks.
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