Magnum Mining And Exploration Limited
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Why is Magnum Mining & Exploration considering a fast start-up option for its Buena Vista Iron Project?
Magnum Mining & Exploration (ASX: MGU) has recently announced the completion of a short-term mining schedule for its Buena Vista Iron Project, located in Nevada, USA. The company has been investigating the possibility of an expedited mine development plan, and the study provides valuable insights into the site's potential for the coming years.
Five Year Mine Schedule and Ore Production
The study delivers a five-year mining schedule, providing 2. 5 million tonnes of ore to a beneficiation plant per year. The ore grade averages 29. 1% Fe over the five-year period, supporting an average annual concentrate production of 800,000 tonnes. This offers significant potential for the site, with the project's strip ratio averaging (W:O) 0.
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29 over the five years.
Results and Optimizations
Magnum Mining & Exploration's mine schedule provides the industry with a glimpse of the potential of the Buena Vista Iron Project. The company contracted with SRK Consulting, the industry leader out of Reno, Nevada, to develop the mine program to investigate potential commercialisation of the mine. The plan maximizes the ore grade while minimizing the strip ratio to achieve the optimal pit, which should not sterilize any resource. The pit slopes also have been designed to be conservative at 43 degrees in the absence of sufficient geotechnical data.
Plans for Short Term Expedited Mining Development Plan
Magnum Mining & Exploration's Scoping Study for the Buena Vista Iron Project projected annual production of 1. 6 million tonnes per year of high-grade magnetite concentrate. However, a fast start-up option based on obtaining better quality portions of the already existing resource is being considered. The mine schedule has made it possible to garner an average of 800,000 tonnes of high-grade magnetite concentrate per year.
Investors and Market Implications
The implementation of a short-term, expedited mining development plan may increase cash flows from the Buena Vista Iron Project. Magnum Mining & Exploration's plans to exploit the potential of the mine only heighten investor optimism, who are keen to seize the opportunity the project has to offer.
Magnum Mining & Exploration is well on the way to achieving its desired results at Buena Vista Iron Project. The study carried out has revealed significant potential for the site and provides the company with valuable information to improve the project's overall efficiency levels. With such promising results, it is anticipated that investors will heed the company's clarion call and exploit the potential of the iron project. After all, the initial results are indeed impressive, setting the company on the right path towards commercializing the mine.
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