UFO - Alien Metals says iron ore development study reinforces case for Hancock Project
(NewsDirect)
Alien Metals Ltd non-executive chair AlwynVorster joined Proactive's Stephen Gunnion with details of an ironore development study for the company's Hancock Iron Ore Projectin Western Australia, including an updated Mineral Resources Estimate(MRE).
The study, which tookapproximately five to six months to complete, showcases an encouragingeconomic development pathway for the project, aiming for constructioncompletion by the end of the year and market entry in early2025.
Highlighting the updated MREof 8.4 million tonnes at 60% iron content, Vorster emphasized the vastexploration potential beyond this initial figure, pointing out theunexplored adjacent territory that could significantly augment theproject's resource base.
Theeconomic viability of the project is further bolstered by anall-in-sustaining cost of $85 per ton, with iron ore currently tradingaround $130 per ton. He said Alien Metals’ project also stands outfor its low capital expenditure requirement, estimated at $20 to $30million, versus billions for larger companies.
Additionally, he highlighted the strategicadvantages of the Hancock project's location, including proximityto major infrastructure like export facilities and the town of Newman,which reduces the necessity for substantial additional infrastructuredevelopment.
Looking forward, securing the mining lease isidentified as the next critical milestone, with constructionanticipated to start by mid-year. Alien Metals aims to commence oreextraction in the first quarter of 2025, promising further updates asthe project progresses. ?
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