GIGA:CC - Giga Metals announces positive pre-feasibility study on Turnagain Project in British Columbia
--News Direct--
Giga Metals CEO Mark Jarvis joined Steve Darling from Proactive to discuss the company's significant milestone — the release of a positive pre-feasibility study (PFS) on the Turnagain Project in British Columbia.
The Turnagain Project is a joint venture between Giga Metals and Mitsubishi Corporation.
Jarvis elaborated on the key findings of the PFS, which revealed an extended mine life for the Turnagain Project. This extension results in an annual production average of 37,288 tonnes of nickel and cobalt in concentrate.
The project boasts a 30-year operational span with an exceptionally low waste-to-ore strip ratio of 0.4 tonnes of waste per tonne of ore. Additionally, Turnagain exhibits a pre-tax internal rate of return (IRR) of 11.1% and a net present value (NPV) of $717 million (calculated at a 7% discount rate). It also maintains a post-tax IRR of 11.4% and a post-tax NPV of $574 million.
These calculations are based on a long-term nickel price of $9.75 per pound and assume 78% payability for nickel in concentrate. The nickel concentrate derived from Turnagain boasts an average composition of 18% nickel and 1.1% cobalt, with minimal impurities.
The project is designed to operate with a strong emphasis on environmental responsibility, as indicated by its Scope 1+2 carbon intensity, which is less than 1.8 tonnes of CO2 emissions per tonne of nickel in concentrate.
Giga Metals' objective is to position Turnagain as a dependable source of high-grade, top-quality concentrate, following the successful models of other nickel companies that have operated successfully for decades.
The positive outcomes of the PFS highlight the project's potential to make a substantial contribution to the nickel and cobalt supply chains, particularly in light of the growing demand for these metals in electric vehicle batteries and renewable energy technologies.
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Proactive Investors
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