HNCKF - Giga Metals announces positive pre-feasibility study on Turnagain Project in British Columbia
(NewsDirect)
Giga Metals CEO Mark Jarvis joined SteveDarling from Proactive to discuss the company's significantmilestone — the release of a positive pre-feasibility study (PFS) onthe Turnagain Project in British Columbia.
The Turnagain Project is a joint venture between Giga Metals andMitsubishi Corporation.
Jarviselaborated on the key findings of the PFS, which revealed an extendedmine life for the Turnagain Project. This extension results in anannual production average of 37,288 tonnes of nickel and cobalt inconcentrate.
The project boasts a30-year operational span with an exceptionally low waste-to-ore stripratio of 0.4 tonnes of waste per tonne of ore. Additionally, Turnagainexhibits a pre-tax internal rate of return (IRR) of 11.1% and a netpresent value (NPV) of $717 million (calculated at a 7% discountrate). It also maintains a post-tax IRR of 11.4% and a post-tax NPV of$574 million.
These calculationsare based on a long-term nickel price of $9.75 per pound and assume78% payability for nickel in concentrate. The nickel concentratederived from Turnagain boasts an average composition of 18% nickel and1.1% cobalt, with minimal impurities.
The project is designed to operate with a strong emphasis onenvironmental responsibility, as indicated by its Scope 1+2 carbonintensity, which is less than 1.8 tonnes of CO2 emissions per tonne ofnickel in concentrate.
GigaMetals' objective is to position Turnagain as a dependable sourceof high-grade, top-quality concentrate, following the successfulmodels of other nickel companies that have operated successfully fordecades.
The positive outcomes of the PFS highlight theproject's potential to make a substantial contribution to thenickel and cobalt supply chains, particularly in light of the growingdemand for these metals in electric vehicle batteries and renewableenergy technologies.
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