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Thursday, 28 February 2013
Curis Resources educates on Florence copper recovery methods with new corporate video
Curis Resources (TSE:CUV) has released a new corporate video following the release of its prefeasibility study for its Florence copper project in central Arizona.
The video, titled "Changing the Way Copper is Made" outlines the process of in-situ copper recovery (ISCR), how the phase 1 production test facility at Florence will be operated responsibly, and how local and regional ground water quality will be protected, it told investors today.
The video will also discuss how the project represents a "significant near-term" economic development opportunity for the town of Florence and the surrounding region.
Earlier this month, the company announced the highly anticipated results of its prefeasibility study for the project. It didn't fail to impress investors as the study showed strong economics and lower initial capital costs than a previous preliminary report.
The report, authored by M3 Engineering & Technology, shows that using a long-term copper price of US$2.75 a pound, the project has a pre-tax net present value of US$748 million at a 7.5% discount rate, with a 38% internal rate of return (IRR) and a pre-tax payback period of just under two and a half years.
After tax, the net present value is $505 million using the $2.75 per pound copper price, with a 31% IRR and a payback period of just under three years.
The economics were modelled based on a design production rate of 55 million pounds of copper per year in the first five years, rising to 85 million pounds in year six.
"Florence Copper represents the safest and most technologically advanced way to get copper out of the ground," said president and CEO, Michael McPhie.
"Our new video is part of a wider effort to engage with and educate the public about how in-situ copper recovery works, and outline how Florence Copper can make a profound near-term contribution to the economic and social well-being of Florence, Pinal County and the state of Arizona."
Indeed, the in-situ recovery process requires no movement of rock or overburden, and there is therefore a substantially smaller footprint, with much less of an environmental impact on the surrounding area than with more traditional open pit mining operations.
The technique also requires substantially less mechanical energy in the form of trucks and explosives, and therefore generates significantly lower operating and capital costs.
The Florence property has a history having been advanced to a prefeasibility study level, and attaining full project permits when it was owned by BHP Copper in the late 1990s.
Curis has been working to amend and update these operational permits, with the aim of starting copper production at a phase 1 production test facility late this year.