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CUU own 25% Schaft Creek: proven/probable min. reserves/940.8m tonnes = 0.27% copper, 0.19 g/t gold, 0.018% moly and 1.72 g/t silver containing: 5.6b lbs copper, 5.8m ounces gold, 363.5m lbs moly and 51.7m ounces silver; (Recoverable CuEq 0.46%)

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Message: How long can they delay?

I'm very curious to see how things compare to the 2008 PFS. I would be quite happy if we were able to hit the 2008 numbers. We've got a few things working for us and against us.

3 Year Trailing Metal Prices

In 2008, each tonne of ore had a value of $42.55 using trailing 3 year prices.

In 2012, this same ore has a value of $40.99 using trailing 3 year prices.

Grades

Our 2012 RE had roughly similar grades to the 2008 RE. I suspect our recent drilling will improve our starter pit versus 2008. The starter pit could provide a huge boost to the NPV.

Operating Cost

The 2008 operating cost was $12.49/tonne. The increased mill rate versus 2008 will lower our operating cost, but this effect may be somewhat offset by inflation over the past 5 years.

Capital Costs

The 2008 capital cost was $2950M for a 100,000 tpd operation. We've got the effects of inflation and the increased mill rate working against us. The bright spot is that 2008 prices were also at a commodity peak, so the inflation effect may be muted.

Metal Recoveries

The recovery rate for the various metals has changed since 2008. I don't think we have enough info to determine whether this impacts anything.

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