Todays VML announcement is worth a read.
Inpart.
Updated DFS review
The recently completed DFS review has included:
- Revising the exchange rate to US$0.80 and US$0.75 as opposed to US$0.90;
- Applying a 15% reduction to operating costs over previous assumptions; and
- Maintaining estimated capital expenditure at the same level as the previously reported figures (scheduled for review). At an exchange rate of US$0.80 and US$0.75, the estimated capital would be US$138 million and US$129 million respectively.
In addition, the combination of a lower exchange rate and lower operating costs mean that the project will now generate similar returns at a price of US$375/mtu APT compared to the previously reported case2, which used a price of US$450/mtu and an exchange rate of US$0.90.
This includes post-tax NPV of US$129 million, 24% IRR and payback in 2.5 years. Free cash flow is estimated at US$281 million.
Life-of-mine cash costs are estimated at US$156/mtu.
Vital has entered into a formal Earn-In Agreement with JOGMEC (Japan Oil, Gas and Metals National Corporation) where JOGMEC has earned 30% of the Project for $5.4 million.
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