OXIANA RESOURCES NL 2002-09-12 ASX-SIGNAL-G
HOMEX - Melbourne
+++++++++++++++++++++++++
MEDIA RELEASE
SEPON PROJECT 80% OXIANA, 20% RIO TINTO
SEPON COPPER PROJECT : BANKABLE FEASIBILITY STUDY (BFS)
Oxiana is now finalising the Sepon Copper Project BFS. Preliminary
results demonstrate a highly competitive project with world class
characteristics.
HIGHLIGHTS
A summary of the highlights of the copper base case on a full project
basis is provided below:
Resources 26 Mt @ 4.1% Cu (1.0% Cut Off) for 1.1 Mt copper
Mining Reserve 13.5 Mt @ 5.1% Cu
_________________________________________________
Process Whole of Ore Leach, Solvent Extraction,
Electrowinning
Metallurgical Recovery +90%
Production 60,000 t/a LME Grade Copper Cathodes
Initial Mine Life 11 years
_________________________________________________
Capital Cost Estimate US$155 170 M
Cash Operating Cost Estimate US 35-40/lb Copper
_________________________________________________
Internal Rate of Return At US 85/lb Copper Price
22%
Average Operating Cash Flow US$60M/a
Payback Period <3 years
_________________________________________________
Oxiana's Sepon Project development strategy is on track : the Gold
Project, now under construction, is to be commissioned end 2002 and
will provide strong early cash flows : the Copper Project is proposed
to commence early 2003, for first copper production early 2005. In
terms of both capital and operating costs the Sepon Copper Project
will be a world class operation.
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