The recovery of rare earths and uranium at the Eco Ridge Mine Rare Earths and Uranium Project will be vastly improved thanks to better processing methods, according to an updated preliminary economic assessment (PEA) from Pele Mountain Resources.
The company filed the updated assessment for its Elliot Lake-area project on July 4.
According to a news release, “the updated PEA demonstrates that the predominant monazite rare earth mineralogy allows for excellent recovery with acid baking methods, improving recoveries by more than 10-fold for light REO, by more than double for heavy REO, and by nearly 30 per cent for U3O8.”
"Our updated PEA demonstrates that Pele is a clear leader in the ongoing race to develop new sources of critical rare earths outside of China,” Al Shefsky, president and CEO, said in the release.
“As development timelines continue to slip at several well-known REO projects, we believe that the competitive advantages of Eco Ridge are increasingly apparent and attractive,” he said. “We are pleased to publish our updated PEA and anticipate completing our updated project description during the current quarter in preparation for commencement of the licensing process."
The project is aiming for production of 9,000 tonnes per day of total REO and 27.5 million pound so uranium over an 11-year mine life. Gross revenue over mine life is predicted at $$5.9 billion, with cumulative operating cash flow of $2.83 billion and cumulative pre-tax cash flow of $2.16 billion.
Competitive advantages of the project are listed as its location in Elliot Lake, a proven mining camp, and an experienced development team led by former Rio Algom general manager Roger Payne.
.jpeg;w=120;h=80;mode=crop)
