Lucapa Diamond Company Limited releases details of its plan to re-start production at its 100% owned Merlin Diamond Mine in the Northern Territory.
Two-stage production re-start plan for Merlin, 1: Phase 1 requires A$15m in funding with A$9 as pre-production capital, 2: Phase 2 requires A$10m in funding for a proposed 5-year mine life with extension potential, 3: Forecast Pre-tax NPV (10%) of A$40 m and Pre-tax IRR of 75% & 4: Project level funding discussions are underway with several parties.
The new plan comprises two phases. Phase 1 will use excavator dredging to mine to a depth of 15 metres from the base of five existing open pits. Phase 2 will use Vertical Pit Mining to extract ore from the Gawain pit. Phase 1 will occur over 18 months, with Phase 2 following for 27 months.
The Company is in discussions with several parties for project level funding. These funding sources are through offtake agreements, project level debt, project equity and government facilities. Lucapa will focus on increasing the current Merlin JORC compliant Mineral Resource through further exploration in the near term, due to the prospectivity for further kimberlites and base metal deposits given the proximity to the McArthur River Mine.
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