Magnum Mining and Exploration (ASX:MGU) has begun optimising its mine planning at the Buena Vista Iron Project in Nevada to deliver ‘high-grade’ feed, decrease the payback period, and reduce risk.
The $36.67 million market capitalisation company says it is re-evaluating its mine schedule to deliver the highest-grade iron feeds to the proposed beneficiation plant.
While lowering the grade of the long term resources, the subsequent early reduction in capital depreciation will allow those grades to be mined and processed profitably in the future.
Commenting on the company’s recent efforts, Magnum Mining and Exploration Chief Executive Officer (CEO) Neil Goodman says: “The Buena Vista iron mine is being progressed rapidly to take advantage of the steel industry’s insatiable appetite for low emissions feeds.
“The Buena Vista iron mine is being progressed rapidly to take advantage of the steel industry’s insatiable appetite for low emissions feeds”
Our activities are focused on rapid development and end-user consultation. The roadshow to the USA will further those efforts by engaging this market and tapping into the financing opportunities it represents.”
Magnum adds that the company is ‘aggressively’ progressing the project through multiple fronts, including taking a 30-tonne bulk sample from the proposed initial mining area to confirm the efficacy of the flowsheet, which has been recently optimised.
The company says the sample will deliver about 7.5 tonnes of direct reduction iron grade concentrate, which will be made available to potential customers, including Mitsubishi.
In addition, Magnum is advancing discussions and negotiations surrounding port and rail access for the Buena Vista magnetite concentrates. Magnum is pushing for the best economic and efficient solution for product movement for the project.
Permits are being updated for the use of country roads for heavy haulage to the proposed railway loadout.
The Buena Vista Project is located about 160km east-northeast of Reno in Nevada, US.
Magnum Mining and Exploration is an ASX-listed company primarily focused on its Buena Vista Magnetite and HIsmelt Green Pig Iron Project in the US.
Write to Aaliyah Rogan at Mining.com.au
Images: Magnum Mining and Exploration Ltd
