Elementos Limited (ASX: ELT) has commenced an Optimisation Study (JORC level Scoping Study) at its wholly owned Oropesa Tin Project in Spain to reassess the annual mining rate, and throughput of the processing plant and supporting infrastructure.
Amid recent historic tin price highs above US$40,000/tonne (LME cash price), this study will confirm the basis of design for the Definitive Feasibility Study (DFS), by re‐optimising the company’s May 2020 Updated Economic Study, which already positioned Oropesa as a low cost, globally significant new tin project.
The Optimisation Study follows a material increase in key project drivers over the past 18 months which have the potential to reshape the project’s economics and scale.
These include:
Elementos CEO Joe David said the Optimisation Study would not delay the delivery of the previously announced DFS.
The Optimisation Study is forecast to be completed before key DFS inputs from the feasibility metallurgy, geotechnical, and hydrogeological development programs are received towards the end of Q1 2022,” Mr David said.
“It is an exciting time to be in tin and given changes in the tin market and growth in our Oropesa MRE, we believe it is worth re‐assessing the project scale to ensure we are delivering optimal value to our shareholders.
“For clarity, there is no commitment by the company that the scale of the project will increase, this is the focus on the Optimisation Study and will be confirmed at the completion.”
Elementos has contracted the Measured Group Pty Ltd to help deliver the Optimisation Study following its appointment to deliver the DFS Mine Plan and JORC Reserves Estimate during 2022.
Previously, Measured prepared the updated 2021 Mineral Resource Estimate and was the Independent Authors of the NI 43‐101 (Canadian) technical report version of the May 2020 Updated Economic Study.