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The updated study reduces all-in sustaining costs from A$396 per tonne of fully refined kaolin to $374/t.
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With expected pricing of $700/t, Poochera would generate $251 million in additional revenue over the 15-year life of mine, pushing earnings to $1.05 billion.
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Net present value is up $131 million to $544 million, while kaolin production improved 40,000tpa to 227,000tpa.听
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Andromeda said that in the "unlikely scenario" of kaolin prices falling 30%, Poochera still had a positive NPV.
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The mine involves a 500,000tpa open pit at the Carey's Well deposit, removing 7.6 million tonne over the life of the mine, producing 2.8Mt of premium grade refined kaolin it hopes can meet a large and growing supply shortfall in high-value bright-white halloysite-kaolin product for ceramics applications.
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Pre-production capital is estimated at $13 million with a maximum cash requirement of $29 million prior to initial revenues being generated, an increase of $3 million.
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The wet circuit increases plant costs from $28 million to $35 million, with the plant still expected to be funded from revenues associated with initial direct shipping ore and toll wet-refining. The plant could be built during year two.
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The JV has DSO offtake interest from several Chinese firms.
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The internal rate of return and payback period are unchanged at 175% and 15 months respectively.
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The wet processing study results will be incorporated into a prefeasibility study that is due for completion by mid-year.
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The junior is also assessing the potential for purification and recovery of 99.99% high purity alumina following initial testing, and high purity halloysite, which is "extremely rare", but is seeing growing demand from high-tech applications. HPH sales command US$3000/t.
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Drilling in the Poochera area and at Camel Lake has proven the existence of HPH, but more exploration is required.听
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Andromeda shares Poochera, located on the Eyre Peninsula, 630km from Adelaide, with its partner, Minotaur Exploration, from which it is earning 75%.
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First sales are now being targeted by 2022.听
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Andromeda shares were up 3% to 3.4c, capitalising it at $49 million, while Minotaur was up 7% to 3c, valuing it at $11 million.听
