King Island Scheelite secures A$10M government loan for Dolphin Tungsten Project
2021-02-03 14:07:23 [Print]
The Tasmanian government will provide ASX-listed King Island Scheelite with a A$10 million funding package, over a ten-year term, to support the development of the Dolphin tungsten project.
A previously completed economic analysis of the Dolphin project estimated that some A$65 million would need to be invested to bring the open-cut operation into production to produce 20tpy of tungsten over an eight-year mine life.
The updated feasibility study has estimated a startup capital cost of A$72.1 million to develop the Dolphin project, with life-of-mine capital estimated at A$129.2 million, placing capital cost for the operation at A$40/t of tungsten produced.
The loan remains subject to formal loan and security documentation being agreed and executed, and includes a number of conditions that must be satisfied prior to the release of funds, said Michael Ferguson, Tasmanian Minister for State Growth.
A previously completed economic analysis of the Dolphin project estimated that some A$65 million would need to be invested to bring the open-cut operation into production to produce 20tpy of tungsten over an eight-year mine life.
The updated feasibility study has estimated a startup capital cost of A$72.1 million to develop the Dolphin project, with life-of-mine capital estimated at A$129.2 million, placing capital cost for the operation at A$40/t of tungsten produced.
The loan remains subject to formal loan and security documentation being agreed and executed, and includes a number of conditions that must be satisfied prior to the release of funds, said Michael Ferguson, Tasmanian Minister for State Growth.
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