COD reports key improvements at Emmie Bluff underground project, Australia
Project Name: Elizabeth Creek Copper-Cobalt Project
Project Location: South Australia, Australia
Project Stage: Advanced Exploration (has completed PFS)
ProjectBank Summary: Coda Minerals (ASX: COD) has reported further key improvements in the underground project economics at Emmie Bluff, part of the Elizabeth Creek Copper-Cobalt Project. The application of a successful pillar recovery strategy and mine plan optimisation at Emmie Bluff has resulted in an increase in the mined extraction percentage from 77% to 89%. This improvement has led to an increase in the pre-tax NPV8 by approximately $91 million to $826 million and the IRR to 31%. The optimisation also extends the project mine life from 13 to 14 years, increasing the total anticipated life of mine copper production from 307 kt to 337 kt.
Coda Minerals Highlights:
Further material improvement to forecast project economics achieved from the application of a successful pillar recovery strategy and mine plan optimisation at Elizabeth Creek.
Study into the recovery of a higher percentage of support pillars at the Emmie Bluff underground mine has been completed, indicating scope to expand resource extraction from 77% to 89% of any given super panel.
As a result, pre-tax NPV8 has increased by approximately $91 million to $826 million, and the IRR has increased by 4% to 31% when compared to the January 2024 Scoping Study Update.
MD/CEO Statement: Chris Stevens, CEO of Coda Minerals, commented: "Although simple in concept, implementing grout-support and pillar recovery at Emmie Bluff has materially increased our anticipated NPV by over 12% relative to the January 2024 Scoping Study, which itself delivered a 29% boost in NPV compared with the original Scoping Study in March 2023. This reflects the success of our low-cost, high-impact project optimisation strategy at Elizabeth Creek, which has been our primary focus over the past year. The updated Scoping Study clearly reaffirms Elizabeth Creek’s position as one of the most attractive copper development assets in Australia, with a clearly articulated mining and processing plan, robust economics, and impressive financial and economic metrics – all located in a Tier-1 jurisdiction."
