After releasing Ambler feasibility study, Trilogy Metals appoints project CEO
(Kitco News) - Alaska development company Trilolgy Metals (TSX/NYSE American:TMQ) and South32 appointed Ramzi Fawaz as President and Chief Executive Officer of Ambler Metals effective 1 September 2020.
Ambler Metals is the 50/50 joint venture company formed by South32 and Trilogy Metals to explore and develop the Upper Kobuk Mineral Projects.
Last week, Trilogy Metals said that its feasibility study for its Arctic project showed a $1.6 billion net present value an internal rate of return of 31%.
Trilogy Metals is a metals exploration and development company which holds a 50 percent interest in Ambler Metals located in Alaska. Last year South32 exercised its option to form a 50/50 joint venture with Trilogy.
The feasibility study describes the technical and economic viability of establishing a conventional open-pit copper-zinc-lead-silver-gold mine-and-mill complex for a 10,000 tonne-per-day operation for a minimum 12-year mine life. The base case scenario utilizes long-term metal prices of $3.00/lb for copper, $1.10/lb for zinc, $1.00/lb for lead, $1,300/oz for gold and $18.00/oz for silver.
Fawaz joins Ambler Metals from Newmont Corporation where he was Senior Vice President Projects from February 2011 to October 2019, with responsibility for the development and execution of Newmont’s major gold and copper projects globally.
Before joining Newmont, Fawaz served as Senior Vice President Operations at Atomic Energy Canada Ltd. where he led all project development, refurbishment and building of the CANDU reactor projects. Prior to Atomic Energy, he was with Royal Dutch Shell, where he worked for 30 years in various senior roles. Among those, Fawaz was responsible for leading the Athabasca Oil Sands Expansion Project in Canada and the Nigeria LNG Train 3 and LPG expansion project in Nigeria.