Scandium International and Barrick/Newmont JV sign LOI to pursue critical metals recovery at Phoenix mine
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(Kitco News) - Scandium International Mining (TSX:SCY) announced today that the company and Nevada Gold Mines ("NGM"), a joint venture between Barrick (61.5%) and Newmont (38.5%) operated by Barrick, have signed a Letter of Intent ("LOI") to initiate a joint technical and economic feasibility program at NGM's Phoenix copper-gold mine, located near Battle Mountain, Nevada.
According to a press-release, the purpose of this joint development program is to confirm the economic and technical viability of a critical metals recovery ("CMR") project at the mine site. The LOI defines a detailed US$2.7 million spend program which includes bench test work, pilot plant testing, and feasibility study design work. The program is anticipated to require 15 months to complete.
With program completion, the company said that the partners intend to take an investment decision on construction and operation of a plant facility to recover critical metals from mine solutions. The LOI also outlines key parameters of a partnership, including formation of a joint venture to hold the plant facility, and a 50:50 ownership in the recovery circuit asset.
The company explained that the project is envisioned as an ion-exchange recovery system, capturing critical metals that are currently recirculating in heap leach copper solutions at Phoenix, specifically targeting nickel, cobalt, scandium, zinc and potentially other metals that prove to be economically recoverable.