Jangada Mines has stated that a preliminary economic assessment (PEA) has confirmed high economic potential of the Pedra Branca platinum group metals (PGM) project in north-eastern Brazil.

According to the company, the PEA has confirmed the findings of a 2017 Scoping Study that highlighted the project’s potential to become a low capital expenditure (CAPEX) and operational expenditure (OPEX), shallow, open pit operation with good financial returns.

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The project is estimated to have a net present value (NPV) of $192m, internal rate of return (IRR) of 67% and 1.6-year payback.

“The project demonstrates excellent potential for returns in an established mining jurisdiction that has strong legislative stability.”

Based on a mineral inventory of 27 million tonnes of run-of-mine (ROM), the project has a potential life-of-mine (LOM) of 13 years.

Jangada Mines executive chairman Brian McMaster said: “The scope is for an average production of 64,000oz per annum of PGM+Au, with significant credits from technology metals including, 2.2mlb of nickel, 1.2mlb of copper, 44,000lb of cobalt and 30,000t of chrome.

“Having a project demonstrating such excellent potential for returns in an established mining jurisdiction that has strong legislative stability makes this an extremely compelling proposition.”

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As per the study, the CAPEX required for the construction of the mine is expected to cost $64.4m, while OPEX is estimated to be $17.31/t of ROM.

Recently, the company added 11mt of mineable resource and 500,000oz to the PGM+Au Joint Ore Reserves Committee (JORC) resource of the project.

Located 280km from the port city of Fortaleza, Pedra Branca holds three mining licences and 43 exploration licences over an area of 50,000ha.