Oropesa Tin Project
The Oropesa Tin Project is strategically located within the European Union, 150km north of Seville within Spain’s Andalucía Autonomous Region. Oropesa has one of the world’s only undeveloped, opencut tin deposits, with easy access to Spain and Europe’s world class infrastructure. The project is at an advanced stage of development, with a recently completed Definitive Feasibility Study (DFS) and Maiden Ore Reserve Statement. The company has made strategic steps to vertically integrate and not only develop Europe’s only tin mine but a mine-to-metal supply chain of tin metal ingots.
Definitive Feasibility Study
The DFS confirms the project’s compliance with regulations, responsible approach to planning, minimisation of environmental disturbance and low impact to the surrounding communities; whilst also highlighting the strategic benefits of being the only mine-to-metal vertically integrated tin project in development within the European Union.
The DFS, delivered by Elementos’ Spanish subsidiary Minas de Estaño de España S.L.U. (MESPA), is based on the responsible development, operation and rehabilitation of an open-cut tin mine, processing plant, tailings storage facility, waste dumps and supporting infrastructure to support a base-case mine life of approximately 12 years. The operation is designed to produce a high-grade, low impurity tin concentrate (~63% Sn), which is planned to be toll treated in a local Spanish smelter before being sold by the company onto customers as tin ingots (metal).
All the assumptions used in the DFS align with the submitted project approvals with the Junta de Andalucia (Andalucian Government) and its major departments. The project has undergone extensive data acquisition, lab work, metallurgical assessment and pilot testing, engineering development works, reporting, scheduling, market tendering, assessment and definition. The project exceeds the 30% design level, and is 90% market priced, meeting the AACE Class-3 threshold for DFS maturity.
DFS Summary Data
Please note that this table has been rounded for compliance, which may lead to differences in reporting
Definitive Feasibility Study confirms robust project design and economic outcomes.
Project layout design.
Mine-to-Metal Tin Supply
The company has signed a term-sheet to acquire up to 50% interest in Iberian Smelting, that owns the Robledallano Tin Smelter, only 220km by road from Oropesa.
Additionally, Elementos has signed an Industrial Testwork Partnership Agreement with Atlantic Copper (a Freeport McMoran Company, ~250km away) to evaluate increasing tin production and recovery at the Oropesa Project, potentially leading to further offtake discussions.
Ore Reserve & Mineral Resource Estimate
Notes:
- All figures are rounded to reflect appropriate levels of confidence, apparent differences in totals may occur due to rounding.
- A cut -off grade of 0.15% Sn has been applied.
- Tonnages are expressed on a ROM basis, incorporating the effects of mining losses and dilution.
- The reference point at which these ore reserves are defined is as the ore is delivered to the ROM Pad.
The Oropesa Tin Project contains a JORC compliant Measured, Indicated and Inferred Resource.
Primary License Submissions Lodged & Tenure Rights Extended
After the end of the quarter, the Company lodged the documentation set required to obtain the key primary licences for the Oropesa Tin Project. These substantial submissions are the key requirements to be assessed for the award of both an Environmental Licence (Unified Environmental Authorization, AAU) and a Mining Licence (Exploitation Concession) required to construct and operate the Oropesa Tin Mine. These submissions will be assessed by the Andalucian Administration, governed by the applicable regulations:
These three sets of documentation (totalling 152 separate files, ~11,324 pages) will be reviewed and assessed for award of the two primary licences, by the following government departments – as simplistically presented below.
The Company received a requested extension to its rights over the key Oropesa Tin Project tenement. The granting of the Investigation Permit extension follows the Company having worked closely with the Andalucia Mining Department to ensure the continuity of its rights over the Investigation Permit (equivalent of Australian Exploration Licence) for the Oropesa Project area.
The project has significant support within the Junta de Andalucia (Government) and remains a key mining project within the Government’s Project Accelerator Unit (Unidad Aceleradora de Proyectos).
