Anfield Energy, an energy minerals exploration company based in Burnaby, British Columbia, has provided an updated joint preliminary economic assessment (PEA) for several of its uranium and vanadium projects in the United States.
The joint venture agreement includes Anfield’s Velvet-Wood project, based in Utah, and its Slick Rock project in Colorado, along with six of the nine mines in the West Slope complex in the same state. All eight sites are located within the Oravan mineral belt and within trucking distance of the fully permitted Shooting Canyon Mill plant at Anfield, its central processing centre.
The updated model specifies a pre-tax internal rate of return of 106% and a net present value of US$606 million, based on a discount rate of 8%, a uranium price of US$100 per pound, and a vanadium price of US$9 per pound. The after-tax figures include an internal rate of return of 97% and a net present value of $533 million.
The PEA includes planned upgrades at Shootaring, including $31.1 million in general improvements, $34.6 million for a state-of-the-art vanadium circuit and $14.4 million in tailings facility upgrades, for a total of $80.1 million. Mine-related expenses at the Velvetwood, Sleek Rock and West Slope mines are estimated at US$37.5 million.
“We are very pleased with the updated PEA results as they provide Anfield with strong additional evidence of the true value of integrating the Velvet-Wood, Slick Rock and West Slope mines into Anfield’s axle, uranium and vanadium production model,” said Anfield CEO Corey Dias.
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