The Makuutu scoping study released in April 2021 was based on only indicated resources and returned an NPV of US$321 million (post-tax) and an IRR of 38% for an open pit operation over an initial 11-year mine life.
When including the inferred resource, Ionic indicated potential extension to a 27-year life with further exploration upside also identified.
Makuutu is one of the very few adsorption clay (IAC) deposits outside of southern China, where IAC deposits are prevalent.
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With the current resource tonnage classified as 21% indicated and 79% inferred, Ionic has completed a substantial infill program in October to convert more tonnes to indicated and measured resources, alongside first-pass drilling at specific exploration targets to add further resources.
The results of these programmes will underpin a feasibility study, expected by October 2022 to support a long life mining licence application and plans for production by 2024.
