Polymetals Resources Ltd has taken 100 per cent ownership of the Endeavor Mine and plans to ramp up refurbishment works with the aim to produce their first concentrate during the first half of next year.
The company announced on Friday that it had finalised its acquisition of the Endeavor Silver, Lead and Zinc mine, 40km north of Cobar.
In addition to the underground mine, the acquisition includes 1,100km² of tenements, a 1.2Mtpa processing plant and significant supporting infrastructure.
On Monday, Polymetals released its updated Endeavor Mine Plan (EMP) which provides significant financial returns with nine months pre-development before production is set to commence in the first half of 2025.
Polymetals’ executive chairman Dave Sproule said the work completed by their technical team has generated impressive outcomes for the mine re-start.
The EMP delivers an increase in mining and production rates (compared to the October 2023 MRS) over a 10-year mine life which is forecast to generate revenue of $1.9 billion and a pre-tax cash flow of $609 million from the sale of 260,000t of zinc, 90,000t of lead and 10.6Moz silver.
The plan outlines a 10-year operation with a pre-tax net present value of $414 million and an internal rate of return of 345 per cent.
Matt Gill (a seasoned metalliferous underground mining engineer), has commenced in his role as Endeavor’s General Manager and will reside in Cobar during his tenure.
