Intex Resources to invest $2.05B in Mindoro nickel project

Intex Resources Philippines, Inc. will spend close to $2.05 billion to develop its Mindoro nickel project based on a pre-feasibility study it recently completed.

Intex is now moving forward on a definitive feasibility study. Intex had earlier completed a  PFS which showed very encouraging results for the project.

The results of Intex’s PFS was recently released in a disclosure to the Oslo Stock Exchange by Intex Resources ASA, a Norwegian international metals and minerals company, which is the parent company of Intex Resources Philippines.

“We are definitely pleased with the results of the pre-feasibility study and are confident that the definitive feasibility study will further validate and improve the initial results,” Jon Steen Petersen, senior vice president of Intex Resources Philippines, said in a statement.

According to the PFS, the Mindoro nickel mine has a number of factors  that will enable it to be among the lowest capital-cost facilities in the industry.

These factors include its location in the Philippines, a low-cost setting compared to other similar projects, and the favorable processing properties of its laterite ore.

The PFS was prepared by Aker Kvaerner of Australia, a leading global provider of engineering services and integrated solutions for the mining and petroleum industries.

Aker Kvaerner has a solid reputation in the field of engineering relating to nickel-laterite projects.

The PFS notes that operating costs are estimated at $3.60 per pound nickel before cobalt credits at the design capacity of 40,000 TPA nickel.