The Air Quality Control permit application submitted to the US state’s Department of Environmental Quality (ADEQ) is based upon the technical parameters of the positive pre-feasibility study delivered in July 2024 and is one of the key state permits required to start construction.
It addresses the Antler project’s air quality and emissions relating to construction, mining and mineral processing.
New World Resources (ASX:NWC) notes that the ADEQ will now determine completeness of the application following which it has 120 days to review it with approval expected in 1H 2025.
“I am delighted that we have taken this critical step towards permitting the Antler project, with the Air Quality Control Permit representing one of the key state permits for construction to commence,” managing director Nick Woolrych.
“We are planning to build a modern, state-of-the-art mining operation at Antler with low environmental and social impact. We are using advanced technology, world-class engineering and industry best-practice to minimise any impact on air quality to ensure the health and safety of the surrounding environment and community.
“This permit application, together with our previous Federal permit submission in January 2024, means that New World is well on the way to submitting applications for all permits required to allow both development and mining of the Antler Project to proceed.”
Under the PFS, the Antler project has sufficient resources for a 1.2Mtpa underground operation with a mine life of 12.2 years.
This resource of 13.6Mtpa grading 1.6% copper, 3.7% zinc, 0.6% lead, 24.5g/t silver and 0.26g/t gold will generate 186,700t of copper, 387,600t of zinc, 41,100t of lead, 6Moz of silver and 67,500oz of gold in three separate concentrates.
Net smelter return revenues are projected to average US$202.43/t, or life of mine revenues of US$3.16bn, which will deliver post-tax free cashflow of almost US$1bn.
Pre-tax NPV7 is estimated at US$636m while IRR is expected to be 34.3%.
Capex is relatively modest US$298m with payback in 3.1 years.
Woolrych said that over the coming weeks, the company will lodge additional Arizona state permits relating to underground mining activities with mine permits expected to be progressively approved through 2025.
The definitive feasibility study is also continuing in parallel to further de-risk and enhance the highly robust, stand-alone development credentials of the Antler project outlined in the PFS.
“With the forecast completion of the Antler DFS by the end of 2025, we are well on the way to getting Antler back into production,” Woolrych added.
