The PFS expects the proposed development to produce a range of separated rare earths and a saleable manganese sulphate.
The economic evaluation of the project indicated internal rate of return of 30% and net present value of $2.98bn after tax and royalties.
The project is expected to produce 8,000 tonnes per annum (tpa) of high purity, separated total rare earth oxides (TREO) in the first four years of operation.
It holds proven and probable reserves of 788,700 tonnes TREO for a 45 year life of mine.
The project is expected to produce 48,000 tpa of manganese sulphate in the first phase and 96,000 tpa in phase two.
Korea Resources Corporation, the mining and natural resource investment arm of the South Korean Government, owns a 10% stake in the project.
Frontier Rare Earths president and CEO James Kenny said: "Frontier is pleased to have completed a positive PFS on Zandkopsdrift which confirms the significant economic potential of Zandkopsdrift and the opportunity for Frontier to become a major new producer of high purity separated rare earths and manganese sulphate."
