The Eco Ridge project, according to the updated PEA, has the potential to produce 9,000 ton per day with life-of-mine production of 97.2 million pounds of total rare earth oxides (REO) and 27.5 million pounds of uranium oxide (U3O8) over an 11-year mine life.
Pele Mountain is expecting the cumulative total gross revenue from the mine to be $5.90bn, the cumulative operating cash flow standing at $2.83bn and a cumulative pre-tax cash flow amount of $2.16bn.
Pele president and CEO Al Shefsky said, "As development timelines continue to slip at several well-known REO projects, we believe that the competitive advantages of Eco Ridge are increasingly apparent and attractive."
Roscoe Postle Associates, an integrated design and engineering consultancy for the built and natural environments, prepared the PEA indicating that the Eco Ridge project has potential to produce REO and U3O8.
Elliot Lake, a proven mining camp has produced over 300 million pounds of U3O8 and is the only Canadian mining camp to have achieved commercial REO production.
