Project Operator: Lacus Mining LLC,
Project Description: The Chumek Iron Ore Field, Lacus Project. The deposit is located in the Kurchum district of East Kazakhstan region in the inaccessible mountain-taiga part of the South Altai. Absolute elevations vary from 1,500 to 2,200 m. The mineral resource is iron (Fe),
Project’s Current Status: Exploration work is being performed as part of the Pre-Feasibility Study (PFS) report preparation,
Project Reserves: Category C1, C2 reserves - 9,505 thousand tons with an average Fe grade of 47.7%; category P1, P2 resources - 34,865 thousand tons with an average Fe grade of 45.9%,
Mining Method: Open-pit,
Project Process Information: Dry magnetic separation,
Duration of the project: 19 years,
Deposit Development Period: 15 years,
Project Design Capacity: 1.5 million tons of ore per year, 968 thousand tons of metal (Fe) per year,
Project’s Current Stage Finance Status: The project is 100% funded,
Start of Facilities Construction: year 2024,
Facilities Launch Planned At: year 2026.
