Woulfe Mining Corp announced that it would be able to develop the Sangdong project in South Korea for half the estimated cost. The tungsten-molybdenum project can be developed for an estimated $135 million. The estimate last year was for a cost of $289 million and it was targeting a 2.4 million tonne per annum production.
The mine is likely to have an annual production of about 1.2 million tonnes. The company is now fast tracking the construction of the project. They plan to construct a 1.2 Mta process plant and a bulk underground drift and fill mining operation. They intend to target the 25% of the deposit which is located above the valley floor on the east side of the mine.
The Chief Executive Officer of Woulfe Mining, Brian Wesson said that they were moving forward rapidly as the tungsten market was very strong and molybdenum was expected to strengthen over coming months.
Mr Wesson added that the costs will be benchmarked in Korea later this month as Woulfe has gone out for pricing to reputable engineering construction companies in Korea for the crushing and grinding. There is a change of capital cost estimates changing again as the company is to take a feasibility study in the coming months.