Micon provides services in geology and mineral resource estimation, mining engineering (open pit and/or underground), metallurgy, process engineering, environmental assessment, minerals marketing and economic analysis as key inputs to technical studies at each stage in the development of advanced exploration projects from preliminary economic assessment (PEA) to pre-feasibility and feasibility studies.
Where appropriate, studies may be provided in conjunction with additional expertise from Micon’s associates or from within the owner’s in-house team.
Micon is also well placed to act as the client’s technical representative on large, complex studies being carried out by third parties and in such cases we also provide overall project management services.
NI 43-101 defines a “preliminary economic assessment” as a study, other than a pre-feasibility or feasibility study, that includes an economic analysis of the potential viability of mineral resources. NI 43-101 follows the CIM definition for other studies, as follow:
“A Pre-Feasibility Study is a comprehensive study of a range of options for the technical and economic viability of a mineral project that has advanced to a stage where a preferred mining method, in the case of underground mining, or the pit configuration, in the case of an open pit, is established and an effective method of mineral processing is determined. It includes a financial analysis based on reasonable assumptions on the Modifying Factors and the evaluation of any other relevant factors which are sufficient for a Qualified Person, acting reasonably, to determine if all or part of the Mineral Resource may be converted to a Mineral Reserve at the time of reporting. A Pre-Feasibility Study is at a lower confidence level than a Feasibility Study.”
“A Feasibility Study is a comprehensive technical and economic study of the selected development option for a mineral project that includes appropriately detailed assessments of applicable Modifying Factors together with any other relevant operational factors and detailed financial analysis that are necessary to demonstrate, at the time of reporting, that extraction is reasonably justified (economically mineable). The results of the study may reasonably serve as the basis for a final decision by a proponent or financial institution to proceed with, or finance, the development of the project. The confidence level of the study will be higher than that of a Pre-Feasibility Study.”