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| Chapter 6 - Feasibility Studies |
| Number |
Topic |
Rule of Thumb |
| 6.01 |
Cost |
The cost of a detailed feasibility study will be in a range from ½% to 1½% of the total estimated project cost. Source: Frohling and Lewis |
| 6.02 |
Cost |
The cost of a detailed or “bankable” feasibility study is typically in the range of 2% to 5% of the project, if the costs of additional (in-fill) drilling, assaying, metallurgical testing, geotechnical investigations, environmental scrutiny, etc. are added to the direct and indirect costs of the study itself. Source: R. S. Frew |
| 6.03 |
Time |
The definitive feasibility study for a small, simple mining project may be completed in as little as 6-8 weeks. For a medium-sized venture it may take 3-4 months, and a large mining project will take 6-9 months. A world-scale mining project may require more than one year. Source: Bob Rappolt and Mike Gray |
| 6.04 |
Accuracy |
±15% accuracy of capital costs in a detailed feasibility study may be obtained with 15% of the formal engineering completed; ±10% accuracy with 50% completed and ±5% accuracy may be obtained only after formal engineering is complete. Source: Frohling, Lewis and others |
| 6.05 |
Production Rate |
The production rate (scale of operations) proposed in a feasibility study should be approximately equal to that given by applying Taylor’s Law. (Refer to Section 6.6) |
| 6.06 |
Production Rate |
Annual production should be one-third of the tons per vertical foot times 365 days in a year for a steeply dipping ore body. Source: Ron Cook |
| 6.07 |
Production Rate |
In the case of an orebody that is more or less vertical, the daily tonnage rate may approximate 15% of the tonnes indicated or developed per vertical meter of depth. Source: Northern Miner Press |
| 6.08 |
Production Rate |
At many mines, the annual production is equal to 30 vertical meters of ore. Others vary between 25 and 40 meters. Source: Wayne Romer |
| 6.09 |
Production Rate |
For a steeply dipping orebody, annual production should not exceed 30 to 40 meters of mine depth. Source: Robin Oram |
| 6.10 |
Production Rate |
For a steeply dipping ore body, the production rate should not exceed 60 meters (vertical) for a small mine. At mines producing over two million tons per year, 30-35 meters per year represents observed practice. Source: McCarthy and Tatman |
| 6.11 |
Development |
Preproduction development should be six months ahead of production. Source: METSInfo |
| 6.12 |
Development |
Six months of production ore should be accessible at all times to ensure stope scheduling and blending. Source: Kirk Rodgers |
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