en.Wedoany.com Reported - Canadian company Blue Moon Metals released the latest feasibility study for its Nussir copper mine project in Finnmark County, northern Norway, on April 17. The study confirms a 13-year mine life with an average annual production of 65 million pounds (approximately 29,500 tonnes) of copper, along with 5,000 ounces of gold and 700,000 ounces of silver. The project's measured and indicated resources total 28.72 million tonnes, with grades of 1.02% copper, 0.12 grams per tonne gold, and 12.3 grams per tonne silver, resulting in a copper-equivalent grade of 1.2%.
The feasibility study assumes long-term prices of $4.78 per pound for copper, $3,515 per ounce for gold, and $45.26 per ounce for silver. At an 8% discount rate, the project's after-tax net present value is $235 million, with an internal rate of return of 19%. The initial capital expenditure is estimated at $184 million. Copper accounts for 77% of the total payable metal mix, with gold at 6% and silver at 13%. Hot commissioning of the processing plant is planned for the third quarter of 2027, with production startup scheduled for December 2027.
In the press release, Blue Moon Metals CEO Christian Kargl-Simard stated that the study confirms the asset's strength and value. The company noted that the Nussir deposit still has expansion potential to the west and at depth, with the resource base expected to grow further. The company estimates that utilizing half of the inferred resources to extend the mine life by five years could increase the net present value by 52%. The study only considered the underground resources at Nussir and did not include the Ulveryggen deposit.
Headquartered in Canada, Blue Moon Metals acquired the Nussir project at the end of 2024 as a strategic move to diversify from its California zinc project towards near-production assets. The project includes a historical mine that operated via four shear-type open pits in the 1970s and ceased operations in 1979. The company stated that this feasibility study supports the project's final investment decision.
As of the afternoon of April 17, Blue Moon Metals' stock on the Toronto Stock Exchange rose 2.1% to $11.04 per share, with a market capitalization of approximately $977 million.
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