- Myanmar Metals (MYL), with its partners in the Bawdwin Joint Venture, has announced an expansion study has been completed at the Bawdwin Project
- The expansion study showed that underground mining at Bawdwin is possible
- The Bawdwin Project boasts significant silver and lead reserves, with resources discovered as early as World War 2
- Myanmar Metals is up 11.11 per cent on the market this morning and is trading at 5 cents per share
Myanmar Metals (MYL), with its partners in the Bawdwin Joint Venture, has announced the expansion study has been completed at the Bawdwin Project.
The Bawdwin Project will be delivered in phases to optimise the mine's operating performance and minimise capital and operating costs.
Mining consultant Cube has undertaken an assessment on the merits of underground and open-pit mining operations, in which they targeted the Mineral Resource left un-mined by the Phase 1 open-pit mine.
The Expansion Study showed that underground mining at Bawdwin is possible, however, two further open pit cutbacks beyond the Starter Pit, namely Phases 2 and 3 offer potential for superior outcomes relative to underground mining.
The study also suggested that an interim step, in phases 1 and 2, involving small scale underground mining and exploration drilling from the floor of the starter pit.
This could assist the decision making on whether to proceed with Phase 3 as an open-pit cutback or, instead, as an underground mine.
CEO John Lamb is pleased with the expansion study.
"The expansion study is our roadmap for mining at Bawdwin after the 13-year Starter Pit and it demonstrates to stakeholders that there is plenty more value within the declared Mineral Resources of Bawdwin and greatly extended life," John said.
"The expansion study underpins the BJV’s recent application to the Myanmar Ministry of Natural Resources and Environmental Conservation (MONREC) for a 50-year mining term in the production sharing agreement," he added.
The company holds a majority 51 per cent participating interest in the Bawdwin Project in a joint venture with its two local project partners, Win Myint Mo Industries and EAP Global.
The Bawdwin Joint Venture intends to redevelop the world-class Bawdwin Mineral Field.
“Bawdwin is a long-life mining project and we plan to maximise value for stakeholders over the mine’s life," John said.
"To achieve this, good operational and site infrastructure decisions should be made upfront and the Expansion Study, together with other technical studies, provide us with the foundation for making those decisions," he added.
Myanmar Metals is up 11.11 per cent on the market this morning and is trading at 5 cents per share at 12:10 pm AEDT.