The LOM is expected to be 12 years.
The DFS reveals a maiden ore reserve of 15.9 million tonnes (mt) with a tin grade of 0.36%, calculated from an earlier mineral resource estimate of 19.6 mt at 0.39% tin. This reserve accounts for 81% of the resource estimate. The study supports a planned open-cut mining operation processing 1.4 mt annually, yielding 3,405 tonnes of tin ingots each year for the European market. The mine is projected to operate for 12 years, generating A$996 million ($629.6 million) in earnings before interest, taxes, depreciation, and amortization (EBITDA).
Capital costs for the project are estimated at €149 million ($156 million), including a 10.4% contingency. Approximately 60% of this amount is secured through a fixed-price agreement with Duro Felguera, following early contractor collaboration. The DFS projects an average all-in-sustaining cost of $15,000 per tonne of tin over the mine’s life. Economic projections use a long-term London Metal Exchange (LME) tin price of $30,000 per tonne, resulting in a pre-tax net present value (NPV) of A$270 million at an 8% discount rate, a pre-tax internal rate of return (IRR) of 26%, and a payback period of 2.7 years. At the current LME spot price of $38,575 per tonne, the pre-tax NPV rises to A$587 million, with an IRR of 42% and a payback period of 1.7 years.
The study aligns with recent applications for environmental and mining permits, paving the way for development. In March 2025, Elementos announced that MESPA extended its rights over a critical tenement at Oropesa, where it holds an investigation permit. This milestone strengthens the project’s foundation as it moves toward becoming a key supplier of tin in Europe, leveraging Spain’s resources to meet regional demand efficiently.
