Alma Metals has completed a positive Scoping Study for its Briggs copper project in Central Queensland, confirming the technical and economic potential for large-scale open pit mining. The company is now moving swiftly into prefeasibility studies to refine resource confidence and optimise project design.
- Scoping Study confirms viability of Briggs copper-molybdenum-silver deposit
- Mineral Resource Estimate includes significant inferred and indicated resources
- Immediate commencement of prefeasibility studies with expanded drilling and metallurgical work
- Project benefits from proximity to key infrastructure in Central Queensland
- JV partners aim for aspirational 30 Mtpa mining rate, pending further resource upgrades
Scoping Study Validates Briggs Project Potential
Alma Metals Limited (ASX, ALM) has announced the completion of a comprehensive Scoping Study for its Briggs copper-molybdenum-silver deposit located in Central Queensland. The study, which integrates recent mineral resource estimates, metallurgical test results, mining evaluations, and environmental assessments, confirms the technical and economic viability of developing a large-scale open pit mine at Briggs.
The Mineral Resource Estimate (MRE) published earlier this year forms the foundation of the study, comprising both Indicated and Inferred resources. While the majority of the resource remains classified as Inferred, the study’s robust outcomes have encouraged the joint venture partners to proceed immediately with prefeasibility studies aimed at upgrading resource confidence and refining project parameters.
Pathway to Prefeasibility and Resource Upgrade
The prefeasibility phase will focus on targeted drilling to enhance and expand the MRE, supporting detailed mine planning and scheduling. Alma Metals is exploring an aspirational mining rate of 30 million tonnes per annum (Mtpa), though it cautions that this is not yet a production target and requires further validation. Alongside drilling, detailed metallurgical test work will assess recovery optimisation for copper, molybdenum, silver, and gold, including the potential addition of a molybdenum recovery circuit and evaluation of coarse particle flotation technologies to reduce costs.
These efforts are supported by the project's strategic location approximately 60km southwest of Gladstone, adjacent to major infrastructure such as high-voltage power lines, railways, gas pipelines, and highways. This proximity is expected to facilitate efficient project development and operations.
Technical Highlights and Environmental Considerations
Metallurgical test work indicates high copper recoveries of 93-95% at coarse grind sizes, with the mineralisation characterised as hard and moderately abrasive. The conceptual process flowsheet includes primary and secondary crushing, grinding, and froth flotation stages, with capital and operating costs benchmarked against similar projects.
Tailings management studies have identified viable sand impoundment strategies and preferred storage sites, addressing environmental and operational considerations early in the project lifecycle. An independent environmental review found no fatal flaws but highlighted areas requiring further investigation, such as aquatic ecology, groundwater monitoring, terrestrial ecology, air quality, and social engagement. A realistic timeline of 4-5 years is anticipated for permitting, including baseline data collection and statutory approvals.
Joint Venture Structure and Next Steps
The Briggs project is operated under an earn-in joint venture with Canterbury Resources Limited (ASX, CBY), where Alma Metals currently holds a 51% interest and can increase to 70% by investing approximately AUD 7 million by mid-2031. This structure aligns incentives for advancing the project through prefeasibility and beyond.
Managing Director Frazer Tabeart emphasised the project's potential amid global copper supply pressures, noting the company’s commitment to enhancing resource confidence and exploring value-adding opportunities. Investors and analysts will be watching closely as Alma Metals progresses drilling results, metallurgical optimisations, and environmental permitting efforts in the coming months.
Bottom Line?
With a positive Scoping Study behind it, Alma Metals is poised to unlock Briggs’ potential, but resource upgrades and permitting remain critical hurdles ahead.
Questions in the middle?
- How quickly can Alma Metals upgrade the resource classification from Inferred to Indicated or Measured?
- What impact will the addition of a molybdenum recovery circuit have on project economics?
- How will environmental permitting timelines influence the overall project development schedule?