The Ajax Project is located in British Columbia, Canada, 400 km northeast of Vancouver in the immediate vicinity of the city of Kamloops. The Project proposal includes the construction of a copper and gold open-pit mine and an ore enrichment plant with all the necessary infrastructure. The stakeholders are KGHM Polska Miedź S.A. (80%) and Abacus Mining & Exploration (20%) of Vancouver.
In January 2012, Abacus prepared a feasibility study, on the basis of which the initial economic conditions of this undertaking have been specified. At the turn of August and September 2012, KGHM International took over the role of project operator from Abacus Mining & Exploration. Since taking over the role of the operator by KGHMI, a review of the assumptions of the feasibility study in relation to the risks and opportunities to increase the value of the project have been made. More than 3 years of work of the Team culminated in the publication of the results of the project feasibility study update on 13 January 2016, which replaced the earlier version dated January 6, 2012. The updated Feasibility Study incorporates changes to the project’s general arrangement whereby the facilities have been moved farther from the Kamloops community, technology improvements have been incorporated and an increase in the processing facility’s throughput, from 60 to 65 thousand tonnes per day, has been made.
Proven and probable mineral reserves estimated at 426 million tonnes of ore containing 0.29% of copper, 0.19g/t of gold and 0.39 g/t of silver.
Contained metal content in the reserves was calculated at 1.2 million tonnes (2.7 billion pounds) of copper, 2.6 million ounces of gold and 5.3 million ounces of silver. Average annual production of copper and gold in concentrate is expected to, respectively, 53
000 tonnes of copper and 114 000 ounces of gold. Life of Mine is calculated to 19 years. Silver production is variable throughout the mine life of which only a portion of the recovered metal will meet payable thresholds.