Australia-listed Centaurus Metals has increased the mineral resource estimate at its flagship Jaguar nickel sulphide project in northern Brazil, one of the largest undeveloped resources of this kind globally.
The updated JORC resource estimate increased 27% since the previous assessment to 138.2 million tons of nickel ore with a grade of 0.87% for a total of 1.2 million tonnes of the metal.
Jaguar is considered the highest-grade undeveloped nickel sulphide deposit globally with completely unencumbered off-take rights. Darren Gordon, managing director of Centaurus, said that the robust outcomes of the August resource estimate update confirmed the quality of the Jaguar deposit as the foundation for a large-scale, low-cost nickel sulphide mine.
“The size and quality of the Jaguar nickel sulphide deposit is truly world-class,” he said.
“The feasibility study demonstrated that Jaguar can deliver nickel with first quartile all-in-sustaining costs of about $3.57/lb nickel, or $4.70/lb on a payable basis, and strong environmental, social and governance credentials.”
The mineral resource estimate includes the six Jaguar deposits, two Onça deposits, along with the Tigre and Twister prospects. The company is working towards a final investment decision in the second quarter of 2025.
Centaurus targets a mine schedule that focuses on a higher nickel grade and higher recoveries early in the mine life. This will help improve operating margins, reduce the capital payback period, and further enhance the already strong overall project economics.
Theodor Lisovoy, Managing Editor, Rough&Polished
