Nternational Atomic Energy Agency, 1996. - 130 p.
For over two decades, the IAEA has published a large number of reports dealing with uranium geology, exploration, ore processing and, to a lesser extent, also with mining. Almost all of these reports are strongly emphasizing the technology. The economic evaluation at the various stages of a uranium resource project, from exploration to production, is barely covered. The purpose of the present publication is to provide a brief guideline on the various processes, from pre-evaluation to feasibility study, that can be used to test whether a project has a potential of being viable. This is a necessary exercise that can avoid unnecessary expenditure on a project that has no or little economic potential. History has shown that there were too many projects in the uranium exploration and production fields that have been operating for several years, even decades, only to be abandoned for lack of proper economic evaluation at the appropriate time or stage. As more and more countries are switching from centrally planned to the market economy system, the need for a realistic economic evaluation of a uranium production project in these countries becomes more apparent.
The IAEA wishes to thank the consultants and their associates who took part in the preparation of this publication: C. Caleix (Compagnie générale des matières nucléaires - COGEMA, France), R.L. Davidoff and D. Boleneus (US Bureau of Mines, USA), J. Goode (KILBORN Inc., Canada). The IAEA officers responsible for this work were M. Tauchidand and J.-P. Nicolet of the Division of Nuclear Fuel Cycle and Waste Management. M. Tauchid also assisted in the preparation of some of the sections and in the final editing.
Contents
General project development procedure
Philosophy
Study stages
Examples
Target setting
Project objective
Geological targets
Pre-evaluation
Requirements
Geology
Mining considerations
Process options
Project options
Costing
Discussion of simplified cash-flow analysis
Conclusion
Pre-feasibility
Requirements
General design
Project schedule
Capital and operating costs
Pre-feasibility cash flow and DCFROR analysis
Intermediate assessments
Resource and geological information
Mining
Processing
Infrastructure
Financial
Feasibility study
A typical feasibility study
Further cash flow and sensitivity analysis
Appendix I: Open pit and underground mine capital costs
Appendix II: Definition of various cash flow items
Bibliography
Contributors to drafting and review
