Positive assessment for First Phosphate mining project

First Phosphate Corp. has released positive results for the preliminary economic assessment of its Bégin-Lamarche property, located in Saguenay-Lac-Saint-Jean. The project involves open-pit mining to produce 900,000 tonnes of phosphate concentrate and 380,000 tonnes of magnetite annually over 23 years.

The pre-tax internal rate of return is 37.1%, with a net worth of $2.1 billion. After tax, these figures are 33.3% and $1.59 billion, respectively. Initial investments are estimated at $675 million. The project benefits from existing infrastructure such as a paved road and a year-round port.

The study confirms economic viability despite potential environmental challenges. An agreement with the Pekuakamiulnuatsh Takuhikan First Nation was also signed, ensuring future collaboration.