Emerita announced positive pre-feasibility study (PFS) results for its 100%-owned Iberian Belt West (IBW) project in Spain, with an after-tax NPV (8%) of US$776 million and an IRR of 23.51% in real terms. The initial probable mineral reserve is 23.4 million tonnes, supporting a 21-year mine life with average run-of-mine production of 1.2 million tonnes per year. Initial capital cost is US$567 million, with an after-tax payback of 1.9 years from the start of production. The project would produce four saleable concentrates: precious metals-bearing pyrite, zinc, lead and copper. The company notes that permitting, development timelines, capital requirements and commodity prices remain subject to material risks.
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XAU/USD
• NeutralRelevance: low
| Market | Gold |
|---|---|
| Close on 10/28/2026 | 4,067.54 |
| Change that session | +0.18% |
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