CEM’s Thor project: Is Canada eyeing an alumina abundance to reduce bauxite import dependence?

Canadian Energy Metals Corporation (CEM) has released a Preliminary Economic Assessment (PEA) for its Thor Project in Saskatchewan. It outlines the potential for a globally significant, Chemical-Grade and High-Purity alumina stock during the times of high aluminium demand, as aluminium supply chains are under growing geopolitical and trade pressure.

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CEM President and CEO Christopher Hopkins referred to the Thor project as “a possible game changer for North America’s aluminium supply chain.” He mentioned establishing the Saskatchewan alumina stock and added, “Our next focus is to engineer a demonstration facility while moving Thor towards commercialisation.”

The PEA mineral resource estimates a Measured and Indicated Resource of 49.5 billion tonnes. This contains 6.8 billion tonnes of alumina, including an Inferred Resource of 86.6 billion tonnes, based on exploration across roughly 23 per cent of the property. Pilot programmes have led to the production of 3N Chemical Grade Alumina (99.9 per cent) and 4N High Purity Alumina (99.99 per cent), with ongoing test work on Smelter Grade Alumina (SGA), Scandium, and Vanadium.

The PEA financial model considers a surface mining and processing operation handling 16.5 million tonnes of ore every year, bolstering 1.8 million tonnes of annual alumina production throughout a 25-year mining life.

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The assessment has further projected an amount of USD 6.3 billion in initial capital expenditure, USD 1.6 billion in annual operating costs, and USD 5,000 per tonne for CGA and USD 25,000 per tonne for HPA as product pricing assumptions. The project has modelled an internal rate of return (IRR) of 72 per cent (after-tax) and a net present value (NPV) of cash flows of USD 72.3 billion at a 10 per cent after-tax discount.