Tungsten Mining NL has released the results of its pre-feasibility study (PFS) for its Mt Mulgine tungsten project, confirming the Western Australian asset has the potential to be the world’s largest single tungsten operation.
The primary PFS base case outlines an eight million tonnes per annum (Mtpa) operation requiring an initial capital expenditure of AU$870 million and a long mine life of 21 years.
Under the FastMarkets forecast scenario, the project generates a post-tax net present value (NPV) of AU$4.8 billion and an internal rate of return (IRR) of 48 per cent, backed by low operational costs of A$181 per metric tonne unit (mtu).
This positions Mt Mulgine as potentially the lowest-cost tungsten producer globally.
If commodity spot prices remain elevated, financial projections jump to a pre-tax NPV of A$15.6 billion and an IRR of 113 per cent.
Tungsten Mining has engineered the plant footprint to accommodate a potential future expansion, boosting throughput up to 16 Mtpa with a modest secondary investment of AU$420 million.
The Mulginne Trench deposit will be developed as a conventional open pit mine using contractor mining.
Following the positive findings, Tungsten Mining plans to award the definitive feasibility study (DFS) contract in September 2026 to further refine cost estimates.
The company aims to lodge key environmental and mine closure proposals by early 2027, with the target of reaching a final investment decision (FID) in the first quarter of 2028. First production is slated for 2029.
Hosting one of the planet’s largest undeveloped tungsten and molybdenum inventories, Mt Mulgine represents a significant supply line for Western nations facing structural deficits in critical defence and industrial metals.
