The project has an after-tax IRR of 28% and an after-tax NPV of C$402 million.
Pan Am acquired the mines with its $1.1 bilion takeover of Tahoe Resources earlier this year.
Sunday Lake is located 95 km south of North American Palladium’s mine.
This was the highest grade ever drilled at Kamoa-Kakula.
The previous management at Rubicon was forced to stop trial mining at Phoenix in 2015, when grades and tonnages recovered were much less than projected.
In FY2018 the company posted a profit of $8.9 billion, 33% higher y-o-y.
The former environment minister rose to international prominence in 2016 by launching a crackdown on the country’s mining industry and closing down several operations on environmental grounds.
The deal is pursuant to a share exchange agreement that contemplates a proposed business combination with PPM Phoenix Precious Metals Corp.
The company received an amendment to its Mines Act Permit M-33 from British Columbia Energy, Mines and Petroleum Resources.
Court of appeal ruled that police must prosecute a group of protesters who have been illegally blocking access to the company’s Amulsar gold project.