- Mineral & Financial Investments welcomed 'exceptional results' from a preliminary economic assessment at the Lagoa Salgada volcanogenic massive sulphide project in Portugal.

The assessment was carried out by 75%-owned investee company Redcorp Empreedimentos Mineiros and partner Ascendant Resources.

The mine would involve initial spending of $162.7m over a two-year construction period and have a pre-tax internal rate of return of 37%, the study found.

'We are very pleased that our confidence and investment in the Lagoa Salgada project has been more than justified by the results of this maiden preliminary economic assessment,' chairman Jacques Vaillancourt said.

'Over the short period that we have partnered with Ascendant they have advanced the Lagoa Salgada project, we have demonstrated a long-life mine with a modest initial capital and very low operating costs while also having a rapid timeline to production.'

At 1:13pm: [LON:MAFL] Mineral Financial Investments Ltd share price was +1.75p at 12.75p

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