Achmmach Tin Project

“Achmmach has all of its major approvals in place, has large upside exploration potential at depth in the Meknes Trend and along the highly prospective Sidi Addi Trend and is one the most advanced tin development project in the world.”

(75% KAS, 20% Toyota Tsusho Corporation, 5% Nittetsu Mining Co. Ltd)


The project is approximately 140km southeast of the Moroccan capital of Rabat and 40km south southwest of Meknes. The project consists of two Exploitation Permits (PE No 2912 and PE No 193172) that cover an aggregate area of approximately 32 square kilometres.

Achmmach Tin project

Project History

The Achmmach Tin Project was discovered by the Moroccan government agency, the Bureau des Recherches et de Participations Minières (“BRPM”), in 1985 and is located on the western edge of the El Hajeb province in Northern Morocco. The BRPM explored Achmmach until 1992, completing over 14,000m of diamond core drilling and excavating a shallow exploration shaft.

Kasbah commenced exploration at Achmmach in 2007 with the objective to upgrade the small 2Mt JORC compliant resource by additional diamond drilling, then advance the project through scoping study, pre-feasibility study, definitive feasibility study and ultimately full project development. During this process Toyota Tsusho Corporation (TTC) and Nittetsu Mining Co. Ltd (NMC) of Japan become project level strategic partners - TTC acquiring a 20% interest and NMC a 5% interest in the Achmmach Tin Project.

By 2015 Kasbah had completed in excess of 130,000m of diamond drilling into the main Meknes Trend at Achmmach - expanding the JORC Resource to 14.9 Mt @ 0.85% Sn for approximately 127,300t of contained tin.

In March 2015 the Company announced a JORC Reserve for Achmmach of 9.2 Mt @ 0.77% Sn (for approximately 71,300 t of contained tin) and completed an Enhanced Definitive Feasibility study (EDFS) that integrated the high grade Western Zone (WZ) target (from the largely untested Sidi Addi Trend) into the full 1 Mtpa Meknes mine design. Integrating the WZ extended the mine life to approximately 10 years, reduced pre-production capital costs and significantly reduced the important C3 cash costs of tin production to US$13,296 / tonne of tin in concentrate.

During 2016, in response to weak commodity pricing, the Company revised the scale and scope of Achmmach, treating up to 750,000 tonnes per year tin ore. The Company released a DFS into the Small Start Option (SSO), which produced further substantial reduction in project capital cost to US$61.7M and C3 operating cost of US$13,811/t tin in concentrate, based on an Ore Reserve of 6.6 Mt at 0.85% Sn.

In June 2017, Kasbah announced the results of an independent technical review of the SSO by AMC and work has now commenced on implementing recommendations made, the results of which will be released in the first half of 2018 in a revised DFS.

Achmmach has all of its major approvals in place, has large upside exploration potential at depth in the Meknes Trend and along the highly prospective Sidi Addi Trend and is the most advanced tin development project in the world.

Highlights from the Small Start Option (SSO) DFS that is currently under review are as follows

  • Ore reserve of 6.56 Mt @ 0.85% Sn for 55,500 tonnes contained tin
  • Stage 1 Mine Production = 1.89 Mt @ ≈0.96 % Sn
  • Stage 2 Mine Production = 4.67 Mt @ ≈0.80 % Sn
  • Life of Mine (LOM) = 10.5 years
  • Average annual production of ≈3,970 tonnes of tin in concentrate
  • All in sustaining costs (AISC) of USD 11,507 / t Sn
  • Project construction capital cost of USD 61.7 M
  • On an after tax, ungeared basis (using the 21/7/16 LME spot Sn price of USD 17,830 per tonne and an 8% discount rate), the DFS generates:
  • NPV of 100% of the project = USD 51 M
  • Kasbah 75% of NPV = USD 38 M
  • an Internal rate of return of 20.6%
  • a payback period of 3.8 years
  • Life of Mine free cash flow of USD 120 M

Achmmach SSO DFS Metrics

@ LME Sn price @ 21/07/16 of USD 17,830 / t

SSO Ore Reserve Life of Mine (LOM) Project Construction Capital USD All in sustaining costs (AISC) USD / t of tin in concentrate NPV8 after tax USDM (100% of Project) IRR %
DFS   6.56 Mt @ 0.85 % Sn for 55,500 t of contained tin 10.5 Years 61.7 M 11,507 51 20.6

2016 Achmmach SSO DFS - Sensitivity to LME Tin Price

LME Sn Price USD / t NPV8 after tax USD M (100% of Project) IRR  
16,000 14.6 11.8%
17,000 34.5 16.7%
DFS @ 17,830 50.9 20.6%


19,000 74.1 25.7%
20,000 93.9 29.9%

Download DFS Confirms Project Economics ASX announcement

Download AMC Technical Review Announcement

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