Value rises to $1.45B for Bravo’s Luanga PGM project in Brazil

AI desk brief

Bravo’s Luanga PGM project in Brazil saw after-tax NPV rise 16% to $1.45bn in a new prefeasibility study, despite higher upfront capex from adding an on-site smelter. The study assumes a 35% IRR, two-year payback and ~$785m pre-production capex, with annual payable output forecast at 393,800 oz of palladium/platinum/rhodium/gold plus 9,800t nickel over a 9.6-year mine life.

The project is still pre-construction, with the installation licence application targeted for Q4 and potential resource growth from 22,100m of drilling not yet included in the reserve base. For the PGM market, the read-across is longer-dated supply optionality rather than an immediate flow impact, though the reserve contains 2.6m oz palladium, 1.9m oz platinum and 295,000 oz rhodium.