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    Bravo’s Luanga PGM project: NPV, capex and flowsheet takeaways for mine planners

    September 23, 2026|

    Reviewed by Tom Sullivan

    Bravo’s Luanga PGM project: NPV, capex and flowsheet takeaways for mine planners

    First reported on MINING.com

    30 Second Briefing

    Value for Bravo Mining’s Luanga polymetallic project in Pará has risen to a post-tax NPV of $1.45 billion at an 8% discount rate, with a 35% IRR and two-year payback, after a new prefeasibility study added a Barcarena Export Processing Zone smelter to a 9.6‑year, 8.7 Mtpa open-pit operation. Pre-production capital climbs to about $785 million, but ZPE fiscal benefits cut smelter capex by an estimated $90 million and operating costs by $41.20/t, while Jameson Cell flotation lifts concentrate grade from 80 g/t to about 100 g/t PGM+Au. Proven and probable reserves of 86.7 Mt support forecast annual payable output of roughly 393,800 oz PGM+Au and 9,800 t nickel, plus 878,000 t sulphuric acid over the mine life.

    Technical Brief

    • Smelter siting 600 km from the Carajás mine at Barcarena ZPE drives customs and tax relief.
    • New reserve statement: 86.7 Mt proven and probable, excluding 22,100 m of 2026 drilling data.
    • Reserve grades: 0.94 g/t Pd, 0.68 g/t Pt, 0.11 g/t Rh, 0.07 g/t Au, 0.17% Ni.
    • Contained metals: 2.6 Moz Pd, 1.9 Moz Pt, 295 koz Rh, 205 koz Au, 154,476 t Ni.
    • Processing plan assumes 8.7 Mtpa average throughput, peaking at about 10 Mtpa.
    • Jameson Cell flotation adoption follows additional metallurgical testwork, targeting higher PGM+Au concentrate grades.
    • Metallurgical recoveries: 82% Pd, 80% Pt, 55% Rh, 88% Au, 70.6% Ni.
    • Smelter by-product output forecast at 878,000 t sulphuric acid, earmarked for fertiliser producers.
    • Economic case uses long-term prices: Pd $1,245/oz, Pt $1,700/oz, Rh $8,000/oz, Au $3,500/oz, Ni $17,000/t.
    • Bravo holds $94.1 million cash (30 June), funding DFS, resource update and pre-FID work.

    Our Take

    Bravo Mining’s earlier C$86 million raise with Orion Mine Finance to advance Luanga, noted in our February 2026 coverage, means the current C$440 million market cap is already underpinned by a specialist streaming/royalty-style backer that typically pushes projects quickly towards construction decisions.

    Within our 56 keyword-matched nickel and palladium pieces, Luanga in Pará stands out as one of the few Latin American PGM–nickel projects positioned against supply from South Africa and Russia, which likely enhances its strategic appeal to offtakers seeking diversification away from those jurisdictions.

    The combination of relatively modest sustaining capital (US$98 million) and a short 2‑year payback window suggests Luanga could remain financeable even if nickel and PGM prices soften, in contrast to higher-capex Brazilian nickel operations like Barro Alto and Codemin that are drawing EU scrutiny in the MMG–Anglo American deal.

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    Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.

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