Much to the delight of its shareholders, the Metals X Limited (ASX: MLX) share price has been a big mover today.
In afternoon trade the miner's shares are up over 5% to 71 cents.
Why did it climb higher?
This morning Metals X announced the results of its updated Definitive Feasibility Study for the Renison Tailings Retreatment Project.
According to the release, the study found that the project provides the opportunity to expand production at the Renison Tin Operation by approximately 5,400 tonnes of tin and 2,200 tonnes of copper per year through the re-processing and recovery of tin and copper from the existing historical tailings at Renison.
Furthermore, cash operating costs are estimated to be A$13,400 per tonne, providing it with an operating cash margin of approximately A$12,600 per tonne based on a prevailing tin price of A$26,000 per tonne.
Finally a bit of good news for shareholders. The Metals X share price is down 54% in the last 12 months.
