Darling Range (Huntly and Willowdale Bauxite Mines) Feasibility Study: $1.32B NPV Over a 7-Year Mine Life
Alcoa Corporation's Darling Range (Huntly and Willowdale Bauxite Mines) in Southwest of Western Australia, Australia has a Feasibility Study outlining an after-tax NPV of $1.32B. The proposed mine plan runs 7 years.
Alcoa Corporation's Darling Range (Huntly and Willowdale Bauxite Mines) has reported Feasibility Study results for the bauxite project in Southwest of Western Australia, Australia. The study headlines an after-tax net present value of $1.32B at a 9% discount rate. It reflects Alcoa Corporation's (AA) latest disclosed economics for the asset.
Economics. The after-tax NPV is $1.32B using a 9% discount rate. Economics are based on Average bauxite price of $25.49/tonne (base case).
Production and mine plan. The project envisions an open-pit operation. Life of mine is 7 years. Average head grade is 32.4% A.Al2O3 (Proven), 32.2% A.Al2O3 (Probable).
Resources and ownership. The company holds a 100% interest in the project.
These figures are extracted from Alcoa Corporation's technical disclosures and reflect the most recent Feasibility Study on file. Compare this project against other developers and producers in our project economics database, and always verify the numbers against the original technical report before making any investment decision.
Reserves & Resources
| Category | Tonnage | Grade | Contained |
|---|---|---|---|
| Proven | 108.6 Mt | 32.4% A.Al2O3, 1.01% R.SiO2 | — |
| Probable | 132.7 Mt | 32.2% A.Al2O3, 1.38% R.SiO2 | — |
| Category | Tonnage | Grade | Contained |
|---|---|---|---|
| Measured | 48.0 Mt | 32.9% A.Al2O3, 1.11% R.SiO2 | — |
| Indicated | 34.8 Mt | 31.9% A.Al2O3, 1.12% R.SiO2 | — |
| Inferred | 320 Mt | 33.0% A.Al2O3, 1.2% R.SiO2 | — |
Our Analysis
- NPV after-tax
- $1.32B
higher than 73% of 497 projects we track
- Mine life
- 7yrs
- Study price assumption
- Average bauxite price of $25.49/tonne (base case)
A $1.32B after-tax NPV puts this bauxite asset ahead of roughly three-quarters of the 497 projects we track, which is a respectable position without being a standout. That ranking is the honest read: this is a solid mid-to-upper-tier project, not a category-defining one, and it should be valued accordingly. The jurisdiction reinforces that reading. Southwest Western Australia is a mature, mining-friendly region with established infrastructure and permitting precedent, which lowers the execution risk that drags on comparable assets in less predictable jurisdictions. For an investor, that combination of a top-quartile NPV and a low-risk address is the core of the case.
The constraint that matters most is funding, and it is not close. The company carries a US$11.31B market cap, and this project's NPV is roughly 0.1x that figure, meaning the asset is a small slice of a large, diversified portfolio spanning 15 projects we track. That cuts two ways: there is no financing cliff here, and there is also no transformational upside. A company of this scale can fund a build without the dilution or debt stress that sinks smaller developers, but this single asset will not move the equity story on its own.
The study itself is feasibility-level, so the numbers carry the most weight a study can offer, with the usual plus or minus 15% band. The 7-year mine life is short, and the comparison to the 2021 filing is flat on both NPV and mine life, so this is confirmation rather than improvement. The base case rests on an average bauxite price of $25.49/tonne, and that assumption is the sensitivity that decides everything: the returns depend on it holding, and there is no second filing to fall back on if it does not. The question is whether a 7-year, feasibility-stage asset inside a 15-project portfolio can earn the capital allocation it needs.
Our take, benchmarked against the project economics in the Mining Stocks database. Figures are estimates drawn from company technical reports — not investment advice; always verify against the source filing.