Tilden Property Production Update: $1.32B NPV Over a 25-Year Mine Life
Cleveland-Cliffs Inc.'s Tilden Property in Marquette County, Michigan, USA has a production guidance outlining an after-tax NPV of $1.32B. The mine plan runs 25 years at about 7.7 MLT hemflux pellets per year.
Cleveland-Cliffs Inc.'s Tilden Property has reported production guidance results for the iron ore (pellets) project in Marquette County, Michigan, USA. The study headlines an after-tax net present value of $1.32B at a 10% discount rate. It reflects Cleveland-Cliffs Inc.'s (CLF) latest disclosed economics for the asset.
Economics. The after-tax NPV is $1.32B using a 10% discount rate. Economics are based on Three-Year Trailing Average Revenue $98/WLT Pellet; Mineral Resource pit shell based on US$90/LT pellet price.
Production and mine plan. The project envisions an open-pit operation. Life of mine is 25 years. Average annual production is approximately 7.7 MLT hemflux pellets. Average head grade is 34.7% crude Fe (LOM); 34.4% to 35.5% Fe (2014-2020). Metallurgical recovery averages 37%.
Resources and ownership. The company holds a 100% interest in the project.
These figures are extracted from Cleveland-Cliffs Inc.'s technical disclosures and reflect the most recent Production Update 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 & Probable | 520.0 MLT | 34.7% crude Fe | — |
| Category | Tonnage | Grade | Contained |
|---|---|---|---|
| Measured | - | - | - |
| Indicated | 135.4 MLT | 35.5% crude Fe | 48.6 MLT wet pellets |
| Total Measured + Indicated | 135.4 MLT | 35.5% crude Fe | 48.6 MLT wet pellets |
| Inferred | 350.4 MLT | 34.7% crude Fe | 127.4 MLT wet pellets |
Our Analysis
- NPV after-tax
- $1.32B
higher than 74% of 488 projects we track
- Mine life
- 25yrs
- Study price assumption
- Three-Year Trailing Average Revenue $98/WLT Pellet; Mineral Resource pit shell based on US$90/LT pellet price
An after-tax NPV of $1.32B places this operation ahead of roughly three-quarters of the 488 projects we track, across every commodity. That is a genuinely strong percentile, but the ranking needs to be read with the asset's stage in mind: these are operating-mine figures, not a forward study, so the number carries a confidence a PEA or feasibility-stage peer cannot match. Against the projects it sits above, that distinction matters more than the headline itself.
The constraint is scale and funding, and it is not a close call. The company carries a US$7.15B market cap, and this asset's NPV is roughly 0.2x that, well below it. This is one of nine projects we track for the company, so no single operation, this one included, drives the equity story. For an investor, that cuts both ways: the diversification smooths single-asset risk, but it also means this NPV is a modest slice of a mid-cap's value rather than a transformational one. There is no large NPV-to-market-cap gap to argue over here, and no obvious mispricing to exploit.
What remains is the price assumption. The study uses a three-year trailing average revenue of $98/WLT pellet, with the resource pit shell built on US$90/LT. That trailing average is the load-bearing input: the returns depend on it holding, and pellet premia are the variable that decides whether $1.32B is realised or revised. The single question: does that trailing-average pricing survive the next cycle?
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.