Tilden Property (Tilden Mine) Feasibility Study: $1.32B NPV Over a 25-Year Mine Life
Cleveland-Cliffs Inc.'s Tilden Property (Tilden Mine) in Michigan, USA (Marquette County, Upper Peninsula) has a Feasibility Study outlining an after-tax NPV of $1.32B. The mine plan runs 25 years at about 7.7 MLT/y pellets per year.
Cleveland-Cliffs Inc.'s Tilden Property (Tilden Mine) has reported Feasibility Study results for the iron project in Michigan, USA (Marquette County, Upper Peninsula). 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 $98/WLT Pellet (Three-Year Trailing Average Revenue); resource estimation using 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/y pellets. Average head grade is 34.7% crude Fe. 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 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 & Probable | 520.0 MLT | 34.7% crude Fe | — |
| Category | Tonnage | Grade | Contained |
|---|---|---|---|
| Indicated | 135.4 MLT | 35.5% crude Fe | — |
| Measured & Indicated | 135.4 MLT | 35.5% crude Fe | — |
| Inferred | 350.4 MLT | 34.7% crude Fe | — |
Our Analysis
- NPV after-tax
- $1.32B
higher than 78% of 360 projects we track
- Mine life
- 25yrs
- Study price assumption
- $98/WLT Pellet (Three-Year Trailing Average Revenue); resource estimation using US$90/LT pellet price
The $1.32B after-tax NPV ranks this project above 78% of the 360 projects we track, a solid but not exceptional position. That rank is less interesting than what it says about risk-adjusted quality: this is a feasibility study, the build-ready estimate with a plus or minus 15% band, for a 25-year iron ore asset in Michigan’s Upper Peninsula. A mid-pack top-quartile return from a developed jurisdiction at a mature study stage is a different proposition than the same NPV from a scoping study in a higher-risk locale. The numbers carry weight here, and they clear the bar without setting it.
The constraint is funding, and it is not where you might expect. The project is roughly 0.2x the company’s market cap of US$6.64B, meaning the build is well within the balance sheet of this mid-cap. That is the sharpest single fact in the profile: a company this size can finance this mine without the dilution or distress that typically sinks comparable developments. It is also the only project we track for this company, so there is no portfolio cushion if execution stumbles, but there is also no competing capital draw. The feasibility-stage certainty, combined with the modest funding burden, makes the financing risk unusually low.
The study prices the pellet at $98/WLT on a three-year trailing average, with resource estimation at $90/LT. Those are the assumptions that drive the return, and they are the sensitivity to watch: if realized pricing drifts lower, the NPV compresses proportionally. The question that decides this project is not whether it gets built, it is whether the iron ore market holds those price levels across a 25-year mine life. That is a long horizon for a commodity price assumption, and it is the one variable the balance sheet cannot fix.
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.