Tilden Property (Tilden Mine) Feasibility Study: $1.32B NPV Over a 25-Year Mine Life
Cleveland-Cliffs Inc.'s Tilden Property (Tilden Mine) in Marquette County, Michigan, USA (Upper Peninsula, Marquette Iron Range) has a Feasibility Study outlining an after-tax NPV of $1.32B. The mine plan runs 25 years at about 7.7 MLT/y hemflux pellets per year.
Cleveland-Cliffs Inc.'s Tilden Property (Tilden Mine) has reported Feasibility Study results for the iron ore (hematite-dominant, fluxed pellets) project in Marquette County, Michigan, USA (Upper Peninsula, Marquette Iron Range). 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/y hemflux pellets. Average head grade is 34.7% crude Fe (LOM); 34.4% to 35.5% Fe processed 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 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 | — |
| Total 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 74% of 476 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
Against the 2021 Production, now restated at FS level: NPV up 0%. Its after-tax NPV is well below the company's market capitalisation (roughly 0.2x, currency-adjusted), a modest slice of the company's value, as you'd expect for one asset in a larger portfolio. These are feasibility-level numbers: a feasibility study is the build-ready estimate, typically a plus or minus 15% band, so these numbers carry the most weight. The project sits in Marquette County, Michigan, USA (Upper Peninsula, Marquette Iron Range), a factor in its overall risk profile.
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.
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