FEL-3 definition
FEL-3 means the final phase of front end engineering and design for a Major Expansion as prepared by a Design Engineer, the results of which: (1) advance the design basis memorandum to “approved for design” status for inclusion in the applicable engineering design specification; (2) facilitate planning of detailed engineering, procurement, and construction work for execution of the proposed expansion; and (3) result in an AACE Class 3 forced detailed cost estimate;
FEL-3 means the third stage of front end engineering and design work for the development of underground mines as determined by the Proponent in accordance with its standard methodologies and assumptions in effect from time to time, which will result in the delivery of a feasibility study setting out a final assessment of the technical and economic viability of the proposed project. The FEL 3 study: (a) optimizes the best alternative approach to the project; (b) develops details to a level of confidence to declare the project viable; (c) covers all economic, environmental and engineering aspects of the project at a more detailed level than the FEL 2 study, providing a more accurate estimate and a higher level of confidence in the probability of success for the project; (d) fully describes the complete project and the installations to be built; (e) fully assess all risks; and (f) contains refined estimates of the project benefits, capital costs of construction, annual costs of operation and maintenance, and the economic parameters for evaluation (i.e., net present value and internal rate of return).
Examples of FEL-3 in a sentence
A key deliverable will be the FEL-3 report submitted at the end of the FEL-3 program.
Primero shall develop the design and produce necessary deliverables to complete the FEL3 to AACE (Association for the Advancement of Cost Engineering) class 3 engineering maturity.
This document details the scope of Services for Primero to complete the Front-End Loading 3 (FEL3) for the project.
The FEL-3 work includes advancing the design of the Muskogee Lithium refinery from concept design to a readiness for execution; specifically detailed design, procurement of major long lead equipment, and construction engagement.