For minerals processing projects, with capital value greater than $1m, we use the following indicative ranges for the value of the engineering services:
- Concept/Prefeasibility Study, 1-2% of total installed cost
- Feasibility Study, 2.5-5% of total installed cost
- EPCM, 15-25% of total installed cost
That said, we always prepare a 'bottom-up' estimate at the task and deliverable level. The indicative ranges help as a 'sanity check' on our estimates.