Hydrological Reading Note – Definitive Feasibility Study (DFS, 2025): Vara Mada Project

This document provides an independent hydrological reading of the Definitive Feasibility Study (DFS, 2025) for the Vara Mada Project (formerly the Toliara Project). The note analyses the project’s water-related infrastructures and systems, including mining pits, drainage networks, borefields, tailings facilities, transport corridors, and overall mine water balance. The objective is to reconstruct hydrological assumptions, assess internal consistency, and identify elements sensitive to operational continuity, environmental exposure, and social water uses across the project lifecycle. This document does not propose operational actions or design modifications. It constitutes an analytical review grounded in professional hydrology practice, intended for internal technical use.