McArthur River Mine, in the Gulf Country of the Northern Territory, exploits one of world's largest deposits of zinc, lead and silver. It was officially opened in September 1995, 40 years after its discovery in 1955. This paper describes the geological, engineering and metallurgical assessments which made up the feasibility study. It then relates how these study components compare with the first two years of operation. The challenges that had to be overcome before the McArthur River Mine became economically viable included the metallurgical problems associated with extremely fine grained ore and the development of an effective mining process.