KOLWEZI, DEMOCRATIC REPUBLIC OF CONGO – Ivanhoe Mines’ (TSX: IVN; OTCQX:IVPAF) Co-Chairs Robert Friedland and Yufeng “Miles” Sun announced today that the company and its partners, Zijin Mining Group, Crystal River Global Limited and the government of the Democratic Republic of Congo (DRC), welcome the extremely positive findings of an independent definitive feasibility study (DFS) for the development of the Kakula Copper Mine; together with an updated pre-feasibility study (PFS) that includes ore mined from the nearby Kansoko Copper Mine in addition to ore mined from Kakula; and an updated, expanded preliminary economic assessment (PEA) for the overall development plan of all the copper discoveries made to date at the Kamoa-Kakula Project on the Central African Copperbelt in the DRC.

Today's DFS, PFS and updated PEA, collectively referred to as the Kamoa-Kakula Integrated Development Plan 2020 (Kamoa-Kakula IDP20), builds on the excellent results of the previous studies announced in February 2019. The new DFS incorporates the advancement of development and construction activities to date, and has once again confirmed the outstanding economics of the first phase Kakula Mine. As well, the expanded PEA shows the excellent potential to develop the project to a much larger scale and with a significantly larger production capacity.

Economics for all three studies modelled on a 100%-equity basis

“The definitive feasibility study is an independent verification by nine of the world’s top engineering firms of the robust economics generated by our initial, 6-Mtpa starter mine at Kakula; while the updated preliminary economic assessment is further validation of Kamoa-Kakula’s potential to rapidly expand to become the world’s second largest copper mine, with annual copper output of more than 800,000 tonnes,” said Mr. Friedland.

“The definitive feasibility study also confirms what we’ve been telling investors for the past year and a half, and showcasing monthly in our progress galleries – the Kakula Mine is being rapidly built, it is ahead of schedule, and is on budget. The estimated remaining initial capital costs for the phased development at Kamoa-Kakula is US$0.7 billion, of which an estimated US$0.65 billion is to complete the 6-Mtpa mine at Kakula. Our proportionate share of the remaining initial capital costs is approximately 50%, with subsequent expansions funded by cash flows.The economic models assume financing will be on the basis of 100% equity, providing the opportunity to increase returns by leveraging commercial or other debt facilities.”

“Most importantly, the Kakula Mine has been designed to produce the world's most environmentally-responsible copper, which is crucial for today’s new generation of environmentally- and socially-focused investors.

“Zijin shares our commitment to build the new mines at Kamoa-Kakula to industry-leading standards in terms of resource efficiency, water and energy usage, and minimizing emissions. We are blessed with ultra-high copper grades in thick, shallow and flat-lying orebodies ─ allowing for large-scale, highly-productive, mechanized underground mining operations; and access to abundant clean, sustainable hydro electricity to power our mines ─ providing us with a distinct advantage in our goal to become the world's 'greenest' copper miner and be among the world's lowest greenhouse gas emitters per unit of copper produced.

Hatch Ltd., a leading engineering firm, to independently audit the greenhouse gas intensity metrics for Kamoa-Kakula’ copper

Mr. Friedland also said that Kamoa-Kakula recently retained Hatch Ltd., of Mississauga, Canada, a leading, international environmental consulting firm, to independently audit the greenhouse gas intensity metrics for the copper that will be produced at Kamoa-Kakula, demonstrating the company’s pledge to be a leader in environmentally-responsible copper mining.

“Kakula is projected to have an average grade of 6.6% copper over the initial five years of operation ─ a grade that is an order of magnitude higher than the majority of the world’s other major copper mines. In addition, approximately one half of the mine’s tailings will be mixed with cement and pumped back underground to fill mined-out voids, resulting in a surface tailings containment facility that is tiny compared to other major mines.

“Massive, high-grade deposits like we have found at Kamoa-Kakula ─ which have the potential to produce large quantities of copper for multiple generations ─ are very long-term plays. Conventional discounted cash flow analysis does not appropriately appraise the long-term option value inherent in tier one assets like Kamoa-Kakula.  As history has shown, such large-scale assets that produce for decades − through multiple commodity cycles − tend to generate profound value through phased expansions and exploration over their mine lives.

“People involved in the mining industry understand how incredibly challenging and time consuming it is to discover, permit, and build a tier-one mine anywhere in the world today. Kamoa-Kakula’s success is a testament to the perseverance and entrepreneurial spirit of the entire Ivanhoe management team; our talented employees at Kamoa-Kakula, comprised mainly of bright, young Congolese men and women; as well as the outstanding cooperation and teamwork of our joint-venture partners − Zijin Mining, Crystal River and the government of the DRC.

“Kakula is on track to begin production in under one year from now, which, considering we’ve been working in Africa for 27 years now, feels like tomorrow morning. I look forward to welcoming our loyal institutional shareholders, mining analysts and government supporters to our grand opening ceremony to witness firsthand the state-of-the-art mining complex we are building at Kamoa-Kakula. Our guests also will see the remarkable, recent infrastructure upgrades in the area around our project, including new highways, power plants and transmission lines,” Mr. Friedland concluded.

Developing the world’s next great copper district

Mr. Sun commented: “In our journey to build Kamoa-Kakula and our adjoining, wholly-owned Western Foreland exploration licences, into the world’s next great copper district, Kakula is the first step. Our opportunity for value creation for all stakeholders is tremendous. Together with the DRC government and our Chinese partners, we are united in our shared objective of ensuring that the major copper discoveries we have made at Kamoa and Kakula, and the new discoveries still to come, can be predictably, efficiently and expeditiously developed into a world-scale mining venture with a lifespan of multiple generations.”

“We will continue working closely with our partners and the Congolese people to realize the full potential of Kamoa-Kakula and Western Foreland, generating widely-shared economic benefits and providing skills training to young Congolese women and men for the thousands of meaningful direct and indirect jobs that will be created in the years ahead,” Mr. Sun added.

Kamoa-Kakula providing good, well-paying jobs for local Congolese and meaningful community benefits

Marna Cloete, Ivanhoe President and CFO, said: “Approximately 85% of our 4,700-strong workforce at Kamoa-Kakula are Congolese from nearby communities in Lualaba Province, and we continue to train and develop our local employees into management positions. We are extremely proud of our talented team of Congolese women and men.”

“We also are very proud of the meaningful community benefits and economic opportunities generated by our Sustainable Livelihoods team at Kamoa-Kakula, including new schools, housing, clinics, fish farms and sustainable agriculture initiatives, and enterprise development opportunities in the project’s supply chain for local community members.”

Development scenarios at Kamoa-Kakula

The Kamoa-Kakula Integrated Development Plan 2020 encompasses three development scenarios:

  • Definitive feasibility study for stage one Kakula Mine development. The Kakula 2020 DFS evaluates the development of a stage one, 6-Mtpa underground mine and surface processing complex at the Kakula Deposit with a capacity of 7.6 Mtpa, built in two modules of 3.8 Mtpa, with the first already under advanced construction.
  • Pre-feasibility study including Kansoko Mine development. The Kakula-Kansoko 2020 PFS evaluates the development of mining activities at the Kansoko Deposit in addition to the Kakula Mine, initially at a rate of 1.6 Mtpa to fill the concentrator at Kakula, eventually ramping up to 6 Mtpa as the reserves at Kakula are depleted.
  • Expanded, subsequent development to four producing mines. The Kamoa-Kakula 2020 PEA includes an analysis of the potential for an integrated, 19-Mtpa, multi-stage development, beginning with initial production from the Kakula Mine, to be followed by subsequent, separate underground mining operations at the nearby Kansoko, Kakula West and Kamoa North mines, along with the construction of a direct-to-blister smelter. The Kamoa North Area comprises five separate mines that would be developed as resources are mined out elsewhere, to maintain the production rate at up to 19 Mtpa, with an overall life in excess of 40 years.

 

The Kamoa-Kakula IDP20, which includes the Kakula 2020 DFS, Kakula-Kansoko 2020 PFS and Kamoa-Kakula 2020 PEA, was independently prepared on a 100%-basis by OreWin Pty Ltd. of Adelaide, Australia; China Nerin Engineering Co., Ltd., of Jiangxi, China; DRA Global of Johannesburg, South Africa; Epoch Resources of Johannesburg, South Africa; Golder Associates Africa of Midrand, South Africa; KGHM Cuprum R&D Centre Ltd. of Wroclaw, Poland; Outotec Oyj of Helsinki, Finland; Paterson and Cooke of Cape Town, South Africa; Stantec Consulting International LLC of Phoenix, USA; SRK Consulting Inc. of Johannesburg, South Africa; and Wood plc of Reno, USA.

The Kamoa-Kakula 2020 PEA is preliminary in nature and includes an economic analysis that is based, in part, on Inferred Mineral Resources. Inferred Mineral Resources are considered too speculative geologically for the application of economic considerations that would allow them to be categorized as Mineral Reserves – and there is no certainty that the results will be realized. Mineral Resources do not have demonstrated economic viability and are not Mineral Reserves.

A National Instrument 43-101 technical report will be filed on SEDAR at www.sedar.com and on the Ivanhoe Mines website at www.ivanhoemines.com within 45 days of the issuance of this news release.

First copper production expected in less than a year

On September 1, 2020, Ivanhoe Mines issued a detailed update on the development and construction progress being made at the Kakula and Kansoko mines. Underground development at the Kakula Copper Mine totalled 1,842 metres in August, bringing the cumulative total underground development completed to date to more than 20.6 kilometres – 6.0 kilometres ahead of schedule. A second mining crew was recently added at Kamoa-Kakula’s second underground mine – Kansoko – providing the project with another source of high-grade copper ore.

At the end of August, the project’s pre-production surface ore stockpiles totalled an estimated 671,000 tonnes grading 3.36% copper, including 116,000 tonnes of high-grade ore grading 6.08% copper. The stockpiles grade will continue to increase as the project approaches initial production, as beginning this month the majority of mining at Kakula is expected to be in ore zones near the centre of the deposit that have copper grades of between 5% and 8%.

Installation of ball mills and other major equipment for Kakula’s first, 3.8-Mtpa processing plant module is well underway. The final shipments of long-lead equipment for the processing plant are scheduled to arrive at site by the end of September, 2020.

Ivanhoe is fully funded to first copper production at Kamoa-Kakula, which is scheduled to begin in less than one year from now, in Q3 2021.

Aerial view of the Kakula Mine. The growing pre-production stockpile of high-grade copper ore and Kakula main northern decline is in the red circle; the initial 3.8-Mtpa processing plant under construction and the area that will be used to expand the processing plant to 7.6 Mtpa − currently being used as an equipment lay-down area - are both are in the yellow circle.

 
One of Kakula’s new,
high-productivity, 63-tonne underground ore trucks from Sandvik, of Stockholm, Sweden. Designed with operator safety in mind, the truck also is equipped with an air-conditioned cabin.

In late August, the discharge end, trunnion and shells were installed for the 9.75-metre-long and 6.1-metre-wide primary ball mill – the first of two identical ball mills that will be used to grind the copper ore at Kakula’s initial 3.8-Mtpa processing plant.

A 400-tonne crane lifting the structural steel flotation platforms onto concrete foundations at Kakula’s initial 3.8-Mtpa processing plant.

Miner Freddy Muba holds a piece of ultra-high-grade, chalcocite-rich ore at the Kakula Mine. Kakula’s high concentration of chalcocite ore – which is almost 80% copper by weight − accounts for the mine’s average feed grade of 6.6% copper over the first five years of operations, and 5.2% copper on average over a 21-year life.


Map of the Kamoa-Kakula mining licence showing the Kakula and Kansoko mining areas, as well as Kakula West, Kamoa North, Kamoa Far North, Kamoa North Bonanza Zone and a portion of Ivanhoe’s adjacent, 100%-owned Western Foreland exploration-licences area.

 

HIGHLIGHTS

Initial 6 Mtpa mine at Kakula

  • The Kakula 2020 DFS evaluates the development of a stage one, 6-Mtpa underground mine with a surface processing complex at the Kakula Deposit with a capacity of 7.6 Mtpa, built in two modules of 3.8 Mtpa, with the first already under advanced construction. For this option, the DFS envisages an average annual production rate of 284,000 tonnes of copper at a mine-site cash cost of US$0.52 per pound (lb.) copper and total cash cost of US$1.16/lb. copper for the first 10 years of operations, and annual copper production of up to 366,000 tonnes by year four.
  • Remaining initial capital cost of US$0.65 billion for this option would result in an after-tax net present value at an 8% discount rate (NPV8%) of US$5.5 billion. The internal rate of return of 77.0% and project payback period of 2.3 years confirm the compelling economics for the Kamoa-Kakula Project’s stage one of production.
  • Ivanhoe and Zijin will each fund its respective share of approximately 40% of the remaining initial capital costs, plus its share of capital on behalf of the 20% interest owned by the Government of the DRC, of which 5% is non-dilutable and 15% is carried and will be repaid through future cash flows from the project. Ivanhoe’s proportional share of the remaining initial capital cost for the stage one, 6-Mtpa underground mine is approximately US$0.32 billion.
  • Kakula benefits from an ultra-high, average feed grade of 6.6% copper over the first five years of operations, and 5.2% copper on average over a 21-year mine life.
  • Underground development at Kakula continues to advance ahead of schedule. More than 20.6 kilometres of underground development has been completed to the end of August ─ approximately 6.0 kilometres ahead of plan. The pace of development is expected to continue to accelerate as additional mining crews are added. Initial copper concentrate production is scheduled for Q3 2021.
  • Construction of Kakula’s initial 3.8-Mtpa processing plant is well underway, with manufacturing of all long-lead mechanical items complete, with the crushers, low-entrainment flotation cells and the concentrate filter delivered to site.

 

Kakula-Kansoko 2020 PFS including Kansoko mine development

  • The Kakula-Kansoko 2020 PFS evaluates the development of mining activities at the Kansoko Deposit in addition to Kakula, initially at a rate of 1.6 Mtpa to fill the 7.6-Mtpa concentrator at Kakula, eventually ramping up to 6 Mtpa as the reserves at Kakula are depleted. For this option, the PFS envisages an average annual production rate of 331,000 tonnes of copper at a mine-site cash cost of US$0.55/lb. copper and total cash cost of US$1.23/lb. copper for the first 10 years of operations, and annual copper production of up to 427,000 tonnes by year four.
  • Remaining initial capital cost of US$0.69 billion for this option would result in an after-tax net present value at an 8% discount rate (NPV8%) of US$6.6 billion. The internal rate of return of 69.0% and project payback period of 2.5 years confirm the compelling economics of Kakula and Kansoko.
  • Ivanhoe’s proportional share of the remaining initial capital cost of this option is approximately US$0.35 billion for the Kakula-Kansoko 2020 PFS.
  • Kakula-Kansoko benefits from an ultra-high, average feed grade of 6.2% copper over the first five years of operations, and 4.5% copper on average over a 37-year mine life.
  • There are currently two mining crews at Kansoko, in addition to the 10 mining crews (three owner crews and seven contractor crews) currently at Kakula, with the ability to increase this number to fast-track the development of Kansoko.

 

Modular, integrated, expanded development option potential for the Kakula and Kamoa deposits, mining a total of 19 Mtpa, with construction of a direct-to-blister smelter

  • The Kamoa-Kakula 2020 PEA presents an additional development option of a multi-stage, sequential operation on Kamoa-Kakula’s high-grade copper deposits.
  • Initial production from the Kakula Mine at a rate of 6 Mtpa, followed by subsequent, separate underground mining operations at the nearby Kansoko, Kakula West and Kamoa North mines, along with the construction of a direct-to-blister smelter. The Kamoa North Area comprises five separate mines that will be developed as resources are mined out elsewhere, to maintain the production rate at up to 19 Mtpa, with an overall life in excess of 40 years.
  • For the integrated, 19-Mtpa, multi-stage development, the PEA envisages US$0.7 billion in remaining initial capital costs. Future expansion at the Kansoko Mine, Kakula West Mine and Kamoa North mines would be funded by cash flows from the Kakula Mine, resulting in an after-tax net present value at an 8% discount rate (NPV8%) of US$11.1 billion, an internal rate of return of 56.2%, and a payback period of 3.6 years.
  • Ivanhoe’s proportional share of the remaining initial capital cost of this option is approximately US$0.36 billion for the Kamoa-Kakula 2020 PEA.
  • Under this approach, the PEA also contemplates the construction of a direct-to-blister copper smelter at the Kakula plant site with a capacity to process one million tonnes of copper concentrate per annum to be funded from internal cash flows. This would be completed in year five of operations, achieving significant savings in treatment charges and transportation costs.
  • The 19-Mtpa scenario shows the potential for average annual production of 501,000 tonnes of copper at a total cash cost of US$1.07/lb. copper during the first 10 years of operations and production of 805,000 tonnes of copper by year 8. At this future production rate, Kamoa-Kakula would rank as the world’s second largest copper mine.

 

Ivanhoe to host Investor Day on September 10, 2020, to discuss new
Kamoa-Kakula studies

On September 10, 2020, Ivanhoe will host a virtual Investor Day to discuss the findings of the DFS, PFS and PEA for the Kamoa-Kakula Copper Project, including various options under consideration to accelerate the planned expansions. The Investor Day will include a virtual site tour of the Kamoa-Kakula Project, as well as remarks from Ivanhoe's Co-Chairs Robert Friedland and Yufeng “Miles” Sun; the company's President and CFO, Marna Cloete; and members of the company's corporate development and technical teams. It also will feature a question and answer session.

DATE: September 10, 2020
TIME: 10am Eastern / 7am Pacific / 3pm London / 10pm Beijing
REGISTRATION LINK: https://event.on24.com/wcc/r/2371357/F674EFB1FE64355340FB5668B20AC76A

 

Figure 1 illustrates the expanded development scenario for the Kamoa-Kakula 2020 PEA and Figure 2 shows an overview of deposits included within the Kakula 2020 DFS (6-Mtpa case), Kakula-Kansoko 2020 PFS (7.6 Mtpa) and Kamoa-Kakula 2020 PEA (19 Mtpa). Additional exploration success at Kakula West, Kamoa North or regional exploration targets may well have a significant, positive influence on the size, value and timing of the overall development plan.

 

Figure 1. Kamoa-Kakula 19-Mtpa PEA long-term development plan.

Figure by OreWin 2020.Figure 2. Overview of deposits included within the Kakula 2020 DFS(6 Mtpa ─ outlined by blue dotted line), Kakula-Kansoko 2020 PFS (7.6 Mtpa ─ outlined by purple dotted line) and Kamoa-Kakula 2020 PEA (outlined by green dotted line).

Figure by OreWin 2020.

Summary of the DFS’s key results for the initial Kakula Mine

  1. Very-high-grade, stage-one production is projected to have a grade of 7.1% copper in the fourth year of production and an average grade of 6.2% copper over the initial 10 years of operations, resulting in estimated average annual copper production of 284,000 tonnes.
  2. Annual copper production is estimated at 366,000 tonnes in year four.
  3. Remaining initial capital cost, including contingency, is estimated at US$0.65 billion as of July 1, 2020. Ivanhoe’s proportional share is approximately US$0.32 billion.
  4. Average total cash cost of US$1.16/lb. copper during the first 10 years, inclusive of royalties.
  5. After-tax NPV, at an 8% discount rate, of US$5.5 billion.
  6. After-tax internal rate of return (IRR) of 77.0%, and a payback period of 2.3 years.
  7. Kakula is expected to produce a very-high-grade copper concentrate of approximately 57% copper, with extremely low arsenic levels.

 

Key initial projections from the Kakula 2020 DFS

The study evaluates the development of a stage one, 6-Mtpa underground mine and surface processing complex at the Kakula Deposit of 7.6 Mtpa, built in two modules of 3.8 Mtpa, with the first already under advanced construction. The first module of 3.8 Mtpa commences production in Q3 2021, and the second in Q1 2023. The life-of-mine production scenario provides for 110 million tonnes to be mined at an average grade of 5.22% copper, producing 8.5 million tonnes of high-grade copper concentrate, containing approximately 10.8 billion pounds of copper.

The economic analysis uses a consensus, real long-term copper price of US$3.10/lb. (excluding inflation) and returns an after-tax NPV at an 8% discount rate of US$5.5 billion. It has an after-tax IRR of 77.0% and a payback period of 2.3 years.

The estimated remaining initial capital cost, including contingency, is US$0.65 billion from July 1, 2020. The capital expenditure for off-site power, which is included in the remaining initial capital cost, includes advances to the DRC state-owned electricity company, Société Nationale d'Electricité (SNEL), to upgrade two hydropower plants (Koni and Mwadingusha) to provide the Kamoa-Kakula Project with access to clean electricity for its planned operations. The hydro-power upgrading work is being led by Stucky Ltd., of Renens, Switzerland, and the advance payments will be recovered by Kamoa-Kakula through a reduction in the power tariffs paid.

Aerial picture of the Mwadingusha hydro-electric dam and power plant, with the new installed penstocks. Mwadingusha will soon be delivering 72 megawatts (MW) of clean, sustainable hydro-electricity to the national grid. The Kakula Mine is scheduled to be energized with permanent, 220-kilovolt (kV), hydro-generated power from the national grid in early 2021.

Engineers assembling a new alternator stator at the Mwadingusha power plant.

Hydro workers erecting a transmissiontower for the new 35-kilometre powerline that will carry high-voltage hydro-electricity from the national grid to Kamoa-Kakula.

Key results of the Kakula 2020 DFS for a single 6-Mtpa mine are summarized in Table 1.

Table 1. Kakula Mine results summary for 6-Mtpa production.

 

Item

Unit

Total

Total Processed

 

 

Quantity Milled

kt

109,975

Copper Feed Grade

%

5.22

Total Concentrate Produced

 

 

Copper Concentrate Produced

kt (dry)

8,542

Copper Recovery

%

85.23

Copper Concentrate Grade

%

57.32

Contained Copper in Concentrate

Mlb

10,795

Contained Copper in Concentrate

kt

4,897

Peak Annual Recovered Copper Production

kt

366

10-Year Average

 

 

Copper Concentrate Produced

kt (dry)

496

Contained Copper in Concentrate

kt

284

Mine-Site Cash Cost

US$/lb. payable

0.52

Total Cash Cost

US$/lb. payable

1.16

5-Year Average

 

 

Copper Concentrate Produced

kt (dry)

454

Contained Copper in Concentrate

kt

260

Mine-Site Cash Cost

US$/lb. payable

0.48

Total Cash Cost

US$/lb. payable

1.12

Key Financial Results

 

 

Peak Funding

US$M

775

Remaining Initial Capital Costs

US$M

646

Expansion Capital Costs

US$M

594

LOM Average Mine Site Cash Costs

US$/lb. payable

0.62

LOM Average Total Cash Costs

US$/lb. payable

1.26

Site Operating Costs

US$/t Milled

58.73

After-Tax NPV8%

US$M

5,520

After-Tax IRR   

%

77.0

Project Payback Period

Years

2.3

Project Life

Years

21

 

Table 2 summarizes the financial results and Table 3 summarizes mine production and processing statistics.

 

Table 2. Kakula Mine financial results for 6-Mtpa production.

 

Net Present Value (US$M)

Discount Rate

Before Taxation

After Taxation

 

Undiscounted

16,761

11,595

 

4.0%

11,258

7,832

 

6.0%

9,381

6,544

 

8.0%

7,892

5,520

 

10.0%

6,698

4,696

 

12.0%

5,729

4,024

Internal Rate of Return

86.3%

77.0%

Project Payback Period (Years)

2.3

2.3

 

 

Table 3. Kakula Mine average estimated production and processing statistics      for 6-Mtpa production.

 

Item

Unit

YEARS

1-5

YEARS

1-10

LOM AVERAGE

Total Processed

 

 

 

 

Quantity Milled

kt

4,638

5,345

5,237

Copper Feed Grade

%

6.56

6.21

5.22

Annual Concentrate Produced

 

 

 

 

Copper Concentrate Produced

kt (dry)

454

496

407

Copper Recovery

%

85.5

85.6

85.2

Copper Concentrate Grade

%

57.3

57.3

57.3

Contained Copper in Concentrate

 

 

 

 

Copper

Mlb

574

626

514

Copper

kt

260

285

233

Payable Copper

 

 

 

 

Copper

Mlb

555

606

497

Copper

kt

252

275

226

 

 

The Kakula concentrator production is shown in Figure 3 and the concentrate and copper production is shown in Figure 4.

Figure 3. Kakula Mine estimated tonnes milled and head grade for the life-of-mine.

 

Figure by OreWin 2020.

Figure 4. Kakula Mine estimated concentrate and copper production

for the life-of-mine.

Figure by OreWin 2020.Table 4 summarizes unit operating costs. Table 5 provides a breakdown of revenue and operating costs. Capital costs for the project are detailed in Table 6.

 

Table 4. Kakula Mine unit operating costs for 6-Mtpa production.

 

 

US$/lb. Payable Copper

 

 

YEARS 1-5

YEARS 1-10

LOM AVERAGE

 

Mine Site

0.48

0.52

0.62

 

Transport

0.32

0.32

0.32

 

Treatment & Refining Charges

0.11

0.11

0.11

 

Royalties & Export Tax

0.20

0.20

0.20

 

Total Cash Costs

1.12

1.16

1.26

 

 

 

Figure 5. 2020 global mine-site cash cost curve (includes all operational costs at mine site).

Note: Represents mine-site cash costs that reflect the direct cash costs of producing paid concentrate or cathode incorporating mining, processing and mine-site G&A costs. Kakula is based on the average mine-site cash cost during the first 10 years as detailed in the Kakula 2020 DFS.

Source: Wood Mackenzie (based on public disclosure, the Kakula 2020 DFS has not been reviewed by Wood Mackenzie).

 

Figure 6. 2020 global C1 pro-rata copper cash cost curve (includes mining, processing, transportation and offsite realization costs).

Note: Represents C1 pro-rata cash costs that reflect the direct cash costs of producing paid copper incorporating mining, processing, mine-site G&A and offsite realization costs, having made appropriate allowance for the costs associated with the co-product revenue streams. Kakula is based on the average total cash cost during the first 10 years as detailed in the Kakula 2020 DFS.

Source: Wood Mackenzie (based on public disclosure, the Kakula 2020 DFS has not been reviewed by Wood Mackenzie).

 

Members of Kamoa-Kakula’s on-site medical team in place to quickly identify and treat any potential COVID-19 cases and prevent the spread to other personnel. The team has done a stellar job in mitigating the impact of COVID-19 on the construction and development progress at Kamoa-Kakula.

Table 5. Kakula Mine estimated revenue and operating costs
for 6-Mtpa production.

 

 

TOTAL LOM

YEARS

1-5

YEARS

1-10

LOM AVERAGE

 

US$M

US$/t Milled

Revenue

 

 

 

 

Copper in Concentrate

32,348

369.71

350.90

294.14

Gross Sales Revenue

32,348

369.71

350.90

294.14

Less: Realization Costs

 

 

 

 

Transport

3,383

38.76

36.73

30.77

Treatment & Refining

1,199

13.74

13.01

10.90

Royalties & Export Tax

2,106

24.10

22.85

19.15

Total Realization Costs

6,689

76.60

72.59

60.82

Net Sales Revenue

25,660

293.12

278.31

233.32

Site Operating Costs

 

 

 

 

Underground Mining

4,280

35.38

38.58

38.92

Processing

1,470

14.12

13.37

13.37

General & Administration

758

7.60

7.04

6.89

SNEL Discount

-294

-2.39

-2.55

-2.67

Customs

245

2.13

2.21

2.23

Total

6,459

56.85

58.65

58.73

Net Operating Margin

19,201

236.27

219.66

174.59

Net Operating Margin

74.8%

80.6%

78.9%

74.8%

 

Geologist Kally Mbumba showing ultra-high-grade, chalcocite-rich ore at Kakula Mine that accounts for the mine’s average feed grade of 6.6% copper over the first five years of operations, and 5.2% copper on average over a 21-year mine life. Chalcocite has the greatest percentage of copper of all the common sulphide-copper-bearing minerals − almost 80% copper by weight.

 

Table 6. Kakula Mine estimated capital investment summary for 6-Mtpa production.

 

Description

Initial Capital

Expansion Capital

Sustaining Capital

Total

 

US$M

US$M

US$M

US$M

MINING

 

 

 

 

Underground Mining

131

202

538

871

    Infrastructure and Mobile Equipment

38

16

362

416

Capitalized Pre-Production

76

76

Subtotal

246

218

899

1,363

POWER

 

 

 

 

Power Supply Off Site

36

36

Subtotal

36

36

CONCENTRATOR & TAILINGS

 

 

 

 

Process Plant

123

128

70

320

Tailings

13

26

88

127

Subtotal

136

154

157

448

INFRASTRUCTURE

 

 

 

 

Surface and Plant Infrastructure

69

101

14

184

Subtotal

69

101

14

184

INDIRECTS

 

 

 

 

EPCM

35

17

0

53

Owners Cost

66

47

114

Customs Duties

8

18

40

66

Closure

82

82

Subtotal

110

83

122

315

CAPITAL EXPENDITURE BEFORE CONTINGENCY

596

556

1,193

2,346

Contingency

50

38

72

159

CAPITAL EXPENDITURE AFTER CONTINGENCY

646

594

1,265

2,505

 

Note: Initial capital reflects the remaining capital costs, from July 1, 2020, to achieve initial production of 3.8 Mtpa, followed by expansion capital to reflect the capital costs to achieve full plant capacity of 7.6 Mtpa (with Kakula Mine capacity of 6.0 Mtpa).

 

The after-tax NPV sensitivity to copper price variation is shown in Table 7 for copper prices from US$2.00/lb. to US$4.50/lb. The annual and cumulative cash flows are shown in Figure 7.

 

Table 7. Kakula Mine copper price sensitivity.

 

After Tax NPV (US$M)

Copper Price - US$/lb.

Discount Rate

2.00

2.50

3.00

3.10

3.50

4.00

4.50

Undiscounted

4,225

7,519

10,911

11,595

14,353

17,532

19,928

4.0%

2,828

5,072

7,370

7,832

9,704

11,852

13,457

6.0%

2,334

4,227

6,156

6,544

8,117

9,918

11,256

8.0%

1,935

3,551

5,190

5,520

6,857

8,384

9,513

10.0%

1,609

3,005

4,413

4,696

5,845

7,153

8,116

12.0%

1,340

2,558

3,779

4,024

5,022

6,154

6,982

15.0%

1,018

2,028

3,031

3,232

4,052

4,977

5,649

IRR

38.5%

57.9%

74.0%

77.0%

88.9%

100.4%

106.9%

 

Figure 7. Kakula Mine projected real annual and cumulative cash flow.

Figure by OreWin 2020.

 

Note: Figure 7 is shown on a nominal basis, including inflation, in Appendix B.

Kakula to be mined primarily using drift-and-fill method

The Kakula 2020 DFS mine access is via twin declines on the north side and a single decline on the south side of the deposit. One of the north declines will serve as the primary mine access, while the other decline is for the conveyor haulage system, which was recently commissioned.

From the bottom of the north and south declines, a pair of perimeter drifts will be driven to the east and west extremities of the deposit and will serve as the primary accesses to the production areas. These drifts also will be used as the primary intake and exhaust ventilation circuits and will connect with a series of intake and exhaust ventilation shafts. Work is already well advanced on the eastern and western perimeter drives on the north side of the orebody.

A series of twin connection drives will connect the orebody from north to south, providing access to the drift-and-fill panels and ventilation. The first of these mine connection drives 1 and 2 are expected to be connected by crews working from the north and south in November 2020.

The primary ore handling system will include a perimeter conveyor system connected to truck load-out points along the north side of the deposit. The perimeter conveyor system will terminate at the main conveyor decline.

The mining method for the Kakula Deposit is primarily drift-and-fill using paste backfill; with the exception of a room-and-pillar area close to the north declines, which will be mined in the early years of production. The paste backfill system will utilize a paste plant located on surface connected to a distribution system that includes a surface pipe network connected to bore holes located at each connection drive on the North side of the orebody.

Approximately 99% of the deposit will be mined using drift-and-fill, which was chosen to maximize the extraction of high-grade Kakula ore. Mine access and primary development are shown in Figure 8.

 

Figure 8. Kakula 2020 DFS mine development.

Figure by Stantec 2020.

 

Development of the underground Kakula Mine utilizes large-scale, highly-productive, mechanized mining equipment, such as Sandvik loaders and 63-tonne haul trucks.

Expanded Kakula 2020 DFS concentrator design in modules of 3.8 Mtpa

The Kakula concentrator will be constructed in a phased approach with two 3.8-Mtpa modules as the mining operations ramp-up to full production of 6 Mtpa.

The Kakula concentrator design incorporates a run-of-mine stockpile, followed by primary cone crushers operating in closed circuit with vibrating screens to produce 100% passing 50 millimetres (mm) material that is stockpiled.

The crushed ore is fed to the High Pressure Grinding Rolls (HPGR) operating in closed circuit with wet screening, at a product size of 80% (P80) passing 4.5 mm which is gravity fed to the milling circuit.

The milling circuit incorporates two stages of ball milling in series in closed circuit with cyclone clusters for further size reduction and classification to a target grind size of 80% passing 53 micrometres (µm).

The milled slurry is pumped to the rougher and scavenger flotation circuit where the high-grade, or fast-floating rougher concentrate, and medium-grade, or slow-floating scavenger concentrate, are separated for further upgrading. The rougher concentrate is upgraded in the low entrainment high-grade cleaner stage to produce a high-grade concentrate.

The medium-grade or scavenger concentrate together with the tailings from the high-grade cleaner stage and the recycled scavenger recleaner tailings are combined and further upgraded in the scavenger cleaner circuit. The concentrate produced from the scavenger cleaner circuit, representing roughly 12% of the mill feed, is re-ground to a P80 of 10µm prior to final cleaning in the low entrainment scavenger recleaner stage.

The scavenger recleaner concentrate is then combined with the high-grade cleaner concentrate to form final concentrate. The final concentrate is then thickened and pumped to the concentrate filter. Final filtered concentrate is then bagged for shipment to market.

The scavenger tailings and scavenger cleaner tailings are combined and thickened prior to being pumped to the backfill plant and/or to the tailings storage facility. Backfill will utilize approximately half of the tailings, with the remaining amount pumped to the tailings storage facility.

Based on extensive testwork, the concentrator is expected to achieve an overall recovery of 85%, producing a very high-grade concentrate grading 57% copper. Kakula also benefits from having very low deleterious elements, including arsenic levels of 0.02%.

Aerial view of Kakula’s initial 3.8-Mtpa processing plant under construction, showing the first of two identical ball mills being installed, the flotation circuit in the middle, and the three green-coloured concentrator thickeners under construction.

Kamoa and Kakula Mineral Resources

The Kamoa Indicated and Inferred Mineral Resource estimate was prepared by George Gilchrist, Ivanhoe Mines’ Vice President, Resources, under the direction of Gordon Seibel, RM SME, of the Wood Group (formerly Amec Foster Wheeler E&C Services Inc.) of Reno, USA, and is reported in accordance with the 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves. Mr. Seibel is the Qualified Person for the estimate. The effective date of the estimate is February 10, 2020, and the cut-off date for drill data is November 1, 2018 for the Kakula estimate and January 20, 2020 for the Kamoa estimate.

The total, combined Indicated and Inferred Mineral Resources for the Kamoa-Kakula Project is shown in Table 8. Tables showing the Indicated and Inferred Mineral Resources separately for the Kamoa and Kakula deposits, as well as the sensitivity of Mineral Resources to cut-off grade, are shown in the appendices to this release.

 

Table 8. Total Kamoa and Kakula Indicated and Inferred Mineral Resource (at 1% total copper cut-off grade).

 

Deposit

Category

Tonnes (millions)

Area (Sq. km)

Copper Grade (%)

Vertical Thickness (m)

Contained Copper (kt)

Contained Copper (billion lbs)

Kamoa

Indicated

760

55.2

2.73

5.0

20,800

45.8

Inferred

235

21.8

1.70

4.0

4,010

8.8

Kakula

Indicated

627

21.7

2.74

10.3

17,200

37.9

Inferred

104

5.6

1.61

6.7

1,680

3.7

Total Kamoa-Kakula Project

Indicated

1,387

77.0

2.74

6.5

38,000

83.7

Inferred

339

27.4

1.68

4.5

5,690

12.5

 

Notes to accompany the total, combined Kamoa and Kakula 2020 Mineral Resource table:

  1. Ivanhoe’s Vice President, Resources, George Gilchrist, Professional Natural Scientist (Pr. Sci. Nat) with the South African Council for Natural Scientific Professions (SACNASP), estimated the Mineral Resources under the supervision of Gordon Seibel, a Registered Member (RM) of the Society for Mining, Metallurgy and Exploration (SME), who is the Qualified Person for the Mineral Resource estimate. The effective date of the estimate for Kamoa is 30 January 2020, and the cut-off date for drill data is 20 January 2020. The Mineral Resources at Kakula were estimated as of 10 November 2018 and the cut-off date for the drill data is 1 November 2018. On 10 February 2020, the inputs used in assessing reasonable prospects of eventual extraction and the drill data inputs were reviewed to ensure the estimate remained current. There are no changes to the estimate as a result of the review, and the estimate has an effective date of 10 February 2020. Mineral Resources are reported using the CIM 2014 Definition Standards for Mineral Resources and Mineral Reserves. Mineral Resources are reported on a 100% basis. Ivanhoe holds an indirect 39.6% interest in the Project. Mineral Resources are reported inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
  2. Mineral Resources at Kamoa are reported using a total copper (TCu) cut-off grade of 1% TCu and a minimum vertical thickness of 3 m. There are reasonable prospects for eventual economic extraction under assumptions of a copper price of US$3.00/lb.; employment of underground mechanized room-and-pillar and drift-and-fill mining methods; and that copper concentrates will be produced and sold to a smelter. Mining costs are assumed to be US$27/t, and concentrator, tailings treatment, and general and administrative costs (G&A) are assumed to be US$17/t. Metallurgical recovery for Kamoa is estimated to average 84% (86% for hypogene and 81% for supergene). At a 1% TCu cut-off grade, assumed net smelter returns for 100% of Mineral Resource blocks will cover concentrator, tailings treatment, and G&A costs.
  3. Mineral Resources at Kakula are reported using a TCu cut-off grade of 1% TCu and a minimum vertical thickness of 3 m. There are reasonable prospects for eventual economic extraction under assumptions of a copper price of US$3.10/lb., employment of underground, mechanized, room-and-pillar and drift-and-fill mining methods, and that copper concentrates will be produced and sold to a smelter. Mining costs are assumed to be US$34/t, and concentrator, tailings treatment, and G&A costs are assumed to be US$20/t. Metallurgical recovery is assumed to average 83% at the average grade of the Mineral Resource. Ivanhoe is studying reducing mining costs using a controlled convergence room-and-pillar method. At a 1% TCu cut-off grade, assumed net smelter returns for 100% of Mineral Resource blocks will cover concentrator, tailings treatment and G&A costs.
  4. Reported Mineral Resources contain no allowances for hangingwall or footwall contact boundary loss and dilution. No mining recovery has been applied.
  5. Tonnage and contained-copper tonnes are reported in metric units, contained-copper pounds are reported in imperial units, and grades are reported as percentages.
  6. Approximate drillhole spacings are 800 m for Inferred Mineral Resources and 400 m for Indicated Mineral Resources.

7. Rounding as required by reporting guidelines may result in apparent summation differences between tonnes, grade and contained metal content.

 

Kakula 2020 DFS Mineral Reserve

The Kakula 2020 DFS Mineral Reserve has been estimated by Qualified Person Jon Treen, Senior Vice President, Stantec Consulting International LLC, using the 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves to conform to the Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects. The total Mineral Reserve for the Kakula Project is shown in Table 9. The Mineral Reserve is based on the January 2020 Mineral Resource. The Mineral Reserve is entirely a Probable Mineral Reserve that was converted from Indicated Mineral Resources. The effective date of the Mineral Reserve statement is September 8, 2020.

Table 9. Kakula 2020 DFS Mineral Reserve Statement.

 

Tonnage
(Mt)

Copper
(%)

Copper
(Contained Mlb)

Copper
(Contained kt)

Proven Mineral Reserve

Probable Mineral Reserve

110.0

5.22

12,665

5,745

Mineral Reserve

110.0

5.22

12,665

5,745

 

Notes to accompany Kakula 2020 DFS Mineral Reserve table

  1. The long term copper price used for calculating the financial analysis is US$3.10/lb. The analysis has been calculated with assumptions for smelter refining and treatment charges, deductions and payment terms, concentrate transport, metallurgical recoveries, and royalties.
  2. For mine planning, the copper price used to calculate block model Net Smelter Returns (NSRs) is US$3.10/lb.
  3. An elevated cut-off of US$100.00/t NSR was used to define the stoping blocks. A marginal cut-off of US$80.00/t NSR was used to define ore and waste. 
  4. Indicated Mineral Resources were used to report Probable Mineral Reserves. 
  5. Tonnage and grade estimates include dilution and recovery allowances.
  6. The Mineral Reserves reported above are not additive to the Mineral Resources. 

 

The Kakula 2020 DFS Mineral Reserve targeted in the mine plan focused on maximizing the grade profile for a 6-Mtpa full production rate for 15 years, a four-year ramp-up, plus an 85% extraction and recovery allowance. As such, a range of net smelter returns (NSR) cut-offs were evaluated that identified a targeted resource of approximately 110 million tonnes at the highest NSR.

Tonnes and grades were calculated for the mining blocks, and allowances for unplanned dilution and mining recovery were applied to estimate the Mineral Reserve Statement.

Mine geologists Didier Masengo and Kally Mbumba with samples of high-grade, chalcocite-rich ore from the Kakula Mine. The majority of the working areas at Kakula now are transitioning to the higher-grade ore zones near the centre of the deposit that have copper grades of approximately +5% to +8%.

Members of Kamoa Copper’s Sustainability team that is working closely with local communities to carry out the project’s long-term sustainability strategy, an integral part of Ivanhoe’s commitment to responsible resource development.

Key initial projections from the Kakula-Kansoko 2020 PFS

The study evaluates the development of mining activities at Kansoko in addition to Kakula, initially at a rate of 1.6 Mtpa to fill the 7.6-Mtpa concentrator at Kakula, eventually ramping up to 6 Mtpa as the reserves at Kakula are depleted. The life-of-mine production scenario provides for 235.2 million tonnes to be mined at an average grade of 4.47% copper, producing 20.0 million tonnes of high-grade copper concentrate, containing approximately 20.0 billion pounds of copper.

The economic analysis uses a consensus, real long-term copper price of US$3.10/lb. (excluding inflation) and returns an after-tax NPV at an 8% discount rate of US$6.6 billion. It has an after-tax IRR of 69.0% and a payback period of 2.5 years.

The estimated remaining initial capital cost, including contingency, is US$0.69 billion from July 1, 2020. Ivanhoe’s proportional share of the remaining initial capital cost under Kakula-Kansoko 2020 PFS is approximately US$0.35 billion.

 

Key results of the Kakula-Kansoko 2020 PFS for the development of Kansoko in addition to Kakula to fill 7.6-Mtpa mill capacity are summarized in Table 10.

 

Table 10. Kakula-Kansoko 2020 PFS results summary for 7.6-Mtpa production.

 

Item

Unit

Total

Total Processed

 

 

Quantity Milled

kt

235,157

Copper Feed Grade

%

4.47

Total Concentrate Produced

 

 

Copper Concentrate Produced

kt (dry)

19,948

Copper Recovery

%

86.27

Copper Concentrate Grade

%

45.49

Contained Copper in Concentrate

Mlb

20,006

Contained Copper in Concentrate

kt

9,075

Peak Annual Recovered Copper Production

kt

427

10-Year Average

 

 

Copper Concentrate Produced

kt (dry)

622

Contained Copper in Concentrate

kt

331

Mine-Site Cash Cost

US$/lb. payable

0.55

Total Cash Cost

US$/lb. payable

1.23

5-Year Average

 

 

Copper Concentrate Produced

kt (dry)

542

Contained Copper in Concentrate

kt

294

Mine-Site Cash Cost

US$/lb. payable

0.50

Total Cash Cost

US$/lb. payable

1.18

Key Financial Results

 

 

Peak Funding

US$M

848

Remaining Initial Capital Costs

US$M

695

Expansion Capital Costs

US$M

750

LOM Average Mine Site Cash Costs

US$/lb. payable

0.64

LOM Average Total Cash Costs

US$/lb. payable

1.44

Site Operating Costs

US$/t Milled

52.95

After-Tax NPV8%

US$M

6,604

After-Tax IRR   

%

69.0

Project Payback Period

Years

2.5

Project Life

Years

37

 

Table 11 summarizes the financial results and Table 12 summarizes potential mine production and processing statistics.

 

Table 11. Kakula-Kansoko 2020 PFSfinancial results for 7.6-Mtpa production.

 

Net Present Value (US$M)

Discount Rate

Before Taxation

After Taxation

 

Undiscounted

27,805

18,373

 

4.0%

15,562

10,422

 

6.0%

12,179

8,204

 

8.0%

9,757

6,604

 

10.0%

7,967

5,415

 

12.0%

6,608

4,505

Internal Rate of Return

78.5%

69.0%

Project Payback Period (Years)

2.5

2.5

 

 

Table 12. Kakula-Kansoko 2020 PFS average estimated production and processing statistics for 7.6-Mtpa production.

 

Item

Unit

YEARS

1-5

YEARS

1-10

LOM AVERAGE

Total Processed

 

 

 

 

Quantity Milled

kt

5,536

6,568

6,356

Copper Feed Grade

%

6.20

5.87

4.47

Annual Concentrate Produced

 

 

 

 

Copper Concentrate Produced

kt (dry)

542

622

539

Copper Recovery

%

85.6

85.8

86.3

Copper Concentrate Grade

%

54.2

53.3

45.5

Contained Copper in Concentrate

 

 

 

 

Copper

Mlb

648

730

541

Copper

kt

294

331

245

Payable Copper

 

 

 

 

Copper

Mlb

627

706

523

Copper

kt

284

320

237

 

The Kakula concentrator production is shown in Figure 9, and the concentrate and copper production is shown in Figure 10.

 

Figure 9. Kakula-Kansoko 2020 PFSestimated tonnes milled and head grade for the life-of-mine.

Figure by OreWin 2020.

Figure 10. Kakula-Kansoko 2020 PFS estimated concentrate and copper production for the life-of-mine.

Figure by OreWin 2020.

Table 13 summarizes unit operating costs. Table 14 provides a breakdown of revenue and operating costs. Capital costs for the project are detailed in Table 15.

 

Table 13. Kakula-Kansoko 2020 PFS unit operating costs for 7.6-Mtpa production.

 

 

US$/lb. Payable Copper

 

 

YEARS 1-5

YEARS 1-10

LOM AVERAGE

 

Mine Site

0.50

0.55

0.64

 

Transport

0.35

0.35

0.42

 

Treatment & Refining Charges

0.12

0.12

0.13

 

Royalties & Export Tax

0.21

0.22

0.25

 

Total Cash Costs

1.18

1.23

1.44

 

 

 

Table 14. Kakula-Kansoko 2020 PFS estimated revenue and operating costs
for 7.6-Mtpa production.

 

    

TOTAL LOM

YEARS

1-5

YEARS

1-10

LOM AVERAGE

US$M

 

US$/t Milled

Revenue

Copper in Concentrate

  

59,976

  

350.2

  

330.0

  

255.0

Gross Sales Revenue

59,976

350.2

333.0

255.0

Less: Realization Costs  Transport

  

8,106

  

39.1

  

37.8

  

34.5

Treatment & Refining

2,477

13.3

12.8

10.5

Royalties & Export Tax

4,929

24.1

23.4

21.0

Total Realization Costs

15,513

76.6

73.9

66.0

Net Sales Revenue

44,463

273.6

259.0

189.1

Site Operating Costs  Underground Mining

  

8,134

  

35.9

  

38.5

  

34.6

Processing

3,189

13.9

13.4

13.6

General & Administration

1,198

7.6

7.2

5.1

SNEL Discount

-545

-2.4

-2.6

-2.3

Customs

476

2.1

2.2

2.0

Total

12,451

57.1

58.6

52.9

Net Operating Margin

32,012

216.5

200.4

136.1

Net Operating Margin

72.0%

79.1%

77.4%

72.0%

   

Table 15. Kakula-Kansoko 2020 PFS estimated capital investment summary

               for 7.6-Mtpa production.

 

Description

Initial Capital

Expansion Capital

Sustaining Capital

Total

 

US$M

US$M

US$M

US$M

MINING

 

 

 

 

Underground Mining

158

299

1,068

1,525

    Infrastructure and Mobile Equipment

55

60

922

1,036

Capitalized Pre-Production

76

76

Subtotal

289

359

1,990

2,638

POWER

 

 

 

 

Power Supply Off Site

36

36

Subtotal

36

36

CONCENTRATOR & TAILINGS

 

 

 

 

Process Plant

123

128

135

386

Tailings

13

12

240

265

Subtotal

136

139

375

651

INFRASTRUCTURE

 

 

 

 

Surface and Plant Infrastructure

69

101

14

184

Conveyor Kansoko to Kakula

95

95

Subtotal

69

101

109

279

INDIRECTS

 

 

 

 

EPCM

37

24

0

62

Owners Cost

67

50

117

Customs Duties

8

23

89

120

Closure

81

81

Subtotal

113

97

170

380

CAPITAL EXPENDITURE BEFORE CONTINGENCY

642

697

2,644

3,984

Contingency

52

53

183

288

CAPITAL EXPENDITURE AFTER CONTINGENCY

695

750

2,827

4,272

 

 

Note: Initial capital reflects the remaining capital costs to achieve initial production of 3.8 Mtpa, followed by expansion capital to reflect the capital costs to achieve full plant capacity of 7.6 Mtpa.

 

Figure 11. Capital intensity for large-scale global copper projects.

Note: Recently approved, probable and possible projects with nominal copper production capacity in excess of 200 kt/a (based on public disclosure and information gathered in the process of routine research). Kakula-Kansoko is based on the capital costs incurred in 2019, the capital costs incurred in the six months ended June 30, 2020 and the estimated initial and expansion capital costs from July 1, 2020 in the Kakula-Kansoko 2020 PFS. Kakula-Kansoko’s first 10 years’ average annual production of copper in concentrate are considered to be its nominal copper production.

Source: Wood Mackenzie (based on public disclosure, the Kakula-Kansoko 2020 PFS has not been reviewed by Wood Mackenzie).

 

The after-tax NPV sensitivity to copper price variation is shown in Table 16 for copper prices from US$2.00/lb. to US$4.50/lb. The annual and cumulative real cash flows are shown in Figure 11.

 

Table 16. Kakula-Kansoko 2020 PFS copper price sensitivity.

 

After Tax NPV (US$M)

Copper Price - US$/lb.

Discount Rate

2.00

2.50

3.00

3.10

3.50

4.00

4.50

Undiscounted

4,758

10,753

17,101

18,373

23,487

29,393

33,873

4.0%

2,847

6,181

9,714

10,422

13,275

16,560

19,031

6.0%

2,241

4,871

7,648

8,204

10,448

13,026

14,957

8.0%

1,774

3,911

6,156

6,604

8,419

10,498

12,047

10.0%

1,409

3,188

5,044

5,415

6,915

8,631

9,902

12.0%

1,117

2,629

4,194

4,505

5,770

7,212

8,274

15.0%

781

2,000

3,247

3,495

4,501

5,644

6,480

IRR

29.5%

49.2%

66.0%

69.0%

81.0%

93.0%

99.8%

 

 

Figure 12. Kakula-Kansoko 2020 PFS projected real annual and cumulative cash flow.

Figure by OreWin 2020.

 

Note: Figure 12 is shown on a nominal basis, including inflation, in Appendix B.

 

The Kamoa-Kakula Project 2020 Mineral Reserve includes the ore from both the Kakula Mine and Kansoko Mine. The tonnes and grades were calculated for the mining blocks, and allowances for unplanned dilution and mining recovery were applied to calculate the Mineral Reserve Statement.The effective date of the Mineral Reserve statement is September 8, 2020.

 

Table 17. Kamoa-Kakula Project 2020 Mineral Reserve

Classification

Ore (Mt)

Copper (%)

Copper

Copper

(Contained Mlb)

(Contained kt)

Proven Kakula Mineral Reserve

Probable Kakula Mineral Reserve

110

5.22

12,665

5,745

Proven Kansoko Mineral Reserve

Probable Kansoko Mineral Reserve

125

3.81

10,525

4,774

Proven Kamoa-Kakula Mineral Reserve

Probable Kamoa-Kakula Mineral Reserve

235

4.47

23,190

10,519

 

Notes to accompany Kamoa-Kakula Project 2020 Mineral Reserve table:

 

  1. The real long term copper price used for calculating the financial analysis is US$3.10/lb. The analysis has been calculated with assumptions for smelter refining and treatment charges, deductions and payment terms, concentrate transport, metallurgical recoveries, and royalties.
  2. For mine planning, the copper price used to calculate block model Net Smelter Returns (NSRs) was US$3.00/lb. for Kansoko and US$3.10/lb. for Kakula.
  3. An elevated cut-off of US$100.00/t NSR was used to define the stoping blocks. A marginal cut-off of US$80.00/t NSR was used to define ore and waste. 
  4. Indicated Mineral Resources were used to report Probable Mineral Reserves. 
  5. Tonnage and grade estimates include dilution and recovery allowances.
  6. The Mineral Reserves reported above are not additive to the Mineral Resources.

 

 

Expanded 19-Mtpa development scenario for the Kakula and Kamoa deposits

 

The Kamoa-Kakula 2020 PEA also assesses an additional development option of mining several deposits on the Kamoa-Kakula Project as an integrated, 19-Mtpa mining, processing and smelting complex, built in multiple stages. This scenario envisages the construction and operation of three separate mines: first, an initial 6-Mtpa mining operation would be established at the Kakula Mine on the Kakula Deposit; this is followed by a subsequent, separate 6-Mtpa mining operation at the Kansoko Mine, where two crews are working already; a third 6-Mtpa mine then will be established at the Kakula West Mine, in addition to a fourth initial mine in the Kamoa North area operating initially at 1 Mtpa. The processing plant is constructed in five modules of 3.8 Mtpa, with an ultimate capacity of 19 Mtpa.

 

As the resources at the Kakula, Kansoko and Kakula West mines are mined out, production would begin sequentially at five other mines in the Kamoa North area to maintain throughput of 19 Mtpa to the then existing concentrator and smelter complex, as illustrated in Figure 1.

 

Each mining operation is expected to be a separate underground mine with a shared processing facility and surface infrastructure located at Kakula. Material will be transported to the Kakula processing complex by a system of overland conveyors. Included in this scenario is the construction of a direct-to-blister copper smelter with a capacity of one million tonnes of copper concentrate per annum.

 

The Kamoa-Kakula 2020 PEA is preliminary in nature and includes an economic analysis that is based, in part, on Inferred Mineral Resources. Inferred Mineral Resources are considered too speculative geologically for the application of economic considerations that would allow them to be categorized as Mineral Reserves – and there is no certainty that the results will be realized. Mineral Resources do not have demonstrated economic viability and are not Mineral Reserves.

 

Ultra-high-grade drill core, comprised almost entirely of chalcocite, from a hole drilled at Kamoa North. Kamoa North is an important source of high-grade ore in Kamoa-Kakula’s expanded 19 Mtpa development scenario. Chalcocite has the greatest percentage of copper of all the common sulphide-copper-bearing minerals ─ almost 80% copper by weight.

Summary of the PEA’s key results for the 19-Mtpa development scenario

 

  1. Very-high-grade initial phase projected to have a grade of 6.8% copper in the first year of production and an average grade of 5.1% copper during the first 10 years of operations, resulting in estimated average annual copper production of 501,000 tonnes.

 

  1. Recovered copper production is estimated at805,000 tonnes in year 8, which would rank the Kamoa-Kakula Project as the second largest copper producer in the world.

 

  1. Remaining initial capital cost, including contingency, is US$0.71 billion, with subsequent expansions at Kansoko, Kakula West, and other mining areas, as well as the smelter, to be fundedbycash flows from the Kakula Mine.

 

  1. Average total cash costs of US$1.07/lb. copper during the first 10 years, including sulphuric acid credits.

 

  1. After-tax NPV, at an 8% discount rate, of US$11.1 billion.

 

  1. After-tax IRR of 56.2% and a payback period of 3.6 years.

 

Kamoa-Kakula isproud of its talented team of Congolese women − includingMichelineKyenge, Mine Geologist − inspecting a sample of the ultra-high-grade fine-grained, gray-coloured chalcociteKakula'spredominant type of ore.

Minty Cai, Kamoa Copper’s Co-Chief Financial Officer, beside the run-of-mine (ROM) conveyor system under construction near Kakula’s main (northern) decline, which will transport ore from the ROM stockpile to the crushing and screening plant.

Key results of this potential development scenario are summarized in tables 18, 19, 20 and 21, and figures 13 & 14.

Table 18. 19-Mtpa Kamoa-Kakula 2020 PEA results summary.

 

Item

Unit

Total

Total Processed

 

 

Quantity Milled

kt

597,621

Copper Feed Grade

%

3.63

Total Concentrate Produced

 

 

Copper Concentrate Produced

kt (dry)

42,818

Copper Concentrate - External Smelter

kt (dry)

11,944

Copper Concentrate - Internal Smelter

kt (dry)

30,874

Copper Recovery

%

86.42

Copper Concentrate Grade

%

43.76

Cont. Copper in Conc. - External Smelter

Mlb

13,251

Cont. Copper in Conc. - External Smelter

kt

6,010

Cont. Copper in Blister - Internal Smelter

Mlb

27,641

Cont. Copper in Blister - Internal Smelter

kt

12,538

Peak Annual Recovered Copper Production

kt

805

10 Year Average

 

 

Copper Feed Grade

%

5.13

Copper Concentrate Produced

kt (dry)

1,043

Cont. Copper in Conc. - External Smelter

kt

248

Cont. Copper in Blister - Internal Smelter

kt

253

Mine Site Cash Cost (Including Smelter)

US$/lb. payable

0.65

Total Cash Cost (After Credits)

US$/lb. payable

1.07

Key Financial Results

 

 

Peak Funding

US$M

784

Remaining Initial Capital Costs

US$M

715

Expansion Capital Costs

US$M

4,461

Sustaining Capital Costs

US$M

11,958

LOM Avg. Mine Site Cash Cost (Including Smelter)

US$/lb. payable

0.92

LOM Avg. Total Cash Costs (After Credits)

US$/lb. payable

1.28

Site Operating Costs

US$/t Milled

62.44

After-Tax NPV8%

US$M

11,117

After-Tax IRR   

%

56.2

Project Payback

Years

3.6

Project Life

Years

43

 

 

 

 

 

 

 

 

Table 19. 19-Mtpa Kamoa-Kakula 2020 PEA unit operating costs.

 

 

US$/lb. Payable Copper

 

YEARS 1-5

YEARS 1-10

LOM AVERAGE

Mine Site (ex-Smelter)

0.56

0.57

0.81

Smelter

0.04

0.08

0.11

Transport

0.29

0.24

0.23

Treatment & Refining Charges

0.10

0.08

0.07

Royalties & Export Tax

0.19

0.18

0.17

Total Cash Costs Before Credits

1.18

1.15

1.40

Sulphuric Acid Credits1

0.04

0.09

0.12

Total Cash Costs After Credits

1.14

1.07

1.28

  1. Assumes a sulphuric acid price of US$200 per tonne.

 

Members of the Kakula kitchen staff preparing fresh fruits and vegetables; all of which were grown locally in community-run gardens, then sold to the Kamoa-Kakula Project. Another example of the Kamoa-Kakula Sustainable Livelihoods Program supporting economic diversification in surrounding communities.

Table 20. Kamoa-Kakula 2020 PEA estimated capital investment summary for 19-Mtpa production

 

Description

Initial Capital

Expansion Capital

Sustaining Capital

Total

 

US$M

US$M

US$M

US$M

MINING

 

 

 

 

Underground Mining

156

995

5,620

6,772

    Infrastructure and Mobile Equipment

68

299

2,251

2,618

Capitalized Pre-Production

78

78

Subtotal

302

1,295

7,872

9,468

POWER & SMELTER

 

 

 

 

Smelter

635

368

1,003

Power Supply Off Site

36

36

Subtotal

36

635

368

1,039

CONCENTRATOR & TAILINGS

 

 

 

 

Process Plant

124

646

345

1,115

Tailings

15

26

550

591

Subtotal

139

672

895

1,706

INFRASTRUCTURE

 

 

 

 

Surface and Plant Infrastructure

69

889

823

1,781

Overland Conveyors

118

66

183

Rail

72

84

156

Subtotal

69

1,079

973

2,120

INDIRECTS

 

 

 

 

EPCM

37

111

35

184

Owners Cost

70

63

132

Customs Duties

9

137

361

507

Closure

308

308

Subtotal

116

311

704

1,130

CAPITAL EXPENDITURE BEFORE CONTINGENCY

661

3,991

10,811

15,464

Contingency

53

470

1,147

1,670

CAPITAL EXPENDITURE AFTER CONTINGENCY

715

4,461

11,958

17,134

 

 

Note: Initial capital reflects the remaining capital costs, from July 1, 2020, to achieve initial production of 3.8 Mtpa, followed by expansion capital to reflect the capital costs to achieve full processing capacity of 19 Mtpa.

 

 

Table 21. 19-Mtpa Kamoa-Kakula 2020 PEA copper price sensitivity.

 

After Tax NPV (US$M)

Copper Price - US$/lb.

Discount Rate

2.00

2.50

3.00

3.10

3.50

4.00

4.50

Undiscounted

8,839

21,888

35,185

37,844

48,517

60,961

70,509

4.0%

4,620

11,251

18,056

19,416

24,876

31,243

36,089

6.0%

3,351

8,357

13,495

14,520

18,640

23,446

27,089

8.0%

2,422

6,323

10,320

11,117

14,318

18,054

20,876

10.0%

1,733

4,855

8,046

8,681

11,231

14,210

16,453

12.0%

1,213

3,771

6,374

6,891

8,968

11,393

13,214

15.0%

655

2,619

4,603

4,996

6,573

8,416

9,794

IRR

21.1%

37.8%

53.2%

56.2%

67.3%

79.9%

89.0%

 

 

 

Petr Valicek, Kamoa’s Senior Engineering Manager, shows off a section of the new highway that provides Kamoa-Kakula with a direct, high-quality connection to the national road system at Kolwezi. The 34-kilometre, east-west highway has significantly improved Kamoa-Kakula’s transportation corridor used to bring mining equipment and construction materials to site, and also to transport out copper concentrates. 

 

Figure 13. 19-Mtpa Kamoa-Kakula 2020 PEA scenario mill feed and grade profile.

Figure by OreWin 2020.

Figure 14. 19-Mtpa Kamoa-Kakula 2020 PEA scenario concentrate and copper production.

Figure by OreWin 2020

Figure 15. Projected 19-Mtpa Kamoa-Kakula PEA production (year-8 peak copper production shown) compared to the world’s projected top 20 producing mines in 2025 by paid copper production.

Note: Kamoa-Kakula 2020 PEA production based on projected peak copper production (which occurs in year 8) of the 19-Mtpa alternative development option.

Source: Wood Mackenzie (based on public disclosure, the Kamoa-Kakula 2020 PEA has not been reviewed by Wood Mackenzie).

 

Mbali Nkwali, Kamoa-Kakula Business Analyst, at the project’s state-of-the-art training centre that is being used to train a new generation of skilled Congolese tradespeople.

Figure 16. Nominal production and head grade of the world’s top 10 largest new greenfield projects.

Note: Top 10 largest new greenfield copper projects defined as the 10 largest greenfield copper projects classified by Wood Mackenzie as “base case” or “probable” and ranked by nominal copper production (with the Kamoa-Kakula 2020 PEA and Kakula 2020 DFS’s respective first 10 years’ average annual production of copper in concentrate considered to be its nominal copper production).

Source: Wood Mackenzie, USGS (based on public disclosure, the Kamoa-Kakula 2020 PEA and Kakula 2020 DFS have not been reviewed by Wood Mackenzie).

 

Direct-to-Blister Flash (DBF) smelter included in expanded PEA case

 

The Kamoa-Kakula 2020 PEA also includes the construction of a smelter complex, based on Finland-based Outotec’s direct-to-blister furnace technology which is suitable for treating Kakula-type concentrates with relatively high copper/sulphur ratio, and low iron. China Nerin Engineering acted as the main engineering consultant with Outotec providing design and costing for propriety equipment, including the DBF furnace, waste heat boiler, and the slag cleaning electric furnace. The smelter design capacity is 1,000 ktpa of concentrate feed, producing in excess of 500 ktpa copper in the form of blister and anode.

 

Concentrate is first dried in a steam dryer and sent to the DBF where it is smelted in the reaction shaft with oxygen-enriched air to produce molten slag containing oxide minerals, blister copper and sulphur-dioxide (SO2) rich off-gas. The oxidation reactions provide a portion of the heat required to melt the charge, with external fuel (in the form of pulverized coal and fuel oil) used to supplement the energy demand. Molten slag and blister copper collect in the DBF settler and are intermittently tapped (drained from the furnace) via dedicated tapholes. DBF slag, still containing appreciable amounts of copper, is further treated using metallurgical grade coke in an electric slag cleaning furnace (SCF) to recover oxidized copper in the form of blister. The SCF slag is slow cooled, crushed, milled and processed by flotation to recover residual copper in the form of slag concentrate, which is recycled back to the DBF. The SO2-rich off-gas is de-dusted, dried and sent to a double-contact-double-adsorption acid plant for production of high strength sulphuric acid that is sold to the local market.

 

An on-site smelter offers numerous cost savings, including treatment charges, certain taxes and transportation costs. In addition, the sale of the sulphuric acid by-product would generate additional revenue. Sulphuric acid is in short supply in the DRC, and is imported for use in processing ore from oxide copper deposits.

 

Qualified persons

 

The following companies have undertaken work in preparation of the Kamoa-Kakula IDP20 which includes the Kakula 2020 DFS, Kakula-Kansoko 2020 PFS and Kamoa-Kakula 2020 PEA:

  • OreWin of Adelaide, Australia – Overall report preparation, mining, logistics, power and economic analysis.
  • China Nerin Engineering Co. of Jiangxi, China – Smelter design.
  • DRA Global of Johannesburg, South Africa – Mine surface infrastructure and metallurgical processing.
  • Epoch Resources of Johannesburg, South Africa– Tailings Storage Facility design.
  • Golder Associates Africa of Midrand, South Africa – Hydrology models and recommendations.
  • KGHM Cuprum of Wrocław, Poland – Technical advisor on certain mining methods and geotechnical.
  • Outotec Oyj of Helsinki, Finland – Smelter technology.
  • Paterson and Cooke of Cape Town, South Africa – Paste Backfill Plant design and Surface / Underground paste distribution system.
  • SRK Consulting of Cape Town, South Africa – Mine geotechnical recommendations.
  • Stantec Consulting of Phoenix, USA – Mining and Mineral Reserves.
  • Wood Group (formerly Amec Foster Wheeler) of Reno, USA – Mineral Resource estimation.

 

The independent Qualified Persons responsible for preparing the Kakula 2020 DFS, Kakula-Kansoko 2020 PFS and Kamoa-Kakula 2020 PEA, on which the technical report will be based, are Bernard Peters (OreWin); Gordon Seibel (Wood Group, formerly Amec Foster Wheeler); Marius Phillips (DRA Global); Alwyn Scholz (DRA Global); William Joughin (SRK); and Jon Treen (Stantec). Each Qualified Person has reviewed and approved the information in this news release relevant to the portion of the Kakula 2020 DFS, Kakula-Kansoko 2020 PFS and Kamoa-Kakula 2020 PEA for which they are responsible.

 

Other scientific and technical information in this news release has been reviewed and approved by Stephen Torr, P.Geo., Ivanhoe Mines’ Vice President, Project Geology and Evaluation, a Qualified Person under the terms of National Instrument 43-101. Mr. Torr is not independent of Ivanhoe Mines. Mr. Torr has verified the technical data disclosed in this news release.

 

Wood Mackenzie of Edinburgh, Scotland, provided data based on public disclosure of comparable copper projects for the compilation of certain figures used in this release; however, Wood Mackenzie did not review the Kakula 2020 DFS, Kakula-Kansoko 2020 PFS or Kamoa-Kakula 2020 PEA.

 

Data verification and quality control and assurance

Amec Foster Wheeler, a Wood company (Wood), reviewed the sample chain of custody, quality assurance and control procedures, and qualifications of analytical laboratories. Wood is of the opinion that the procedures and QA/QC control are acceptable to support Mineral Resource estimation. Wood also audited the assay database, core logging, and geological interpretations on a number of occasions between 2009 and 2020, and has found no material issues with the data as a result of these audits.

In the opinion of the Wood Qualified Persons, the data verification programs undertaken on the data collected from the Kamoa-Kakula Project support the geological interpretations. The analytical and database quality and the data collected can support Mineral Resource estimation.

Ivanhoe Mines maintains a comprehensive chain of custody and QA/QC program on assays from its Kamoa Kakula Copper Project. Half-sawn core is processed at its on-site preparation laboratory in Kamoa, prepared samples then are shipped by secure courier to Bureau Veritas Minerals (BVM) Laboratories in Australia, an ISO17025 accredited facility. Copper assays are determined at BVM by mixed-acid digestion with ICP finish. Industry-standard certified reference materials and blanks are inserted into the sample stream prior to dispatch to BVM.

 

For detailed information about assay methods and data verification measures used to support the scientific and technical information, please refer to the Kamoa-Kakula 2020 Resource Update, March 2020 technical report available on the SEDAR profile of Ivanhoe Mines at www.sedar.com or under technical reports on the Ivanhoe Mines website at www.ivanhoemines.com.

 

Study Assumptions Regarding the 2018 DRC Mining Code

The Kakula 2020 DFS, Kakula-Kansoko 2020 PFS and Kamoa-Kakula 2020 PEA have all been prepared on the assumption that the 2018 DRC Mining Code applies to the project, including the super profits tax that was introduced by that code in 2018.

 

As Ivanhoe Mines originally disclosed in March 2018, it and other mining industry participants had expressed concerns to the DRC government regarding the implementation of the 2018 Mining Code. In particular, Ivanhoe Mines sought, and continues to seek, assurances from the DRC government that it will honour the clear guarantee of stability contained in Article 276 of the former 2002 Mining Code. The stability guarantee states as a matter of law that holders of DRC exploration and exploitation permits would continue to benefit from rights granted under the 2002 mining code “for a period of 10 years” after the implementation of any legislated amendment, which includes the 2018 Mining Code.

 

Ivanhoe Mines' investments in the DRC were made on the basis that it would have the benefit of the stability clause, and as a result the Kamoa-Kakula Project would not be exposed to changes, including the super profits tax, for 10 years following any legislative change. In particular, the stability clause permitted an investment decision to be justified at copper prices less than US$3.00/lb., whereas with the 2018 Mining Code changes, a higher copper price, indexed to inflation, would be needed to offset the 2018 changes and loss of the protection of the Article 276 stability clause. Ivanhoe considers a nominal, inflated copper price above US$3.10/lb. as the basis for determining the super profits tax, should it ultimately be unsuccessful in securing the continued benefit of the stability clause.

 

Submissions have been made by Ivanhoe Mines and other mining industry participants which seek to address and resolve the stability arrangements and other items of concern with the 2018 Mining Code. While meetings have been held among Ivanhoe Mines, mining industry representatives and members of the current and former DRC governments, including the President, the concerns surrounding the 2018 Mining Code have not been resolved. Further discussions have been delayed, in part, due to the ongoing COVID-19 pandemic, and accordingly, these studies assume the applicability of the 2018 Mining Code. However, once these issues are resolved, Ivanhoe Mines may revise the results of these studies to take that resolution into account, which Ivanhoe Mines expects would include the continued applicability of the stability clause of the 2002 Mining Code.

 

About Ivanhoe Mines

 

Ivanhoe Mines is a Canadian mining company focused on advancing its three principal joint-venture projects in Southern Africa: the development of major new, mechanized, underground mines at the Kamoa-Kakula discoveries in the Democratic Republic of Congo (DRC) and at the Platreef palladium-platinum-nickel-copper-rhodium-gold discovery in South Africa; and the extensive redevelopment and upgrading of the historic Kipushi zinc-copper-germanium-silver mine, also in the DRC. Kamoa-Kakula and Kipushi will be powered by clean, renewable hydroelectricity and will be among the world’s lowest greenhouse gas emitters per unit of metal produced. Ivanhoe also is exploring for new copper discoveries on its wholly-owned Western Foreland exploration licences in the DRC, near the Kamoa-Kakula Project.Aerial view of the Mwadingusha hydro-electric power plant showing the new penstocks. The upgrading of the Mwadingusha facility is a key part of Kamoa-Kakula’s goal of producing the world’s greenest copper.

 

Information contacts

Investors: Bill Trenaman +1.604.331.9834 / Media: Matthew Keevil +1.604. 558.1034

 

Cautionary statement on forward-looking information

Certain statements in this release constitute “forward-looking statements” or “forward-looking information” within the meaning of applicable securities laws, including without limitation: (i) the results of the Kakula 2020 DFS, the Kakula-Kansoko 2020 PFS and the Kamoa-Kakula 2020 PEA, including the development of a 6-Mtpa operation at Kakula, a 7.6-Mtpa operation at Kakula-Kansoko and an expanded 19-Mtpa operation at Kamoa-Kakula; (ii) statements regarding the construction of the mine at any of the deposits; (iii) the construction of a direct-to-blister flash copper smelter with a capacity of one million tonnes of copper concentrate; (iv) the development of mines at Kamoa North; and (v) mining at Kakula to be primarily using the drift-and-fill method; and (vi) the design and specifications of the Kakula concentrator.

Such statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Ivanhoe Mines, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as “may”, “would”, “could”, “will”, “intend”, “expect”, “believe”, “plan”, “anticipate”, “estimate”, “scheduled”, “forecast”, “predict” and other similar terminology, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. These statements reflect the Ivanhoe Mine’s current expectations regarding future events, performance and results and speak only as of the date of this news release.

As well, all of the results of the Kakula 2020 DFS, the Kakula-Kansoko 2020 PFS and the Kamoa-Kakula 2020 PEA constitute forward-looking information or statements, including estimates of internal rates of return after-tax of 77.0% (Kakula), 69.0% (Kakula-Kansoko) and 56.2% (Kamoa-Kakula) with payback periods of 2.3 years, 2.5 years and 3.6 years respectively; net present values including a Kakula project NPV at an 8% discount rate of US$5.5 billion, a Kakula-Kansoko project NPV at an 8% discount rate of US$6.6 billion and a Kamoa-Kakula project NPV at an 8% discount rate of US$11.1 billion; future production forecasts and projects, including first 10 years average annual production of 284,000 tonnes of copper and up to 366,000 tonnes of copper by year four at Kakula, first 10 years average annual production of 331,000 tonnes of copper and up to 427,000 tonnes of copper by year four at Kakula-Kansoko and first 10 years average annual production of 501,000 tonnes of copper and 805,000 tonnes of copper by year 8 at Kamoa-Kakula; estimates of first 10 years cash cost including mine site cash cost of US$0.52 per pound at total cash cost of US $1.16 per pound at Kakula, estimates of first 10 years cash cost including mine site cash cost of US$0.55 per pound at total cash cost of US $1.23 per pound at Kakula-Kansoko and estimates of first 10 years cash cost including mine site cash cost of US$0.57 per pound at total cash cost of US $1.07 per pound at Kamoa-Kakula; mine life estimates, including a 21 year mine life at Kakula, a 37 year mine life at Kakula-Kansoko and a 43 year mine life at Kamoa-Kakula; remaining initial capital costs at Kakula of US$0.65 billion, Kakula-Kansoko of US$0.7 billion and Kamoa-Kakula of US$0.7 billion; average copper grades of 6.2% at Kakula, 5.9% at Kakula-Kansoko and 5.1% at Kamoa-Kakula during the first 10 years of operations; cash flow forecasts; estimates of copper recoveries of 85.2% at Kakula, 86.3% at Kakula-Kansoko and 86.4% at Kamoa-Kakula.

Furthermore, with respect to this specific forward-looking information concerning the development scenarios for the Kamoa-Kakula Copper Project, Ivanhoe Mines has based its assumptions and analysis on certain factors that are inherently uncertain. Uncertainties include among others: (i) the adequacy of infrastructure (including the rehabilitation of the Koni and Mwadingusha, and accessibility and viability of rail links); (ii) unforeseen changes in geological characteristics; (iii) changes in the metallurgical characteristics of the mineralization; (iv) the ability to develop adequate processing capacity; (v) the price of copper; (vi) the availability of equipment and facilities necessary to complete development; (vii) the size of future processing plants and future mining rates; (viii) the cost of consumables and mining and processing equipment; (ix) unforeseen technological and engineering problems; (x) accidents or acts of sabotage or terrorism; (xi) currency fluctuations; (xii) changes in laws or regulations; (xiii) the availability and productivity of skilled labour; (xiv) the regulation of the mining industry by various governmental agencies; (xv) political factors, including political stability; (xvi) the availability of financing; and (xvii) the completion of the railway upgrade between Kolwezi and Dilolo.

This release also contains references to estimates of Mineral Resources and Mineral Reserves. The estimation of Mineral Resources and Mineral Reserves is inherently uncertain and involves subjective judgments about many relevant factors. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The accuracy of any such estimates is a function of the quantity and quality of available data, and of the assumptions made and judgments used in engineering and geological interpretation (including estimated future production from the Kamoa-Kakula Copper Project, the anticipated tonnages and grades that will be mined and the estimated level of recovery that will be realized), which may prove to be unreliable and depend, to a certain extent, upon the analysis of drilling results and statistical inferences that may ultimately prove to be inaccurate. Mineral Resource or Mineral Reserve estimates may have to be re-estimated based on: (i) fluctuations in copper price; (ii) results of drilling, (iii) the results of metallurgical testing and other studies, including their subsequent refinement and updating; (iv) proposed mining operations, including dilution; (v) the evaluation of mine plans subsequent to the date of any estimates; (vi) changes in mining or other costs, and (vii) the possible failure to receive required permits, approvals and licenses or changes to existing mining licences.

 

Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indicators of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed here, as well as unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts with Ivanhoe Mines and its subsidiaries to perform as agreed; social, political or labour unrest; changes in commodity prices (and copper in particular); limitations and availability of capital; and the failure of exploration programs or studies to deliver anticipated results (including the actual results of drilling and exploration activities), or results that would justify and support continued exploration, studies, development or operations.

Although the forward-looking statements contained in this release are based upon what management of Ivanhoe Mines believes are reasonable assumptions, Ivanhoe Mines cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, Ivanhoe Mines does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this release.

The company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of the factors set forth in the “Risk Factors” section in the company’s Q2 2020 MD&A and its current annual information form.

 

Appendix A – 2020 Kamoa and Kakula Mineral Resource tables,                               and sensitivity of Mineral Resources to cut-off grade tables.

 

Table 22. Kamoa Indicated and Inferred Mineral Resource

                (at 1% total copper (TCu) cut-off grade).

 

Category

Tonnage
(Mt)

Area
(km
2)

Copper
(%)

Vertical Thickness
(m)

Contained Copper
(kt)

Contained Copper
(billion lbs)

Indicated

760

55.2

2.73

5.0

20,800

45.8

Inferred

235

21.8

1.70

4.0

4,010

8.8

 

  1. Ivanhoe’s Vice President, Resources George Gilchrist, a Fellow of the Geology Society of South Africa and Professional Natural Scientist (Pr. Sci. Nat) with the South African Council for Natural Scientific Professions (SACNASP), estimated the Mineral Resources under the supervision of Gordon Seibel, a Registered Member (RM) of the Society for Mining, Metallurgy and Exploration (SME), employee of Wood, who is the Qualified Person for the Mineral Resource estimate. The effective date of the estimate is 30 January 2020 and the cut-off date for drill data is 20 January 2020. Mineral Resources are reported using the CIM 2014 Definition Standards for Mineral Resources and Mineral Reserves. Mineral Resources are reported on a 100% basis. Ivanhoe holds an indirect 39.6% interest in the Project. Mineral Resources are reported inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
  2. Mineral Resources are reported using a total copper (TCu) cut-off grade of 1% TCu and a minimum vertical thickness of 3 m. There are reasonable prospects for eventual economic extraction under assumptions of a copper price of US$3.00/lb., employment of underground mechanized room-and-pillar and drift-and-fill mining methods, and that copper concentrates will be produced and sold to a smelter. Mining costs are assumed to be US$27/t. Concentrator, tailings treatment, and general and administrative costs (G&A) are assumed to be US$17/t. Metallurgical recoveries are expected to average 84% (86% for hypogene and 81% for supergene). At a 1% TCu cut-off grade, assumed net smelter returns for 100% of Mineral Resource blocks will cover processing, tailings treatment and G&A costs.
  3. Reported Mineral Resources contain no allowances for hangingwall or footwall contact boundary loss and dilution. No mining recovery has been applied.
  4. Depth of mineralization below the surface ranges from 10 m to 1,320 m for Indicated Mineral Resources and 20 m to 1,560 m for Inferred Mineral Resources.
  5. Approximate drillhole spacings are 800 m for Inferred Mineral Resources and 400 m for Indicated Mineral Resources.
  6. Rounding as required by reporting guidelines may result in apparent summation differences between tonnes, grade and contained metal content.

 

Table 23. Kakula Indicated and Inferred Mineral Resource

                (at 1% Total Copper (TCu) cut-off grade).

 

Category

Tonnage (Mt)

Area (km2)

Copper (%)

Vertical Thickness (m)

Contained Copper (kt)

Contained Copper
(billion lbs)

Indicated

627

21.7

2.74

10.3

17,200

37.9

Inferred

104

5.6

1.61

6.7

1,680

3.7

 

  1. Ivanhoe’s Vice President, Resources George Gilchrist, a Fellow of the Geology Society of South Africa and Professional Natural Scientist (Pr. Sci. Nat) with the South African Council for Natural Scientific Professions (SACNASP), estimated the Mineral Resources under the supervision of Gordon Seibel, a Registered Member (RM) of the Society for Mining, Metallurgy and Exploration (SME), employee of Wood, who is the Qualified Person for the Mineral Resources. The Mineral Resources were estimated as of 10 November 2018 and the cut-off date for the drill data is 1 November 2018. On 10 February 2020, the inputs used in assessing reasonable prospects of eventual extraction and the drill data inputs were reviewed to ensure the estimate remained current. There are no changes to the estimate as a result of the review, and the estimate has an effective date of 10 February 2020. Mineral Resources are reported using the CIM 2014 Definition Standards for Mineral Resources and Mineral Reserves. Mineral Resources are reported on a 100% basis. Ivanhoe holds an indirect 39.6% interest in the Project. Mineral Resources are reported inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
  2. Mineral Resources are reported using a total copper (TCu) cut-off grade of 1% TCu and a minimum vertical thickness of 3 m. There are reasonable prospects for eventual economic extraction under assumptions of a copper price of US$3.10/lb., employment of underground, mechanized, room-and-pillar and drift-and-fill mining methods, and that copper concentrates will be produced and sold to a smelter. Mining costs are assumed to be US$34/t. Concentrator, tailings treatment and general and administrative (G&A) costs are assumed to be US$20/t. Metallurgical recovery is assumed to average 83%. Ivanhoe is studying reducing mining costs using a controlled convergence room-and-pillar method. At a 1% TCu cut-off grade, assumed net smelter returns for 100% of Mineral Resource blocks will cover concentrator, tailings treatment and G&A costs.
  3. Reported Mineral Resources contain no allowances for hangingwall or footwall contact boundary loss and dilution. No mining recovery has been applied.
  4. Approximate drillhole spacings are 800 m for Inferred Mineral Resources and 400 m for Indicated Mineral Resources.
  5. Rounding as required by reporting guidelines may result in apparent differences between tonnes, grade and contained metal content.

 

Table 24. Kamoa sensitivity of Mineral Resources to cut-off grade.

 

Indicated Mineral Resource

Cutoff (% Cu)

Tonnage (Mt)

Area
(km
2)

Copper
(%)

Vertical Thickness (m)

Contained Copper
(kt)

Contained Copper (billion lbs)

5.0

44

4.5

6.14

3.5

2,690

5.9

4.5

67

6.7

5.65

3.6

3,800

8.4

4.0

107

10.4

5.13

3.7

5,490

12.1

3.5

171

16.4

4.61

3.7

7,890

17.4

3.0

256

24.0

4.15

3.8

10,700

23.5

2.5

369

32.8

3.73

4.1

13,700

30.3

2.0

504

41.5

3.33

4.4

16,800

37.0

1.5

655

49.4

2.97

4.8

19,400

42.8

1.0

760

55.2

2.73

5.0

20,800

45.8

0.5

1,185

59.4

1.99

7.3

23,600

52.0

Inferred Mineral Resource

4.0

1

0.1

5.47

3.4

55

0.1

3.5

4

0.5

4.12

3.1

177

0.4

3.0

13

1.5

3.51

3.1

441

1.0

2.5

30

3.5

3.08

3.0

910

2.0

2.0

58

6.5

2.66

3.2

1,540

3.4

1.5

113

11.9

2.20

3.4

2,480

5.5

1.0

235

21.8

1.70

4.0

4,010

8.8

0.5

680

31.4

1.01

8.0

6,860

15.1

 

The footnotes to Table 22 also apply to this table. Mineral Resources reported in Table 22 and Table 23 are not additive to this table.

Table 25. Kakula sensitivity of Mineral Resources to cut-off grade.

 

Indicated Mineral Resource

Cutoff (% Cu)

Tonnage
(Mt)

Area
(km
2)

Copper
(%)

Vertical Thickness (m)

Contained Copper
(kt)

Contained Copper
(billion lbs)

5.0

77

5.9

7.48

4.5

5,730

12.6

4.5

91

7.0

7.04

4.5

6,440

14.2

4.0

109

8.3

6.58

4.6

7,200

15.9

3.5

132

9.9

6.09

4.7

8,060

17.8

3.0

167

11.8

5.50

5.0

9,180

20.2

2.5

218

14.3

4.85

5.4

10,600

23.3

2.0

318

17.5

4.02

6.5

12,800

28.2

1.5

435

19.6

3.41

7.9

14,900

32.7

1.0

627

21.7

2.74

10.3

17,200

37.9

0.5

939

22.6

2.08

14.9

19,500

43.0

Inferred Mineral Resource

4.0

1

0.1

4.41

3.3

33

0.1

3.5

2

0.2

4.04

3.6

67

0.1

3.0

5

0.4

3.52

3.9

168

0.4

2.5

10

1.0

3.10

3.7

324

0.7

2.0

22

2.0

2.64

3.9

583

1.3

1.5

45

3.7

2.18

4.3

974

2.1

1.0

104

5.6

1.61

6.7

1,680

3.7

0.5

257

7.9

1.08

11.7

2,770

6.1

 

The footnotes to Table 23 also apply to this table. Mineral Resources reported in Table 22 and Table 23 are not additive to this table.

 

Table 26. Kamoa and Kakula sensitivity of Mineral Resources to cut-off grade.

 

Indicated Mineral Resource

Cutoff (% Cu)

Tonnage (Mt)

Area (km2)

Copper (%)

Vertical Thickness (m)

Contained Copper (kt)

Contained Copper (billion lbs)

5.0

120

10.4

6.99

4.1

8,420

18.6

4.5

159

13.7

6.45

4.1

10,200

22.6

4.0

217

18.7

5.86

4.1

12,700

28.0

3.5

304

26.3

5.25

4.1

16,000

35.2

3.0

423

35.8

4.68

4.2

19,900

43.7

2.5

587

47.1

4.14

4.5

24,300

53.6

2.0

823

59.0

3.60

5.0

29,600

65.3

1.5

1,090

69.0

3.15

5.7

34,300

75.6

1.0

1,387

77.0

2.74

6.5

38,000

83.7

0.5

2,123

82.0

2.03

9.4

43,100

95.0

Inferred Mineral Resource

4.0

2

0.2

5.02

3.4

88

0.2

3.5

6

0.6

4.10

3.2

244

0.5

3.0

17

1.9

3.51

3.2

609

1.3

2.5

40

4.5

3.08

3.2

1,230

2.7

2.0

80

8.5

2.66

3.4

2,120

4.7

1.5

157

15.6

2.19

3.6

3,450

7.6

1.0

339

27.4

1.68

4.5

5,690

12.5

0.5

937

39.3

1.03

8.7

9,630

21.2

 

The footnotes to Table 23 also apply to this table. This table is not additive to Table 22, Table 23, Table 24 and Table 25 are not additive to this table.

Appendix B – Copper price assumptions in real and nominal terms and projected annual and cumulative cash flow for the Kakula 2020 DFS and the Kakula-Kansoko 2020 PFS shown on a nominal basis, using a fixed U.S. annual inflation rate of 2%.

Figure 17. Copper price assumptions for the Kakula 2020 DFS, Kakula-Kansoko 2020 PFS and Kamoa-Kakula 2020 PEA shown on a real and nominal basis.

Figure 18. Kakula 2020 DFS projected annual and cumulative cash flow shown on a nominal basis.

Figure by OreWin 2020.Figure 19. Kakula-Kansoko 2020 PFS projected annual and cumulative cash flow shown on a nominal basis.

Figure by OreWin 2020.

刚果民主共和国科卢韦齐艾芬豪矿业(TSX: IVN; OTCQX:IVPAF) 联席董事长罗伯特·弗里兰德(Robert Friedland) 与孙玉峰(Miles Sun) 今天宣布,公司与其合作伙伴紫金矿业集团、晶河全球公司及刚果民主共和国(以下简称刚果”)政府对于各项研究取得极为理想的结果表示祝贺。其中包括开发卡库拉铜矿的独立最终可行性研究(以下简称“最终可行性研究”);卡库拉铜矿开采和毗邻卡库拉的卡索科铜矿开采的预可行性研究更新版(以下简称“预可行性研究”);以及综合开发利用位于刚果中非铜矿带的卡莫阿-卡库拉项目范围内迄今所有铜矿资源的初步经济评估报告的更新和扩充(以下简称“初步经济评估报告”)。

今天公布的最终可行性研究、预可行性研究及初步经济评估更新版,是以20192月发表的研究报告的出色结果作为基础,将统称为2020年版卡莫阿-卡库拉综合开发方案(以下简称卡莫阿-卡库拉IDP20”)。新的最终可行性研究纳入迄今为止的建设和开发进展,并再次证明卡库拉矿山第一期开发的可观经济性。此外,扩充的初步经济评估报告指出,项目具有大幅扩大规模并且显著提升产能的巨大潜力。

三份研究报告的经济性测算均按100%的项目所有权进行建模
 
弗里兰德先生说﹕最终可行性研究报告是由9家全球顶尖的工程公司对于首产矿山卡库拉、首期建成600万吨/年产能的强健经济性所进行的独立验证,而初步经济评估更新版则进一步证明了卡莫阿-卡库拉快速扩产成为全球第二大铜矿的潜力,铜金属年产量可达80万吨以上。

最终可行性研究还印证了我们在过去一年半一直向投资者披露的信息和展示的月度进展—— 卡库拉矿山的建设工程正在迅速推进,超越既定计划且按预算进行。卡莫阿-卡库拉分阶段开发工程的剩余前期资本开支估计为7亿美元,其中约6.5亿美元将用于建成卡库拉年处理矿量600万吨的矿山。我们在剩余前期资本开支的出资份额约50%,后续扩建将以项目自身现金流出资。矿山的经济模型假设项目全部由股东出资,这也意味着通过募集商业贷款或其他借款将进一步提高股东回报率的机会。

最重要的是,我们将卡库拉矿山设计成将会生产全球最环保的铜金属,这对于现新一代注重环境和社会责任的投资者来说是最为关键的。

紫金与艾芬豪共同努力把卡莫阿-卡库拉的新矿山打造成为行业领先标杆,尤其是在资源利用效率、水源和能源的使用以及最大限度地减少排放方面。我们有幸在一个清洁、可持续水电资源丰富的地区,拥有厚大、接近地表、平伏且具有超高品位的铜矿体,适合进行大规模和高效的机械化地下采矿作业。这为我们提供了得天独厚的优势,以实现成为世界上最环保铜矿开发者的这一目标,以及成为全球每单位铜金属温室气体排放量最低的矿山之一。

领先工程顾问公司Hatch Ltd.将会独立审核卡莫阿-卡库拉生产的铜温室气体强度指标

弗里兰德先生表示,卡莫阿-卡库拉最近聘请了领先国际的环境顾问公司加拿大密西沙加的Hatch Ltd.,对于卡莫阿-卡库拉将生产铜的温室气体强度指标进行独立审核。这证明了公司的承诺,致力成为对环境负责任的铜矿开采领先企业。

卡库拉预计于投产后前5年达到平均铜品位6.6%,相比世界大部分主要铜矿的品位都要高出几倍。此外,矿山约一半的尾矿将与水泥混合,然后泵回地下用作填充采空区。因此,其地表尾矿库与其他主要矿山的相比将会较小。

我们在卡莫阿-卡库拉发现如此巨大的高品位矿床,具有潜力为世世代代的人民生产大量的铜金属,是可跨越数十载的矿山项目。像卡莫阿-卡库拉这种长寿命的顶级矿山,传统的折现现金流分析无法准确地评估其所蕴含的长期选择权价值。根据历史经验,这类可生产数十年的大型矿山项目,将跨越多个商品周期,有望通过分阶段扩建和勘查产生巨大价值。

矿业行内的人士明白,现如今在世界任何地方要发现、获得许可证和建造顶级矿山是非常艰难和耗时的。卡莫阿-卡库拉的成功,证明了艾芬豪整个管理团队的坚毅品质和企业精神。我们在卡莫阿-卡库拉的优秀员工,大部分由刚果的年轻男性和女性人才组成。项目的成就也见证了我们与合资伙伴紫金矿业、晶河全球和刚果政府之间的紧密合作和出色的团队表现。

弗里兰德先生总结说﹕卡库拉将按计划于一年内实现投产。时光飞梭,鉴于我们在非洲工作已经27年,这感觉就像明天就要投产一样。我十分期待邀请多年来与我们忠实相伴的机构股东、矿业分析师和政府支持者来参加我们盛大的投产盛典仪式,亲身见证我们在卡莫阿-卡库拉所建造的全球顶尖矿山。他们还将看到在项目周边近期建设的重大基础设施升级,包括新的高速公路、发电厂和输电线路。

开发世界下一个重大的铜产区

孙玉峰先生表示﹕我们正全力以赴将卡莫阿-卡库拉和周边由我们全资拥有的西部前沿(Western Foreland) 勘探区打造成为下一个世界顶级的铜产区,卡库拉是我们迈出的第一步。我们拥有良好的契机,将为所有利益相关者创造价值。我们与刚果政府及中国合作伙伴的目标一致,我们将共同确保卡莫阿和卡库拉已有的主要铜矿以及仍待发现的新矿产能够被有规划、高效和迅速地开发成为惠及多代人的世界级矿山项目。

孙先生补充说﹕我们将继续与合作伙伴和刚果人民紧密合作,充分挖掘卡莫阿-卡库拉和西部前沿项目的潜力,产生广泛共享的经济利益,并为刚果年轻男性和女性提供技能培训,以及于未来数年创造成千上万有意义的、直接和间接的就业机会。

卡莫阿-卡库拉为刚果当地人民提供良好的高薪职位并带来重多社区利益

艾芬豪总裁兼首席财务官玛娜·克洛特(Marna Cloete) 表示:我们在卡莫阿-卡库拉的强大团队包括4,700名员工,大约85%是卢拉巴省矿山周边社区的刚果人民。我们将继续培训和发展当地员工成为管理人员。我们对于由刚果男性和女性组成的出色团队感到非常自豪。

此外,我们对于卡莫阿-卡库拉的可持续生计团队为当地带来的重多社区利益和经济机会也感到十分自豪,其中包括兴建新学校、住房、诊所、养鱼场和可持续农业计划,以及为当地社区成员提供项目供应链相关的企业发展机会。

卡莫阿-卡库拉的开发方案

2020年卡莫阿-卡库拉综合开发计划涵盖下列3个开发方案﹕

  • 卡库拉第一期矿山开发的最终可行性研究。2020年版卡库拉最终可行性研究对于卡库拉第一期年采矿量600万吨的地下矿山和地表选矿设施(年处理矿量760万吨)进行评估。矿山规划了两座年处理矿量380万吨的选矿厂,其中第一座选厂的施工正在进行且进展顺利。
  • 包含卡索科矿山开发的预可行性研究。2020年版卡库拉-卡索科预可行性研究对于卡库拉矿山和卡索科矿体的额外采矿活动进行评估。卡索科以初步年采矿量160万吨来补足卡库拉选矿厂的入选矿量。后期随着卡库拉的储量逐步耗尽,卡索科的采矿量最终将会扩大至每年600万吨。
  • 四大生产矿山的后续扩产开发方案。2020年版的卡莫阿-卡库拉初步经济评估了最终年处理矿量可达到1,900万吨的分阶段综合开发规划的潜力。由卡库拉矿山初步投产开始,随后加上毗邻的卡索科、卡库拉西部和卡莫阿北部矿山的独立地下采矿作业,以及兴建一座直接粗铜冶炼厂。在其余区域的资源被采空以后,项目将会开发卡莫阿北部范围内的五座独立矿山,以保持不超过1,900万吨的年度开采矿规模,矿山整体寿命可达40余年。

卡莫阿-卡库拉IDP20,包含2020年卡库拉最终可行性研究、2020年卡库拉-卡索科预可行性研究以及2020年卡莫阿-卡库拉初步经济评估报告,由澳大利亚阿德莱德的OreWin Pty Ltd.中国江西的中国瑞林工程技术有限公司、南非约翰内斯堡的DRA Global、南非约翰内斯堡的Epoch Resources、南非米德兰的Golder Associates Africa、波兰弗罗茨瓦夫的KGHM Cuprum R&D Centre Ltd.芬兰赫尔辛基的Outotec Oyj南非开普敦的Paterson and Cooke、美国凤凰城的Stantec Consulting International LLC 、南非约翰内斯堡的SRK Consulting Inc.以及美国里诺的Wood plc100%项目权益进行独立编撰。

2020年卡莫阿-卡库拉初步经济评估只是对项目的初步评估,包括部分基于推断矿产资源的经济分析。推断矿产资源在地质学上被视为具备较多的推测成分,因此并不适用于经济考量且不允许将其分类为矿产储量,也不能确定估算结果能否得到实现。矿产资源并非矿产储量,并未证实其具有经济价值。

NI 43-101技术报告将于本新闻稿发布后45天内上载于SEDAR网址 (www.sedar.com) 以及艾芬豪矿业网站 (www.ivanhoemines.com)

预计于一年内实现首批铜精矿的投产

艾芬豪矿业于202091日公布卡库拉和卡索科矿山的最新开发和建设工程进度细节。卡库拉铜矿于8月份共掘进1,842米,迄今为止已经完成了20.6公里以上的地下开拓工程,超过既定目标6.0公里。卡莫阿-卡库拉最近已安排第二队采掘班组加入项目的第二地下矿场卡索科,为项目以提供额外的高品位铜矿石。

8月底,项目的投产前地表矿堆场已储备合共约67.1万吨石,铜品位3.36%,其中包括11.6吨的高品位铜矿石(铜品位6.08%)。预计卡库拉的大部分采矿活动于本月将会到达矿床中心附近的矿段,铜品位在5%至8%之间。随着项目接近投产,矿堆的品位将继续提升。

卡库拉选矿厂的初始年处理矿量为380万吨,球磨机和其他主要设备的安装正在顺利进行中。选矿厂的最后一批长周期设备计划于20209月底运抵现场。

卡莫阿-卡库拉计划于一年内,即2021年第三季度实现首批铜精矿生产,艾芬豪已经为应承担的出资额度准备了充足的资金。

卡库拉矿山的鸟瞰图。图中红圈中为不断扩充的投产前高品位铜矿堆和卡库拉主要的北面斜坡道;黄圈则显示了正在施工的年处理矿量380万吨初始选矿厂,以及用于提升选矿厂产能至年处理矿理760万吨的扩建范围(目前用作设备放置区)

卡库拉项目63吨载重的新型高产地下矿车之一,由瑞典斯德哥尔摩的Sandvik公司制造。在设计时该车型充分考量了操作人员的安全,卡车还配备了空调客舱。

8月底,工作人员在卡库拉年处理矿量380万吨初始选矿厂为两台相同球磨机 (9.75米和直径6.1) 的第一台安装出料装置、耳轴和外壳。

一台载重400吨的起重机将浮选厂的钢结构工作台放置在卡库拉初始选矿厂 (年处理矿量380万吨) 的混凝土地基上。

矿工Freddy Muba在卡库拉地下矿山手持一块富含辉铜矿的超高品位矿石。卡库拉富集的灰色辉铜矿石,以重量计算,其主要化合物硫化铜的铜含量接近80%在矿山投产后前5年的平均给矿铜品位高达6.6%,在21年全矿山寿命的平均给矿品位为5.2%

卡莫阿-卡库拉采矿许可范围的地图,显示卡库拉和卡索科矿区,以及卡库拉西部、卡莫阿北部、卡莫阿远北、卡莫阿北部极高品位矿段和毗邻的、由艾芬豪全资拥有的西部前沿勘探许可范围的一部分。



重点

卡库拉初始年处理矿量600万吨矿山

  • 2020年卡库拉最终可行性研究对于卡库拉项目第一期年开采矿量600万吨的地下矿山和年处理矿量760万吨的地表选矿厂进行评估。矿山拥有两座年处理矿量380万吨的选矿厂,其中第一座的施工正在进行中,且进展顺利。根据最终可行性研究的估算,这个开发规划投产后前10年的平均年产量达28.4万吨铜金属,矿场现金成本每磅铜0.52美元,总现金成本每磅铜1.16美元,并于第4年达到年产量36.6万吨铜金属。
  • 方案的剩余初期资本开支为6.5亿美元,将会产生55亿美元的税后净现值 (折现率8%)。项目的内部收益率为77%,回报期2.3年,证明了卡莫阿-卡库拉的第一期生产有着可观的经济性。
  • 艾芬豪和紫金将各自承担剩余的初期资本开支约40%的出资份额,且按比例承担刚果政府持有20%股本(其中5%为不可稀释股份,15%为附带权益)对应的出资份额,并将由项目未来的现金流予以偿付。艾芬豪应承担第一期、年处理矿量600万吨地下矿山的剩余初期资本开支份额约为3.2亿美元。
  • 卡库拉于投产后前5年,铜给矿品位平均达到6.6%的超高品位,而于矿山全寿命21年期间,平均铜品位达到5.2%
  • 卡库拉的地下开发持续快速推进,截至8月底已经完成了20.6公里以上的地下开拓工程,超过既定目标约6.0公里。矿山将安排更多采掘班组以进一步加快建设进度。项目计划于2021年第三季度实现首批铜精矿的生产。
  • 卡库拉年处理矿量380万吨的初始选矿厂的施工进展顺利,所有长周期设备的制造已经完成,且碎石机、低雾沫浮选机和精矿压滤机已运抵现场。

包含卡索科矿山开发的 2020年卡库拉-卡索科预可行性研究

  • 2020年卡库拉-卡索科预可行性研究对于卡库拉和卡索科的额外采矿活动进行评估。卡索科矿山以初步年采率160万吨填补卡库拉选矿厂760万吨/年的产能需求,随着卡库拉的储量耗尽,最终将会增加至年处理矿量600万吨。预可行性研究预计这个方案于投产后前10年的平均年产量达33.1万吨铜金属,矿场现金成本每磅铜0.55美元,总现金成本每磅铜1.23美元,并于第4年达到年产量42.7万吨铜金属。
  • 方案的剩余初期资本开支为6.9亿美元,将会产生66亿美元的税后净现值 (折现率8%)。项目的内部收益率为69%,回报期2.5年,证明了卡库拉和卡索科有着可观的经济性。
  • 2020年卡库拉-卡索科预可行性研究预计,艾芬豪应承担这个方案的剩余初期资本开支份额约为3.5亿美元。
  • 卡库拉-卡索科于投产后前5年,铜给矿品位达到平均6.2%的超高品位,于矿山全寿命37年期间,平均铜品位达到4.5%
  • 除了目前在卡库拉的10队采掘班组 (3队业主和7队承包商采掘班组) 外,卡索科目前还有两队采掘班组,并可安排更多人手以加快卡索科的开发进度。

卡库拉和卡莫阿矿床的模块化综合扩建潜在开发方案,年处理矿量达1,900万吨,并包括兴建一座直接粗铜冶炼厂

  • 2020年卡莫阿-卡库拉初步经济评估载述了卡莫阿-卡库拉高品位铜矿床的分阶段连续运营开发方案。
  • 初期生产从年采率600万吨的卡库拉矿山开始,随后加上毗邻的卡索科、卡库拉西部和卡莫阿北部矿山的独立地下采矿作业,以及兴建一座直接粗铜冶炼厂。由于其他范围的资源已被采空,项目将会开发卡莫阿北部范围内的五个独立矿山,以保持年采率达到1,900万吨的水平,矿山整体寿命超过40年。
  • 初步经济评估预计,综合年处理矿量1,900万吨的分阶段开发方案的剩余初期资本开支为7亿美元。卡索科、卡库拉西部和卡莫阿北部矿山的日后扩建将会由卡库拉矿山的现金流出资,并将拥有111亿美元的税后净现值(折现率8%)以及56.2%的内部收益率,以及3.6年的投资回收期。
  • 按照卡莫阿-卡库拉2020年版初步经济评估的开发规划,艾芬豪在剩余初始资本中应承担的出资份额约为3.6亿美元。
  • 在这个方案下,初步经济评估还包括在卡库拉厂址兴建一座直接粗铜冶炼厂,年处理矿量达100万吨铜精矿,将由内部现金流出资。冶炼厂将于运营第5年完工,可以大幅减少粗炼费和运输成本。
  • 年处理矿量1,900万吨的方案,在运营前10年期间预计可以生产平均年产量50.1万吨的铜金属,总现金成本每磅铜1.07美元,并将于第8年达到 80.5万吨的铜产量。按照这个生产规模计算,卡莫阿-卡库拉将会成为世界第二大的铜矿。

艾芬豪将于2020910日举办投资者论坛讨论卡莫阿-卡库拉项目的最新研究结果

艾芬豪计划于2020910日举行网上投资者论坛,探讨卡莫阿-卡库拉铜矿项目的独立最终可研、预可研和初步经济评估的结果,包括目前正在研究的不同方案以加快项目的扩展计划。投资者论坛将包括卡莫阿-卡库拉项目的虚拟考察导览,并由艾芬豪联席董事长罗伯特·弗里兰德(Robert Friedland)与孙玉峰(Miles Sun)、公司总裁玛娜·克洛特(Marna Cloete) 和公司企业开发及技术团队的成员发表讲话,最后以问答环节作结。

日期:2020910
时间:北美东岸时间10am /太平洋时间7am /伦敦时间3pm / 北京时间10pm
注册链接:https://event.on24.com/wcc/r/2371357/F674EFB1FE64355340FB5668B20AC76A

1展示了2020年卡莫阿-卡库拉初步经济评估的扩建开发方案,图2则显示了2020年卡库拉最终可行性研究(年处理矿量600万吨方案)2020年卡库拉-卡索科预可行性研究(年处理矿量760万吨) 2020年卡莫阿-卡库拉初步经济评估(年处理矿量1,900万吨) 所涵盖的矿床概况。卡库拉西部、卡莫阿北部和区域性勘探目标的勘探活动取得更多的成果,可能会对于整个开发计划的规模、价值和时间点造成显著的积极影响。

1﹕卡莫阿-卡库拉年处理矿量1,900万吨初步经济评估的长期开发计划


图表由OreWin编制 (2020)

 

22020年卡库拉最终可行性研究(年处理矿量600万吨方案以蓝色虚线框显示)2020年卡库拉-卡索科预可行性研究(年处理矿量760万吨以紫色虚线框显示) 2020年卡莫阿-卡库拉初步经济评估(以绿色虚线框显示) 所涵盖的矿床概况。


图表由OreWin编制 (2020)

 

 

卡库拉矿山初步开发方案的最终可行性研究结果重点概要

  • 第一期生产实现超高品位,预计于第4年达到7.1%铜品位,于运营首10年期间达到平均铜品位6.2%,预计平均年产量为28.4万吨铜金属。
  • 预计于第四年生产铜金属36.6万吨。
  • 截至202071日,估计剩余的初期资本开支 (已计入应急费用) 6.5亿美元。艾芬豪应承担的份额约为3.2亿美元。
  • 10年的平均总现金成本为每磅铜1.16美元 (已计入权益金)
  • 税后净现值 (折现率8%) 55亿美元。
  • 税后内部收益率为77%,回报期为2.3年。
  • 预计卡库拉将生产超高品位的铜精矿,铜品位57%,且含砷量极低。

2020年卡库拉最终可行性研究的初步预测重点

研究对于卡库拉矿床 (年处理矿量760万吨) 的第一期、年采矿量600万吨的地下矿山和地表选矿厂进行评估。矿山由两座年处理矿量380万吨的选矿厂组成,其中第一座的施工正在进行中,且进展顺利。第一座年处理矿量380万吨的选矿厂将于2021年第三季度投产,第二座则预计在2023年第一季度投产。矿山全寿命的生产方案将会开采1.1亿吨矿石,平均铜品位5.22%,生产850万吨高品位的铜精矿,含有约108亿磅铜金属。
经济分析以市场共识的实际长期铜价格每磅3.10美元计算 (未计通胀),税后净现值为55亿美元(折现率8%),税后内部收益率为77%,回报期为2.3年。

202071日起计余下的初期资本开支 (已计入应急费用) 约为6.5亿美元。剩余的初期资本开支已计入支付场外电力的资本开支,其中包括向刚果国有电力公司Société Nationale d'Electricité (以下简称“SNEL”) 支付的预付款项,用于KoniMwadingusha两座水电厂的升级工程,将为卡莫阿-卡库拉项目的规划作业提供清洁的电力。水电厂的升级工程由瑞士雷恩斯的Stucky Ltd.带领,预付款项将从卡莫阿-卡库拉项目的电费中扣减。

Mwadingusha水坝和水电厂的鸟瞰图,并显示了新安装的压力水管。 Mwadingusha不久将会向国家电网提供72兆瓦的清洁、可再生水电。卡库拉矿山计划于2021年初开始使用国家电网的220千伏永久水电。

工程师在Mwadingusha水电厂安装一台新的交流发电机。

水电工正在搭建长35公里电力线的输电塔,国家电网将经电力线向卡莫阿-卡库拉输送高压水电。

1总结了2020年卡库拉最终可行性研究内关于年处理矿量600万吨单一矿山的主要结果。

1﹕卡库拉矿山年处理矿量600万吨开发方案的结果概要


项目

单位

总值

选矿总量

 

 

入选矿量 

千吨

109,975

铜给矿品位

 5.22

精矿产量

 

 

铜精矿产量

千吨(干)

8,542

铜回收率

 85.23

铜精矿品位

 57.32

精矿含铜量

百万磅

 10,795

精矿含铜量

千吨

 4,897

每年最高回收铜产量

千吨

 366

10年平均值

 

 

铜精矿产量

千吨(干)

 496

精矿含铜量

千吨

 284

矿场现金成本

美元/磅可售铜

 0.52

总现金成本

美元/磅可售铜

 1.16

5年平均值

 

 

铜精矿产量

千吨(干)

454

精矿含铜量

千吨

 260

矿场现金成本

美元/磅可售铜

 0.48

总现金成本

美元/磅可售铜

 1.12

主要财务业绩

 

 

最大前期投资

百万美元

 775

剩余资本支出

百万美元

 646

扩产资本支出

百万美元

 594

矿山全寿命的平均矿场现金成本

美元/磅可售铜

 0.62

矿山全寿命的平均总现金成本

美元/磅可售铜

 1.26

矿场运营成本

美元/吨入选矿

 58.73

税后净现值(折现率8%)

百万美元

 5,520

税后内部收益率

%

 77.0

项目回报期

 2.3

项目寿命

21

2载有财务业绩的概要,表3则概述了矿山产量和选矿统计数据。
2﹕卡库拉矿山年产处理矿量600万吨开发方案的财务业绩


净现值(百万美元)

折现率

税前

税后

 

未折现

16,761

11,595

 

 4.0%

11,258

7,832

 

 6.0%

9,381

6,544

 

 8.0%

7,892

5,520

 

 10.0%

6,698

4,696

 

 12.0%

5,729

4,024

内部收益率

 – 

86.3%

 77.0%

项目回报期 (年)

 – 

2.3

 2.3

3﹕卡库拉矿山年产处理矿量600万吨开发方案的平均产量估算和选矿统计数据。


项目

单位

1-5

1-10

矿山全寿命平均值

选矿总量

 

   

入选矿量

千吨

 4,638

 5,345

 5,237

铜给矿品位

%

 6.56

 6.21

 5.22

精矿年产量

    

铜精矿产量

千吨 (干)

 454

 496

 407

铜回收率

%

 85.5

 85.6

 85.2

铜精矿品位

%

 57.3

 57.3

 57.3

精矿含铜量

    

百万磅

 574

 626

 514

千吨

 260

 285

 233

可售铜金属

    

百万磅

 555

 606

 497

千吨

 252

 275

 226

3显示了卡库拉选矿厂的产量;图4则列出精矿和铜金属的产量。
3﹕卡库拉矿山全寿命的碾磨矿石量和原矿品位估算


图表由OreWin编制 (2020)
4﹕卡库拉矿山全寿命的精矿和铜金属产量估算


图表由OreWin编制 (2020)
4概述了单位运营成本,表5显示收入和营运成本的细分,表6则详细列明项目的资本开支。

4﹕卡库拉矿山年处理矿量600万吨开发方案的单位营运成本

 

美元/磅可售铜

 

1-5

1-10

矿山全寿命   平均值

 

矿山现场

0.48

0.52

0.62

运输

0.32

0.32

0.32

粗炼及精炼费

0.11

0.11

0.11

权益金及出口税

0.20

0.20

0.20

总现金成本

1.12

1.16

1.26

52020年的全球矿场现金成本曲线 (包括矿场的所有运营成本)



注﹕代表矿场现金成本以反映生产可售铜精矿或电解铜的直接现金成本,已计入采矿、选矿和矿场的一般行政成本。卡库拉的数值根据2020年卡库拉最终可行性研究所载首10年的平均矿场现金成本而作出。
信息来源﹕Wood Mackenzie (根据公开披露而作出,Wood Mackenzie未审核2020年卡库拉最终可行性研究)。
62020年全球C1按比例计算的铜现金成本曲线 (已计入采矿、选矿、运输和场外实现成本)



注﹕代表C1按比例计算的现金成本,反映生产可售铜金属的直接现金成本,已计入采矿、选矿、矿场的一般行政成本及场外实现成本(对于副产品收益流的相关成本已作出适当的拨备)。卡库拉的数值根据2020年卡库拉最终可行性研究所载首10年的平均总现金成本而作出。
信息来源﹕Wood Mackenzie (根据公开披露而作出,Wood Mackenzie未审核2020年卡库拉最终可行性研究)。

 

卡莫阿-卡库拉的现场医疗队已在矿区就位,他们可迅速发现和治疗任何COVID-19疑似病例,防止感染其他人员。该小组在减轻COVID-19对卡莫阿-卡库拉的建设和开发进展影响方面做出了突出贡献。


5﹕卡库拉矿山年处理矿量600万吨开发方案的收入和运营成本估算

 

矿山全寿命总值

1-5

1-10

矿山全寿命平均值

 

百万美元

美元/吨入选矿

 

 

 

 

铜精矿

 32,348

 369.71

 350.90

 294.14

销售收

 32,348

 369.71

 350.90

 294.14

扣除﹕实现成本

    

运输

 3,383

 38.76

 36.73

 30.77

粗炼及精炼费

 1,199

 13.74

 13.01

 10.90

权益金及出口税

 2,106

 24.10

 22.85

 19.15

实现成本总

 6,689

 76.60

 72.59

 60.82

销售收净值

 25,660

 293.12

 278.31

 233.32

矿场运营成本

    

地下采矿

 4,280

 35.38

 38.58

 38.92

选矿

 1,470

 14.12

 13.37

 13.37

一般及行政

 758

 7.60

 7.04

 6.89

刚果电力公司折扣

-294

-2.39

-2.55

-2.67

关税

 245

 2.13

 2.21

 2.23

 6,459

 56.85

 58.65

 58.73

运营利润净值

 19,201

 236.27

 219.66

 174.59

运营利润

 74.8%

 80.6%

 78.9%

 74.8%

地质学家Kally Mbumba展示了卡库拉矿山富辉铜矿的超高品位矿石,于矿山投产后前5年的平均给矿铜品位为6.6%,于矿山全寿命21年期间的平均铜品位则为5.2%。在所有常见的含硫化铜矿物中,辉铜矿的铜比例最高。以重量计算,其主要化合物硫化铜的铜含量接近80%


6﹕卡库拉矿山年处理矿量600万吨开发方案的资本投资估算概要


项目

初期资本

扩建资本

维持资本

总值

 

百万美元

百万美元

百万美元

百万美元

采矿

 

 

 

 

地下采矿

 131

 202

 538

 871

    基础设施和移动设备

 38

 16

 362

 416

投产前资本化费用

 76

 – 

 – 

 76

小计

 246

 218

 899

 1,363

能源

    

场外能源供应

 36

 – 

 – 

 36

小计

 36

 – 

 – 

 36

精矿和尾矿

    

选矿厂

 123

 128

 70

 320

尾矿

 13

 26

 88

 127

小计

 136

 154

 157

 448

基础设施

 

 

 

 

地表及厂房基础设施

 69

 101

 14

 184

小计

 69

 101

 14

 184

间接费用

    

工程、采购、建筑及管理

 35

 17

 0

 53

业主成本

 66

 47

 – 

 114

关税

 8

 18

 40

 66

矿山关闭

 – 

 – 

 82

 82

小计

 110

 83

 122

 315

未计应急费用的资本开支

 596

 556

 1,193

 2,346

应急费用

 50

 38

 72

 159

已计入应急费用的资本开支

 646

 594

 1,265

 2,505

注:初期资本反映了实现年处理矿量380万吨的初期生产所需的剩余资本开支 (2020年7月1日起计),其后的扩建资本反映了实现年处理矿量760万吨总产能的资本开支 (卡库拉矿山的产能为年处理矿量600万吨)。

7列出铜价格从每磅2.00美元至每磅4.50美元的税后净现值对金属价格变动的敏感性分析。图7显示了年度和累计的现金流量。

7﹕卡库拉矿山的铜价格敏感性分析


税后净现值                   (百万美元)

铜价格美元/

折现率

 2.00

 2.50

 3.00

 3.10

 3.50

 4.00

 4.50

未折现

4,225

7,519

10,911

11,595

14,353

17,532

19,928

 4.0%

2,828

5,072

7,370

7,832

9,704

11,852

13,457

 6.0%

2,334

4,227

6,156

6,544

8,117

9,918

11,256

 8.0%

1,935

3,551

5,190

5,520

6,857

8,384

9,513

 10.0%

1,609

3,005

4,413

4,696

5,845

7,153

8,116

 12.0%

1,340

2,558

3,779

4,024

5,022

6,154

6,982

 15.0%

1,018

2,028

3,031

3,232

4,052

4,977

5,649

内部收益率

38.5%

57.9%

74.0%

77.0%

88.9%

100.4%

106.9%

7﹕卡库拉矿山的年度和累计实际现金流量预测


图表由OreWin编制 (2020)

注:附录B以额定基础显示图7的数据 (已计入通胀)。

 

卡库拉将会采用分层充填采矿法为主要采矿方法
卡库拉2020年最终可行性研究的矿山通道由矿床北面的双斜坡道和南面的单一斜坡道组成。其中一条北面的斜坡道将会用作主要的矿山通道,另外一条斜坡道将会用于最近调试的输送系统。
从北面和南面斜坡道的底部,两条周边平巷将会推进至矿床的东西两端,并将用作生产范围的主要通道。同时,这两条平巷将会用作主要的进气和排气风路,并将连接一系列的进气和排气通风竖井。在矿体的北面,东西周边通道的施工进展顺利。
一系列的双接驳通道将会从北向南连接矿体,用作分层充填采区的通道和通风口。首两条矿山接驳通道1号和2号通道,预计将于202011月工作班组从南北两面推进连接。
主要的矿石处理系统将会包括周边输送系统,沿着矿床北面连接到卡车装运点。周边输送系统将以主要输送斜坡道为终点。
卡库拉矿床采用分层充填采矿法和浆料回填,在北面斜坡道附近的采区则使用房柱式采矿法,这将在生产的早期进行。浆料回填系统将使用连接分配系统的地表浆料厂,该分配系统设有地表管网,贯通矿体北面每条接驳通道的钻孔位置。
矿床约99%将会采用分层充填采矿法,以提取最多的卡库拉高品位矿体。图8显示了矿山通道和主要开发规划。  
82020年卡库拉最终可行性研究的矿山开发

图表由Stantec编制 (2020)
卡库拉矿山的地下开拓工程使用高产能的大型机械化采矿设备,如Sandvik装矿机和载重63吨的卡车。

2020年卡库拉最终可行性研究扩展方案的选矿厂设计 (年处理矿量380万吨)

卡库拉的选矿厂将会分序列建设两座年处理矿量380万吨的选矿厂,采矿作业将会提升至年处理矿量600万吨的总产能。

卡库拉选矿厂的设计包括一个原矿堆场,然后通过闭路的主要圆锥式破碎机 (配备振动筛) 生产100% 通过50毫米的物质再送到堆场。

破碎的矿石送往闭路的高压辊磨机作湿法筛分,物质尺寸为80% (P80) 通过4.5毫米,经由重力送往碾磨系统。

碾磨系统包括闭路的二段球磨机和旋风机,进一步缩小和分类到目标磨矿尺寸80%通过53微米。

碾磨的浆料泵送到粗选机和扫选机的浮选系统。高品位或快速浮选的粗精矿,以及中品位或慢速浮选扫选精矿,将会分开作进一步升级。粗精矿经过低雾沫、高品位清洗阶段提升,以生产高品位的精矿。

中品位或扫选精矿,以及高品位清洗阶段所得的尾矿和扫选机二度清洗所得的尾矿,将会组合并且在扫选机清洗系统进一步优化。扫选机清洗系统生产的精矿 (占碾磨给矿约12%),将会再碾磨至10微米 (P80),然后通过低雾沫扫选机二度清洗阶段进行最终清洗。

二度清洗后的扫选精矿将会与清洗后高品位精矿混合成为最终精矿。最终精矿被浓缩后会泵送到精矿过滤机,然后最终过滤的精矿将会装袋和运送到市场。
扫选尾矿和清洗后的扫选尾矿被混合和浓缩后会泵送到回填厂及/或尾矿坝。回填厂平均使用大约一半的尾矿,余下的将被泵送到尾矿坝。

广泛测试的结果显示,选矿厂预计达到85%的整体回收率,生产出极高品位的精矿,铜品位达57%。卡库拉还受益于极低的有害元素,包括0.02%的砷含量。

从鸟瞰图上可以看到,卡库拉正在建设的380 万吨/年的初始选矿厂正在安装两座相同球磨机中的第一个,中间是浮选回路,以及三座在建的绿色浓密机。

卡莫阿和卡库拉的矿产资源量
卡莫阿和卡库拉的控制和推断矿产资源估算报告由艾芬豪矿业资源部副总裁George Gilchrist按照美国里诺Wood Group (前身为Amec Foster Wheeler E&C Services Inc.) Gordon Seibel的指导,并根据2014CIM矿产资源和矿产储量定义标准而编撰。Seibel先生是采矿、冶金与勘探学会的注册会员(RM SME),以及矿产资源估算报告的合资格人士。估算报告自2020210日起生效,卡库拉估算的钻孔数据截至2018111日为止卡莫阿估算的钻孔数据截至2020120日为止。
8显示了卡莫阿-卡库拉项目的综合控制和推断矿产资源总值。卡莫阿和卡库拉矿床独立的控制和推断矿产资源,以及矿产资源对于不同边界品位的敏感性分析,分别载于本新闻稿的附录。
8﹕卡莫阿和卡库拉综合控制和推断矿产资源总值 (1%总铜边界品位计算)


矿床

类别

矿石量
(百万吨)

范围
(平方公里)

铜品位 (%)

垂直厚度
()

含铜量
(千吨)

含铜量
(十亿磅)

卡莫阿

控制

760

55.2

2.73

5.0

20,800

45.8

推断

235

21.8

1.70

4.0

4,010

8.8

卡库拉

控制

627

21.7

2.74

10.3

17,200

37.9

推断

104

5.6

1.61

6.7

1,680

3.7

卡莫阿-卡库拉项目总值

控制

1,387

77.0

2.74

6.5

38,000

83.7

推断

339

27.4

1.68

4.5

5,690

12.5

  •  
  •  
  • 卡莫阿和卡库拉2020年综合矿产资源总值报表的附注﹕
  • 1. 艾芬豪矿产资源副总裁George Gilchrist,是南非自然科学专业委员会 (SACNASP) 的专业自然科学家 (Pr. Sci. Nat)。在Gordon Seibel的监督下,Gilchrist先生对矿产资源作出估算。Gordon Seibel是采矿、冶金与勘探学会 (SME) 的注册会员(RM),以及矿产资源估算报告的合资格人士。卡莫阿的估算报告自2020年1月30日起生效,钻孔数据截至2020年1月20日为止。卡库拉的矿产资源估算报告自2018年11月10日起生效,钻孔数据截至2018年11月1日为止。2020年2月10日,对于评估合符经济效益的开采前景所用的数据和钻探数据进行了审查,以确保估算报告仍然适用。审核后,估算并无任何变更,估算报告自2020年2月10日起生效。矿产资源根据2014年CIM矿产资源和矿产储量定义标准报告。矿产资源以100%基础报告。艾芬豪间接持有项目的39.6%权益。矿产资源的报告已包括矿产储量。矿产资源不属于矿产储量,并不显示其具经济潜力。
  • 2. 卡莫阿的矿产资源以铜总量 (以下简称“TCu”) 1% TCu 边界品位和最小厚度3米计算。最终经济开采的合理前景根据以下的假设而厘订﹕假设铜价格为每磅铜3.00美元、采用地下机械化的房柱式采矿法和分层充填采矿法,以及将会生产铜精矿并向冶炼厂出售。采矿成本假设为每吨27美元。选矿厂、尾矿粗炼和一般行政成本假设为每吨17美元。卡莫阿的冶金回收率估计为84% (深成 86%;浅层 81%)。以1% TCu 边界品位计算,假设100%矿产资源区块的净冶炼回报将会包括选矿、尾矿粗炼和一般行政成本。
  • 3. 卡库拉的矿产资源以铜总量1% TCu 边界品位和最小厚度3米计算。最终经济开采的合理前景根据以下的假设而厘订﹕假设铜价格为每磅铜3.10美元、采用地下机械化的房柱式采矿法和分层充填采矿法,以及将会生产铜精矿并向冶炼厂出售。采矿成本假设为每吨34美元。选矿厂、尾矿粗炼和一般行政成本假设为每吨20美元。假设平均冶金回收率为83% (以矿产资源平均品位计算)。以1% TCu 边界品位计算,假设100%矿产资源区块的净冶炼回报将会包括选矿、尾矿粗炼和一般行政成本。
  • 4. 矿产资源报告不包括上盘或下盘接触带的边界损失和贫化容差,亦无应用采矿回收率。
  • 5. 矿石量和含铜量 (吨) 以公制单位报告,含铜量 (磅) 则以英制单位报告,品位以百分比作报告单位。
  • 6. 推断矿产资源的钻孔间距约800米,而控制矿产资源则为400米。
  • 7. 数值按照报告指引要求四舍五入,可能导致矿石量、品位和金属含量出现明显差异。

2020年卡库拉最终可行性研究的矿产储量

2020年卡库拉最终可行性研究的矿产储量,由Stantec Consulting International LLC的高级副总裁Jon Treen (合资格人士) 按照2014年CIM矿产资源和矿产储量的定义标准进行估算,以符合加拿大“国家第43 ‐101号文件——矿产项目的披露标准”。表9显示了卡库拉项目的矿产储量总值。矿产储量以2020年1月的矿产资源为基础。矿产储量完全是“可信储量”,由控制矿产资源转换而成。矿产储量报表自2020年9月8日起生效。

92020年卡库拉最终可行性研究的矿产储量报表

 

矿石量      (百万吨)


(%)

(含量
百万磅)

 


(含量千吨)

证实储量

-

-

-

-

储量

110.0

5.22

12,665

5,745

储量总计

110.0

5.22

12,665

5,745

2020年卡库拉最终可行性研究的矿产储量报表附注

  • 用作计算财务分析的长期铜价格为每磅铜3.10美元。分析是根据冶炼厂精炼及粗炼费、扣减和付款条件、精矿运输、冶金回收率和权益金的假设而进行计算的。
  • 采矿规划方面,用于计算矿床块体模型净冶炼回报(NSRs)的铜价格为每磅3.10美元。
  • 净冶炼回报每吨100.00美元的较高边界值用作定义矿块;净冶炼回报每吨80.00美元的边界值则用作定义矿石和废料。
  • 控制矿产资源用作报告可信储量。
  • 矿石量和品位的估算包括贫化和回收率的容差。
  • 上述报告的矿产储量与矿产资源并非相加关系。

2020年卡库拉最终可行性研究中矿产储量的划分,重点是让采矿计划在15年内达到年处理矿量600万吨的产能且使品位得以最大化,并在4年间逐步增加产能,以及达到85%的采矿回收率的容差。因此,在对不同的净冶炼回报边界值进行评估后,确定了最高净冶炼回报的目标资源可达到约1.1亿吨。

矿产储量报表的估算,是根据采矿区块的矿石量和品位计算,并包括非计划的贫化和采矿回收率的容差。

地质学家Didier Masengo Kally Mbumba展示了卡库拉矿山富辉铜矿的高品位矿石样品。目前,卡库拉大部分的开拓工程将会延伸到矿床中心附近的较高品位矿段,铜品位约在+5%+8%之间。

卡莫阿铜业的可持续发展团队成员与当地社区居民紧密合作,实行项目的长期可持续发展战略,是艾芬豪对于负责任地进行资源开发的要承诺。

2020年卡库拉-卡索科预可行性研究的初步预测重点

研究对于卡库拉和卡索科的额外采矿活动进行评估。卡索科以初步年采率160万吨填补卡库拉的选矿厂(年处理矿量760万吨),随着卡库拉的储量耗尽,最终将会增加至年处理矿量600万吨。矿山全寿命的生产方案将会开采2.352亿吨矿石,平均铜品位4.47%,生产2,000万吨高品位的铜精矿,含有约200亿磅铜金属。

经济分析以市场共识的实际长期铜价格每磅3.10美元(未计通胀)计算,税后净现值66亿美元 (折现率8%),税后内部收益率为69%,回报期为2.5 年。

202071日起计余下的初期资本开支 (已计入应急费用) 约为6.9亿美元。2020年卡库拉-卡索科预可行性研究预计,艾芬豪应承担开发方案的剩余初期资本开支份额约为3.5亿美元。

10总结了2020年卡库拉-卡索科预可行性研究内关于卡库拉及卡索科开发以达到年处理矿量760万吨的主要结果。

102020年卡库拉-卡索科预可行性研究的结果概要年处理矿量760万吨的开发方案


项目

单位

总值 

选矿总量

 

 

入选矿量

千吨 

 235,157

铜给矿品位

 4.47

精矿产量

 

 

铜精矿产量

千吨(干)

 19,948

铜回收率

 86.27

铜精矿品位

 45.49

精矿含铜量

百万磅

 20,006

精矿含铜量

千吨 

 9,075

每年最高回收铜产量 

千吨 

 427

10年平均值

 

 

铜精矿产量

千吨(干)

 622

精矿含铜量

千吨 

 331

矿场现金成本

美元/磅可售铜 

 0.55

总现金成本

美元/磅可售铜 

 1.23

5年平均值

 

 

铜精矿产量

千吨(干)

542

精矿含铜量

千吨 

 294

矿场现金成本

美元/磅可售铜 

 0.50

总现金成本

美元/磅可售铜 

 1.18

主要财务业绩

 

 

最大前期投资

百万美元

 848

剩余的初期资本开支

百万美元

 695

扩建资本开支

百万美元

 750

矿山全寿命的平均矿场现金成本

美元/磅可售铜 

 0.64

矿山全寿命的平均总现金成本

美元/磅可售铜 

 1.44

矿场运营成本

美元/吨入选矿

 52.95

税后净现值(折现率8%)

百万美元

 6,604

税后内部收益率

%

 69.0

项目回报期

 2.5

项目寿命

37

11载有财务业绩的概要,表12则概述了潜在的矿山产量和选矿统计数据。

112020年卡库拉-卡索科预可行性研究的财务业绩年处理矿量760万吨的开发方案


净现值(百万美元)

折现率

税前

税后

 

未折现

27,805

18,373

 

 4.0%

15,562

10,422

 

 6.0%

12,179

8,204

 

 8.0%

9,757

6,604

 

 10.0%

7,967

5,415

 

 12.0%

6,608

4,505

内部收益率

 – 

78.5%

69.0%

项目回报期 (年)

 – 

2.5

2.5

122020年卡库拉-卡索科预可行性研究的平均产量估算和选矿统计数据年处理矿量760万吨的开发方案


项目

单位

1-5

1-10

矿山全寿命平均值

选矿总量

 

   

入选矿量

千吨

 5,536

 6,568

 6,356

铜给矿品位

%

 6.20

 5.87

 4.47

精矿年产量

    

铜精矿产量

千吨 (干)

 542

 622

 539

铜回收率

%

 85.6

 85.8

 86.3

铜精矿品位

%

 54.2

 53.3

 45.5

精矿含铜量

    

百万磅

 648

 730

 541

千吨

 294

 331

 245

可售铜金属

    

百万磅

 627

 706

 523

千吨

 284

 320

 237

 

9显示了卡库拉选矿厂的产量;图10则列出精矿和铜金属的产量。
92020年卡库拉-卡索科预可行性研究矿山全寿命的碾磨矿石量和原矿品位估算


图表由OreWin编制 (2020)
102020年卡库拉-卡索科预可行性研究矿山全寿命的精矿和铜金属产量估算

图表由OreWin编制 (2020)
13概述了单位运营成本,表14显示收入和营运成本的细分,表15则详细列明项目的资本开支。

132020年卡库拉-卡索科预可行性研究的单位营运成本年处理矿量760万吨的开发方案

 

美元/磅可售铜

 

1-5

1-10

矿山全寿命   平均值

 

矿山现场

0.50

0.55

0.64

运输

0.35

0.35

0.42

粗炼及精炼费

0.12

0.12

0.13

权益金和出口税

0.21

0.22

0.25

总现金成本

1.18

1.23

1.44

142020年卡库拉-卡索科预可行性研究的收入和运营成本估算年处理矿量760万吨开发方案

 

矿山全寿命总值

1-5

1-10

矿山全寿命平均值

 

百万美元

美元/吨入选矿

 

 

 

 

铜精矿

 59,976

 350.2

 330.0 

  255.0

销售收总值

59,976

 350.2

333.0

  255.0

扣除﹕实现成本

 

 

 

 

运输

  8,106 

 39.1 

 37.8 

 34.5

粗炼及精炼费

  2,477 

 13.3 

 12.8 

 10.5

权益金及出口税

4,929 

 24.1 

 23.4 

21.0

实现成本总

15,513 

 76.6 

73.9 

 66.0

销售收净值

44,463 

 273.6 

259.0 

189.1

矿场运营成本

 

 

 

 

地下采矿

8,134 

35.9 

 38.5   

34.6

选矿

3,189 

 13.9

 13.4

 13.6

一般及行政

1,198 

 7.6

 7.2

 5.1

刚果电力公司折扣

-545

-2.4

-2.6

-2.3

关税

 476

 2.1

 2.2

 2.0

 12,451 

 57.1

 58.6

 52.9

运营利润净值

32,012 

 216.5

 200.4

 136.1

运营利润

 72.0% 

 79.1%

 77.4%

 72.0%

 

152020年卡库拉-卡索科预可行性研究的资本投资估算年处理矿量760万吨的开发方案


项目

初期资本

扩建资本

维持资本

总值

 

百万美元

百万美元

百万美元

百万美元

采矿

 

 

 

 

地下采矿

 158

 299

 1,068

 1,525

   基础设施和移动设备

 55

 60

 922

 1,036

投产前资本化费用

 76

 – 

 – 

 76

小计

 289

 359

 1,990

 2,638

能源

    

场外能源供应

 36

 – 

 – 

 36

小计

 36

 – 

 – 

 36

精矿和尾矿

    

选矿厂

 123

 128

 135

 386

尾矿

 13

 12

 240

 265

小计

 136

 139

 375

 651

基础设施

 

 

 

 

地表及厂房基础设施
卡索科 到卡库拉传送带

 69
-

 101
-

 14
95

 184
95

小计

 69

 101

109

279

间接

 

   

工程采购建筑及管理

 37

 24

 0

 62

业主成本

 67

 50

 – 

 117

关税

 8

 23

 89

 120

矿山关闭

 – 

 – 

 81

 81

小计

 113

 97

 170

 380

未计应急费用的资本开支

 642

 697

 2,644

 3,984

应急费用

 52

 53

 183

 288

已计入应急费用的资本开支

 695

 750

 2,827

 4,272

注:初期资本反映了实现年处理矿量380万吨的初期生产所需的剩余资本开支,其后的扩建资本反映了实现年处理矿量760万吨总产能的资本开支。

11﹕全球大型铜矿项目的资本密集程度



注﹕最近获得批准的可能和可行项目,按额定铜产量达每年20万吨以上 (根据公开披露及常规研究过程所得的信息而作出)。卡库拉-卡索科数值是基于2019年产生的资本开支、截至2020年6月30日止六个月产生的资本开支以及2020年卡库拉-卡索科预可行性研究估算2020年7月1日起计的初期和扩建资本开支作出计估。卡库拉-卡索科首10年运营的平均铜精矿年产量将被视为其额定铜产量。
信息来源﹕Wood Mackenzie (根据公开披露而作出,Wood Mackenzie未审核2020年卡库拉-卡索科预可行性研究)。

16列出铜价格从每磅2.00美元至每磅4.50美元的税后净现值对金属价格变动的敏感性分析。图11则显示了年度和累计实际现金流。
16 2020年卡库拉-卡索科预可行性研究的铜价格敏感性分析


税后净现值
(百万美元)

铜价格美元/

折现率

 2.00

 2.50

 3.00

 3.10

 3.50

 4.00

 4.50

未折现

4,758

10,753

17,101

18,373

23,487

29,393

33,873

 4.0%

2,847

6,181

9,714

10,422

13,275

16,560

19,031

 6.0%

2,241

4,871

7,648

8,204

10,448

13,026

14,957

 8.0%

1,774

3,911

6,156

6,604

8,419

10,498

12,047

 10.0%

1,409

3,188

5,044

5,415

6,915

8,631

9,902

 12.0%

1,117

2,629

4,194

4,505

5,770

7,212

8,274

 15.0%

781

2,000

3,247

3,495

4,501

5,644

6,480

内部收益率

29.5%

49.2%

66.0%

69.0%

81.0%

93.0%

99.8%

122020年卡库拉-卡索科预可行性研究的年度和累计实际现金流预测



图表由OreWin编制 (2020)

注:附录B以额定基础显示图12的数据 (已计入通胀)。

172020年卡莫阿-卡库拉项目的矿产储量


分类

矿石量
(百万吨)


(%)


(含量百万磅)


(含量千吨)

卡库拉证实储量

 – 

 – 

 – 

 – 

卡库拉可信储量

 110

 5.22

 12,665

 5,745

卡索科证实储量

 – 

 – 

 – 

 – 

卡索科可信储量

 125

 3.81

 10,525

 4,774

卡莫阿-卡库拉证实储量

 – 

 – 

 – 

 – 

卡莫阿-卡库拉可信储量

 235

 4.47

 23,190

 10,519

2020年卡莫阿-卡库拉的矿产储量报表附注﹕

  • 用作计算财务分析的实际长期铜价格为每磅铜3.10美元。分析是根据冶炼厂精炼及粗炼费、扣减和付款条件、精矿运输、冶金回收率和权益金的假设而进行计算的。
  • 采矿规划方面,用于计算卡索科和卡库拉的块体模型净冶炼回报的铜价格分别为每磅3.00美元和每磅3.10美元。
  • 净冶炼回报每吨100.00美元的较高边界值用作定义矿块;净冶炼回报每吨80.00美元的边界值则用作定义矿石和废料。
  • 控制矿产资源用作报告可信储量。
  • 矿石量和品位的估算包括贫化和回收率的容差。
  • 上述报告的矿产储量与矿产资源并非相加关系。

卡库拉和卡莫阿矿床年处理矿量1,900万吨的扩建开发方案

2020年卡莫阿-卡库拉初步经济评估,同时对于卡莫阿-卡库拉项目范围内多个矿床发展成为一个年处理矿量达1,900万吨、分阶段建设的采矿、选矿和冶炼综合设施的开发方案作出评估。方案计划将会建设和运营三个独立矿山﹕首先在卡库拉矿床范围内的卡库拉矿山建立初步年处理矿量600万吨的采矿作业;随后在卡索科矿山建立另一座年开采矿量600万吨的采矿作业,两队采矿班组目前已开始工程;最后在卡库拉西部矿山建立第三座年开采矿量600万吨的矿山,并于卡莫阿北部范围建设第四座矿山(初步年采矿量为100万吨)。选矿厂由五座年处理矿量380万吨的模块组成,最终产能达年处理矿量1,900万吨。

随着卡库拉、卡索科和卡库拉西部矿山的资源被采空,项目将会在卡莫阿北部范围内的五座独立矿山进行生产,届时的选矿厂和冶炼厂设施将会保持年处理矿量1,900万吨的产能(见图1)

每个采矿作业预计在独立的地下矿山进行,并共同使用位于卡库拉的选矿厂和地表基础设施。矿石将通过地表输送系统运送到卡库拉的选矿厂。方案包括建设一座直接粗铜冶炼厂,年处理矿量达100万吨铜精矿。

2020年卡莫阿-卡库拉初步经济评估只是初步的评估,包括部分基于推断矿产资源的经济分析。推断矿产资源在地质学上被视为具有较多的推测成分,因此并不适用于经济考量且不允许将其分类为矿产储量,也不能确定估算结果能否得到实现。矿产资源并非矿产储量,并未证实其具有经济可采价值。

从卡莫阿北部一个钻孔中,几乎全是辉铜矿的超高品位钻孔岩心。卡莫阿北部是卡莫阿-卡库拉年处理矿量1,900万吨扩建开发方案中高品位矿石的重要来源。在所有常见的含硫化铜矿物中,辉铜矿的铜比例最高。以重量计算,其主要化合物硫化铜的铜含量接近80%

年处理矿量1,900万吨开发方案的初步经济评估主要结果概要

  • 第一期生产实现超高品位,预计于第1年达到6.8%铜品位,于运营首10年期间达到平均铜品位5.1%,预计平均年产量为50.1万吨铜金属。
  • 预计铜产量于第8年达到80.5万吨,可使卡莫阿-卡库拉项目成为世界上第二大铜金属生产商。
  • 剩余的初期资本开支 (已计入应急费用) 7.1亿美元。卡索科、卡库拉西部和其他矿区的后续扩建以及冶炼厂将由卡库拉矿山的现金流出资。
  • 10年的平均总现金成本为每磅铜1.07美元 (已计入硫酸价值)
  • 税后净现值 (折现率8%) 111亿美元。
  • 税后内部收益率为56.2%,回报期为3.6 年。

卡莫阿-卡库拉对于项目的刚果女性人才团队感到自豪,包括图中的矿山地质学家Micheline Kyenge。她正在检查超高品位的细粒度灰色辉铜矿,这是卡库拉的主要矿石类型。

卡莫阿铜业的联席首席财务官Minty Cai,在卡库拉主要(北面)斜坡道附近正在施工的矿山输送系统旁。该系统将矿石从矿堆运送到破碎和筛选厂房。

18192021以及图1314概述了潜在开发方案的主要结果。

182020 年卡莫阿-卡库拉初步经济评估结果概要年处理矿量1,900万吨的开发方案


项目

单位

总值

选矿总量

 

 

入选矿量

千吨 

 597,621

铜给矿品位

 3.63

精矿产量

 

 

铜精矿产量

千吨(干)

 42,818

铜精矿 — 外部冶炼厂

千吨(干)

 11,944

铜精矿 — 内部冶炼厂

千吨(干)

 30,874

铜回收率

 86.42

铜精矿品位 

 43.76

精矿含铜量 — 外部冶炼厂

百万磅 

 13,251

精矿含铜量 — 外部冶炼厂

千吨 

 6,010

粗铜含铜量 — 内部冶炼厂

百万磅 

 27,641

粗铜含铜量 — 内部冶炼厂

千吨 

 12,538

最高年度铜产量

千吨 

 805

10年平均值

 

 

铜给矿品位

%

 5.13

铜精矿产量

千吨(干)

 1,043

精矿含铜量 — 外部冶炼厂

千吨 

 248

粗铜含铜量 — 内部冶炼厂

千吨 

 253

矿场现金成本 (包括冶炼厂)

美元/磅可售铜

 0.65

总现金成本 (已扣除副产品收入)

美元/磅可售铜

 1.07

主要财务业绩 

 

 

最大前期投资

百万美元

 784

剩余的初期资本开支

百万美元

 715

扩建资本开支

百万美元

 4,461

维持资本开支

百万美元

 11,958

矿山全寿命平均矿场现金成本(包括冶炼厂)

美元/磅可售铜

 0.92

矿山全寿命平均总现金成本(已扣除副产品收入)

美元/磅可售铜

 1.28

矿场运营成本

美元/吨入选矿

 62.44

税后净现值(折现率8%)

百万美元

 11,117

税后内部收益率

%

 56.2

项目回报期

 3.6

项目寿命

43

192020年卡莫阿-卡库拉初步经济评估的单位营运成本年处理矿量1,900万吨的开发方案

 

美元/磅可售铜

 

  1-5 

1-10 

矿山全寿命
平均值 

矿山现场(不包括冶炼厂)

 0.56

 0.57

 0.81

冶炼厂

 0.04

 0.08

 0.11

运输

 0.29

 0.24

 0.23

粗炼及精炼费

 0.10

 0.08

 0.07

权益金和出口税

 0.19

 0.18

 0.17

总现金成本(未扣除副产品收入)

 1.18

 1.15

 1.40

硫酸收入1

 0.04

 0.09

 0.12

总现金成本(已扣除副产品收入)

 1.14

 1.07

 1.28

  • 假设硫酸价格每吨200美元。

卡库拉厨房中正在准备新鲜水果和蔬菜的工作人员;所有这些食品都是在当地社区经营的园地中种植的,然后销售给卡莫阿-卡库拉项目。这是支持周边社区经济多样化的卡莫阿-卡库拉可持续生计项目的另一个例子。

20 2020年卡莫阿-卡库拉初步经济评估的资本投资估算年处理矿量1,900万吨的开发方案

项目

初期资本

扩建资本

维持资本

总值

 

百万美元

百万美元

百万美元

百万美元

采矿

 

 

 

 

地下采矿

156

 995

 5,620

 6,772

    基础设施和移动设备

 68

 299

2,251

 2,618

投产前资本化费用

 78

 – 

 – 

78

小计

 302

 1,295

7,872

 9,468

能源和冶炼

    

冶炼厂

635 

368 

1,003

场外能源供应

 36

 – 

 – 

 36

小计

 36

635 

 368 

 1,039

精矿和尾矿

    

选矿厂

 124

 646

 345

 1,115

尾矿

 15

 26

 550

 591

小计

 139

 672

 895

1,706

基础设施

 

 

 

 

地表及厂房基础设施

 69

 889

823

 1,781

地表输送系统

118

66

183

铁路

72

84

156

小计

 69

 1,079

 973

 2,120

间接费用

    

工程采购建筑及管理

 37

 111

 35

 184

业主成本

 70

 63

 – 

 132

关税

 9

 137

 361

 507

矿山关闭

 – 

 – 

 308

 308

小计

 116

 311

 704

1,130

未计应急费用的资本开支

 661

 3,991

10,811

 15,464

应急费用

 53

 470

 1,147

 1,670

已计入应急费用的资本开支

 715

 4,461

 11,958

 17,134

注:初期资本反映了实现年处理矿量380万吨的初期生产所需的剩余资本开支 (2020年7月1日起计),其后的扩建资本反映了实现年处理矿量1,900万吨总产能的资本开支。

21 2020年卡莫阿-卡库拉初步经济评估的铜价格敏感性分析年处理矿量1,900万吨的开发方案

税后净现值
(百万美元)

铜价格美元/

折现率

 2.00

 2.50

 3.00

 3.10

 3.50

 4.00

 4.50

未折现

8,839

21,888

35,185

37,844

48,517

60,961

70,509

 4.0%

4,620

11,251

18,056

19,416

24,876

31,243

36,089

 6.0%

3,351

8,357

13,495

14,520

18,640

23,446

27,089

 8.0%

2,422

6,323

10,320

11,117

14,318

18,054

20,876

 10.0%

1,733

4,855

8,046

8,681

11,231

14,210

16,453

 12.0%

1,213

3,771

6,374

6,891

8,968

11,393

13,214

 15.0%

655

2,619

4,603

4,996

6,573

8,416

9,794

内部收益率

21.1%

37.8%

53.2%

56.2%

67.3%

79.9%

89.0%

卡莫阿的高级工程经理Petr Valicek正在展示连接卡莫阿-卡库拉和科卢韦齐新修专用高速公路的某一路段。该道路为全长34公里的东西向高速公路,大大提升了卡莫阿-卡库拉的运输走廊,用于将采矿设备和建筑材料运送到矿场以及从矿场运出铜精矿。

132020年卡莫阿-卡库拉初步经济评估的碾磨给矿和品位概况年处理矿量1,900万吨的开发方案


 图表由OreWin编制 (2020)
142020年卡莫阿-卡库拉初步经济评估的精矿和铜产量年处理矿量1,900万吨的开发方案


图表由OreWin编制 (2020)
15﹕卡莫阿-卡库拉初步经济评估的年处理矿量1,900万吨开发方案于2025年的预测产量(显示于第8年达到最高铜产量),按可售铜产量与世界20大生产矿山比较。



注﹕2020年卡莫阿-卡库拉初步经济评估的产量根据年处理矿量1,900万吨开发方案所预测的最高铜产量 (于第8年达到) 而作出。

信息来源﹕Wood Mackenzie (根据公开披露而作出,Wood Mackenzie未审核2020年卡莫阿-卡库拉初步经济评估)。

卡莫阿-卡库拉的业务分析员Mbali Nkwali 在项目的先进化培训中心。目前,该中心用于培训新一代刚果的熟练技工。



16﹕世界十大全新绿地项目的额定产量和原矿品位



注﹕十大全新的绿地铜矿项目被Wood Mackenzie定义为“假设基础”或“可能性”类别的十大全新绿地铜矿项目,并且按额定铜产量排名(分别以2020年卡莫阿-卡库拉初步经济评估和2020年卡库拉最终可行性研究的首10年铜精矿平均年产量作为额定铜产量)。
信息来源﹕Wood Mackenzie、USGS (根据公开披露而作出,Wood Mackenzie未审核2020年卡莫阿-卡库拉初步经济评估和2020年卡库拉最终可行性研究)。

初步经济评估的扩展方案包括直接闪速炉 (DBF) 冶炼厂

2020年卡莫阿-卡库拉初步经济评估还包括兴建一座冶炼厂,采用芬兰公司Outotec的直接闪速炉技术,适用于粗炼卡库拉含较高铜/硫磺比例和低铁的精矿。中国瑞林工程公司担任主要工程顾问,与Outotec提供专有设备的设计和成本估算建议。这些专有设备包括DBF熔炉、废热锅炉和矿渣清洁电熔炉。冶炼厂的设计产能高达每年100万吨给精矿,可生产出每年50万吨以上的阳极粗铜。

精矿先会在蒸汽干燥机烘干,然后送到DBF在高含氧量空气的反应塔中熔炼,产生含氧化矿物、粗铜和富二氧化硫废气的熔矿渣。氧化反应提供了熔化装料所需的部分热能,并以外置燃油 (煤粉和燃油) 补充能源需求。 DBF沉淀槽收集的熔矿渣和粗铜,将从熔炉经专用的流出孔间歇排出。 DBF的矿渣仍有可观的含铜量,将会送往矿渣清洗电熔炉 (SCF) 利用冶金级的焦炭进一步粗炼,以还原氧化粗铜。 SCF矿渣慢慢冷却后,将被破碎、碾磨并进行浮选处理,以还原矿渣精矿状的残余铜,然后再送回DBF。富二氧化硫的废气被除尘和烘干后,送到两转两吸的制酸厂,以生产高强度硫酸并于当地市场销售。

冶炼厂位于矿场能够节省大量成本,包括粗炼费、部分税项和运输成本。此外,销售硫酸副产品将会带来额外的收入。目前,刚果的硫酸供应不足,而不得不大量进口硫酸处理氧化铜矿的矿石。

合资格人士

以下公司负责编撰卡莫阿-卡库拉IDP20,包括2020年卡库拉最终可行性研究报告、2020年卡库拉-卡索科预可行性研究报告以及2020年卡莫阿-卡库拉初步经济评估报告﹕

  • 澳大利亚阿德莱德的OreWin — 整体报告编撰、采矿、物流、电能和经济分析
  • 中国江西的中国瑞林工程技术有限公司冶炼厂设计
  • 南非约翰内斯堡的DRA Global — 矿山地表基础设施和冶金选矿
  • 南非约翰内斯堡的Epoch Resources — 尾矿坝设计
  • 南非米德兰的Golder Associates Africa — 水文模型和建议
  • 波兰弗罗茨瓦夫的KGHM Cuprum — 部分采矿方法和土力学的技术顾问
  • 芬兰赫尔辛基的Outotec Oyj —冶炼厂技术
  • 南非开普敦的Paterson and Cooke — 浆料回填厂的设计和地表/地下浆料分配系统
  • 南非开普敦的SRK Consulting — 矿山土力学的建议
  • 美国凤凰城的Stantec咨询采矿和矿产储量
  • 美国里诺的Wood Group (前身为Amec Foster Wheeler) — 矿产资源估算

 

负责编撰2020年卡库拉最终可行性研究、2020年卡库拉- 卡索科预可行性研究以及2020年卡莫阿-卡库拉初步经济评估报告(技术报告将会以该等报告作为基础) 的独立合资格人士包括﹕Bernard Peters (OreWin)、Gordon Seibel (Wood Group,前身为Amec Foster Wheeler)、Marius Phillips (DRA Global) 、Alwyn Scholz (DRA Global) 、William Joughin (SRK) 以及Jon Treen (Stantec)。每位合资格人士已经按他们负责编撰2020年卡库拉最终可行性研究、2020年卡库拉-卡索科预可行性研究以及2020年卡莫阿-卡库拉初步经济评估报告的部分,审阅和批核本新闻稿的相应内容。

本新闻稿载有的其他科学和技术信息,已经由艾芬豪矿业项目地质及评估副总裁Stephen Torr审阅和批核。 Torr先生是符合“国家第43‐101号文件”条件的合资格人士,并不符合NI 43-101 对独立人士的界定。 Torr先生已核实本新闻稿所披露的技术数据。

苏格兰爱丁堡的Wood Mackenzie根据可比铜矿项目的公开披露,提供数据以编撰本新闻稿的部分图表。然而,Wood Mackenzie并未审阅2020年卡库拉最终可行性研究、2020年卡库拉-卡索科预可行性研究或2020年卡莫阿-卡库拉初步经济评估报告。

数据核实及质量控制和保证

Wood 公司旗下的Amec Foster Wheeler (以下简称“Wood”) 对于样品监管链条、质量保证和控制程序以及分析实验室的质素进行审查。 Wood认为,上述程序以及质量保证和控制方案均为可接受以支持矿产资源的估算。同时,Wood在2009年至2020年间已多次审核分析数据库、岩芯纪录和地质诠释,当中并无发现数据出现重大问题。

Wood的合资格人士认为,从卡莫阿-卡库拉项目收集的数据进行的数据核实方案能够支持地质诠释,而分析和数据质素以及所收集的数据足以支持矿产资源估算。

艾芬豪矿业对卡莫阿-卡库拉铜矿项目分析保持一项全面的监管链条,并制定质量保证和控制方案。锯成一半的岩芯在卡莫阿现场的制备实验室加工后,制备的样品经由安全的快递公司送往位于澳大利亚的Bureau Veritas Minerals (以下简称“BVM”) 实验室,该实验室是获得ISO17025认可的机构。铜分析由 BVM 采用混合酸消解方法后,再运用初始循环压力完成。行业标准认证的参考物质和空白分析信息已于送往 BVM 前加入样品流。

关于用作支持科学和技术信息的分析方法和数据核实措施的详尽信息,请参阅载于www.sedar.com  艾芬豪矿业SEDAR 部分或艾芬豪矿业网站www.ivanhoemines.com 内技术报告部分的2020年卡莫阿-卡库拉资源更新(2020年3月) 技术报告。

2018年刚果矿业法作出的研究假设

2020年卡库拉最终可行性研究、2020年卡库拉-卡索科预可行性研究和2020年卡莫阿-卡库拉初步经济评估均以2018年刚果矿业法适用于项目的假设而编制,包括矿业法于2018年开始征收的超额利润税。

艾芬豪矿业于2018年3月表示,公司与采矿同业已向刚果政府表达业界对于刚果2018年矿业法的关注。其中,艾芬豪已提出并继续要求刚果政府确定,2002年矿业法第276条所载的稳定性保证条款将会得到保证。稳定性条款规定,刚果勘探及采矿许可证持有人将会在任何法例修正案 (包括2018年矿业发) 实施后,于十年内受惠于2002年矿业法赋予的权力。

艾芬豪矿业在刚果的投资是基于稳定性保证条款而作出。因此,在实施任何法例修正案之后的十年内,卡莫阿-卡库拉项目将不会受到包括超额利润税在内的变化影响。稳定性保证条款允许投资者以低于每磅铜3.00美元的价格进行交易。然而,2018年矿业法的修订,要求根据通胀率提高铜价格,以抵消2018年的价格变动并失去第276条所载稳定性保证条款的保护。若最终无法确保得到稳定性条款的保证,则艾芬豪将以高于每磅铜3.10美元的额定通胀价格为基础厘定超额利润税。

艾芬豪矿业与和采矿业界的其他同业已对于2018年矿业法的稳定性保证条款及其他问题提出关注并寻求解决方案。艾芬豪矿业、业界代表以及现任和前任的刚果政府官员 (包括总统在内) 曾多次举行会议,但有关2018年矿业法的问题仍没有得到解决。在COVID-19疫情和其他因素的影响下,进一步的讨论被推迟,因此上述研究都是假设2018年矿业法适用于项目的情况下编制。然而,一旦这些问题得到解决,艾芬豪矿业或会因应解决方案而对于研究结果作出更改。艾芬豪矿业预期将会继续得到2002年矿业法所载稳定性条款的保证。

关于艾芬豪矿业

艾芬豪矿业是一家加拿大的矿业公司,目前正推进旗下位于南部非洲的三大合资企业项目﹕位于刚果民主共和国 (以下简称“刚果”) 的卡莫阿-卡库拉铜矿和位于南非的普拉特瑞夫 (Platreef) 钯-铂-镍-铜-铑-金矿的大型机械化地下矿山开发工程,以及同样位于刚果、久负盛名的基普什 (Kipushi) 锌-铜-锗-银矿的大型重建和改善工程。卡莫阿-卡库拉和基普什将使用清洁、可再生的水电,并将成为全球每单位金属温室气体排放量最低的矿山之一。同时,艾芬豪正在刚果境内其全资拥有、毗邻卡莫阿-卡库拉项目的西部前沿 (Western Foreland) 勘探许可区内寻找新的铜矿资源。

Mwadingusha水力发电厂的鸟瞰图,显示了新安装的的压力管。 Mwadingusha工厂的升级是卡莫阿-卡库拉生产世界上最绿色的铜的目标的关键部分。


联系方式

投资者﹕ Bill Trenaman +1.604.331.9834 /   媒体﹕ Matthew Keevil +1.604.558.1034            

 

前瞻性信息的警戒性声明
本新闻稿载有的某些陈述可能构成适用证券法所订议的“前瞻性陈述”或“前瞻性信息”,包括但不限于﹕(i) 2020年卡库拉最终可行性研究、2020年卡库拉-卡索科预可行性研究和2020年卡莫阿-卡库拉初步经济评估报告结果,包括开发卡库拉年处理矿量600万吨的作业、卡库拉-卡索科年处理矿量760万吨的作业,以及卡莫阿-卡库拉扩大年处理矿量至1,900万吨的作业;(ii) 关于在任何矿床建设矿山的陈述;(iii) 兴建一座直接闪速粗铜冶炼厂,年处理矿量达100万吨铜精矿;(iv) 在卡库阿北部的矿山开发;(v) 卡库拉将会采用分层充填采矿法为主要采矿方法;以及(vi) 卡库拉选矿厂的设计和规格。
这些陈述及信息涉及已知和未知的风险、不明朗因素和其他因素,可能导致本公司的实际业绩、表现或成就、其项目或行业的业绩,与前瞻性陈述或信息所表达或暗示的任何未来业绩、表现或成就产生重大差异。这些陈述可通过文中使用“可能”、“将会”、“会”、“将要”、“打算”、“预期”、“相信”、“计划”、“预计”、“估计”、 “安排” 、“预测”、“预言”及其他类似用语,或者声明“可能”、“会”、“将会”、“可能会”或“将要”采取、发生或实现某些行动、事件或结果进行识别。这些陈述仅反映本公司于本新闻稿发布当日对于未来事件、表现和业绩的当前预期。
另外,2020年卡库拉最终可行性研究、2020年卡库拉-卡索科预可行性研究及2020年卡莫阿-卡库拉初步经济评估报告的所有结果均构成前瞻性信息或陈述,包括税后内部收益率77% (卡库拉)、69% (卡库拉-卡索科) 和56.2% (卡莫阿-卡库拉) 以及项目回报期分别为2.3年、2.5年和3.6年的估算;净现值 (包括卡库拉预测净现值为55亿美元 (折现率8%)、卡库拉-卡索科预测净现值为66亿美元 (折现率8%) 及卡莫阿-卡库拉预测净现值为111亿美元 (折现率8%);未来产量的预测 (包括卡库拉于运营首10年的平均年产量为28.4万吨铜金属及于第4年达到36.6万吨铜金属、卡库拉-卡索科于运营首10年的平均年产量为33.1万吨铜金属及于第4年达到42.7万吨铜金属,以及卡莫阿-卡库拉于运营首10年的平均年产量为50.1万吨铜金属及于第8年达到80.5万吨铜金属;运营首10年的现金成本估算 (包括卡库拉的矿场现金成本每磅0.52美元及总现金成本每磅1.16美元、卡库拉-卡索科的矿场现金成本每磅0.55美元及总现金成本每磅1.23美元,以及卡莫阿-卡库拉的矿场现金成本每磅0.57美元及总现金成本每磅1.07美元);估计矿山全寿命 (包括卡库拉矿山全寿命21年、卡库拉-卡索科矿山全寿命37年及卡莫阿-卡库拉矿山全寿命43年;剩余的初步资本开支6.5亿美元 (卡库拉)、7亿美元 (卡库拉-卡索科)及7亿美元 (卡莫阿-卡库拉);运营首10年所达到的平均铜品位6.2% (卡库拉)、5.9% (卡库拉-卡索科) 及5.1% (卡莫阿-卡库拉);现金流量预测;估计铜回收率85.2% (卡库拉) 、86.3% (卡库拉-卡索科)及86.4% (卡莫阿-卡库拉)。
另外,关于卡莫阿-卡库拉铜矿项目开发方案的特定前瞻性信息,艾芬豪矿业是基于某些不确定因素而作出假设和分析。不确定因素包括﹕(i) 基础设施的充足性(包括修复Koni和Mwadingusha水电厂,以及铁路的贯通和可行性);(ii) 不可预见的地质特征变化;(iii) 矿化的冶金特征出现变化;(iv) 发展充足选矿产能的能力;(v) 铜价格;(vi) 完成开发所需的设备和设施的可用性;(vii) 未来选矿厂的规模以及未来的采矿率;(viii) 消耗品和采矿及选矿设备的费用;(ix) 不可预见的技术和工程问题;(x) 事故或破坏或恐怖主义行为;(xi) 货币波动;(xii) 法例或法规修订;(xiii) 熟练劳工的人手和生产率;(xiv) 各政府机构对矿业的监管;(xv) 政治因素,包括政治稳定性;(xvi) 融资可用性;以及(xvii) 科卢韦齐和迪洛洛之间的铁路改善工程。

本新闻稿还载有矿产资源和矿产储量估算的参考信息。矿产资源和矿产储量估算未能确定,并涉及对许多有关因素的主观判断。矿产资源并非矿产储量,并不显示具有经济潜力。任何该等估算的准确性是可用数据的数量和质量函数,并根据工程和地质诠释的假设和判断(包括估计卡莫阿-卡库拉铜矿项目的未来产量、预计采矿所得的矿石量和品位,以及估计将会实现的回收率) 而作出,可能被证明是不可靠,在一定程度上取决于钻孔工程结果和统计推论的分析,而最终可能证明是不准确的。矿产资源或矿产储量估算可能需要根据下列因素作出重新估算﹕(i) 铜价格波动;(ii) 钻孔工程的结果;(iii) 冶金测试和其他研究的结果(包括随后的改善和更新); (iv) 建议采矿作业,包括贫化;(v) 在任何估算日期后作出的采矿计划评估;(vi) 采矿或其他成本的变动;以及(vii) 未能取得所需准许、批准和许可证的可能性或对现有采矿许可证作出修订。

前瞻性陈述涉及重大风险和不确定性,故不应被视为对未来表现或业绩的保证,并且不能准确地显示能否达到该等业绩。许多因素可能导致实际业绩与前瞻性陈述所讨论的业绩有重大差异,包括但不限于本新闻稿所讨论的因素,以及有关部门实施的法例、法规或规章或其无法预计的修订、与艾芬豪矿业及其子公司签订合约的各方未能根据协议履行合约、社会、政治和劳资纠纷、商品价格的变动(特别是铜价格)、资本限制和可用性,以及勘探计划或研究未能达到预期结果(包括钻孔工程和勘探活动的实际结果),或会证明和支持继续勘探、研究、开发或运营的结果。
虽然本新闻稿载有的前瞻性陈述是基于艾芬豪矿业管理层认为合理的假设而作出,但艾芬豪矿业不能向投资者保证实际业绩会与前瞻性陈述的预期一致。这些前瞻性陈述仅是截至本新闻稿发布当日作出,而且受本警戒性声明明确限制。根据适用的证券法,艾芬豪矿业并无义务更新或修改任何前瞻性陈述以反映本新闻稿发布当日后所发生的事件或情况。
由于公司在2020年第二季度管理层讨论和分析和当前年度报告中“风险因素”部分所列的因素,公司的实际结果可能与这些前瞻性声明中预期的结果有重大差异。

附录A — 2020年卡莫阿和卡库拉的矿产资源报表,
以及矿产资源对于不同边界品位的敏感性分析。

表22﹕卡莫阿的控制和推断矿产资源 (以铜总量1% TCu边界品位计算)

类别

矿石量
(百万吨)

范围
 (平方公里)

铜品位
(%)

垂直厚度
()

含铜量
(千吨)

含铜量
(十亿磅)

控制

760

55.2

2.73

5.0

20,800

45.8

推断

235

21.8

1.70

4.0

4,010

8.8

  •  
  • 艾芬豪矿产资源副总裁George Gilchrist,是南非地质学会的成员以及南非自然科学专业委员会 (SACNASP) 的专业自然科学家 (Pr. Sci. Nat)。在Wood公司的Gordon Seibel的监督下,Gilchrist先生对矿产资源作出估算。Gordon Seibel是采矿、冶金与勘探学会 (SME) 的注册会员(RM),以及矿产资源估算报告的合资格人士。估算报告自2020年1月30日起生效,钻孔数据截至2020年1月20日为止。矿产资源根据2014年CIM矿产资源和矿产储量定义标准报告。矿产资源以100%基础报告。艾芬豪间接持有项目的39.6%权益。矿产资源的报告已包括矿产储量在內。矿产资源不属于矿产储量,并不显示其具经济潜力。
  • 矿产资源以铜总量 (以下简称“TCu”) 1% TCu 边界品位和最小厚度3米计算。最终经济开采的合理前景根据以下的假设而厘订﹕假设铜价格为每磅铜3.00美元、采用地下机械化的房柱式采矿法和分层充填采矿法,以及将会生产铜精矿并向冶炼厂出售。采矿成本假设为每吨27美元。选矿厂、尾矿粗炼和一般行政成本假设为每吨17美元。冶金回收率预计为84% (深成 86%;浅层 81%)。以1% TCu 边界品位计算,假设100%矿产资源区块的净冶炼回报将会包括选矿、尾矿粗炼和一般行政成本。
  • 矿产资源报告不包括上盘或下盘接触带的边界损失和贫化容差,亦无应用采矿回收率。
  • 控制矿产资源的矿化深度从地表以下10米至1,320米,推断矿产资源则为20米至1,560米。
  • 推断矿产资源的钻孔间距约800米,而控制矿产资源则为400米。
  • 数值按照报告指引要求四舍五入,可能导致矿石量、品位和金属含量出现明显差异。

 

表23﹕卡库拉的控制和推断矿产资源 (以1% TCu边界品位计算)

 

类别

矿石量
(百万吨)

范围
 (平方公里)

铜品位
(%)

垂直厚度
()

含铜量
(千吨)

含铜量
(十亿磅)

控制

627

21.7

2.74

10.3

17,200

37.9

推断

104

5.6

1.61

6.7

1,680

3.7

  • 艾芬豪矿产资源副总裁George Gilchrist,是南非地质学会的成员以及南非自然科学专业委员会 (SACNASP) 的专业自然科学家 (Pr. Sci. Nat)。在Wood公司的Gordon Seibel的监督下,Gilchrist先生对矿产资源作出估算。Gordon Seibel是采矿、冶金与勘探学会 (SME) 的注册会员(RM),以及矿产资源估算报告的合资格人士。矿产资源估算自2018年11月10日起生效,钻孔数据截至2018年11月1日为止。2020年2月10日,对于评估合符经济效益的开采前景所用的数据和钻探数据进行了审查,以确保估算报告仍然适用。审核后,估算并无任何变更,估算报告自2020年2月10日起生效。矿产资源根据2014年CIM矿产资源和矿产储量定义标准报告。矿产资源以100%基础报告。艾芬豪间接持有项目的39.6%权益。矿产资源的报告已包括矿产储量在內。矿产资源不属于矿产储量,并不显示其具经济潜力。
  •  
  • 矿产资源以铜总量 (以下简称“TCu”) 1% TCu 边界品位和最小垂直厚度3米计算。最终经济开采的合理前景根据以下的假设而厘订﹕假设铜价格为每磅铜3.10美元、采用地下机械化的房柱式采矿法和分层充填采矿法,以及将会生产铜精矿并向冶炼厂出售。采矿成本假设为每吨34美元。选矿厂、尾矿粗炼和一般行政成本假设为每吨20美元。冶金回收率预计为83%。艾芬豪正研究采用受控聚合的房柱式采矿法以减低采矿成本。以1% TCu 边界品位计算,假设100%矿产资源区块的净冶炼回报将会包括选矿、尾矿粗炼和一般行政成本。
  • 矿产资源报告不包括上盘或下盘接触带的边界损失和贫化容差,亦无应用采矿回收率。
  • 推断矿产资源的钻孔间距约800米,而控制矿产资源则为400米。
  • 数值按照报告指引要求四舍五入,可能导致矿石量、品位和金属含量出现明显差异。

 

  •  

 

表24﹕卡莫阿矿产资源对于不同边界品位的敏感性分析

控制矿产资源

边界品位
(%)

矿石量
(百万吨)

范围
(平方公里)

铜品位
(%)

垂直厚度
()

含铜量
(千吨)

含铜量
(十亿磅)

5.0

44

4.5

6.14

3.5

2,690

5.9

4.5

67

6.7

5.65

3.6

3,800

8.4

4.0

107

10.4

5.13

3.7

5,490

12.1

3.5

171

16.4

4.61

3.7

7,890

17.4

3.0

256

24.0

4.15

3.8

10,700

23.5

2.5

369

32.8

3.73

4.1

13,700

30.3

2.0

504

41.5

3.33

4.4

16,800

37.0

1.5

655

49.4

2.97

4.8

19,400

42.8

1.0

760

55.2

2.73

5.0

20,800

45.8

0.5

1,185

59.4

1.99

7.3

23,600

52.0

推断矿产资源

4.0

1

0.1

5.47

3.4

55

0.1

3.5

4

0.5

4.12

3.1

177

0.4

3.0

13

1.5

3.51

3.1

441

1.0

2.5

30

3.5

3.08

3.0

910

2.0

2.0

58

6.5

2.66

3.2

1,540

3.4

1.5

113

11.9

2.20

3.4

2,480

5.5

1.0

235

21.8

1.70

4.0

4,010

8.8

0.5

680

31.4

1.01

8.0

6,860

15.1

表22的附注同样适用于此表。表22和表23报告的矿产资源与上表并非相加关系。

表25﹕卡库拉矿产资源对于不同边界品位的敏感性分析


控制矿产资源

边界品位
(%)

矿石量
(百万吨)

范围
(平方公里)

铜品位
(%)

垂直厚度
()

含铜量
(千吨)

含铜量
(十亿磅)

5.0

77

5.9

7.48

4.5

5,730

12.6

4.5

91

7.0

7.04

4.5

6,440

14.2

4.0

109

8.3

6.58

4.6

7,200

15.9

3.5

132

9.9

6.09

4.7

8,060

17.8

3.0

167

11.8

5.50

5.0

9,180

20.2

2.5

218

14.3

4.85

5.4

10,600

23.3

2.0

318

17.5

4.02

6.5

12,800

28.2

1.5

435

19.6

3.41

7.9

14,900

32.7

1.0

627

21.7

2.74

10.3

17,200

37.9

0.5

939

22.6

2.08

14.9

19,500

43.0

推断矿产资源

4.0

1

0.1

4.41

3.3

33

0.1

3.5

2

0.2

4.04

3.6

67

0.1

3.0

5

0.4

3.52

3.9

168

0.4

2.5

10

1.0

3.10

3.7

324

0.7

2.0

22

2.0

2.64

3.9

583

1.3

1.5

45

3.7

2.18

4.3

974

2.1

1.0

104

5.6

1.61

6.7

1,680

3.7

0.5

257

7.9

1.08

11.7

2,770

6.1

表23的附注同样适用于此表。表22和表23报告的矿产资源与上表并非相加关系。

表26﹕卡莫阿和卡库拉矿产资源对于不同边界品位的敏感性分析


控制矿产资源

边界品位
(%)

矿石量
(百万吨)

范围
(平方公里)

铜品位
(%)

垂直厚度
()

含铜量
(千吨)

含铜量
(十亿磅)

5.0

120

10.4

6.99

4.1

8,420

18.6

4.5

159

13.7

6.45

4.1

10,200

22.6

4.0

217

18.7

5.86

4.1

12,700

28.0

3.5

304

26.3

5.25

4.1

16,000

35.2

3.0

423

35.8

4.68

4.2

19,900

43.7

2.5

587

47.1

4.14

4.5

24,300

53.6

2.0

823

59.0

3.60

5.0

29,600

65.3

1.5

1,090

69.0

3.15

5.7

34,300

75.6

1.0

1,387

77.0

2.74

6.5

38,000

83.7

0.5

2,123

82.0

2.03

9.4

43,100

95.0

推断矿产资源

4.0

2

0.2

5.02

3.4

88

0.2

3.5

6

0.6

4.10

3.2

244

0.5

3.0

17

1.9

3.51

3.2

609

1.3

2.5

40

4.5

3.08

3.2

1,230

2.7

2.0

80

8.5

2.66

3.4

2,120

4.7

1.5

157

15.6

2.19

3.6

3,450

7.6

1.0

339

27.4

1.68

4.5

5,690

12.5

0.5

937

39.3

1.03

8.7

9,630

21.2

表23的附注同样适用于此表。表22、表23、表24和表25与上表并非相加关系。

附录B — 2020年卡库拉最终可行性研究、2020年卡库拉-卡索科预可行性研究及2020年卡莫阿-卡库拉初步经济评估报告的假设铜价格(实际和额定价格)以及预测年度和累计现金流(以额定基础显示,假设美国每年通胀率固定为2%)
172020年卡库拉最终可行性研究、2020年卡库拉-卡索科预可行性研究及2020年卡莫阿-卡库拉初步经济评估报告的假设铜价格(以实际价格和名义价格基础显示)



182020年卡库拉最终可行性研究的预测年度和累计现金流(以名义基础显示)



图表由OreWin编制 (2020)

192020年卡库拉-卡索科预可行性研究的预测年度和累计现金流(以名义基础显示)



图表由OreWin编制 (2020)

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