MOKOPANE, SOUTH AFRICA – Ivanhoe Mines’ (TSX: IVN; OTCQX:IVPAF) Co-Chairs Robert Friedland and Yufeng “Miles” Sun announced today that the company’s South African subsidiary, Ivanplats, and its partners welcome the outstanding positive findings of anindependent Platreef Integrated Development Plan 2020 (Platreef IDP20) for the tier one Platreef palladium, platinum, rhodium, nickel, copper and gold project in South Africa, whichconsists of an updated feasibility study (Platreef 2020 FS) and a preliminary economic assessment (Platreef 2020 PEA).

The Platreef 2020 FS builds on the excellent results of the FS announced in July 2017 and is based on an unchanged Mineral Reserve, project designs for mining, and plant and infrastructure as in the Platreef 2017 FS; except with an increased production rate from 4.0 Mtpa to 4.4 Mtpa, in two modules of 2.2 Mtpa.

The 2020 FS includes an updated production schedule based on the current project status, costs and economic assumptions. The schedule for the 2020 FS is driven by the sinking of the project’s second, larger shaft (Shaft 2), where early works have commenced. The 2020 FS envisions Shaft 2 equipped for hoisting in 2025, allowing for first concentrate production in the latter half of the year. The initial capital cost for the Platreef 2020 FS is estimated at US$1.4 billion.

The Platreef IDP20 also includes the Platreef 2020 PEA, which is an alternate, phased development plan that fast-tracks Platreef into production. The plan uses the project’s first shaft (Shaft 1) for initial hoisting and mine development, with 825,000 tonnes of annual total rock hoisting capacity, of which 125,000 tonnes is allocated for development rock. The alternate plan envisions building an initial concentrator with a capacity of 770 thousand-tonnes-per-annum (ktpa), and could produce first concentrate in mid-2024.

The recently-completed sinking of Shaft 1 has created the opportunity to access early, high-grade tonnes in this scenario. While the 700-ktpa initial mine is being operated using Shaft 1, there would be opportunities to refine the timing of subsequent phases of expanded production, which is driven by the sinking of Shaft 2. Once completed, two 2.2 Mtpa concentrator modules would be commissioned, and the initial concentrator would be ramped up to its full capacity of 770 ktpa; increasing the steady-state production to 5.2 Mtpa. The initial capital cost for 700 ktpa under the Platreef 2020 PEA is estimated at US$390 million – substantially lower than the Platreef 2020 FS that requires Shaft 2 for first production.

Detailed engineering has commenced on the mine design, 770-ktpa concentrator and associated infrastructure for the phased development plan, which will be incorporated into an updated feasibility study in 2021. The Shaft 1 changeover will take place simultaneously in preparation for permanent hoisting by early 2022. The budget for 2021 is US$59 million, which includes US$10 million for commencement of the construction of the headframe to the collar of Shaft 2.

The Platreef IDP20 reflects the first phase of development for the Platreef Mine. It is designed to establish an operating platform to support potential future expansions to 12 Mtpa and beyond, as demonstrated in previous studies, which would position Platreef among the largest platinum-group metals producing mines in the world, producing in excess of 1.1 million ounces of palladium, platinum, rhodium and gold per year.

Updated FS re-affirms the outstanding economics of Platreef at 4.4-Mtpa production rate, while the PEA demonstrates optionality to bring Platreef into production faster by using Shaft 1, with significantly lower initial capital cost

Mr. Friedland commented: “These powerful, independent economic results mark an important step in our vision of building and operating the world’s next great precious metals mine, together with our local community and Japanese partners. We're now 25 years into discovering and developing the Platreef discovery, which has an unparalleled endowment of palladium, platinum, rhodium and gold; as well as large quantities of nickel and copper. And it still has tremendous potential to significantly expand the resource base, including a plethora of new exploration opportunities, many of which are near-surface.

“We have a mining licence, we have water, we have an orebody that is as thick as an eight-storey building, and we have a team of highly-skilled employees. We also have a 'basket' of precious metals contained in the ore at Platreef that have risen in recent years to levels in excess of US$2,100 an ounce for platinum-group metals and gold.

“The thick and flat-lying nature of the high-grade mineralization of Platreef’s Flatreef deposit will accommodate the use of mechanized and state-of-the-art, automated mining techniques; allowing us to efficiently and safely bring material to surface to produce precious metals vital to a proliferation of modern technologies.

“PGMs have a very bright future in clean energy, including hydrogen fuel cells, while nickel and copper are clearly vital metals for global decarbonization initiatives and worldwide electrification. We’re living in an era of unprecedented change, with the world breeding mega-cities prodigiously. One result is increasingly toxic air, with a whole suite of health effects from heart attacks to stroke, asthma and dementia. If you want clean air, and if you want to stop burning coal and hydrocarbons, the world immediately needs vastly more copper, nickel, and platinum-group metals.”

Palladium and rhodium have been two of the best performing metals in recent years, currently trading at approximately US$2,400 an ounce and $16,100 an ounce respectively, as stricter air-quality rules boost demand for the metals used in vehicle pollution-control devices. Platreef has an estimated 18.9 million ounces of palladium in current Indicated Mineral Resources, and an additional 23.8 million ounces in current Inferred Mineral Resources, at a 2.0 g/t 3PE+Au cut-off. Platreef has an estimated 1.2 million ounces of rhodium in current Indicated Mineral Resources, and an additional 1.6 million ounces in current Inferred Mineral Resources, at a 2.0 g/t 3PE+Au cut-off.

“The feasibility study demonstrates once again the incredible efficiency that can be achieved at Platreef when Shaft 2, one of the largest shafts in Africa, is completed. It confirms without a shadow of a doubt, that not only is Platreef one of the largest, richest precious metals deposits on the planet, but it also will be one of the lowest-cost operations and feature exceptional returns on capital,” Mr. Friedland added.

"Now that Shaft 1 is complete, the phased development plan shows that there is an exciting alternate path to develop this great deposit, with much lower upfront capital requirements, to establish a strategic production foothold on the emerging Northern Limb of South Africa's prolific Bushveld Complex. In turn, this can be leveraged to unlock Platreef's tier one, long-life mineral potential.”

Marna Cloete, Ivanhoe’s President and CFO, commented: “The Northern Limb is the future of South Africa’s platinum-group-metals mining industry. Platreef will have the distinct advantage of having a highly mechanized, underground mining operation with a small environmental footprint. Approximately 60% of the mine's tailings will be sent back underground to fill mined-out voids, and the remainder will be treated using sustainable, dry-stack technology, conferring additional significant environmental, safety and economic advantages. On behalf of our stakeholders, international shareholders and progressive end users of our metals, we are pleased to be leading the positive transformation in the way future underground platinum-group-metals mining operations in South Africa will be conducted.”

Dr. Patricia Makhesha, Ivanhoe’s Executive Vice President, Sustainability and Special Projects, stated: “We are very proud to share 25 years of exploration and development achievements at Platreef with our local communities and stakeholders. These stakeholders, including more than 150,000 local Mokopane area residents, see international investment and responsible development of natural resources as key to unlocking critical opportunities for widespread, long-term prosperity.”

“We believe world-scale projects like Platreef will be integral as South Africa plans its economic future around the green-energy transition and materials that will fuel a growing, global clean-technology supply chain. We’re excited to create sustainable, long-term transformative opportunities for our stakeholders, which include employment, procurement and development opportunities,” Dr. Makhesha added.

Development scenarios at Platreef

The Platreef Integrated Development Plan 2020 encompasses two development scenarios: 

  • Platreef 2020 FS, an update of the 2017 FS: Evaluates the development of a 4.4 Mtpa underground mine with two concentrators built in modules of 2.2 Mtpa. This updates the 2017 FS by taking into account development schedule advancement since 2017, as well as updated costs, metal prices and foreign exchange assumptions; in addition to increased throughput from 4.0 Mtpa to 4.4 Mtpa to utilize the full processing capacity of the two concentrators.
  • Platreef 2020 PEA (Phased Development Plan): An alternative scenario evaluating the phased development of an initial 700-ktpa underground mine using the existing Shaft 1 and a new concentrator with a capacity of up to 770 ktpa, targeting high-grade mining areas with significantly lower capital costs. After first production is achieved, Shaft 2 sinking commences, to coincide with the construction of two additional 2.2 Mtpa concentrator modules, and the ramp up of the initial concentrator to its full capacity of 770 ktpa, increasing the steady production to 5.2 Mtpa. Shaft 2 development may be brought forward to accelerate this expansion.

Ivanhoe Mines indirectly owns 64% of the Platreef Project through its subsidiary, Ivanplats, and is directing all mine development work. The South African beneficiaries of the approved broad-based, black economic empowerment structure have a 26% stake in the Platreef Project. The remaining 10% is owned by a Japanese consortium of ITOCHU Corporation; Japan Oil, Gas and Metals National Corporation; ITC Platinum Development Ltd., an ITOCHU affiliate; and Japan Gas Corporation.

The Platreef IDP20, which includes the Platreef 2020 FS and Platreef 2020 PEA, was independently prepared on a 100%-basis by OreWin Pty Ltd. of Adelaide, Australia; Wood plc (formerly Amec Foster Wheeler) of Vancouver, Canada; SRK Consulting Inc. of Johannesburg, South Africa; Stantec Consulting International LLC of Phoenix, USA; DRA Global of Johannesburg, South Africa; and Golder Associates Africa of Midrand, South Africa.

The Platreef 2020 PEA is preliminary in nature and should not be considered a pre-feasibility or feasibility study, as the economics and technical viability of the Project have not been demonstrated at this time. There is no certainty that the PEA will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability, 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.

Ivanhoe to host Investor Day on Thursday, December 3, 2020, to discuss new Platreef studies

On December 3, 2020, Ivanhoe will host a virtual Investor Day to discuss the findings of the FS and PEA for the Platreef Project.

DATE: December 3, 2020
TIME: 10am Eastern / 7am Pacific / 3pm London / 11pm Beijing

REGISTRATION LINK: https://bit.ly/3pVhper

Figure 1: Schematic section of the Platreef Mine, showing Flatreef’s thick, high-grade T1 and T2 mineralized zones (dark orange and red), underground development work completed to date in shafts 1 and 2 (white) and planned development work (grey).

On June 13, 2020, members of the Platreef team celebrated the completion of sinking Shaft 1 to a final depth of 996 metres below surface. Shaft 1’s headframe is in the background.

Higher nickel and copper grades contribute to lower cash costs for operations on the Northern Limb of South Africa’s Bushveld Igneous Complex (figures 2, 3 and 4).Among global primary platinum-group-metals producers, Platreef’s estimated net total cash cost of US$442 per 3PE+Au ounce, net of copper and nickel by-product credits and including stay-in-business (SIB) capital costs, ranks at the bottom of the cash-cost curve (Figure 3).

The Platreef IDP20 reflects the first phase of development for the Platreef Mine, producing in excess of 500,000 ounces of 3PE+Au per annum. Previous studies have shown the potential for future expansions up to 12 Mtpa, which would position Platreef among the largest platinum-group metals producing mines in the world, illustrated in Figure 4.

Figure 2: Map of South Africa’s Bushveld Igneous Complex.

Source: SFA (Oxford).

Figure 3: Global primary PGM producers’ net total cash cost + SIB capital (2019), US$/3PE+Au oz.

Source: SFA (Oxford). Data for Platreef Project is based on the Platreef 2020 FS parameters and are not representative of SFA's view. Net total cash costs have been calculated using base case assumptions of 16:1 ZAR:USD, US$1,050/oz. platinum, US$1,400/oz. palladium, US$1,560/oz. gold, US$5,000/oz. rhodium, US$7.30/lb nickel and US$3.10/lb copper.

Figure 4: Ranking of global primary PGM producers, based on 2019 palladium equivalent production.

Source: Production estimates for projects other than Ivanhoe’s Platreef Project have been prepared by SFA (Oxford). Production data for the Platreef Project (platinum, palladium, rhodium, gold, nickel and copper) is based on reported FS and PEA data and is not representative of SFA's view. All metals have been converted to palladium equivalent ounces using base case assumptions of US$1,050/oz. platinum, US$1,400/oz. palladium, US$1,560/oz. gold, US$5,000/oz. rhodium, US$7.30/lb nickel and US$3.10/lb copper. Note: As the figures are palladium-equivalent ounces of production they will not be equal to 3PE+Au production.

Figure 5: Revenue per tonne of ore at the Platreef Project since 2017 (shown in US dollars).

Figure 6: Revenue per tonne of ore at the Platreef Project has risen significantly since 2017 (shown in South African rand).

Source for figures 5 and 6: Bloomberg. Based on historical weekly commodity prices at the end of each week.

Notes for figures 5 and 6:

  1. Based on Platreef Mineral Reserves with an effective date of November 30, 2020.
  2. Probable Mineral Reserve of 124.7 million tonnes at a grade of 1.95 grams per tonne (g/t) platinum, 2.01 g/t palladium, 0.30 g/t gold, 0.14 g/t rhodium, 0.34% nickel and 0.17% copper.
  3. A declining Net Smelter Return (NSR) cut-off of $155 per tonne (t) to $80/t was used for the Mineral Reserve estimates.
  4. The NSR cut-off is an elevated cut-off above the marginal economic cut-off.
  5. Metal prices used in the Mineral Reserve estimate: US$1,600 per ounce (oz.) platinum, US$815/oz. palladium, US$1,300/oz. gold, US$1,500/oz. rhodium, US$8.90 per pound (lb) nickel and US$3.00/lb copper.
  6. Tonnage and grade estimates include dilution and mining recovery allowances.
  7. Applies life-of-mine average recoveries of 87.4% for platinum, 86.9% for palladium, 78.6% for gold, 80.5% for rhodium, 87.9% for copper and 71.9% for nickel.
  8. Total cash cost includes mine site costs, plus realization costs such as treatment and refining charges, royalties and transportation.

HIGHLIGHTS

Updated FS increases production rate to 4.4 Mtpa

  • The Platreef 2020 FS evaluates the development of a 4.4-Mtpa underground mine with two concentrators built in modules of 2.2 Mtpa, which updates the 2017 FS by taking into account development schedule advancement, as well as updated costs, metal prices and foreign exchange assumptions.
  • The FS has increased throughput from 4.0 Mtpa to 4.4 Mtpa to utilize the full processing capacity of the two concentrators, which is within the mining and hoisting capability of Shaft 2.
  • Tailings storage methodology has been modified to a dry-stack tailings facility – a sustainable and water-efficient method wherein tailings are placed and compacted in a mound that is concurrently rehabilitated with soil and vegetation during the operating life of the facility.
  • The FS has an average annual production rate of 508,000 ounces (oz.) of platinum, palladium, rhodium and gold (3PE+Au), plus 22 million pounds of nickel and 13 million pounds of copper, at a cash cost of US$442 per ounce of 3PE+Au, net of by-products, and including sustaining capital costs.
  • Project schedule is driven by the sinking of Shaft 2, a 10-metre diameter shaft with total rock hoisting capacity of up to 6 Mtpa, plus a 40-tonne capacity double deck man/material cage capable of transporting fully assembled load-haul-dump vehicles and other equipment to support the mine, with first production targeted in 2025.
  • Initial capital cost of US$1.4 billion for this option would result in an after-tax net present value at an 8% discount rate (NPV8%) of US$1.8 billion and an internal rate of return (IRR) of 19.8%.
  • At spot prices as at November 27, 2020, the NPV8% increases to US$3.7 billion and the IRR increases to 28.4%.

Figure 7: Development and production timeline schematic of Platreef 2020 FS.

Key initial projections from the Platreef 2020 FS

Table 1: Platreef 2020 FS results summary.

Item

Units

Total / Average Life of Mine

Mined and processed

 

 

Mineral Reserves

Million tonnes

 125

Platinum

g/t

 1.95

Palladium

g/t

 2.01

Gold

g/t

 0.30

Rhodium

g/t

 0.14

3PE+Au

g/t

 4.40

Copper

%

 0.17

Nickel

%

 0.34

Key financial results

 

 

Life of mine

Years

 30

Pre-production capital

US$ million

 1,438

Mine-site cash cost

US$ per ounce 3PE+Au

 413

Total cash cost after credits

US$ per ounce 3PE+Au

 411

All-in cash cost after credits

US$ per ounce 3PE+Au

 442

Site operating costs

US$ per tonne milled

 50

After-tax NPV8%

US$ million

 1,849

After-tax IRR

%

 19.8

Project payback period

years

 4.4

  • The economic analysis is based on Probable Mineral Reserves only.
  • 3PE+Au = platinum, palladium, rhodium and gold.
  • Metal prices used in the Mineral Reserve estimate are as follows: US$1,600/oz. platinum, US$815/oz. palladium, US$1,300/oz. gold, US$1,500/oz. rhodium, US$8.90/lb nickel and US$3.00/lb copper.
  • A declining NSR cut-off of US$155/tonne to $80/tonne was used in the Mineral Reserve estimate.
  • Metal price assumptions are as follows: US$1,050/oz. platinum, US$1,400/oz. palladium, US$1,560/oz. gold, US$5,000/oz. rhodium, US$7.30/lb nickel and US$3.10/lb copper.
  • All-in cash costs include sustaining capital costs.

Table 2: Platreef 2020 FS financial results.

 

Discount Rate

Before Taxation

After Taxation

Net present value (NPV)

Undiscounted

 12,342

 9,004

(US$ million)

 5.0%

 4,585

 3,294

 

 8.0%

 2,634

 1,849

 

 10.0%

 1,825

 1,247

 

 12.0%

 1,253

 819

Internal rate of return (IRR)

 

 22.3%

 19.8%

Project payback period

(Years)

 4.4

 4.4

Exchange rate

(ZAR:USD)

16:1

The Platreef Project, with the Shaft 1 headframe and early works construction at the nearby Shaft 2.

Table 3: Platreef 2020 FS average production and processing statistics.

Item

Units

Average Life of Mine

Average production(1)

Million tonnes pa

4.4

Platinum

g/t

1.95

Palladium

g/t

2.01

Gold

g/t

0.30

Rhodium

g/t

0.14

3PE+Au(2)

g/t

4.40

Copper

%

0.17

Nickel

%

0.34

Recoveries

 

 

Platinum

%

87.4

Palladium

%

86.9

Gold

%

78.6

Rhodium

%

80.5

3PE+Au(2)

%

86.4

Copper

%

87.9

Nickel

%

71.9

Concentrate produced

kt/a (dry)

186

Platinum

g/t

38.2

Palladium

g/t

39.1

Gold

g/t

5.3

Rhodium

g/t

2.4

3PE + Au(2)

g/t

85.1

Copper

%

3.3

Nickel

%

5.5

Recovered metal

 

 

Platinum

koz/a

228

Palladium

koz/a

233

Gold

koz/a

32

Rhodium

koz/a

15

3PE + Au(2)

koz/a

508

Copper

Mlb/a

13

Nickel

Mlb/a

22

  • Production over the 30-year life of mine for 4.4 Mtpa steady-state production.
  • 3PE+Au is the sum of the grades for and production of platinum, palladium, rhodium and gold.

Figure 8: Platreef 2020 FS concentrator production (tonnes milled and grades for the life-of-mine).

Figure by OreWin 2020.

Figure 9: Platreef 2020 FS estimated concentrate produced and 3PE+Au grade for the life-of-mine.

Figure by OreWin 2020.

 

Table 4: Platreef 2020 FS unit operating costs and cash costs after credits.

 

US$ per ounce of 3PE+Au

 

YEARS 1-5

YEARS 1-10

LIFE-OF-MINE AVERAGE

Mine site

 470

 407

 413

Realization

 316

 365

 400

Total cash costs before credits

 786

 772

 814

Nickel credits

 292

 294

 321

Copper credits

 74

 73

 82

Total cash costs after credits

 420

 404

 411

Sustaining capital costs

 31

 30

 31

All-in cash costs after credits(2)

 452

 435

 442

  1. Totals may vary due to rounding.
  2. All-in cash costs include sustaining capital costs.

Table 5: Platreef 2020 FS capital investment summary

Description

Initial Capital

Sustaining Capital

Total

 

US$M

US$M

US$M

MINING

 

 

 

Exploration and geology

11

10

21

Mining

702

463

1,165

Capitalized operating costs

48

48

Subtotal

761

473

1,234

CONCENTRATOR & TAILINGS

   

Process Plant

233

14

247

Subtotal

233

14

247

INFRASTRUCTURE

 

 

 

Infrastructure

254

79

334

Site Costs

4

4

7

Capitalized operating costs

32

32

Subtotal

290

83

372

INDIRECTS

   

Owners Cost

30

11

41

Closure

1

15

16

Subtotal

30

26

57

CAPITAL EXPENDITURE BEFORE CONTINGENCY

1,314

596

1,910

Contingency

123

12

135

CAPITAL EXPENDITURE AFTER CONTINGENCY

1,438

607

2,045

Table 6: Platreef 2020 FS financial results at base case and spot metal prices.

 

Discount Rate

Base Case Prices(1)

Spot Prices(2)

Net present value (NPV)

Undiscounted

 9,004

 15,691

(US$ million)

 5.0%

 3,294

 6,172

 

 8.0%

 1,849

 3,742

 

 10.0%

 1,247

 2,722

 

 12.0%

 819

 1,993

Internal rate of return (IRR)

 

 19.8%

 28.4%

Project payback period

(Years)

 4.4

 3.2

Exchange rate

(ZAR:USD)

16:1

  1. Base case metal price assumptions are as follows: US$1,050/oz. platinum, US$1,400/oz. palladium, US$1,560/oz. gold, US$5,000/oz. rhodium, US$7.30/lb nickel and US$3.10/lb copper.
  2. Spot metal prices (November 27, 2020) are as follows: US$968/oz. platinum, US$2,428/oz. palladium, US$1,788/oz. gold, US$16,100/oz. rhodium, US$7.36/lb nickel and US$3.35/lb copper.

Figure 10: Platreef 2020 FS projected real annual and cumulative cash flow at base case assumptions.

Figure by OreWin 2020.

Phased development plan targets fast-tracking Platreef to production using the recently-completed Shaft 1 development, with significantly lower initial capital costs

  • The Platreef 2020 PEA evaluates the phased development of Platreef, with an initial 700-ktpa underground mine and a 770-ktpa capacity concentrator, targeting high-grade mining areas close the Shaft 1, with a significantly lower initial capital cost of US$390 million.
  • First concentrate production for this option is targeted in 2024, with the sinking of Shaft 2 recommencing in 2025, to coincide with the construction of two 2.2-Mtpa concentrators to be completed by 2029 and 2030. This would increase the steady production to 5.2 Mtpa by using Shaft 2 as the primary production shaft.
  • While the PEA considers the deferral of Shaft 2 sinking to 2025, this is a discrete decision and can be started at any point in time, pending funding.
  • By utilizing the 825-ktpa rock-hoisting capacity (including up to 125 ktpa allocated for development rock) of Shaft 1, reduced initial development is required, targeting the nearest and highest-grade stopes with drift-and-fill mining.
  • Cost estimates for the phased development plan are largely based on the Platreef 2020 FS, augmented with early drift-and-fill mining and a 770-ktpa concentrator and associated site infrastructure.
  • For this option, the PEA envisages phase one during years 1 to 6 at an average annual production rate of 109,000 ounces (oz.) of platinum, palladium, rhodium and gold (3PE+Au), plus 5 million pounds of nickel and 3 million pounds of copper followed by phase two during years 7 to 30 at an average annual production rate of 613,000 oz. of 3PE+Au, plus 27 million pounds of nickel and 16 million pounds of copper.
  • The PEA envisages a life-of-mine cash cost of US$460 per ounce of 3PE+Au, net of by-products, and including sustaining capital costs.
  • After-tax net present value at an 8% discount rate (NPV8%) of US$1.6 billion and an internal rate of return (IRR) of 20.0%. At spot prices as at November 27, 2020, the NPV8% increases to US$3.3 billion and the IRR increases to 29.1%.
  • Construction of the 950-metre-level station near the bottom of the project’s Shaft 1 was recently completed. This station lies within a few hundred metres of the initial high-grade mining zone that would be targeted during the early years of the phased development plan under the alternative development scenario of the 2020 PEA.
  • In parallel with the changeover of Shaft 1 for permanent hoisting, detailed engineering will take place in 2021 on the mine design, 770-ktpa concentrator and associated infrastructure design, which will also include the dry stack tailings storage facility. In addition, amendments to the water use licence, waste licence and environmental impact assessment required for the phased development plan will be tabled.
  • Following the completion of the changeover, off-shaft development would take place in early 2022 with the initial aim of establishing a ventilation raise, allowing for the development of underground infrastructure from 2023.

Figure 11: Plan of the Platreef 2020 FS mine design, highlighting areas that are mined in the Platreef 2020 PEA at 700 ktpa and at 5.2 Mtpa.

Figure by OreWin 2020.

Figure 12: Production and timeline schematic of Platreef 2020 PEA.

Key initial projections from the Platreef 2020 PEA

Table 7: Summary of key results of the Platreef 2020 PEA for the phased development plan.

Item

Units

Total / Average Life of Mine

Mined and processed

 

 

Material Milled

Million tonnes

 125

Platinum

g/t

 1.97

Palladium

g/t

 2.02

Gold

g/t

 0.30

Rhodium

g/t

 0.14

3PE+Au

g/t

 4.43

Copper

%

 0.17

Nickel

%

 0.34

Key financial results

 

 

Life of mine

Years

 30

Initial capital

US$ million

 390

Expansion capital

US$ million

 1,269

Peak funding

US$ million

 1,138

Mine-site cash cost

US$ per ounce 3PE+Au

 431

Total cash cost after credits

US$ per ounce 3PE+Au

 428

All-in cash cost after credits

US$ per ounce 3PE+Au

 460

Site operating costs

US$ per tonne milled

 53

After-tax NPV8%

US$ million

 1,615

After-tax IRR

%

 20.0

Project payback period

years

 8.4

  1. 3PE+Au = platinum, palladium, rhodium and gold.
  2. Metal price assumptions for economic analysis are as follows: US$1,050/oz. platinum, US$1,400/oz. palladium, US$1,560/oz. gold, US$5,000/oz. rhodium, US$7.30/lb nickel and US$3.10/lb copper.
  3. All-in cash costs include sustaining capital costs.

Albie Brits, Senior Geologist and Manager Project Geology, inspects a piece of high-grade ore obtained from Shaft 1’s intersection of the Flatreef Deposit.

Sample of the high grade palladium-platinum-rhodium-nickel-copper-gold ore.

Table 8: Platreef 2020 PEA financial results.

 

Discount Rate

Before Taxation

After Taxation

Net present value (NPV)

Undiscounted

 12,103

 8,832

(US$ million)

 5.0%

 4,203

 3,020

 

 8.0%

 2,298

 1,615

 

 10.0%

 1,538

 1,054

 

 12.0%

 1,020

 672

Internal rate of return (IRR)

 

22.4%

20.0%

Project payback period

(Years)

 8.3

 8.4

Exchange rate

(ZAR:USD)

16:1

Students from the University of Johannesburg at the collar of Shaft 2 following a mine tour of the Platreef Project earlier this year.

Table 9: Platreef 2020 PEA average mine production and processing statistics.

Item

Units

Years 1-6 Average

Years 7-30 Average

Life of Mine Average

Production(1)

Mtpa

0.7

5.2

4.2

Platinum

g/t

 2.49

 1.95

 1.97

Palladium

g/t

 2.48

 2.01

 2.02

Gold

g/t

 0.40

 0.30

 0.30

Rhodium

g/t

 0.16

 0.14

 0.14

3PE+Au(2)

g/t

 5.53

 4.40

 4.43

Copper

%

 0.20

 0.17

 0.17

Nickel

%

 0.40

 0.34

 0.34

Recoveries

 

 

 

 

Platinum

%

 90.2

 87.3

 87.5

Palladium

%

 90.0

 86.9

 87.0

Gold

%

 80.3

 78.6

 78.7

Rhodium

%

 84.1

 80.4

 80.6

3PE+Au(2)

%

 89.2

 86.3

 86.4

Copper

%

 90.9

 87.9

 88.0

Nickel

%

 77.8

 71.9

 72.1

Concentrate produced

kt/a (dry)

 40

 224

 187

Platinum

g/t

 39.1

 38.2

 38.2

Palladium

g/t

 38.7

 39.1

 39.0

Gold

g/t

 5.5

 5.3

 5.3

Rhodium

g/t

 2.4

 2.4

 2.4

3PE + Au(2)

g/t

 85.7

 85.0

 85.0

Copper

%

 3.1

 3.3

 3.3

Nickel

%

 5.5

 5.5

 5.5

Recovered metal

 

 

 

 

Platinum

koz/a

 50

 275

 230

Palladium

koz/a

 49

 282

 235

Gold

koz/a

 7

 38

 32

Rhodium

koz/a

 3

 18

 15

3PE + Au(2)

koz/a

 109

 613

 512

Copper

Mlb/a

 3

 16

 13

Nickel

Mlb/a

 5

 27

 23

  1. Production over 6 years at 0.7 Mtpa and 24 years at 5.2 Mtpa.
  2. 3PE+Au is the sum of the grades for and production of platinum, palladium, rhodium and gold.

Figure 13: Platreef 2020 PEA concentrator production (tonnes milled and grades for the life-of-mine).

Figure by OreWin 2020.

Figure 14: Platreef 2020 PEA estimated concentrate produced and 3PE+Au grade for the life-of-mine.

Figure by OreWin 2020.

Table 10: Platreef 2020 PEA unit operating costs and cash costs after credits.

 

US$ per ounce of 3PE+Au

 

YEARS 1-6 AVERAGE

YEARS 7-30 AVERAGE

LOM AVERAGE

Mine site

 696

 419

 431

Realization

 316

 404

 400

Total cash costs before credits

 1,012

 824

 832

Nickel credits

 318

 322

 322

Copper credits

 78

 82

 82

Total cash costs after credits

 616

 420

 428

Sustaining capital costs

 7

 14

 31

All-in cash costs after credits(2)

 623

 434

 460

  1. Totals may vary due to rounding.
  2. All-in cash costs include sustaining capital costs.

Table 11: Platreef 2020 PEA capital investment summary.

Description

Initial Capital

Expansion Capital

Sustaining Capital

Total

 

US$M

US$M

US$M

US$M

MINING

 

 

 

 

Exploration and geology

 0

 14

 7

 21

Mining

 136

 659

 382

 1,177

Subtotal

 137

 672

 389

 1,198

CONCENTRATOR & TAILINGS

 

 

 

  

Process Plant

 50

 245

 2

 297

Subtotal

 50

 245

 2

 297

INFRASTRUCTURE

 

 

 

  

Infrastructure

 81

 190

 75

 347

Site Costs

 5

 6

 1

 12

Subtotal

 86

 197

 76

 359

INDIRECTS

 

 

 

  

Owners Cost

 49

 39

 2

 90

Closure

 – 

 1

 15

 16

Subtotal

 49

 39

 17

 106

CAPITAL EXPENDITURE BEFORE CONTINGENCY

 322

 1,153

 484

 1,959

Contingency

 68

 115

 – 

 183

CAPITAL EXPENDITURE AFTER CONTINGENCY

 390

 1,269

 484

 2,142

Note: Initial capital reflects the capital costs from January 1, 2021, to achieve initial production of 0.7 Mtpa, followed by expansion capital to reflect the capital costs to achieve full production of 5.2 Mtpa.

Table 12: Platreef 2020 PEA financial results at base case and spot prices.

 

Discount Rate

Base Case Prices(1)

Spot Prices(2)

Net present value (NPV)

Undiscounted

 8,832

 15,580

(US$ million)

 5.0%

 3,020

 5,714

 

 8.0%

 1,615

 3,295

 

 10.0%

 1,054

 2,316

 

 12.0%

 672

 1,639

Internal rate of return (IRR)

 

20.0%

29.1%

Project payback period

(Years)

 8.4

 7.3

Exchange rate

(ZAR:USD)

16:1

  1. Base case metal price assumptions are as follows: US$1,050/oz. platinum, US$1,400/oz. palladium, US$1,560/oz. gold, US$5,000/oz. rhodium, US$7.30/lb nickel and US$3.10/lb copper.
  2. Spot metal prices (November 27, 2020) are as follows: US$968/oz. platinum, US$2,428/oz. palladium, US$1,788/oz. gold, US$16,100/oz. rhodium, US$7.36/lb nickel and US$3.35/lb copper.

Figure 15: Platreef Mine 2020 PEA projected operating cash flow, total capital costs and cumulative net cash flow after tax, at base case assumptions.

Figure by OreWin 2020.

Platreef Mineral Resources

The mineral resources used as the basis of the PEA and FS were those amenable to underground selective mining. Information on Platreef Project geology and mineralization is contained in the Platreef Project National Instrument (NI) 43-101 Technical Report dated September 4, 2017, filed on SEDAR at www.sedar.com and on the Ivanhoe Mines website at www.ivanhoemines.com .

Table 13: Mineral Resources amenable to underground selective mining methods (base case is highlighted).

Indicated Mineral Resources Tonnage and Grades

Cut-off 3PE+Au

Mt

Pt
(g/t)

Pd
(g/t)

Au
(g/t)

Rh
(g/t)

3PE+Au
(g/t)

Cu
(%)

Ni
(%)

3 g/t

204

2.11

2.11

0.34

0.14

4.70

0.18

0.35

2 g/t

346

1.68

1.70

0.28

0.11

3.77

0.16

0.32

1 g/t

716

1.11

1.16

0.19

0.08

2.55

0.13

0.26

Indicated Mineral Resources
Contained Metal

Cut-off
3PE+Au

Pt
(Moz)

Pd
Moz)

Au
(Moz)

Rh
(Moz)

3PE+Au
(Moz)

Cu
(Mlb)

Ni
(Mlb)

3 g/t

13.9

13.9

2.2

0.9

30.9

800

1,597

2 g/t

18.7

18.9

3.1

1.2

41.9

1,226

2,438

1 g/t

25.6

26.8

4.5

1.8

58.8

2,076

4,108

Inferred Mineral Resources Tonnage and Grades

Cut-off
3PE+Au

Mt

Pt
(g/t)

Pd
(g/t)

Au
 (g/t)

Rh
(g/t)

3PE+Au
(g/t)

Cu
(%)

Ni
(%)

3 g/t

225

1.91

1.93

0.32

0.13

4.29

0.17

0.35

2 g/t

506

1.42

1.46

0.26

0.10

3.24

0.16

0.31

1 g/t

1431

0.88

0.94

0.17

0.07

2.05

0.13

0.25

Inferred Mineral Resources Contained Metal

Cut-off
3PE+Au

Pt
(Moz)

Pd
Moz)

Au
(Moz)

Rh
(Moz)

3PE+Au
(Moz)

Cu
(Mlb)

Ni
(Mlb)

3 g/t

13.8

14.0

2.3

1.0

31.0

865

1,736

2 g/t

23.2

23.8

4.3

1.6

52.8

1,775

3,440

1 g/t

40.4

43.0

7.8

3.1

94.3

4,129

7,759

  1. Mineral Resources were estimated and finalized April 22, 2016.  On 20 November 2020, updated criteria for assessing reasonable prospects of eventual extraction were reviewed to ensure the estimate remained current. The updated effective date is 20 November 2020. The Qualified Person for the estimate is Mr. Timothy Kuhl, RM SME.
  2. Mineral Resources are reported inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
  3. The 2 g/t 3PE+Au cut-off is considered the base-case estimate and is highlighted. The rows are not additive.
  4. Mineral Resources are reported on a 100% basis. Mineral Resources are stated from approximately -200 m to 650 m elevation (from 500 m to 1,350 m depth). Indicated Mineral Resources are drilled on approximately 100 x 100 m spacing; Inferred Mineral Resources are drilled on 400 x 400 m (locally to 400 x 200 m and 200 x 200 m) spacing.
  5. Reasonable prospects for eventual economic extraction were determined using the following assumptions. Assumed commodity prices are platinum: US$1,600/oz.; palladium: US$815/oz.; gold: US$1,300/oz.; rhodium: US$1,500/oz.; copper: US$3.00/lb; and nickel: US$8.90/lb. It has been assumed that payable metals would be 82% from smelter/refinery and that mining costs (average US$34.27/t) and process, general and administrative costs, and concentrate transport costs (average US$15.83/t of mill feed for a four Mtpa operation) would be covered. The processing recoveries vary with block grade but typically would be 80%-90% for platinum, palladium and rhodium; 70-90% for gold; 60-90% for copper; and 65-75% for nickel.
  6. 3PE+Au = platinum, palladium, rhodium and gold.
  7. Totals may not sum due to rounding.

Platreef 2020 FS Mineral Reserve

The mineral resources used as the basis of the PEA and FS were those amenable to underground selective mining. Information on Platreef Project geology and mineralization is contained in the Platreef Project National Instrument (NI) 43-101 Technical Report dated September 4, 2017, filed on SEDAR at www.sedar.com and on the Ivanhoe Mines website at www.ivanhoemines.com .

Table 14: Probable Mineral Reserves – tonnage and grades as at November 30, 2020.

Method

Mt

NSR
($/t)

Pt
(g/t)

Pd
(g/t)

Au
(g/t)

Rh
(g/t)

3PE+Au
(g/t)

Cu
(%)

Ni
(%)

Ore development

11.1

159.9

1.96

2.05

0.30

0.14

4.45

0.17

0.35

Long-hole

93.1

152.1

1.88

1.95

0.29

0.13

4.25

0.16

0.33

Drift-and-fill

20.4

182.0

2.28

2.23

0.37

0.15

5.03

0.18

0.37

Total

124.7

157.7

1.95

2.01

0.30

0.14

4.40

0.17

0.34

 

Method

Mt

Pt
(Moz)

Pd
(Moz)

Au
(Moz)

Rh
(Moz)

3PE+Au
(Moz)

Cu
(Mlb)

Ni
(Mlb)

Ore development

11.1

0.7

0.7

0.1

0.05

1.6

 42

 85

Long-hole

93.1

5.6

5.8

0.9

0.4

12.7

 333

 681

Drift-and-fill

20.4

1.5

1.5

0.2

0.1

3.3

 83

 167

Total

124.7

7.8

8.0

1.2

0.5

17.6

 457

 932

  1. Mineral Reserves have an effective date of November 30, 2020. The Qualified Person for the estimate is Jon Treen (Stantec), P. Eng., with Professional Engineers of Ontario.
  2. A declining NSR cut-off of US$155/t to US$80/t was used for the Mineral Reserve estimates.
  3. The NSR cut-off is an elevated cut-off above the marginal economic cut-off.
  4. Metal prices used in the Mineral Reserve estimate are as follows: US$1,600/oz. platinum, US$815/oz. palladium, US$1,300/oz. gold, US$1,500/oz. rhodium, US$8.90/lb nickel and US$3.00/lb copper.
  5. Metal-price assumptions used for the FS economic analysis are as follows: US$1,050/oz. platinum, US$1,400/oz. palladium, US$1,560/oz. gold, US$5,000/oz. rhodium, US$7.30/lb nickel and US$3.10/lb copper.
  6. Tonnage and grade estimates include dilution and mining recovery allowances.
  7. Total may not add due to rounding.
  8. 3PE+Au = platinum, palladium, rhodium and gold.

Platreef to be mined primarily using highly-productive mechanized methods

Mining zones in the current Platreef mine plan occur at depths ranging from approximately 700 metres to 1,200 metres below surface. Once expanded mine production is achieved, primary access to the mine will be by way of a 1,104-metre-deep, 10-metre-diameter production shaft (Shaft 2). Secondary access to the mine will be via the 996-metre-deep, 7.25-metre-diameter ventilation shaft (Shaft 1) that recently has been sunk to its final depth. During mine production, both shafts also will serve as ventilation intakes. Three additional ventilation exhaust raises (Ventilation Raise 1, 2, and 3) are planned to achieve steady-state production.

Mining will be performed using highly-productive mechanized methods, including long-hole stoping and drift-and-fill. Each method will utilize cemented backfill for maximum ore extraction. The production plans in both the PEA’s initial five-year drift-and-fill mining operation off of Shaft 1 and the larger FS expansion are focused on maximizing higher-grade areas, which was achieved through optimization based on stope locations, stope grades, mining method, and zone productivities. The orebody was targeted to recover approximately 125 million tonnes at the highest net smelter return.

The ore will be hauled from the stopes to a series of internal ore passes and fed to the bottom of Shaft 2, where it will be crushed and hoisted to surface. 

Figure 16: Platreef underground mine access layout.

Figure by Stantec.

Conventional PGM flowsheet at Platreef

Metallurgical testwork has focused on maximizing recovery of platinum-group elements (PGE) and base metals, mainly nickel, while producing an acceptably high-grade concentrate suitable for further processing and/or sale to a third party. The three main geo-metallurgical units and composites tested produced smelter-grade final concentrates averaging 85 g/t PGE+Au, at acceptable PGE recoveries. Testwork also has shown that the material is amenable to treatment by conventional flotation without the need for mainstream or concentrate ultrafine re-grinding. Extensive bench-scale testwork comprising of open-circuit and locked-cycled flotation testing, comminution testing, mineralogical characterization, tailings dewatering and rheological characterization was performed at Mintek in South Africa, which is an internationally accredited metallurgical testing facility and laboratory.

Comminution and flotation testwork has indicated that the optimum grind for beneficiation is 80% passing 75 micrometres. Platreef ore is classified as being ‘hard’ to ‘very hard’ and thus not suitable for semi-autogenous grinding; a multi-stage crushing and ball-milling circuit has been selected as the preferred size reduction route.

Improved flotation performance has been achieved using high-chrome grinding media as opposed to carbon steel media. The inclusion of a split-cleaner flotation circuit configuration, in which the fast-floating fraction is treated in a cleaner circuit separate from the medium- and slow-floating fractions, resulted in improved PGE, copper and nickel recoveries and concentrate grades. 

A two-phased development approach was used for the flow-sheet design comprising a common three-stage crushing circuit, feeding crushed material to milling-flotation modules. Flotation is followed by a common concentrate thickening, concentrate filtration, tailings disposal and tailings-handling facility. The phased approach allows for increased processing flexibility and introduces process redundancy whilst allowing for phasing of capital and mine ramp-up.  

The Platreef 2017 FS was based on a nominal processing capacity of 4.0 Mtpa, aligned to the mine plan and schedule at the time. The process plant, however, was adequately sized to treat a maximum of 4.4 Mtpa (2 x 2.2 Mtpa modules). This higher processing rate has been utilized in the Platreef 2020 FS.

To further evaluate optimization opportunities and confirm additional detail design parameters, a mini pilot plant testwork program is proposed and will be undertaken as part of the project implementation phase.

Sustainable, dry stacking tailings storage methodology

The proposed tailings storage facility (TSF) will be developed as a dry stack TSF with an estimated operating life of 32 years. During this time, approximately 55.4 million tonnes of tailings will be stored within the dry stack TSF, with the remainder of the tailings to be used as backfill in the underground mine. The dry stack TSF design also caters for an 8-Mtpa ramp-up in production to be explored in future studies. The dry stack TSF is compliant in terms of required tonnage profile production split between the backfill requirement and dry stack TSF of 35% on average, but is conservatively designed for 40% of non-ore material reporting to the TSF.

Since the Platreef 2017 FS, a hybrid paddock deposition methodology was proposed; however, Ivanplats has decided to change the TSF deposition methodology from upstream design to dry stacking in the Platreef 2020 PEA and FS. Followingon a study undertaken by Golder Associates Africa in December 2016, it was concluded that stacked tailings storage facilities are deemed to be safer in that there is no hydraulic deposition, hence the risk will be minimal to flood the surrounding areas with tailings in the unlikely event of a catastrophic failure.Stacked tailing storage facilities are more water efficient in that the majority of water in the tailings is captured in the dewatering plant, pumped directly back to the concentrator and re-used within the process.

The stacked facility will comprise a starter dam constructed primarily of rock fill, engineered tailings, nominally compacted tailings, and random fill. Tailings will be delivered to the dewatering plant situated at the stacking facility utilizing the same pumping systems from the processing plant. Dried tailings will be delivered to the stacking facility using load and haul transportation with trucks from the dewatering plant. Aside from the rock fill in the starter dam and drainage elements, which include a return water dam, the facility will be developed using dewatered tailings. The infrastructure will have to be in place upon start-up.

For the Platreef 2020 PEA development scenario, it is envisaged to utilize the approved rock dump footprint within the immediate Platreef mine and concentrator areas, as a dry stacking tailings facility for the initial 700-ktpa mine. Golder Associates currently is performing the design work in order to apply for the relevant licences and/or amendments to the existing authorizations.

Supply of water and electricity

The Platreef Project’s water requirement for the first phase of development is projected to peak at approximately 7.5 million litres per day. On May 7, 2018, Ivanhoe announced the signing of a new agreement to receive local, treated water to supply most of the bulk water needed for the first phase of production at Platreef. The Mogalakwena Local Municipality has agreed to supply a minimum of five million litres of treated water per day for 32 years from the town of Mokopane’s new Masodi Waste Water Treatment Works. Initial supply will be used in Platreef’s ongoing underground mine development and surface infrastructure construction.

Under the terms of the agreement, which is subject to certain suspensive conditions, Ivanplats will provide financial assistance to the municipality for certified costs of up to a maximum of R248 million (approximately US$16 million) to complete the Masodi treatment plant. Ivanplats will purchase the treated water at a reduced rate of R5 per thousand litres for the first 10 million litres per day to offset a portion of the initial capital contributed.

On February 24, 2017, the five-million-volt-ampere (MVA) electrical power line connecting the Platreef site to the Eskom public electricity utility was energized and now is supplying electricity to Platreef for shaft sinking and construction activities. The new power line – a collaboration between Platreef, Eskom and the Mogalakwena Local Municipality – also established a platform to provide energy to the neighboring community of Mzombane, which previously was without electricity reticulation and supply.  

Platreef’s electrical power requirement for the 4.4-Mtpa underground mine, concentrator and associated infrastructure has been estimated at approximately 100 MVA. An agreement has been reached with Eskom for the supply of power. For the Platreef 2020 PEA development scenario, Ivanhoe currently is negotiating the load build up with Eskom to cater for the initial 700-ktpa mine.

Figure 17: Lowest water consumption per 3PE+Au oz. compared to South African PGM producers

Source: SFA (Oxford). Water consumption estimates for projects other than Ivanhoe’s Platreef Project have been prepared by SFA (Oxford).

Update on construction progress and Shaft 1 repair work

The construction of the 996-metre-level station at the bottom of Shaft 1 was completed in July 2020. The completed Shaft 1 is located approximately 350 metres away from a high-grade area of the Flatreef orebody that is planned for bulk-scale, mechanized mining.

Early-works surface construction for Shaft 2 began in 2017. It includes the excavation of a surface box-cut to a depth of approximately 29 metres below surface and construction of the concrete hitch for the 103-metre-tall concrete headgear (headframe) that will house the shaft’s permanent hoisting facilities and support the shaft collar.

As previously reported on September 14, 2020, a tragic accident occurred in Shaft 1 as a result of a kibble bucket falling down the shaft and striking the northern side of the working platform. The legal review process into the accident as outlined by the South African Mine Health and Safety Act is ongoing. The Mine Health and Safety Inspectorate has completed its investigation under Section 60 of the Mine Health and Safety Act, and preliminary findings attributed the primary cause of the tragic accident to a very rare electronic device failure and that all mine safety standards and safe operating procedures were fully complied with.It is anticipated that the formal statutory inquiry will be convened in the new year.

Remedial actions to bring the shaft safely back into operation are underway with the installation of a temporary pumping system and removal of the old stage ropes at shaft bottom. The new stage fabrication is well advanced with delivery expected at the end of December 2020; followed by the stage assembly planned for early January 2021. Delivery of the new kibble rope and stage ropes is expected mid-December, with the plan to install the new ropes by mid-January 2021. In parallel to this, all equipping procurement items are well advanced with the service winder delivery expected mid-January and installation and commissioning of the kibble winder control unit upgrade expected end of the first quarter of 2021. Once this has been completed, the actual equipping will commence with the anticipated completion in the first quarter of 2022. This will enable Shaft 1 to be equipped for hoisting.

Pierre Kruger, Banksman (left), and Sipho Monama, Engineering Graduate (right), members of the Platreef team bringing Shaft 1 safely back into operation.

Development of human resources and job skills

Community consultation on the Platreef Project’s second Social and Labour Plan (SLP) is in the final stages. In this second SLP, Ivanplats plans to build on the foundation laid in the first SLP and continue with its training and development suite, which includes 15 new mentors, internal skills training for 78 staff members, a legends program to prepare retiring employees with new/other skills, community adult education training for host community members, core technical skills training for at least 100 community members, portable skills, and more.

Local economic development projects will contribute to community water source development with the Mogalakwena Municipality boreholes program, educational program in partnership with Department of Education, and significant contribution funding for sanitation infrastructure at the municipality.

The enterprise and supplier development commitments comprise of expanding the existing kiosk and laundry facilities and adding expanded change house facilities to be managed by a community partner in the future. A five year, integrated business accelerator and funding project will assist interested community members to obtain help with development and supplier readiness.

The Platreef Project supports a number of educational programs, including the E-learning project and the maintenance of science and computer laboratories, as well as the provision of free Wi-Fi in host communities. In pursuit of Ivanhoe’s decarbonization agenda, the Platreef Project planted 25 trees at two local schools in the mine’s footprint area.

Mothepana Shirley Matlala, Diesel Mechanic, is a member of Ivanplats’ growing team of bright, young South Africans that are leading the development of the modern underground mine being built at Platreef. Ivanhoe is committed to helping build the next generation of qualified tradespeople by creating access to, and elevating, skilled trades.

Financing discussions underway

Advanced financing discussions are underway with a number of parties, for up to US$400 million in funding from a combination of project finance, mezzanine debt and streaming, for the phased development plan outlined in the Platreef 2020 PEA. This will then underpin the funding for the larger development scenario as outlined in the Platreef 2020 FS.

Future expansion options

The Platreef 2020 FS and PEA consider only the first phase of development for Platreef, to establish an operating platform to support future expansions. Figure 18 shows the size and potential of the Platreef resource base where the Platreef 2020 PEA only uses approximately one third of the resource above an US$80/t NSR cut-off, which provides the opportunity to ramp up production to larger production rates as the market dictates. With an attractive first phase of development reflected by the Platreef IDP20, Ivanhoe plans to revisit previous studies dating back to 2014 that have demonstrated the potential for Platreef to support future expansions up to 12 Mtpa, producing in excess of 1.1 million ounces of palladium, platinum, rhodium and gold per year.

Figure 18: Platreef 2020 PEA production zones and inferred mineral resources.

Figure by OreWin 2020.

Qualified persons

The following companies have undertaken work in preparation of the IDP and Technical Report:

  • OreWin of Adelaide, Australia – Overall report preparation and economic analysis.
  • Wood Group (formerly Amec Foster Wheeler) of Vancouver, Canada – Mineral Resource estimation.
  • SRK Consulting of Johannesburg, South Africa – Mine geotechnical recommendations.
  • Stantec Consulting of Phoenix, USA – Mineral Reserve estimation and mine plan.
  • DRA Global of Johannesburg, South Africa – Process and infrastructure.
  • Golder Associates Africa of Midrand, South Africa – Water and tailings management.

The independent qualified persons responsible for preparing the Platreef Integrated Development Plan 2020, on which the technical report will be based, are Bernard Peters (OreWin); Timothy Kuhl (Wood); William Joughin (SRK); Jon Treen (Stantec); Val Coetzee (DRA Global); and Francois Marais (Golder Associates). Each person has reviewed and approved the information in this news release relevant to the portion of the Platreef IDP20 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 NI 43-101. Mr. Torr is not considered independent under NI 43-101 as he is the Vice President, Project Geology and Evaluation of Ivanhoe Mines. Mr. Torr has verified the technical data disclosed in this news release.

Sample preparation, analyses and security

During Ivanhoe’s work programs, sample preparation and analyses were performed by accredited independent laboratories. Sample preparation is accomplished by Set Point laboratories in Mokopane. Sample analyses have been accomplished by Set Point Laboratories (Set Point) in Johannesburg, Lakefield Laboratory (Lakefield’ now part of the SGS Group) in Johannesburg, Ultra Trace (Ultra Trace) Laboratory in Perth, Genalysis Laboratories, Perth and Johannesburg (Genalysis), SGS Metallurgical Services (SGS) in South Africa, Acme in Vancouver, and ALS Chemex in Vancouver. Bureau Veritas Minerals Pty Ltd (Bureau Veritas) assumed control of Ultra Trace during June 2007 and is responsible for assay results after that date.

Sample preparation and analytical procedures for samples that support Mineral Resource estimation have followed similar protocols since 2001. The preparation and analytical procedures are in line with industry-standard methods for Pt, Pd, Au, Cu, and Ni deposits. Drill programmes included insertion of blank, duplicate, standard reference material (SRM), and certified reference material (CRM) samples. The quality assurance and quality control (QA/QC) programme results do not indicate any problems with the analytical protocols that would preclude use of the data in Mineral Resource estimation.

Sample security has been demonstrated by the fact that the samples were always attended or locked in the on-site core facility in Mokopane.

Information on sample preparation, analyses and security is contained in the Platreef Project NI 43-101 Technical Report dated September 4, 2017, filed on SEDAR at www.sedar.com and on the Ivanhoe Mines website at www.ivanhoemines.com .

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 emittersper 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.

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 news release constitute “forward-looking statements” or “forward-looking information” within the meaning of applicable securities laws. Such statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements of the company, the Platreef Project, 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 company’s current expectations regarding future events, performance and results, and speak only as of the date of this news release.

The forward-looking statements and forward-looking information in this news release include without limitation, (i) statements regarding the Platreef budget for 2021 is US$59 million, which includes US$10 million for commencement of the construction of the headframe to the collar of Shaft 2; (ii) statements regarding the Platreef IDP20 is designed to establish an operating platform to support potential future expansions up to 12 Mtpa producing in excess of 1.1 million ounces of palladium, platinum, rhodium and gold per year, as demonstrated in previous studies, which would position Platreef among the largest platinum-group-metals producing mines in the world; (iii) statements regarding the feasibility study confirms without a shadow of a doubt, that not only is Platreef one of the largest, richest precious metals deposits on the planet, but it also will be one of the lowest-cost operations and feature exceptional returns on capital; (iv) statements regarding in parallel with the changeover of Shaft 1 for permanent hoisting, detailed engineering will take place in 2021 on the mine design, 770-ktpa concentrator and associated infrastructure design and amendments to the water use licence, waste licence and environmental impact assessment required for the phased development plan will be tabled; (v) statements regarding following the completion of the changeover, off-shaft development would take place in early 2022 with the initial aim of establishing a ventilation raise, allowing for the development of underground infrastructure from 2023; (vi) statements regarding local economic development projects at Platreef will contribute to community water source development with the Mogalakwena Municipality boreholes program, educational program in partnership with Department of Education and significant contribution funding for sanitation infrastructure at the municipality; and (vii) statements regarding the installation and commissioning of the Shaft 1 kibble winder control unit upgrade expected by end of the first quarter of 2021, and the anticipated completion of equipping Shaft 1 for hoisting in the first quarter of 2022.

In addition, all of the results of the Platreef IDP20, Platreef 2020 PEA and Platreef 2020 FS constitute forward-looking statements and forward-looking information. The forward-looking statements include metal price assumptions, cash flow forecasts, projected capital and operating costs, metal recoveries, mine life and production rates, and the financial results of the Platreef 2020 PEA and FS. These include estimates of internal rates of return after-tax of 20.0% (PEA) and 19.8% (FS) with payback periods of 8.4 years and 4.4 years respectively; net present values including a PEA NPV at an 8% discount rate of US$1.6 billion and a FS NPV at an 8% discount rate of US$1.8 billion; future production forecasts and projects, including average annual production of 512koz 3PE+Au in the PEA and 508koz 3PE+Au in the FS; estimates of net total cash cost, net of copper and nickel by-product credits and including stay-in-business (SIB) capital costs of US$460/oz. 3PE+Au in the PEA and US$442/oz. 3PE+Au in the FS; mine life estimates, including a 30 year mine life in the PEA and a 30 year mine life in the FS; initial capital costs of US$0.39 billion in the PEA and US$1.4 billion in the FS; average 3PE+Au grades of 4.4 g/t in the PEA and 4.4 g/t in the FS; cash flow forecasts; estimates of 3PE+Au recoveries of 86.4% in the PEA and 86.4% in the FS. Readers are cautioned that actual results may vary from those presented.

All such forward-looking information and statements are based on certain assumptions and analyses made by Ivanhoe Mines’ management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believe are appropriate in the circumstances. These statements, however, are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information or statements including, but not limited to, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts to perform as agreed; social or labour unrest; changes in commodity prices; unexpected failure or inadequacy of infrastructure, industrial accidents or machinery failure (including of shaft sinking equipment), or delays in the development of infrastructure, and the failure of exploration programs or other studies to deliver anticipated results or results that would justify and support continued studies, development or operations. Other important factors that could cause actual results to differ from these forward-looking statements also include those described under the heading “Risk Factors” in the company’s most recently filed MD&A as well as in the most recent Annual Information Form filed by Ivanhoe Mines. Readers are cautioned not to place undue reliance on forward-looking information or statements. Certain of the factors and assumptions used to develop the forward-looking information and statements, and certain of the risks that could cause the actual results to differ materially are presented in the “Platreef 2020 Feasibility Study”, available on SEDAR at www.sedar.com and on the Ivanhoe Mines website at www.ivanhoemines.com.

This news 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, 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, among other things: (i) fluctuations in platinum, palladium, gold, rhodium, copper, nickel or other mineral prices; (ii) results of drilling; (iii) results of metallurgical testing and other studies; (iv) changes to proposed mining operations, including dilution; (v) the evaluation of mine plans subsequent to the date of any estimates; and (vi) the possible failure to receive required permits, approvals and licences.

Although the forward-looking statements contained in this news release are based upon what management of the company believes are reasonable assumptions, the company 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 news release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the company 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 news release.

南非莫科帕内艾芬豪矿业 (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,公司的南非子公司 Ivanplats 与其合作伙伴对于其南非普拉特瑞夫钯-铂金----黃金矿顶级项目的独立综合开发方案2020 (以下简称普拉特瑞夫IDP20”) 取得极为理想的结果表示祝贺,其中包括项目的最终可行性研究更新版 (以下简称普拉特瑞夫2020 FS”) 以及初步经济评估报告 (以下简称普拉特瑞夫2020 PEA”)

今天公布的普拉特瑞夫2020 FS,是以 20177月发表的可研报告的出色结果为基础,并基于与普拉特瑞夫2017年可研报告相同的矿产储量、项目开采设计以及厂房和基础设施而编制,年采率则从400万吨/年提升至440万吨/ (由两座年处理矿量220万吨的模块组成)

普拉特瑞夫 2020 FS 包括更新的投产计划,以项目当前的状态、成本和经济假设作基础。该时间表主要受项目第二个较大的竖井(2号竖井)凿井工程的影响,该竖井目前已展开前期工程。预计2号竖井将于2025年开始提升作业,并可于2025年下半年实现首批精矿生产。普拉特瑞夫2020 FS的初期资本开支约为14亿美元。

普拉特瑞夫IDP20包括普拉特瑞夫2020 PEA,以替代性的分期开发方案快速推进普拉特瑞夫实现投产。方案使用项目的首采井(1号竖井)进行初步提升作业和矿山开发,年度提升总产能达到82.5万吨岩石,其中12.5万吨为开拓矿量。替代性方案计划建造一座年处理矿量77万吨的初始选矿厂,可于2024年中实现首批精矿生产。

1号竖井的凿井工程最近完工,使采掘班组可以提早进入这个方案的高品位矿段。年处理矿量70万吨的首采井利用1号竖井作业,根据2号竖井的凿井工程进度,将可完善后续扩产阶段的时间表。一旦完工,两座220万吨/年的选矿厂模块将会正式投产,而初始选矿厂将会扩大至77万吨/年的总产能,将稳态产能提升至520万吨/年。普拉特瑞夫2020 PEA估计,70万吨/年方案的初期资本开支为3.9亿美元,远低于首产需要2号竖井的普拉特瑞夫2020 FS方案。

分期开发方案的矿山设计、77万吨/年选矿厂和相关基础设施的详细工程已经展开,并将会纳入2021年的可研报告更新版。 1号竖井的转换将会同步进行,使1号竖井可以自2022年初起永久进行矿石提升。

2021年的预算为5,900万美元,其中包括1,000万美元用于2号竖井井架至井环的建设。

普拉特瑞夫IDP20反映了普拉特瑞夫矿山的第一序列开发。如过往的研究所示,旨在建立一个作业平台,以支持将来可能提升至1,200万吨/年及以上的扩建方案,这将使普拉特瑞夫成为全球最大型的铂族金属生产矿山之一,年产超过110万盎司的钯、铂金、铑和黄金。

可研报告更新版再次证明普拉特瑞夫年采率440万吨/年方案的可观经济性,而初步经济评估则显示了普拉特瑞夫利用1号竖井加快实现投产的选项,大幅降低项目的初期资本开支

弗里兰德先生说﹕这些非常强劲的独立经济测算结果,标志着我们与当地社区和日本合作伙伴共同努力,朝着建设和运营下一个世界主要贵金属矿山,迈出重要的一步。25年前,我们发现了普拉特瑞夫矿山并进行开发工作,矿山拥有无与伦比的钯、铂金、铑和黄金,以及大量的镍和铜金属,至今仍有巨大的勘探潜力,可以大大扩充资源基础,其中包含大量新的勘探机会,且许多是近地表的。

“我们已取得采矿许可证、水源供应以及厚度如八层楼高的矿体,并且拥有一支技术精湛的员工团队。普拉特瑞夫的矿石含有的一篮子贵金属,其中铂族金属和黄金的价格已于近年上涨至每盎司2,100美元以上” 

普拉特瑞夫Flatreef矿床的高品位矿化厚大而平伏,适合使用先进的机械化自动采矿技术,使我们可以高效和安全的方式将矿石输送到地表,以生产各种先进技术所需的贵金属。

铂族金属在清洁能源领域有着非常光明的前景,包括氢燃料电池在内,而且镍和铜金属显然是全球减碳举措和走向电气化所需要的关键金属。我们生活在史无前例的变革时代,世界各地的大城市迅速发展,导致空气质量不断下降,造成心脏病、中风、哮喘和老年痴呆症等一系列的健康问题。如果想要呼吸清洁的空气,并且想要停止燃烧煤和碳氢化合物这个世界必然需要更多的铜、镍和铂族金属。

钯和铑一直是近年来表现最好的两种金属,目前的交易价格分别约为每盎司2,400美元和16,100美元,原因是日益严格的空气质量法规,提高了对那些可用于制造降低车辆污染控制装置金属的需求。普拉特瑞夫当前的指示矿产资源中约有1,890万盎司的钯,推断矿产资源中有2,380万盎司的钯,铂族金属(铂、钯、铑)及黄金(以下简称“3PE + Au”)的边界品位为2.0克/吨。 普拉特瑞夫当前的指示矿产资源中约有120万盎司的铑,推断矿产资源中还有160万盎司的铑,3PE + Au边界品位为2.0克/吨。

可行性研究再次证明了,一旦非洲最大型的竖井之一2号竖井完工后,普拉特瑞夫项目将可以实现非凡的产能。可研报告确定,普拉特瑞夫毫无疑问将会是世界上规模最大和资源最丰富的贵金属矿床之一,并且将会是运营成本最低的矿床之一,具有非常可观的回报。弗里兰德先生补充道。

目前,1号竖井已经完工。分期开发方案建议使用替代性方案来开发这巨大的矿床,所需的前期资本较低,在南非布什维尔德杂岩体北部建立战略性的生产点,使普拉特瑞夫长寿命且一流的矿产资源潜力得到充分释放。

艾芬豪总裁兼首席财务官玛娜·克洛特 (Marna Cloete) 表示:杂岩体北部标志着南非铂族金属采矿业的未来。普拉特瑞夫具有明显的优势,使用高度机械化的地下采矿作业,对于环境所造成的影响较小。该矿山大约60%的尾矿将被送回地下以填满采空区,其余的将采用可持续的干堆尾矿技术进行处理,为环境、安全和经济带来更多的显著优势。我们很高兴代表我们的利益相关者、国际股东和金属的最终用户,带领南非地下铂族金属采矿作业进行积极的变革。

艾芬豪可持续与特殊项目执行副总裁帕翠莎·马凯莎 (Patricia Makhesha) 博士说﹕我们很荣幸与当地社区和利益相关者分享在普拉特瑞夫25年来的勘探和开发成就。这些利益相关者,其中包括超过15万名莫科帕内地区的当地居民,将国际投资和负责任的自然资源开发视为打开重要机遇的关键,以实现广泛的长期繁荣。

马凯莎博士补充说﹕我们相信,在南非规划其未来经济、绿色能源转型以及推动全球清洁技术供应链增长的材料方面,像普拉特瑞夫这样的世界级项目将是不可或缺的。我们很高兴能够为利益相关者创造可持续的、长期的变革机会,其中包括就业、采购和开发机会。

普拉特瑞夫的开发方案

2020年普拉特瑞夫综合开发方案涵盖了下列两个开发方案﹕

  • 普拉特瑞夫2020 FS (2017年可研报告的更新版)对于年处理矿量440万吨的地下矿山开发进行评估,矿山规划了两座年处理矿量220万吨的选矿厂。 2017年可研报告的更新版涵盖2017年可研报告完成以来的开发进展、成本更新、金属价格和外汇假设调整,以及年采率从400万吨/年提升至440万吨/年,使两座选矿厂的选矿产能得到充分的释放。
  • 普拉特瑞夫2020 PEA (分期开发方案)替代性的方案对于分期开发方案进行评估,初步70万吨/年的地下采矿作业使用现有的1号竖井以及一座产能高达77万吨/年的新选矿厂,以高品位的采矿区为目标,并大幅降低资本开支。实现首次投产后,2号竖井的凿井工程将会展开,同时建造额外两座220万吨/年的选矿厂模块,使初始选矿厂扩大至77万吨/年的总产能,将稳态产能提升至520万吨/年。 2号竖井的建设可能会被提前,以加快推进这个扩建方案。
  • 艾芬豪矿业通过其子公司 Ivanplats 间接持有普拉特瑞夫项目64%的权益。普拉特瑞夫项目26%的权益由《全面提高黑人经济实力法案》的南非受益人持有。余下的10%权益由伊藤忠商事株式会社、日本石油天然气和金属国家公司和日本天然气公司组成的日本财团持有。

普拉特瑞夫IDP20,包含普拉特瑞夫2020 FS和普拉特瑞夫2020 PEA,由澳大利亚阿德莱德的OreWin Pty Ltd.、加拿大温哥华的Wood plc (前为Amec Foster Wheeler)、南非约翰内斯堡的SRK Consulting Inc.、美国凤凰城的Stantec Consulting International LLC 、南非约翰内斯堡的DRA Global以及南非米德兰的Golder Associates Africa,按100%项目权益进行独立编撰。

普拉特瑞夫 2020 PEA只是对项目的初步评估,目前未证实项目具有经济和技术价值,故不应被视为预可行性或可行性研究,也不能确定初步经济评估的结果能否得到实现。不属于矿产储量的矿产资源,并未证实其具有经济价值,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)

艾芬豪将于2020年12月3日(星期四)举办投资者论坛,讨论普拉特瑞夫项目的最新研究结果

艾芬豪计划于2020123日举行网上投资者论坛,探讨普拉特瑞夫项目的可研报告和初步经济评估的结果。

日期:2020年12月3日
时间:北美东岸时间10am /太平洋时间7am /伦敦时间3pm / 北京时间11pm
注册链接:https://bit.ly/3pVhper

1﹕普拉特瑞夫矿山的示意图,显示FlatreefT1T2厚大的高品位矿化带 (深橙色和红色) 1号竖井和2号竖井至今已完成的地下开拓工程 (白色) 和规划的掘进工程 (灰色)

普拉特瑞夫团队于2020613日庆祝1号竖井的凿井工程完工,达到地表以下996米的最终深度。背景是1号竖井的井架。

南非布什维尔德火成杂岩体北部的镍和铜品位较高,有助于降低运营的现金成本 (234)。在全球主要的铂族金属生产商中,估计普拉特瑞夫的总现金成本净值为每盎司3PE + Au 442美元 (扣除铜和镍副产品收入,并计入维持经营资本开支),是现金成本最低的生产商之一(3)

普拉特瑞夫IDP20反映了普拉特瑞夫矿山的第一序列开发,每年生产超过50万盎司的3PE+Au。过往的研究显示,后续扩产可达到1,200万吨/年的潜力,这将使普拉特瑞夫成为全球最大型的铂族金属生产矿山之一 (见图4)

2﹕南非布什维尔德火成杂岩体的地图。 

信息来源﹕英国牛津随机前沿分析公司

3﹕全球主要铂族金属生产商的总现金成本净值及维持经营资本开支 (2019),美元/每盎司3PE+Au

信息来源﹕英国牛津随机前沿分析公司。普拉特瑞夫项目的数据以普拉特瑞夫2020 FS的参数为基础,并不代表随机前沿分析公司的观点。总现金成本净值假设南非兰特兑美元16:1、每盎司铂金1,050美元、每盎司钯1,400美元、每盎司黄金1,560美元、每盎司铑5,000美元、每磅镍7.30美元,以及每磅铜3.10美元计算。

4﹕全球主要铂族金属生产商的排名2019年的钯金属当量产量计算。

信息来源﹕项目的产量估算由英国牛津随机前沿分析公司编撰 (艾芬豪的普拉特瑞夫项目除外)。普拉特瑞夫项目的产量数据 (铂金、钯、铑、黄金、镍及铜金属) 根据可研报告和初步经济评估的数据而作出,并不代表随机前沿分析公司的观点。所有金属已转换成钯金属当量盎司,假设价格每盎司铂金1,050美元、每盎司钯1,400美元、每盎司黄金1,560美元、每盎司铑5,000美元、每磅镍7.30美元及每磅铜3.10美元。注﹕由于产量的数字为钯金属当量盎司,因此不等于3PE+Au的产量。

5﹕普拉特瑞夫项目自 2017 年以来的每吨矿石价值 (以美元计)

6﹕普拉特瑞夫项目的每吨矿石价值自 2017 年以来大幅上涨(以南非兰特计)

图5 和图6 的来源﹕彭博。基于每周末的当周大宗商品价格。

图 5和图 6的注释:

  1. 基于普拉特瑞夫的矿产储量信息 (自2020年11月30日起生效)。
  2. 可信矿产储量为 1.247亿吨 (铂品位1.95 克/吨、钯品位2.01克/吨、黄金品位0.30克/吨、铑品位0.14克/吨、镍品位0.34%及铜品位0.17%)。
  3. 矿产储量估算中使用的精矿净回报 (NSR) 边界值从每吨 155美元下调至每吨 80美元。
  4. NSR 边界值用于圈定边际经济临界值之上的储量。
  5. 矿产储量估算中使用的金属价格为﹕每盎司铂金1,600 美元、每盎司钯815 美元、每盎司黄金1,300 美元、每盎司铑1,500 美元、每磅镍8.90 美元以及每磅铜3.00 美元。
  6. 矿石量和品位估算值已考虑贫化和采矿回收率。
  7. 矿山全寿命的平均回收率为﹕铂金87.4%,钯86.9%,黄金78.6%,铑80.5%,铜87.9%及镍71.9%。
  8. 总现金成本包括矿场成本加上变现成本 (例如粗炼及精炼费、权益金及运输费)。

重点

可研报告更新版提升年采率至440万吨/年

  • 普拉特瑞夫 2020 FS对于年处理矿量440万吨的地下矿山开发进行评估,矿山规划了两座年处理矿量220万吨的选矿厂。可研报告更新版涵盖2017年可研报告完成以来的开发进展、成本更新、金属价格和外汇假设调整。
  • 可研报告将项目的年采率从400万吨/年提升至440万吨/年,使两座选矿厂的选矿产能得到充分的释放,在2号竖井的采矿和提升产能范围内。
  • 尾矿的存储方法已更改为干堆尾矿,这是一种可持续且节水的方法,将尾矿压实并放置在土堆中,在设施使用寿命期间期间,土壤和植被同时恢复。
  • 可研报告预计,铂金、钯、铑和黄金 (3PE + Au) 的平均年产量达50.8万盎司,加上2,200万磅镍金属和1,300万磅铜金属,现金成本为每盎司3PE + Au442美元 (扣除副产品,并已计入维持资本开支)
  • 项目的时间表取决于2号竖井的凿井工程。 2号竖井的直径为10米,提升产能达每年600万吨矿石,设有两座40吨的双层人员/物料提升机,可以运输完全组装的装运卸车辆及其他设备以配合矿山工程。 2号竖井计划将于2025年实现投产。
  • 这个方案的初期资本开支为14亿美元,预计具有18亿美元的税后净现值(折现率8%)19.8%的内部收益率。
  • 20201127日的现货价格计算,税后净现值 (折现率8%) 将会增加至35亿美元,内部收益率上升至28.4%

7﹕普拉特瑞夫2020 FS的开发和生产时间点示意图。

普拉特瑞夫2020 FS的初步预测重点

1﹕普拉特瑞夫2020 FS概要。

项目

单位

矿山全寿命总值/平均值

采矿和选矿
矿产储量
铂金

黄金

3PE+Au

百万吨
克/吨
克/吨
克/吨
克/吨
克/吨

%

%

125

1.95

2.01

0.30

0.14

4.40

0.17

0.34

  

主要财务业绩

矿山全寿命

投产前资本

矿场现金成本

总现金成本 (扣除副产品收入)

整体现金成本(扣除副产品收入)

现场运营成本

税后净现值(折现率8%)

税后内部收益率

项目回报期


百万美元
美元 / 每盎司3PE+Au
美元 / 每盎司3PE+Au
美元 / 每盎司3PE+Au
美元 / 每吨碾磨
百万美元
%

30

1,438

413

411

442

50

1,849

19.8

4.4

   
  1. 经济分析仅以可信储量为基础。
  2. 3PE+Au相等于铂金、钯、铑和黄金。
  3. 矿产储量估算使用的金属价格如下﹕每盎司铂金1,600美元、每盎司钯815美元、每盎司黄金1,300美元、每盎司铑1,500美元、每磅镍8.90美元及每磅铜3.00美元。
  4. 矿产储量估算中使用的精矿净回报 (NSR) 边界值从每吨 155美元下调至每吨 80美元。
  5. 金属价格假设如下﹕每盎司铂金1,050美元、每盎司钯1,400美元、每盎司黄金1,560美元、每盎司铑5,000美元、每磅镍7.30美元及每磅铜3.10美元。
  6. 整体现金成本已计入持续资本开支。

2﹕普拉特瑞夫2020 FS的财务业绩 

 

折现率

税前

税后

净现值 (百万美元)

Undiscounted

 12,342

 9,004

 

 5.0%

 4,585

 3,294

 

 8.0%

 2,634

 1,849

 

 10.0%

 1,825

 1,247

 

 12.0%

 1,253

 819

内部收益率

 

 22.3%

 19.8%

项目回报期

(年)

 4.4

 4.4

汇率

(南非兰特兑美元)

16:1

普拉特瑞夫项目,图中显示1号竖井的井架以及毗邻2号竖井的前期工程。

3﹕普拉特瑞夫2020 FS的平均产量和选矿统计数据

项目

单位

矿山全寿命平均值

平均产量 (1)

每年百万吨

4.4

铂金

克/吨

1.95

克/吨

2.01

黄金

克/吨

0.30

克/吨

0.14

3PE+Au(2)

/

4.40

%

0.17

%

0.34

回收率

  

铂金

%

87.4

%

86.9

黄金

%

78.6

%

80.5

3PE+Au(2)

%

86.4

%

87.9

%

71.9

精矿产量

千吨/ ()

186

铂金

克/吨

38.2

克/吨

39.1

黄金

克/吨

5.3

克/吨

2.4

3PE+Au(2)

/

85.1

%

3.3

%

5.5

回收金属

  

铂金

千盎司/年

228

千盎司/年

233

黄金

千盎司/年

32

千盎司/年

15

3PE+Au(2)

千盎司/

508

百万磅/年

13

百万磅/年

22

  1. 矿山全寿命30年间以440万吨/年稳态产能所生产的产量。
  2. 3PE+Au相等于铂金、钯、铑和黄金的品位及产量总和。

8﹕普拉特瑞夫2020 FS的选矿厂产量 (矿山全寿命的碾磨矿石量和品位)

图表由OreWin编制 (2020)

9﹕普拉特瑞夫2020 FS 矿山全寿命的精矿产量和3PE+Au品位估算

图表由OreWin编制 (2020)

4﹕普拉特瑞夫2020 FS的单位营运成本及现金成本 (已扣除副产品收入)

 

美元/每盎司3PE+Au

 

15

110

矿山全寿命 平均值

矿场成本

470

407

413

实现成本

316

365

400

总现金成本 (未计副产品收入)

786

772

814

镍副产品收入

292

294

321

铜副产品收入

74

73

82

总现金成本 (已计入副产品收入)

420

404

411

维持资本开支

31

30

31

整体现金成本 (已计入副产品收入)(2)

452

435

 
  1. 总数可能因四舍五入而出现差异。
  2. 整体现金成本已计入维持资本开支。

5﹕普拉特瑞夫2020 FS的资本投资概要

项目

初期资本

维持资本

总值

 

百万美元

百万美元

百万美元

采矿

   

勘采和地质

11

10

21

采矿

702

463

1,165

资本化运营成本

48

48

小计

761

473

1,234

精矿和尾矿

   

选矿厂

233

14

247

小计

233

14

247

基础设施

   

基础设施

254

79

334

矿场成本

4

4

7

资本化运营成本

32

32

小计

290

83

372

间接费用

   

业主成本

30

11

41

矿山关闭

1

15

16

小计

30

26

57

未计应急费用的资本开支

1,314

596

1,910

应急费用

123

12

135

已计入应急费用的资本开支

1,438

607

2,045

6﹕普拉特瑞夫2020 FS的财务业绩 (以假设基础价格及现货金属价格计算)

 

折现率

假设基础价格(1)

现货价格 (2)

净现值(百万美元)

未折现

9,004

15,619

 

5.0%

3,294

6,172

 

8.0%

1,849

3,742

 

10.0%

1,247

2,722

 

12.0%

819

1,993

内部收益率

 

19.8%

28.4%

项目回报期

(年)

4.4

3.2

汇率

(南非兰特兑美元)

16:1

  1. 假设基础的金属价格如下﹕每盎司铂金1,050美元、每盎司钯1,400美元、每盎司黄金1,560美元、每盎司铑5,000美元、每磅镍7.30美元及每磅铜3.10美元。
  2. 现货金属价格 (2020年11月27日) 如下﹕每盎司铂金968美元、每盎司钯2,428美元、每盎司黄金1,788美元、每盎司铑16,100美元、每磅镍7.36美元及每磅铜3.35美元。

10﹕普拉特瑞夫2020 FS的年度和累计实际现金流预测 (以假设基础计算)

图表由OreWin编制 (2020)

分期开发方案旨在加快推进普拉特瑞夫投产,使用最近完工的1号竖井作为首采井,大幅降低项目的初期资本开支

  • 普拉特瑞夫2020 PEA对于普拉特瑞夫的分期开发方案进行评估,以初步70万吨/年的地下开采量及产能高达77万吨/年的选矿厂,以1号竖井附近的高品位采矿区为目标,并大幅降低初期资本开支至3.9亿美元。
  • 在这个方案下,首批精矿的生产预计于2024年实现,2号竖井的凿井工程将于2025年展开,以配合两座220万吨/年选矿厂的建造,计划分别于2029年及2030年完工。 2号竖井将会用作主要采矿井,这将提升稳态产能至520万吨/年。
  • 尽管初步经济评估将2号竖井的凿井工程推迟到2025年,但这是含有多个变量相对离散的决定,等待获取资金后可随时开始施工。
  • 利用1号竖井82.5/吨年的矿石提升产能(其中包括12.5/吨年的产能用于处理开拓矿石),并需要减少初期工程,重点开发距离最近和品位最高的分层填充采矿区。
  • 分期开发方案的成本估算主要以普拉特瑞夫2020 FS为基础,并包括前期的分层填充采矿作业以及一座77万吨/年的选矿厂和相关的矿场基础设施。
  • 在这个方案下,初步经济评估预计在第一序列 (16) 期间平均年产量达10.9万盎司的铂金、钯、铑和黄金 (3PE+Au) 以及500万磅镍和300万磅铜金属;随后于第2序列 (730) 期间平均年产量达61.3万盎司的3PE+Au以及2,700万磅镍和1,600万磅铜金属。
  • 初步经济评估预计,矿山全寿命的现金成本为每盎司3PE+Au 460美元 (扣除副产品,并已计入维持资本开支)
  • 税后净现值为16亿美元 (折现率8%),内部收益率为20.0%。以20201127日的现货价格计算,净现值将会提升至33亿美元及内部收益率增加至28.2%
  • 项目1号竖井底部附近的950 米水平工作站最近已经完工。该工作站位于初步高品位矿区的几百米范围之内。在2020年初步经济评估的替代性开发方案下,将于分期开发方案初期在该矿区进行重点开发。
  • 1号竖井将于2021年进行转换成为永久提升矿井,而矿山设计、77万吨/年选矿厂和相关基础设施设计的详细工程将会同步进行,其中还包括干堆尾矿仓储设施。此外,还将提交分期开发方案所需的用水许可证、废物许可证和环境影响评估的修订案。
  • 转换完成后,将于2022年初进行矿井以外的工程,最初目标是要建设通风井,使项目可于2023年开始进行地下基础设施的施工。

11﹕普拉特瑞夫 2020 FS 矿山设计图,重点显示了普拉特瑞夫 2020 PEA 70万吨/年及 520 万吨/年方案的采矿区。

图表由OreWin编制 (2020)

 图12﹕普拉特瑞夫2020 PEA的产量及时间点示意图

普拉特瑞夫2020 PEA的初步预测重点

7﹕普拉特瑞夫2020 PEA分期开发方案的主要结果概要

项目

单位

矿山全寿命总值/平均值

采矿和选矿

  

入选矿量

百万吨

125

铂金

克/吨

1.97

克/吨

2.02

黄金

克/吨

0.30

克/吨

0.14

3PE+Au

/

4.43

%

0.17

%

0.34

主要财务业绩

  

矿山全寿命

30

初期资本

百万美元

390

扩建资本

百万美元

1,269

最大前期投资

百万美元

1,138

矿场现金成本

美元 /盎司3PE+Au

431

总现金成本 (已计入副产品收入)

美元 / 盎司3PE+Au

428

整体现金成本(已计入副产品收入)

美元 / 盎司3PE+Au

460

矿场运营成本

美元/吨入选矿

53

税后净现值(折现率8%)

百万美元

1,615

税后内部收益率

%

20.0

项目回报期

8.4

  1. 3PE+Au相等于铂金、钯、铑和黄金。
  2. 金属价格假设如下﹕每盎司铂金1,050美元、每盎司钯1,400美元、每盎司黄金1,560美元、每盎司铑5,000美元、每磅镍7.30美元及每磅铜3.10美元。
  3. 整体现金成本已计入维持资本开支。

资深地质学家兼项目地质经理Albie Brits正在检视一块从Flatreef矿床1号竖井见矿厚度提取的高品位矿石。

高品位钯-----金矿石的样品。

8﹕普拉特瑞夫2020 PEA的财务业绩

 

折现率

税前

税后

净现值 (百万美元)

未折现

12,103

8,832

 

5.0%

4,203

3,020

 

8.0%

2,298

1,615 

 

10.0%

1,538

1,054

 

12.0%

1,020

672

内部收益率

 

22.4%

20.0%

项目回报期

(年)

8.3

8.4

汇率

(南非兰特兑美元)

16:1

来自约翰内斯堡大学的学生于今年早些时候到普拉特瑞夫矿山进行考察,图为学生们在2号竖井的井环前。

9﹕普拉特瑞夫2020 PEA的平均产量和选矿统计数据

项目

单位

1-6平均值

7-30年平均值

矿山全寿命平均值

产量(1)

百万吨/

0.7

5.2

4.2

铂金

克/吨

2.49

1.95

1.97

克/吨

2.48

2.01

2.02

黄金

克/吨

0.40

0.30

0.30

克/吨

0.16

0.14

0.14

3PE+Au(2)

/

5.53

4.40

4.43

%

0.20

0.17

0.17

%

0.40

0.34

0.34

回收率

    

铂金

%

90.2

87.3

87.5

%

90.0

86.9

87.0

黄金

%

80.3

78.6

78.7

%

84.1

80.4

80.6

3PE+Au(2)

%

89.2

86.3

86.4

%

90.9

87.9

88.0

%

77.8

71.9

72.1

精矿产量

千吨/()

40

224

187

铂金

克/吨

39.1

38.2

38.2

克/吨

38.7

39.1

39.0

黄金

克/吨

5.5

5.3

5.3

克/吨

2.4

2.4

2.4

3PE+Au(2)

/

85.7

85.0

85.0

%

3.1

3.3

3.3

%

5.5

5.5

5.5

回收金属

    

铂金

千盎司/年

50

275

230

千盎司/年

49

282

235

黄金

千盎司/年

7

38

32

千盎司/年

3

18

15

3PE+Au(2)

千盎司/

109

613

512

百万磅/年

3

16

13

百万磅/年

5

27

23

  1. 矿山投产后6年间以77万吨/年及24年间以520万吨/年所生产的产量。
  2. 3PE+Au相等于铂金、钯、铑和黄金的品位及产量总和。

13﹕普拉特瑞夫2020 PEA的选矿厂产量 (矿山全寿命的碾磨矿石量和品位)

图表由OreWin编制 (2020)

14﹕普拉特瑞夫2020 PEA矿山全寿命的精矿产量和3PE+Au品位估算

图表由OreWin编制 (2020)

10﹕普拉特瑞夫2020 PEA的单位营运成本及现金成本 (已扣除副产品收入)

 

美元/每盎司3PE+Au

 

16

730

矿山全寿命 平均值

矿场成本

696

419

431

实现成本

316

404

400

总现金成本 (未计副产品收入)

1,012

824

832

镍副产品收入

318

322

322

铜副产品收入

78

82

82

总现金成本 (已计入副产品收入)

616

420

428

维持资本开支

7

14

31

整体现金成本 (已计入副产品收入)(2)

623

434

460

  1. 总数可能因四舍五入而出现差异。
  2. 整体现金成本已计入维持资本开支。

11﹕普拉特瑞夫2020 PEA的资本投资概要

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

    

勘采和地质

0

14

7

21

采矿

136

659

382

1,177

小计

137

672

389

1,198

精矿和尾矿

    

选矿厂

50

245

2

297

小计

50

245

2

297

基础设施

    

基础设施

81

190

75

347

矿场成本

5

6

1

12

小计

86

197

76

359

间接费用

    

业主成本

49

39

2

90

矿山关闭

– 

1

15

16

小计

49

39

17

106

未计应急费用的资本开支

322

1,153

484

1,959

应急费用

68

115

– 

183

已计入应急费用的资本开支

390

1,269

484

2,142

注:初期资本反映了实现年处理矿量70万吨的初期生产所需的资本开支 (2021年1月1日起计),其后的扩建资本反映了实现年处理矿量520万吨总产能的资本开支。

12﹕普拉特瑞夫2020 PEA的财务业绩 (以假设基础及现货金属价格计算)

 

折现率

假设基础价格(1)

现货价格 (2)

净现值(百万美元)

未折现

8,832

15,580

 

5.0%

3,020

5,714

 

8.0%

1,615

3,295

 

10.0%

1,054

2,316

 

12.0%

672

1,639

内部收益率

 

20.0%

29.1%

项目回报期

(年)

8.4

7.3

汇率

(南非兰特兑美元)

16:1

  1. 假设基础的金属价格假设如下﹕每盎司铂金1,050美元、每盎司钯1,400美元、每盎司黄金1,560美元、每盎司铑5,000美元、每磅镍7.30美元及每磅铜3.10美元。
  2. 现货金属价格 (2020年11月27日) 如下﹕每盎司铂金968美元、每盎司钯2,428美元、每盎司黄金1,788美元、每盎司铑16,100美元、每磅镍7.36美元及每磅铜3.35美元。

15﹕普拉特瑞夫2020 PEA的预测运营现金流、总资本开支及税后累计现金流净值 (以假设基础计算)

图表由OreWin编制 (2020)

普拉特瑞夫的矿产资源

初步经济评估和可研报告所用的矿产资源基础适用于部分的地下开采作业。关于普拉特瑞夫项目的地质和矿化信息,已载于SEDAR (www.sedar.com)及艾芬豪矿业网站(www.ivanhoemines.com) 内的普拉特瑞夫项目NI 43101技术报告”(201794)

13﹕矿产资源适用于部分地下开采方法 (标黄基础假设)

控制矿产资源

矿石量和品位

边界品位
3PE+Au

百万吨

铂金

(/)

(/)

黄金

(/)

(/)

3PE+Au

(/)

(%)

(%)

 

3 克/吨

204

2.11

2.11

0.34

0.14

4.70

0.18

0.35

 

2 克/吨

346

1.68

1.70

0.28

0.11

3.77

0.16

0.32

 

1 克/吨

716

1.11

1.16

0.19

0.08

2.55

0.13

0.26

 

控制矿产资源

含金属量

边界品位
3PE+Au

铂金

(百万盎司)

(百万盎司)

黄金

(百万盎司)

(百万盎司)

3PE+Au

(百万盎司)

(百万磅)

(百万磅)

 

3 克/吨

13.9

13.9

2.2

0.9

30.9

800

1,597

 

2 克/吨

18.7

18.9

3.1

1.2

41.9

1,226

2,438

 

1 克/吨

25.6

26.8

4.5

1.8

58.8

2,076

4,108

 

推断矿产资源
矿石量和品位

边界品位
3PE+Au

百万吨

铂金

(/)

(/)

黄金

(/)

(/)

3PE+Au

(/)

(%)

(%)

 

3 克/吨

225

1.91

1.93

0.32

0.13

4.29

0.17

0.35

 

2 克/吨

506

1.42

1.46

0.26

0.10

3.24

0.16

0.31

 

1 克/吨

1431

0.88

0.94

0.17

0.07

2.05

0.13

0.25

 

推断矿产资源
含金属量

边界品位
3PE+Au

铂金

(百万盎司)

(百万盎司)

黄金

(百万盎司)

(百万盎司)

3PE+Au

(百万盎司)

(百万磅)

(百万磅)

 

3 克/吨

13.8

14.0

2.3

1.0

31.0

865

1,736

 

2 克/吨

23.2

23.8

4.3

1.6

52.8

1,775

3,440

 

1 克/吨

40.4

43.0

7.8

3.1

94.3

4,129

7,759

 
  1. 矿产资源评估报告于2016年4月22日定稿。于2020年11月20日,对评估最终开采合理前景的更新标准进行了审查,以确保估计保持最新。更新版生效日期为2020年11月20日。估算报告的合资格人士 Timothy Kuhl 先生是采矿、冶金与勘探学会(SME) 的会员。
  2. 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。
  3. 2 克/吨3PE+Au的边界品位为估算的假设基础,并已突出显示而非额外加入行数。
  4. 矿产资源以100%基础报告。矿产资源由大约 -200米至650米水平 (深度500米至1,350米) 记录。控制矿产资源以大约100 × 100米的距离进行钻探;而推断矿产资源则以400 × 400米距离 (局部400 × 200米以及200 × 200米距离 ) 进行钻探。
  5. 最终经济开采的合理前景根据以下的假设而厘订。假设商品价格为﹕每盎司铂金1,600美元、每盎司钯815美元、每盎司黄金1,300元、每盎司铑1,500元、每磅铜3.00元及每磅镍8.90元。假设来自冶炼厂/精炼厂的可支付金属将为82%,并且已包括开采成本(平均每吨34.27元)和选矿费、一般行政开支和精矿运输成本(年处理矿量400万吨作业所需平均给矿每吨15.83美元)。选矿回收率视乎矿块品位而变化,但一般为80%-90% (铂金、钯和铑)、70-90% (黄金)、60-90% (铜)以及65-75% (镍) 。
  6. 3PE+Au相等于铂金、钯、铑和黄金。
  7. 总值可能因四舍五入而出现差异。

普拉特瑞夫2020 FS的矿产储量

初步经济评估和可研报告所用的矿产资源基础适用于部分的地下开采作业。关于普拉特瑞夫项目的地质和矿化信息,已载于SEDAR (www.sedar.com)及艾芬豪矿业网站(www.ivanhoemines.com) 内的普拉特瑞夫项目NI 43101技术报告”(201794)

14﹕可信储量截至20201130的矿石量和品位

方法

百万吨

精矿净回报 (/)

铂金

(/)

(/)

黄金

(/)

(/)

3PE+Au

(/)

(%)

(%)

矿石开发

11.1

159.9

1.96

2.05

0.30

0.14

4.45

0.17

0.35

深孔采矿法

93.1

152.1

1.88

1.95

0.29

0.13

4.25

0.16

0.33

分层充填采矿法

20.4

182.0

2.28

2.23

0.37

0.15

5.03

0.18

0.37

总值

124.7

157.7

1.95

2.01

0.30

0.14

4.40

0.17

0.34

 

方法

百万吨

铂金

(百万盎司)

(百万盎司)

黄金

(百万盎司)

(百万盎司)

3PE+Au

(百万盎司)

(百万磅)

(百万磅)

矿石开发

11.1

0.7

0.7

0.1

0.05

1.6

42

85

深孔采矿法

93.1

5.6

5.8

0.9

0.4

12.7

333

681

分层充填采矿法

20.4

1.5

1.5

0.2

0.1

3.3

83

167

总值

124.7

7.8

8.0

1.2

0.5

17.6

457

932

  1. 矿产储量自2020年11月30日起生效。估算报告的合资格人士为Jon Treen (Stantec) 以及安大略省的专业工程师。
  2. 矿产储量估算中使用的精矿净回报 (NSR) 边界值从每吨 155美元下调至每吨 80美元。
  3. NSR 边界值用于圈定边际经济临界值之上的储量。
  4. 矿产储量估算中使用的金属价格为﹕每盎司铂金1,600 美元、每盎司钯815 美元、每盎司黄金1,300 美元、每盎司铑1,500 美元、每磅镍8.90 美元以及每磅铜3.00 美元。
  5. 可研报告经济分析中假设金属价格为﹕每盎司铂金1,050 美元、每盎司钯1,400 美元、每盎司黄金1,560 美元、每盎司铑5,000 美元、每磅镍7.30 美元以及每磅铜3.10 美元。
  6. 矿石量和品位估算值已考虑贫化和采矿回收率。
  7. 总值可能因四舍五入而出现差异。
  8. 3PE+Au相等于铂金、钯、铑和黄金。

普拉特瑞夫主要采用高生产率的机械采矿方法

目前,普拉特瑞夫采矿计划中的采矿区位于地表以下约 700 米至 1,200 米的深度。一旦扩大矿山产量,2号竖井 (1,104米深、十米直径的生产井) 将会用作通往矿区的主要通道。1号竖井 (996米深、直径7.25米的通风井) 将会用作次要通道。 1号竖井的凿井工程最近已完成,达到其最终深度。矿山生产期间,1号和2号竖井将会用作通风入口。规划的另外3个通风天井 (1号、2号及3号通风天井) 将用于实现稳态产量。

计划采矿方法将会采用高生产率的机械方法,包括深孔采矿法 (long-hole stoping) 及分层充填采矿法 (drift-and-fill)。两种方法都会采用水泥回填以挖掘最多的矿石。初步经济评估前5年在1号竖井以外进行的分层充填采矿作业和可研报告的较大型扩建方案,两个生产方案都会通过优化采矿位置、采矿品位、开采方法和矿段的生产力,重点开发较高品位矿段以挖掘最多的矿石,目标是要在该矿体以最高净冶炼回收率,回收约1.25亿吨的矿石。

矿石将会从矿场通过一系列的内部矿石运送点输送到2号竖井的底部,然后进行破碎及提升至地表。

16:普拉特瑞夫的地下矿区通道设计图

图表由Stantec编制。

普拉特瑞夫的常规铂族金属流程设计

冶金测试的重点在于提取最多的铂族元素及以镍为主的基本金属,同时生产可接受的高品位精矿作进一步选矿及/或销售至第三方。三种主要地质冶金单元和复合物已经测试,并生产出约85/PGE+Au冶炼品位的最终精矿,铂族元素的回收率在可接受的水平。测试工作同时显示,该物质适合以传统浮选进行粗炼,而不需要额外对主流或精矿进行超细研磨。全面的实验室规模测试,包括开路和闭路循环浮选测试、粉碎测试、矿物组成表征、尾矿脱水及流变表征,已经在位于南非的Mintek进行。Mintek是国际认可的冶金测试设施和实验室。

粉碎和浮选测试证明,选矿的最佳研磨度为80%通过75微米。普拉特瑞夫的矿石被分类为非常硬,不适合进行半自磨程序,因此选用了多阶段的破碎和球磨程序以减少体积。

高铬研磨介质成功优化了浮选的性能,与碳钢介质相反。分离式净化浮选程序的设定,其中快速浮选部分与中速和慢速浮选部分的净化程序分开进行精炼,因此提取更多铂族元素、铜及镍的矿石量且精矿品位得到提升。

流程设计分两阶段进行,包括常见的三段碎矿流程,将破碎物质供给研磨浮选模块。浮选后通过一般的精矿浓密、精矿过滤、尾矿弃置和尾矿处理设施。分阶段的方法有助提高选矿的灵活性,并加入重复的程序,使其可以分阶段注入更多资本及增加矿山作业。

普拉特瑞夫的2017年可研报告以额定选矿产能400万吨/年作为基础,与当时的采矿计划和时间点一致。然而,选矿厂的最高产能可达440万吨/ (两座220万吨/年的模块),因此普拉特瑞夫2020 FS使用了较高的选矿产能。

项目拟议建造小型的试点工厂进行试验计划,以进一步评估优化程序的机会并确定其他详细设计的参数,试验计划将作为项目实施阶段的一部分。

可持续的干堆尾矿存储方法

项目建拟使用的尾矿存储设施(以下简称“TSF”)为干堆尾矿库,预估寿命为32年。期间, 5,540万吨尾矿将储存在干堆尾矿库内,其余的尾矿将运送到地下矿场作回填。干堆尾矿库的设计还可应对扩大至800万吨/年的产量,将会在日后研究再作探讨。干堆尾矿库符合矿石组合产量的要求,在回填要求与干堆尾矿库之间平均比例为35%,并保守地设计在40%以配合给矿的非矿石物质。

普拉特瑞夫2017年可研报告发表后,曾经提出采用混合式围场沉积方法。但是,Ivanplats在普拉特瑞夫2020 PEA2020 FS中已决定将尾矿库从上游设计更改为干堆。根据Golder Associates Africa201612月进行的研究,得出的结论是干堆尾矿库比较安全,由于它没有水力沉积。因此,在不太可能发生的灾难性事故中,用尾矿淹没周围地区的风险将较低。干堆尾矿库较为节水,因为尾矿中多数水份在脱水厂已被收集,并直接泵回选矿厂。

干堆库将包括一座主要由堆石、工程尾矿、定额压缩尾矿和随机填土建造的初期坝。尾矿将使用选矿厂的相同水泵系统,被送到位于干堆库的脱水厂。干尾矿将从脱水厂经输送带运送到干堆库。除了初期坝的堆石和排水设施外,干尾库还将使用尾矿进行建设,在施工后即时实现尾矿所需的脱水和开发工程方法。

普拉特瑞夫 2020 PEA开发方案计划在其毗邻矿山和选矿厂的范围内,使用已批准的堆积场,用作最初年产量70万吨/年矿山的干堆尾矿库。目前,Golder Associates正在进行设计工作,以申请相关的许可证。

水电供应

普拉特瑞夫项目第一序列开发的水量需求估计最高每日约750万公升。 201857日,艾芬豪公布签订新的协议,将获得当地经处理的水源,以供应普拉特瑞夫第一序列生产所需的大部分散装水。 Mogalakwena当地政府同意,于32年间由莫科帕内新的 Masodi 废水处理厂每天供应不少于500万公升经处理的水源。初步供应将会用于普拉特瑞夫施工中的地下矿山开发和地表基础设施建设。

根据协议条款 (该协议受某些暂缓条件约束)Ivanplats将向市政府提供经济援助,以高达2.48亿南非兰特(约1,600万美元)的认证费完成Masodi处理厂的工程。 Ivanplats将以每1,000公升5南非兰特的较低价格(每天首1,000万公升)购买经处理的水,作为抵消部分的初始资本开支。

2017224日,连接普拉特瑞夫矿场与南非公共电力公司Eskom500万伏安电力线已经通电,目前向普拉特瑞夫供电,以进行竖井凿井和建设工程。新的电力线路是普拉特瑞夫、EskomMogalakwena当地政府合作建设,为邻近社区Mzombane提供电源。 Mzombane之前并没有电网及电力供应。

普拉特瑞夫440万吨/年的地下矿场、选矿厂和相关基础设施预计需要大约1亿伏安的电力。艾芬豪与Eskom已达成供电协议。在普拉特瑞夫2020 PEA开发方案下,艾芬豪正与Eskom商讨扩大电量供给,以满足70万吨/年首采矿山的用电需求。

17:与南非其他铂族金属生产商相比,3PE+Au每盎司的最低用水量

信息来源﹕英国牛津随机前沿分析公司。除艾芬豪普拉特瑞夫项目外,其他项目的用水量均由英国牛津随机前沿分析公司进行估算。

最新施工进度及1号竖井维护工程

1号竖井底部的996米水平工作站已于20207月顺利完工。 1号竖井距离Flatreef高品位矿体约350米,计划将以大规模机械化开采形式作业。

2号竖井的早期地表工程已于2017年展开,包括挖槽地表以下约 29 米深的地表箱形以及建造103 米高的混凝土井架的地基。该井架将设有竖井的永久提升设施并将用于支撑井环。

普拉特瑞夫项目于2020914日不幸地发生了一宗致命事故。事故发生在1号竖井,矿石吊桶从竖井坠落并撞击于工作平台的北侧。目前正根据南非《矿山健康与安全法》对事故进行法律审查程序。矿山健康与安全检查局已根据《矿山健康与安全法》第60条完成调查,初步结果显示这次不幸事故的发生是由于非常罕见的电子设备故障所造成,且项目完全符合所有矿山安全标准和安全操作程序,预计将于明年正式展开法定调查。

目前正进行修复工程以恢复竖井的正常运作,包括安装临时的水泵系统和拆除竖井底部旧平台的绳索。新平台的制造进展顺利,预计将于202012月底交付,并于20211月初进行平台组装。新的吊桶绳索和平台绳索预计于12月中交付,并计划于20211月中安装新的绳索。同时,所有采购设备的进度理想,预计服务卷扬机将于1月中运达现场;吊桶卷扬控制单元的升级预计于2021年第一季度末进行安装和调试。一旦完工,将会进行实际装备,预计于2022年第一季度完成。这将使1号竖井作好准备进行矿石提升。

坑外监工Pierre Kruger () 和工程学毕业生Sipho Monama ()是普拉特瑞夫团队的成员,将一号竖井安全地重新投入运营。

Development of human resources and job skills

Community consultation on the Platreef Project’s second Social and Labour Plan (SLP) is in the final stages. In this second SLP, Ivanplats plans to build on the foundation laid in the first SLP and continue with its training and development suite, which includes 15 new mentors, internal skills training for 78 staff members, a legends program to prepare retiring employees with new/other skills, community adult education training for host community members, core technical skills training for at least 100 community members, portable skills, and more.

Local economic development projects will contribute to community water source development with the Mogalakwena Municipality boreholes program, educational program in partnership with Department of Education, and significant contribution funding for sanitation infrastructure at the municipality.

The enterprise and supplier development commitments comprise of expanding the existing kiosk and laundry facilities and adding expanded change house facilities to be managed by a community partner in the future. A five year, integrated business accelerator and funding project will assist interested community members to obtain help with development and supplier readiness.

The Platreef Project supports a number of educational programs, including the E-learning project and the maintenance of science and computer laboratories, as well as the provision of free Wi-Fi in host communities. In pursuit of Ivanhoe’s decarbonization agenda, the Platreef Project planted 25 trees at two local schools in the mine’s footprint area.

Mothepana Shirley Matlala, Diesel Mechanic, is a member of Ivanplats’ growing team of bright, young South Africans that are leading the development of the modern underground mine being built at Platreef. Ivanhoe is committed to helping build the next generation of qualified tradespeople by creating access to, and elevating, skilled trades.

人力资源和职业技能发展

普拉特瑞夫项目的第二个社会和劳动计划 (SLP) 的咨询工作已进入最后阶段。在第二个SLP中,Ivanplats计划以第一个SLP为基础,继续专注于培训和开发计划,其中包括﹕增加15名新导师、向78名员工提供内部技术培训、延续向即将退休的员工提供新/其他技术的培训计划、为项目社区成员提供社区成人教育训练,以及向最少100名社区成员提供核心技术培训以及通用技能等。

当地经济发展项目将有助于开发社区水源,包括实行Mogalakwena市水井计划、与教育部合作设立教育计划,以及大额资助建设市政卫生基础设施。

关于融资安排的讨论正在进行中

普拉特瑞夫2020 FS 普拉特瑞夫2020 PEA仅涵盖了普拉特瑞夫的第一序列开发,旨在建立一个作业平台以支持后续的扩建方案。图18显示了普拉特瑞夫资源基础的规模和潜力,而普拉特瑞夫2020 PEA仅使用了大约三分之一的资源 (假设精矿净回报边界值每吨80美元),这将提供了机会因应市场的要求提升年采率以扩大产量。普拉特瑞夫IDP20提出的第一序列开发可观,艾芬豪计划重新审视过去于2014年进行的研究,这些研究显示了普拉特瑞夫可支持后续扩产至1,200万吨/年的潜力,每年可生产超过110万盎司的钯,铂,铑和金。

18﹕普拉特瑞夫 2020 PEA生产矿区和推断矿产资源。

图表由OreWin编制 (2020)

合资格人士

以下公司负责编撰综合开发方案和技术报告﹕

  • 澳大利亚阿德莱德的OreWin — 整体报告编撰和经济分析
  • 加拿大温哥华的Wood Group (前身为Amec Foster Wheeler) — 矿产资源估算
  • 南非约翰内斯堡的SRK Consulting — 矿山土力学的建议
  • 美国凤凰城的Stantec咨询矿产储量估算和采矿计划
  • 南非约翰内斯堡的DRA Global — 选矿和基础设施
  • 南非米德兰的Golder Associates Africa — 水利和尾矿管理

负责编撰2020年普拉特瑞夫综合开发方案的独立合资格人士包括﹕ Bernard Peters (OreWin) 、Timothy Kuhl (Wood)、William Joughin (SRK)、Jon Treen (Stantec)、Val Coetzee (DRA Global) 及Francois Marais (Golder Associates)。每位合资格人士已经按他们负责编撰普拉特瑞夫IDP20的部分,审阅和批核本新闻稿的相应内容。技术报告将以普拉特瑞夫IDP20为基础。

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。由于Torr先生是艾芬豪矿业项目地质及评估副总裁,因此并不符合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。

样品制备、分析和安全

在艾芬豪的工作计划中,样品制备和分析由独立认证的实验室进行。样品制备由莫科帕内的Set Point Laboratories 完成。样品分析则由约翰内斯堡的Set Point Laboratories、约翰内斯堡的Lakefield Laboratory (目前是SGS集团成员)、珀斯的Ultra Trace Laboratory、珀斯及约翰内斯堡的Genalysis Laboratories、南非的SGS Metallurgical Services、温哥华的Acme,以及温哥华的ALS Chemex负责。 Bureau Veritas Minerals Pty Ltd从2007年6月起掌控Ultra Trace,并从该日起负责分析结果。

用作支持矿产资源估算的样品制备和分析程序,从2001年起一直遵循相似的规程。制备和分析程序符合铂金、钯、黄金、铜和镍矿床的行业标准方法。钻孔计划包括加入空白分析、重复标准的参考物质,以及认证的参考物质样品。质量保证和控制程序的结果并不显示分析规程存在任何问题,将会影响在矿产资源估算中使用数据。

样品经常由员工看管或锁在莫科帕内的现场核心设施,足以证明样品的安全性。

关于样品制备、分析和安全的信息载于SEDAR (www.sedar.com) 及艾芬豪矿业网站(www.ivanhoemines.com) 的普拉特瑞夫项目NI 43-101技术报告(2017年9月4日)。

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 (Kamoa-Kakula) 铜矿和位于南非的普拉特瑞夫钯-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。

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”。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、普拉特瑞夫项目或行业的业绩,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。

本新闻稿载有的前瞻性陈述或前瞻性信息包括但不限于﹕(i) 关于普拉特瑞夫2021年的预算为5,900万美元,其中包括1,000万美元用于建设2号竖井井环井架的陈述;(ii) 关于如过往的研究所示,普拉特瑞夫IDP20旨在建立一个作业平台,以支持将来可能提升至1,200万吨/年的扩建方案,,每年可生产超过110万盎司的钯,铂,铑和金,这将使普拉特瑞夫成为全球最大型的铂族金属生产矿山之一的陈述;(iii) 关于可研报告确定,普拉特瑞夫毫无疑问将会是世界上规模最大和最丰厚的贵金属矿床之一,并且将会是运营成本最低的矿床之一,具有非常可观回报的陈述;(iv) 关于1号竖井将于2021年进行转换成为永久提升矿井,而矿山设计、77万吨/年选矿厂和相关基础设施设计的详细工程将会同步进行,还将提交分期开发方案所需的用水许可证、废物许可证和环境影响评估修订案的陈述;(v) 关于转换完成后,将于2022年初进行矿井以外的工程,最初目标是要建设通风井,使项目可于2023年开始进行地下基础设施施工的陈述;(vi) 关于普拉特瑞夫的当地经济发展项目将有助于开发社区水源,包括实行Mogalakwena市水井计划、与教育部合作设立教育计划,以及大额资助建设市政卫生基础设施的陈述;以及(vii) 关于1号竖井的吊桶卷扬控制单元的升级预计于2021年第一季度末进行安装和调试,并预计于2022年第一季度完成装备1号竖井进行矿石提升的陈述。

另外,普拉特瑞夫IDP20、普拉特瑞夫2020 PEA及普拉特瑞夫2020 FS的所有结果均构成前瞻性陈述及前瞻性信息。前瞻性陈述包括金属价格假设、现金流量预测、资本和运营成本估算、金属回收率、矿山寿命及开采率,以及普拉特瑞夫2020 PEA和普拉特瑞夫2020 FS的财务业绩。这些包括税后内部收益率20.0% (PEA)和19.8% (FS) 以及项目回报期分别为8.4年和4.4年的估算;净现值(包括PEA预测净现值为16亿美元(折现率8%)及FS预测净现值为18亿美元(折现率8%);未来产量的预测及项目(包括PEA预测平均年产量为51.2万吨3PE+Au,以及FS预测平均年产量为50.8万吨3PE+Au);估计总现金成本净值(扣除铜及镍副产品收入,并已计入营商资本开支) 为每盎司3PE+Au 460美元(PEA)及为每盎司3PE+Au 442美元( FS);估计矿山全寿命(包括PEA的矿山全寿命为30年及FS的矿山全寿命为30年);初步资本开支3.9亿美元(PEA)及14亿美元(FS); 3PE+Au平均品位4.4克/吨(PEA)及4.4克/吨(FS);现金流量预测;估计3PE+Au回收率86.4% (PEA)及86.4% (FS)。读者请注意实际业绩与本新闻稿所述的可能会有所差异。

所有该等前瞻性信息和陈述乃基于艾芬豪矿业管理层就他们的经验和对于过往趋势、目前条件和预期未来发展的看法,以及管理层在此情况下认为恰当的其他因素而作出的某些假设和分析。然而,这些陈述涉及不同风险和不明朗因素以及其他因素,可能导致实际事件或业绩与前瞻性信息或陈述所预测的有重大差异,包括但不限于有关部门实施的法例、法规或规章或其无法预计的修订、合约各方未能根据协议履行合约、社会或劳资纠纷、商品价格的变动、基础设施出现无法预计的故障或设施不足、工业事故或机械故障(包括竖井凿井设备)、或延迟开发基础设施;以及勘探计划或其他研究未能达到预期结果或用作证明和支持继续研究、开发或运营的结果。可能导致实际业绩与前瞻性陈述有差异的其他重要因素包括本公司最近提交的管理层讨论与分析报告内以及公司最近提交的周年信息报告内“风险因素”部分所指的因素。读者请注意不应过度依赖前瞻性信息或陈述。用作编撰前瞻性信息和陈述的某些因素和假设,以及可能导致实际业绩产生重大差异的某些风险均载于SEDAR (www.sedar.com) 及艾芬豪矿业网站(www.ivanhoemines.com ) 内的“普拉特瑞夫2020年可行性研究报告”。

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) 铂金、钯、黄金、铑、铜、镍或其他矿产价格的波动;(ii) 钻孔工程的结果;(iii) 冶金测试和其他研究的结果;(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;以及(vi) 未能取得所需准许、批准和许可证的可能性。

虽然本新闻稿载有的前瞻性陈述是基于本公司管理层认为合理的假设而作出,但本公司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。根据相应的证券法,本公司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。

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