TORONTO, CANADA ‒ Ivanhoe Mines (TSX: IVN; OTCQX: IVPAF) today announced its financial results for the three and six months ended 30 juin 2021. Ivanhoe Mines is a Canadian mining company advancing its three mining projects in Southern Africa: the Kamoa-Kakula copper mining complex in the Democratic Republic of Congo (DRC); the Platreef palladium-rhodium-platinum-nickel-copper-gold discovery in South Africa; and the extensive upgrading of the historic Kipushi zinc-copper-lead-germanium mine, also in the DRC. Ivanhoe also is exploring for new copper discoveries on its Western Foreland exploration licences in the DRC, near the Kamoa-Kakula Project. All figures are in U.S. dollars unless otherwise stated.

POINTS FORTS

  • Kamoa-Kakula’s Phase 1 concentrator plant achieved commercial production on 1er juillet 2021. Kamoa-Kakula’s initial production guidance, on a 100%-project basis, is between 80,000 and 95,000 tonnes of copper in concentrate for 2021.
  • Kamoa-Kakula’s Phase 2 construction is progressing slightly ahead of plan and remains on track for start-up in Q3 2022, which will see a doubling of mill throughput to 7.6 million tonnes per annum (Mtpa). Les phases 1 et 2 combinées devraient produire environ 400 000 tonnes de cuivre par an.
  • Study work to accelerate Phase 3 mine and concentrator expansion to at least 11.4 Mtpa is ongoing. Il a été déterminé, sur la base d’une analyse indépendante, que le scénario d’expansion progressif du projet jusqu’à 19 millions de tonnes par an positionnerait Kamoa-Kakula comme le second complexe minier de cuivre le plus grand au monde, avec une production de cuivre annuelle maximale de plus de 800 000 tonnes.
  • At the end of juillet 2021, Kamoa-Kakula’s surface ore stockpiles held approximately 3.54 million tonnes grading 4.77% copper, containing more than 168,000 tonnes of copper.
  • Ivanhoe, together with its partner Zijin, is exploring the acceleration of the Kamoa-Kakula Phase 3 concentrator expansion, which includes optimization work to determine mining production capacity and costs at the various mining areas on the Kamoa-Kakula complex, including expanded facilities at the Kansoko Mine, Kamoa North (including the Bonanza Zone) and Kakula West. Kamoa Copper also is refining its longer-term downstream processing strategy, including the potential construction of a smelter or hydrometallurgical processing facility.
  • In avril 2021, Ivanhoe Mines Energy DRC entered into an agreement with the DRC’s state-owned power company Société Nationale d'Électricité (SNEL) to upgrade a major turbine at the Inga II hydropower facility. The upgraded turbine is expected to produce 162 megawatts (MW) of clean, renewable hydropower, providing the Kamoa-Kakula Copper Mine with sufficient, sustainable electricity for future expansions, including a copper smelter.
  • In mai 2021, Ivanhoe pledged to achieve net-zero operational greenhouse gas emissions (Scope 1 and 2) at the industry-leading Kamoa-Kakula Copper Mine. Since the mine already is powered by clean, renewable hydro-generated electricity, the focus of the company’s net-zero commitment will be on electrifying the project’s mining fleet with new, state-of-the-art equipment powered by electric batteries or hydrogen fuel cells. Emissions-free underground mining equipment, at the size and scale required for Kamoa-Kakula’s bulk-scale operations, is at an advanced stage of development by several of the world’s leading equipment manufacturers.
  • During Q2, Ivanhoe continued its 2021 copper exploration program on its Western Foreland licences that cover a combined area of approximately 2,550 square kilometres in close proximity to Kamoa-Kakula. Drilling in the quarter was focused on the western and eastern extensions of the Makoko Discovery, as well as the northern and western extensions of the Kiala Discovery. Good progress was made on construction of critical infrastructure to access high-priority, newly-acquired westerly exploration permits, including construction of a 60-kilometre spine road across the Western Foreland and a new bridge across the Lubudi River.
  • In février 2021, Ivanhoe announced that its South African subsidiary, Ivanplats, is arranging project-level financing of up to $420 million to advance development of the world-scale Platreef palladium, rhodium, platinum, nickel, copper and gold project in South Africa.
  • Ivanplats has signed a non-binding term sheet with Orion Mine Finance, a leading international provider of production-linked stream financing to base and precious metals mining companies, for a $300-million gold, palladium and platinum streaming facility. Ivanplats also has appointed two prominent, international commercial banks – Societe Generale and Nedbank – as mandated lead arrangers for a senior project debt facility of up to $120 million.
  • Ivanplats’ proposed financings follow the 30 novembre 2020 issuance of the outstanding findings of an independent Platreef Integrated Development Plan 2020 (Platreef IDP20), which consists of an updated feasibility study (Platreef 2020 FS) and a preliminary economic assessment (Platreef 2020 PEA). The initial capital cost for the phased development plan under the Platreef 2020 PEA, starting at a mining rate of 700,000 tonnes per annum (700 ktpa), is estimated at $390 million.
  • Detailed engineering is progressing on Platreef’s 700-ktpa initial mine design, 770-ktpa concentrator and associated infrastructure for the phased development plan, which is scheduled to be incorporated into an updated feasibility study by year end or early 2022. The Shaft 1 changeover is progressing well in preparation for permanent hoisting in early 2022. Construction activities on the Shaft 2 headframe also are advancing. In juillet 2021, Ivanplats ordered emissions-free, battery electric drill rigs and underground loaders from leading Swedish manufacturer Epiroc, for use in the mine’s underground development.
  • Construction activities on Platreef’s Shaft 2 headframe also are advancing.
  • Au projet de réaménagement de la mine de Kapushi en RDC, l’ébauche de l’étude de faisabilité et du plan de développement et de financement pour Kipushi sont examinés par Ivanhoe Mines, ainsi que par son partenaire en coentreprise, Gécamines. Une équipe réduite y est maintenue pour effectuer les travaux d’entretien et assurer la continuité des opérations de pompage.
  • Ivanhoe has made excellent progress in upgrading Kipushi’s underground infrastructure to allow for mining to quickly begin at the ultra-high-grade Big Zinc orebody. Resumption of production at the mine now requires the construction of a surface processing plant and other related production facilities. Discussions are continuing with Gécamines to advance a new era of production at Kipushi and it is anticipated that these discussions will be concluded with the finalization of the feasibility study and the agreement on the development and financing plan.
  • At the end of Q2 2021, Kamoa-Kakula had reached 1.49 million work hours free of a lost-time injury, Kipushi had reached 3.44 million work hours free of a lost-time injury, and Platreef had reached 57,000 work hours free of a lost-time injury.

Principaux projets et bilan des activités

1. Kamoa-Kakula Project
39.6%-owned by Ivanhoe Mines
Democratic Republic of Congo

Le projet Kamoa-Kakula, une coentreprise entre Ivanhoe Mines et Zijin Mining, a été classé indépendamment comme le quatrième plus grand gisement de cuivre au monde par le consultant minier international Wood Mackenzie. The project is approximately 25 kilometres west of the town of Kolwezi and about 270 kilometres west of Lubumbashi. The Kamoa-Kakula Project began producing copper in mai 2021 and achieved commercial production on 1er juillet 2021.

Ivanhoe sold a 49.5% share interest in Kamoa Holding Limited (Kamoa Holding) to Zijin Mining and a 1% share interest in Kamoa Holding to privately-owned Crystal River in décembre 2015. Since the conclusion of the Zijin transaction, each shareholder has been required to fund expenditures at the Kamoa-Kakula Project in an amount equivalent to its proportionate shareholding interest in Kamoa Holding.

Une participation non diluable de 5 % dans le projet Kamoa-Kakula a été transférée au gouvernement de RDC le 11 septembre 2012 sans contrepartie, conformément au code minier de la RDC de 2002. Suite à la signature d’un accord avec le gouvernement de RDC en novembre 2016, en vertu duquel une participation supplémentaire de 15 % dans le projet Kamoa-Kakula a été transférée au gouvernement de RDC, Ivanhoe et Zijin Mining détiennent désormais chacun une participation indirecte de 39,6 % dans le projet Kamoa-Kakula, Crystal River détient une participation indirecte de 0,8 %, et le gouvernement de RDC détient une participation directe de 20 %. Kamoa Holding détient une participation de 80 % dans le projet.

Santé et sécurité à Kamoa-Kakula

At the end of juin 2021, the Kamoa-Kakula Project reached 1,492,769 work hours free of a lost-time injury. A fatality occurred on 31 mai 2021 when a contractor’s employee was hit in the leg by a loose falling rock while working at one of the mine’s underground faces, which caused the employee to fall backwards, striking his head. Despite immediate first-aid assistance by his colleagues, he passed away at the accident scene. Since the fatality, remedial safety interventions have been implemented. Two other lost-time injuries occurred in Q2 2021. En matière de sécurité au travail, nous poursuivons nos efforts pour atteindre l’objectif « zéro blessure » pour tous les employés et entrepreneurs de construction qui travaillent sur le projet.

Kamoa-Kakula has successfully focused on prevention, preparation, and mitigation in managing the risks associated with COVID-19. Large-scale testing, combined with focused preventative measures, ensured that positive cases were quickly identified, isolated, and treated, with cross contamination kept to a minimum. Maintenir cette norme élevée en matière de gestion des risques reste un objectif quotidien pour prévenir des cas futurs. During the first six months of 2021, the Kamoa-Kakula Project conducted 3,743 COVID-19 tests, with 163 patients testing positive for COVID-19.

Kamoa Copper has secured an initial supply of the AstraZeneca vaccine for employees, contractors and Democratic Republic of Congo residents who live in the mine’s host communities. Kamoa Copper continues to administer its initial supply of 1,500 doses. The second dose will be administered eight to 12 weeks after the first and a certificate of vaccination completion will be issued to those who have received two doses.

The Kamoa COVID-19 hospital continues to treat patients when required, as construction progresses well for the expansion and upgrade of the primary healthcare wing. Les médecins et les infirmières hautement qualifiés de Kamoa-Kakula prodiguent les traitements médicaux les plus récents, avec le renfort d’une équipe d’ambulanciers et d’intervention d’urgence de premier plan.

Kamoa is one of 15 sites in the province where COVID-19 vaccination programs are being rolled-out to curb the spread of the virus. As the pandemic evolves, the medical team at the Kamoa hospital continues to review and update risk mitigation protocols, while ensuring that new medical advances are investigated and applied to protect the health and safety of employees and community members.

Copper concentrate production from the initial 3.8-Mtpa Kakula concentrator plant commenced in mai 2021; commercial production achieved on 1er juillet 2021

Overall progress of Kamoa-Kakula’s first phase, 3.8-Mtpa mining and milling operation (covering mine infrastructure, concentrator plant and surface infrastructure) was very nearly complete at the end of Q2 2021. The only major construction activity that still was outstanding was the backfill plant which was completed in juillet 2021, with the first paste to be delivered to underground stopes in août 2021.

Cette usine sera utilisée pour mélanger les résidus de l’usine de traitement avec du ciment afin de produire un remblai en pâte. Le remblai cimenté sera réinjecté dans la mine et utilisé pour contribuer au soutènement des mines en fin de vie. Approximately one-half of the mine’s tailings will be sent back underground, significantly reducing the surface tailings storage. Construction of the tailings storage facility has been completed and first tailings deposited.

Overall construction of the project’s first phase, 3.8-Mtpa concentrator plant and associated facilities is complete, with C4 or hot commissioning advancing according to plan. First ore was introduced into the ball mills on 20 mai 2021, and first saleable concentrate was filtered on 25 mai 2021, marking the start of concentrate production. Lower-grade ore was fed into the plant during initial hot commissioning and the feed grade has since been increased.

The Kamoa-Kakula Project was deemed to have reached commercial production on 1er juillet 2021, after achieving a milling rate in excess of 80% of design capacity and recoveries close to 70% for a continuous, seven-day period. Revenue recognition, as well as depreciation of Kamoa-Kakula’s first phase, 3.8-Mtpa concentrator plant and milling operation, commenced from this date.

Approximately 500,000 tonnes of ore had been milled by early août 2021. Copper production has steadily increased since hot commissioning began at the end of mai 2021. Copper production exceeded 500 tonnes per day on occasion during July, nearing the Phase 1 steady-state design capacity of approximately 550 tonnes per day, or 200,000 tonnes per year. During August, the focus of the commissioning team will shift from the front end crushing and milling circuit to balancing and optimizing the flotation and regrind milling areas. This is expected to further improve concentrate grade and recovery.

Copper recoveries increased from an average of approximately 70% in juin 2021 to approximately 81% in juillet 2021, progressively increasing toward the Phase 1 steady-state design copper recoveries of approximately 86%.

As at 30 juin 2021, contained copper in concentrate produced by the Kamoa-Kakula Project amounted to 9,858 tonnes. Ivanhoe’s guidance for contained copper in concentrate expected to be produced by the Kamoa-Kakula Project for 2021 assumes ramp-up from first production continues in line with published technical disclosures, and is as follows:

Kamoa-Kakula Project                                                                          2021 Guidance

Contained Copper in Concentrate                                                        80,000 to 95,000 tonnes

All figures in the above table are on a 100%-project basis. Metal reported in concentrate is prior to refining losses or deductions associated with smelter terms. Cost guidance is expected to be provided once the Kamoa-Kakula Project’s Phase 1 plant has operated at steady-state production for a continuous period.

Loading high-grade copper concentrate at the Kamoa-Kakula concentrate storage warehouse for transport to the nearby Lualaba Copper Smelter for processing into blister copper ingots, containing approximately 99% copper.

Construction of Kamoa-Kakula’s Phase 2 expansion is more than 35% complete; Phase 3 studies are progressing

Construction of the second 3.8-Mtpa concentrator plant is progressing well toward a Q3 2022 start-up with the current focus on the completion of civil works and early structural steel erection. Civil works are over 80% complete with a number of areas handed over to the steel, mechanical, piping and platework contractor.

Engineering and procurement activities are well advanced with both approximately 80% complete. Structural steel, platework and major equipment has started arriving on site and steel erection in the high-pressure grinding rolls and tailings thickening areas has commenced. The bulk of the structural steel and platework is scheduled to be on site in early Q3 2021. Piping fabrication is advancing well with some piping en route to site.

Ivanhoe and its partner Zijin are exploring the acceleration of the Kamoa-Kakula Phase 3 concentrator expansion, which may be fed from expanded mining operations at Kansoko, or new mining areas at Kamoa North (including the Bonanza Zone) and Kakula West.

Study work for the Phase 3 mine and concentrator expansion is underway, which includes optimization work to determine mining production capacity and costs at the various mining areas. This work also will inform the optimal sizing of the Phase 3 concentrator, which was outlined as a further expansion of 3.8 Mtpa in the Kamoa-Kakula Integrated Development Plan announced in septembre 2020. In addition, the studies will take into consideration the plans to upgrade Turbine 5 at the Inga II hydropower complex to provide 162 megawatts of renewable hydropower, as well as the construction of a direct-to-blister smelter.

Once the optimization work is completed, Kamoa Copper will advance into a more detailed phase of design and engineering work with its objective to accelerate the Phase 3 concentrator expansion.

Two views of Kamoa-Kakula’s Phase 1 concentrator plant in full operation and the adjacent, parallel Phase 2 concentrator plant under construction.

Construction of the Phase 2 tailings thickener is nearing completion.

Ore stockpiles now hold approximately 3.54 million tonnes grading 4.77% copper, containing more than 168,000 tonnes of copper

At the end of mars 2021, Kamoa-Kakula’s pre-production surface stockpiles contained approximately 2.56 million tonnes of high-grade and medium-grade ore at an estimated blended grade of 4.60% copper, containing more than 117,000 tonnes of copper.

The project’s combined medium-grade and high-grade ore mined was approximately 409,000 tonnes at an average grade of 5.71% copper in avril 2021; approximately 406,000 tonnes at an average grade of 5.77% copper in mai 2021; and approximately 338,000 tonnes at an average grade of 4.59% copper in juin 2021.

This brings the project’s total pre-production high- and medium-grade ore surface stockpiles to approximately 3.40 million tonnes at an estimated grade of 4.78% copper as of the end of juin 2021.

A total of 414,000 tonnes grading 5.16% copper was mined in juillet 2021 and comprised 367,000 tonnes grading 5.29% copper from the Kakula Mine, including 85,000 tonnes grading 7.70% copper from the mine’s high-grade centre, and 47,000 tonnes grading 4.13% copper from the Kansoko Mine.

First ore was fed into the concentrator plant on 20 mai 2021, and the start of copper concentrate production occurred on 25 mai 2021, several months ahead of schedule. As of 30 juin 2021, 313,000 tonnes of ore grading 4.85% copper had been conveyed to the run-of-mine (ROM) stockpile.

New employee accommodations under construction at the Kakula Mine, with the Kakula North ore stockpiles and concentrator plant in the background.

Les contrats d’enlèvement de Kamoa-Kakula ont été signés pour le cuivre blister et les concentrés de cuivre de la phase 1

On 9 juin 2021, Kamoa Copper signed off-take agreements with CITIC Metal (HK) Limited (CITIC Metal) and Gold Mountains (H.K.) International Mining Company Limited, a subsidiary of Zijin, for 50% each of the copper products from Kamoa-Kakula’s Phase 1 production. The off-take agreements are evergreen for the production volumes from Phase 1, including copper concentrate and blister copper resulting from processing of copper concentrates at the nearby Lualaba Copper Smelter.

The off-take agreements contain standard, international commercial terms, including copper payables and treatment and refining charges based on the annual benchmark across the copper industry. The ultra-high-grade, clean concentrate produced by Kamoa-Kakula is expected to contain approximately 57% copper and very low levels of impurities.

CITIC Metal and Zijin are purchasing the copper concentrate at the Kakula Mine and the blister copper at the Lualaba Copper Smelter on a free-carrier basis, meaning the buyers will be responsible for arranging freight and shipment to the final destination, initially via the port of Durban, South Africa.

CITIC Metal and Zijin each provided an advance payment facility of $150 million ($300 million in total), which was drawn at the election of Kamoa Copper and received in juin 2021. The facility carries an annual interest rate of 8% and will be offset against provisional payments due to Kamoa Copper from product deliveries. Payment terms include an option to receive a provisional payment on a 100%-basis within three business days of invoicing, at the end of each delivery month.

Agreement signed with Lualaba Copper Smelter to produce 99% blister copper in the DRC

On 31 mai 2021, Kamoa Copper signed a 10-year agreement with the Lualaba Copper Smelter, located outside the town of Kolwezi, for the processing of a portion of Kamoa’s copper concentrate production. Kamoa Copper delivered its first bulk copper concentrates to the Lualaba Copper Smelter on 1er juin 2021, and since then, deliveries to the smelter have been occurring on a daily basis. The Lualaba Copper Smelter is 60%-owned by China Nonferrous Metal Mining Group (CNMC) of Beijing, China. Yunnan Copper of Kunming, China, owns the remaining 40%.

The smelter, which began operations in early 2020, will treat up to 150,000 wet metric tonnes of copper concentrates from Kamoa-Kakula, in return for a treatment charge and market-based realization fee, and produce blister copper containing approximately 99% copper that will be returned to Kamoa Copper, and collected by CITIC Metal and Zijin from a dedicated storage area at the Lualaba Copper Smelter.

The Lualaba Copper Smelter is the first modern, large, pyro-metallurgical copper smelter built in the DRC, and is approximately 40 kilometres from Kamoa-Kakula via the recently-constructed, dedicated by-pass road.

The first truckloads of Kamoa-Kakula’s blister copper ingots, containing approximately 99% copper, were exported from the Lualaba Copper Smelter to international markets in juillet 2021.

Pouring Kamoa Copper blister ingots, containing approximately 99% copper, at the local Lualaba Copper Smelter.

Kamoa Copper blister copper ingots produced at the Lualaba Copper Smelter being loaded for transport to international markets.

Kamoa-Kakula commence d’exporter des concentrés de cuivre à l’échelle internationale alors que la production s’accélère.

Kamoa Copper SA began exporting its copper concentrate internationally in juillet 2021. The first truckloads of copper concentrate destined for smelters outside of the DRC departed from the mine site on 17 juillet 2021, marking a significant milestone in the ongoing ramp-up of Kamoa-Kakula’s Phase 1, 3.8-Mtpa concentrator plant.

By early août 2021, approximately 32,700 tonnes of copper concentrate had been loaded at the mine site for delivery to either the Lualaba Copper Smelter, or to international markets.

Kamoa Copper received all necessary authorizations from the DRC government to export copper concentrate and blister copper on 8 juin 2021.

Transport trucks loaded with high-grade copper concentrate at Kamoa-Kakula awaiting customs approval, which usually takes five days, before beginning their journey to international smelters, via the port of Durban, South Africa.

Draw-down of equipment financing facility successfully commenced

On 1er décembre 2020, Ivanhoe announced the Kamoa-Kakula Project had secured an equipment financing facility of up to EUR 176 million (approximately $211 million), together with a $9 million down-payment facility to purchase underground mobile mining equipment and services from leading Swedish manufacturers Sandvik AB and Epiroc AB, and Finnish manufacturer Normet Oy.

The facility has an availability period of three years and amortizes over five years from utilization and is tied to underground mining equipment at the Kamoa-Kakula Project. The Swedish Export Credit Agency (EKN) has provided both political and commercial cover to the lenders and receives a one-off premium per each tranche’s first utilization.

After the completion of all conditions precedent, the Kamoa-Kakula Project completed the draw-down of $9 million of the down-payment facility, and an equivalent of $56 million of the equipment financing, in décembre 2020. In 2021, further draw-downs of the equipment financing equivalent of $16.2 million were completed. Further draw-downs under the equipment finance facilities remain subject to conditions precedent customary for facilities of this nature. L’entreprise s’attend à ce que les conditions préalables soient respectées avant chaque utilisation.

Le financement de l’équipement est garanti uniquement par l’équipement financé. L’acompte n’est pas garanti. Aucune garantie n’est requise d’un des sponsors ou d’une des sociétés mères, avec Kamoa Holding Limited envoyant une lettre de soutien non exécutoire, confirmant son soutien pour le projet.

De plus, Gold Mountains (H.K.) International Mining Company has provided Kamoa Holding Limited with a limited recourse line of credit of $200 million secured by the project’s pre-production ore stockpiles to fund the Phase 2 concentrator expansion. Kamoa Holding n’a pas encore tiré sur cette ligne de crédit.

Kamoa-Kakula connectée au réseau d’électricité national, fournissant de l’hydroélectricité propre et renouvelable de 220 kV

The mine is receiving hydroelectric power via the permanent 35-kilometre, 220-kilovolt (kV) power line, supplying the project with reliable and clean hydro-generated electricity from the national grid.

The main mine 220-kilovolt Kamoa Consumer Substation (KCS) has been energized on grid power, as has the 33kV KCS substation. The main plant 33kV substation and all the plant medium-voltage and low-voltage substations also are energized.

Agreement reached to upgrade major turbine at the Inga II hydropower facility

On 26 avril 2021, Ivanhoe announced that Ivanhoe Mines Energy DRC, a subsidiary of Kamoa Holding and sister company of Kamoa Copper SA, tasked with delivering reliable, clean, renewable hydropower to the Kamoa-Kakula Project, signed a memorandum of understanding in a public-private partnership with the DRC’s state-owned power company SNEL to upgrade a turbine 5, a major turbine at the existing Inga II hydropower facility on the Congo River. The upgraded turbine is expected to produce 162 MW of clean, renewable hydropower, providing the Kamoa-Kakula Copper Mine with sufficient, sustainable electricity for future expansions, including its own copper smelter.

A definitive agreement superseding the memorandum of understanding has been prepared and is expected to be signed imminently.

Vue aérienne des centrales hydroélectriques Inga I (à l’arrière) et Inga II (à l’avant) sur le fleuve Congo. La conduite forcée acheminant l’eau à la turbine 5 d’Inga II est encerclée en rouge.

Les travaux de modernisation en cours permettent à la centrale hydroélectrique de Mwadingusha de fournir une électricité propre et durable

The upgrading work of six new turbines at the Mwadingusha hydropower plant, the first public-private partnership between Ivanhoe Mines Energy DRC and SNEL, is nearing completion and is expected to soon deliver approximately 78 MW of electricity to the national electrical grid, to provide power for Kamoa-Kakula’s initial two phases of production to 7.6 Mtpa. Five of the six new turbines at the Mwadingusha hydropower plant now have been synchronized to the national electrical grid, with each generating unit producing approximately 13 MW of power. The completion and commissioning of the hydropower plant’s remaining one generating unit is in progress. The synchronization of this last unit to the grid is expected in août 2021.

The work is being conducted by engineering firm Stucky Ltd. of Renens, Switzerland, under the direction of Ivanhoe Mines and Zijin Mining, in conjunction with the DRC’s state-owned power company, SNEL.

Aerial view of the 78-MW Mwadingusha hydropower plant, the reservoir and the community of Mwadingusha.

Kamoa-Kakula aiming to become the first net-zero carbon emitter among top-tier copper mines by electrifying its mining fleet with state-of-the-art equipment powered by electric batteries or hydrogen fuel cells

On 5 mai 2021, Ivanhoe Mines announced its pledge to achieve net-zero operational greenhouse gas emissions (Scope 1 and 2) at the industry-leading Kamoa-Kakula Copper Mine.

In support of the Paris Agreement on climate change, and in the spirit of the commitments at the avril 2021 Leaders Summit on Climate by the Chinese and American governments to sharply cut emissions, Ivanhoe Mines has committed to working with its joint-venture partners and leading underground mining equipment manufacturers to ensure that Kamoa-Kakula becomes the first net-zero operational carbon emitter among the world’s top-tier copper producers.

Since the Kamoa-Kakula mine and concentrator plant already are powered by clean, renewable hydro-generated electricity, the focus of the company’s net-zero commitment will be on electrifying the project’s mining fleet with new, state-of-the-art equipment powered by electric batteries or hydrogen fuel cells.  

Kamoa-Kakula is working closely with its mining equipment suppliers to decrease the use of fossil fuels in its mining fleet, and evaluate the viability, safety and performance of new electric, hydrogen and hybrid technologies. The mine plans to introduce them into its mining fleet as soon as they become commercially available.

Enrichissement des communautés via le développement durable

The Sustainable Livelihoods Program was founded in 2010 to strengthen food security and farming capacity in the host communities near Kamoa-Kakula by establishing an agricultural training garden and support for farmers at the community level. Today, approximately 467 community farmers are benefiting from the Sustainable Livelihoods Program, producing high-quality food for their families and selling the surplus for additional income. The Sustainable Livelihoods Program, which commenced with maize and vegetable production, now includes fruit, aquaculture, poultry and honey.

The construction of 100 new fish ponds is progressing well with 60 ponds complete, of which 21 ponds are fully stocked and operational, and 20 ponds currently under construction. The project will significantly contribute toward local entrepreneurship and enhanced regional food security. The Musokantanda Agronomist Secondary School, constructed and equipped during 2020, now serves as a research facility and offers educational programs to 118 students, as well as training programs to local farmers. Plans also are underway for a collaboration between the agronomy school and the University of Kolwezi, which will provide further practical training for students.

Additional non-farming-related activities continued during Q2 2021 and include education programs, a community brick-making program, a sewing program, and the supply of fresh water to a number of local communities using solar-powered boreholes. The Tujenge brick-making program purchased an additional machine to enable the production of hollow bricks to meet the mine’s demand, successfully producing 9,000 bricks so far. To ensure that the sewing team is geared to commence operations and that production of Kamoa-Kakula personal protective equipment (PPE) and other garments meet quality standards, 28 members of the project have completed a six-month professional training program. The new Muvunda Primary School, catering to 206 students, has been opened. Construction and equipping of the Kaponda Primary School is underway. A total of 13 of a planned 29 boreholes were drilled in communities using local contractors, providing thousands of community members with easy access to clean water. 

Construction of resettlement houses for the relocation program is continuing as planned. To date, 114 homes have been relocated, with 20 households remaining. The remaining families are scheduled for relocation upon completion of the construction of their new homes. Construction of the community church at Kaponda is 80% complete, with all concrete work finalized and the contractor currently installing all door frames and windows.

Excellent progress is being made on the new primary healthcare wing of the Kamoa hospital.

Five of the 100 new fish ponds being constructed in surrounding communities under the Kamoa-Kakula Sustainable Livelihoods Program.

2. Platreef Project
Détenu à 64 % par Ivanhoe Mines
Afrique du Sud

The Platreef Project is owned by Ivanplats (Pty) Ltd (Ivanplats), which is 64%-owned by Ivanhoe Mines. A 26% interest is held by Ivanplats’ historically-disadvantaged, broad-based, black economic empowerment (B-BBEE) partners, which include 20 local host communities with approximately 150,000 people, project employees and local entrepreneurs. Ivanplats a atteint le statut de contributeur de niveau 4 sur la fiche d’évaluation B-BBEE (autonomisation économique des populations noires) lors de la dernière vérification. Un consortium japonais composé d’ITOCHU Corporation, de la Société nationale japonaise du pétrole, la Gas and Metals National Corporation et la Japan Gas Corporation, détient une participation de 10 % dans Ivanplats, acquise en deux tranches pour un investissement total de 290 millions $.

Le Platreef Project héberge un gisement souterrain de minéralisation épaisse de métaux du groupe platine, de nickel, de cuivre et d’or, situé dans la section nord (Northern Limb) du complexe ligneux de Bushveld dans la province du Limpopo, à environ 280 kilomètres au nord-est de Johannesburg et à huit kilomètres de la ville de Mokopane.

Sur la section nord, la minéralisation en métaux du groupe platine est principalement encaissée dans le Platreef, une séquence minéralisée suivie sur une longueur longitudinale de plus de 30 kilomètres. Le projet Platreef d'Ivanhoe, situé dans le secteur sud du Platreef, comprend deux propriétés contiguës : Turfspruit et Macalacaskop. Turfspruit, la propriété la plus au nord, est contiguë au groupe d’opérations et de propriétés minières d’Anglo Platinum situé à Mogalakwena.

Depuis 2007, Ivanhoe concentre ses activités d’exploration et de développement sur la définition et la progression de l’extension en aval-pendage de sa découverte initiale de Platreef, désormais connue comme le gisement de Flatreef, qui peut être exploitée selon des méthodes d’exploitation souterraine hautement mécanisées. La zone de Flatreef repose entièrement sur les propriétés Turfspruit et Macalacaskop, qui font partie du droit minier de la société.

Santé et sécurité à Platreef

At the end of juin 2021, the Platreef Project reached a total of 57,616 lost-time, injury-free hours worked, after the Project reported the first recordable injury for 2021 in June.

COVID-19 protocols are continuously reviewed and optimized to prevent and mitigate viral spread. During the first 6 months of 2021, the Platreef Project conducted 760 COVID-19 tests, with 38 patients testing positive for COVID-19. In support of the National Department of Health’s national vaccine rollout strategy, Ivanplats launched its own on-site COVID-19 vaccination campaign that has administered 279 vaccine doses to date. Approximately 73% of the Platreef Project’s employees and contractors working on site have at minimum received their first dose of vaccine.

Phased development plan, detailed engineering and feasibility study progressing well

Platreef’s detailed engineering and updated feasibility study for the phased development plan is progressing well toward completion by late 2021 or early 2022. Most of the design and engineering work has been completed and the focus now is on finalizing cost estimates.

Platreef Project with the Shaft 1 headframe on the right and a construction crane working on Shaft 2 in the centre.

Project-level financing arrangements of up to $420 million to advance Platreef’s development

En février 2021, IvanPlats a signé une liste de conditions non contraignantes avec Orion Mine Finance, un fournisseur international principal de financement de flux lié à la production et des entreprises d’exploitation minière de métaux précieux et de métaux communs pour une facilité de 300 millions $ au titre d’un accord d’écoulement pour l’or, le palladium et le platine. Le financement de flux est subordonné à la réalisation d’une diligence raisonnable juridique et de la structuration, ainsi qu’à la négociation et à l’exécution de la documentation définitive. The streaming facility is planned to be drawn down in two separate tranches, as needed, in parallel with the engineering studies to upgrade the Platreef 2020 PEA to a feasibility study and the changeover of Platreef’s Shaft 1 to a production shaft.

Ivanplats a également nommé deux banques commerciales internationales importantes, la Société Générale et Nedbank, arrangeurs principaux mandatés pour une facilité de prêt de premier rang d’un montant maximum de 120 millions $. The senior project debt facility is scheduled to be utilized only after the streaming facility is fully drawn. Les conditions définitives de la facilité de prêt sont subordonnées à l’achèvement de l’étude de faisabilité du plan de développement progressif de Platreef, à la réalisation d’une diligence raisonnable et de la structuration, ainsi qu’à la négociation et à l’exécution de la documentation définitive. Les termes et conditions de la facilité de prêt seront communiqués une fois finalisés.

Le réaménagement du puits 1 vers un puits de production progresse bien

La construction d’une station à un niveau de 996 m près de la partie inférieure du puits 1 a récemment été achevée en juillet 2020. Shaft 1 will initially be used to access the orebody, and is approximately 350 metres away from a high-grade area of Flatreef that is planned for bulk, mechanized mining. The three development stations that will provide initial, underground access to the high-grade orebody also have been completed on the 750-, 850-, and 950-metre levels.

Construction of the auxiliary winder foundations has been completed, and the auxiliary winder installed and commissioned. The headgear, both winders, equipping stage, conveyances and control systems comply with the highest current industry safety standards, with proven and tested safety and redundancy systems in place.

The changeover construction at Shaft 1 is progressing to plan and is on schedule for commencement of rock hoisting early in 2022. Tout le matériel nécessaire au réaménagement du puits a été acheté et est présent sur place. The changeover work within the shaft is being done by Platreef’s experienced owners’ team.

The winder that was used to successfully sink Shaft 1 has been converted to function as the main equipping conveyance during the shaft changeover, and will serve as the permanent rock, personnel and material winder following the shaft-equipping phase. The shaft will be equipped with two 12.5-tonne skips (with hoisting capacity of 825,000 tonnes per year) and an interchangeable personnel and materials conveyance to accommodate the movement of personnel and materials during the initial phase of mining.

Rope guides will be used for the main rock, personnel and materials conveyances, while steel sets and guides will be used for the auxiliary winder conveyance. The stage and winder ropes used during the sinking phase have been removed, and the new equipping stage, permanent guide-ropes and permanent hoisting ropes have been installed. The auxiliary winder has been installed and commissioned to assist during the shaft and station equipping phase, and to function as a man winder during the main rock hoisting cycle. Shaft equipping reached the 450-metre-level station in juillet 2021. 

Newly-designed rock chutes will connect the conveyors feeding the concentrator plant and the waste rock area; from there the waste rock will be crushed and used as cemented backfill underground, as well as for protection berms to contain storm water and reduce noise emissions.

Shaft equipping commenced in mai 2021 and remains on track to be completed in early 2022. Following the completion of the changeover work in the shaft, underground stations, and establishment of the ore and waste passes, lateral underground mine development will commence toward high-grade ore zones.

Key underground development orders placed

The design and engineering for the waste conveyor, which will feed from Shaft 1, has been completed with the radial stacker conveyor order placed for delivery in février 2022. Additionally, Ivanplats placed an initial order with Epiroc for its primary mining fleet consisting of emissions-free, battery electric jumbo face drill rigs and load haul dumpers, due for delivery in early 2022.

An Epiroc Scooptram ST14 Battery loader, one of the emissions-free mining machines ordered by Ivanplats to begin underground development at the Platreef Mine.

Shaft 2 headgear construction from hitch to collar well underway

Early-works surface construction for Shaft 2 began in 2017, including 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), which will house the shaft’s permanent hoisting facilities and support the shaft collar.

The Shaft 2 headframe construction, from the hitch to the collar level, is progressing well with the first and second headgear lifts well advanced. A total of 10 civil lifts are to be constructed, including a ventilation plenum and personnel access tunnel, with a targeted completion of mai 2022.

Platreef’s Shaft 2 construction, raising the headframe from the hitch to the collar (at surface).

L’exploitation minière souterraine doit incorporer des méthodes mécanisées hautement productives

Les zones d’exploitation minière du plan actuel de la mine du Platreef se situent à des profondeurs allant d’environ 700 mètres à 1 200 mètres sous la surface. Initial access to the mine will be via the 996-metre-deep, 7.25-metre-diameter Shaft 1, that recently has been sunk to its final depth. Lorsque la production de la mine sera plus importante, l’accès principal à la mine se fera à l’aide d’une puits de production de 1 104 m de profondeur et de 10 m de diamètre (puits 2). Pendant la production, les deux puits serviront également d'entrées de ventilation d’apport. Three additional ventilation exhaust raises (Ventilation Raise 1, 2 and 3) are planned to achieve steady-state production.

L’exploitation minière sera effectuée en utilisant des méthodes mécanisées très productives, notamment l’exploitation par gradins de trous longs et le percement et remblayage de galeries. Chaque méthode utilisera un remblai cimenté pour une extraction maximale du minerai. The production plans in both the PEA’s initial five-year drift-and-fill mining operation hoisting from Shaft 1, and the expansion when Shaft 2 is available, are focused on maximizing higher-grade areas, which is achieved through optimization based on stope locations, stope grades, mining method, and zone productivities. Il est prévu que le corps minéralisé récupère environ 125 millions tonnes au revenu net de fonderie le plus élevé.

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

Développement des ressources humaines et des compétences professionnelles

The Platreef Project’s second Social and Labour Plan (SLP) now has been approved. Through the implementation of this second SLP, Ivanplats plans to build on 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 training, and more. The Platreef Project continues to support several educational programs and the provision of free Wi-Fi in host communities.

Local economic development projects will contribute to community water-source development through the Mogalakwena Municipality boreholes program. Other projects, which will be undertaken in partnership with other parties, include the refurbishment and equipping of a clinic in Tshamahansi Village.

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 community members to obtain help with development and supplier readiness.

3. Kipushi Project
68%-owned by Ivanhoe Mines
Democratic Republic of Congo

La mine de cuivre-zinc-germanium-argent-plomb de Kipushi (RDC) est adjacente à la ville de Kipushi et est située à environ 30 km au sud-ouest de Lubumbashi. It is located on the Central African Copperbelt, approximately 250 kilometres southeast of the Kamoa-Kakula Project and less than one kilometre from the Zambian border. Ivanhoe acquired its 68% interest in the Kipushi Project in novembre 2011; the balance of 32% is held by the state-owned mining company, Gécamines.

Santé et sécurité à Kipushi

At the end of juin 2021, the Kipushi Project reached a total of 3,441,678 work hours free of lost-time injuries. It has been more than two and a half years since the last lost-time injury occurred at the project. 

Since temporarily suspending mine development operations due to the COVID-19 pandemic, the project maintained a reduced workforce to safely and cost-effectively maintain infrastructure and pumping systems and to execute planned projects.

The Kipushi Project has built a new potable water station to provide a free daily supply of water to the municipality of Kipushi. The daily support in supply of free potable water to the Kipushi municipality community members includes power supply, disinfectant chemicals, routine maintenance, security and emergency repair of leaks to the primary reticulation to the benefit of an estimated 100,000 people, excluding those from rural areas. Approximately 1,000 cubic metres of potable water is pumped hourly and continuously to consumers on a daily basis.

50 boreholes of potable water are planned to be drilled around the Kipushi district over five years to reach areas not served by the current distribution reticulation. To date, 11 solar-powered potable water wells have been drilled and operate throughout the district.

The Kipushi Project continues to support educational initiatives through renovations and the supply of school desks to the Mungoti School, and the granting of bursaries and scholarships to students from Kipushi. Over the past four years, approximately 300 students have been supported through the bursary program. The sewing training centre project established by the Kipushi Project continued producing cloth face masks, donating approximately 2,000 masks a month to host communities. The Kipushi Project also is broadcasting daily COVID-19 awareness messages on a local community radio station, as well as through a motorized caravan.

The Sustainable Livelihoods Program, which commenced in 2020 with a poultry farming initiative established for the benefit of a consortium of local women, is progressing well with more than 500 chickens having been brought to market. This program is planned for expansion around the Kipushi district.

Étude de faisabilité définitive de kipushi en phase finale d’achèvement

L’étude de préfaisabilité (PFS) du projet Kipushi, annoncée par Ivanhoe Mines le 13 décembre 2017, prévoyait une production annuelle moyenne de 381 000 tonnes de concentré de zinc sur une durée de vie initiale de la mine de 11 ans, à un coût déboursé total d’environ 0,48 dollar américain la livre (lb) de zinc.

The draft definitive feasibility study, together with the development and financing plan for Kipushi, are being reviewed by Ivanhoe Mines and its partner Gécamines. It is anticipated that these discussions will be concluded with the finalization of the feasibility study and the agreement on the development and financing plan by Q4 2021.

(L-R) Ethienne Mulambe, Jhon Nkunda and Mulanga stripping out the old winder from Kipushi’s Shaft 15.

Développement de projet et infrastructure

Although development and rehabilitation activities in the first half of 2021, as well as for 2020, were limited, significant progress has been made in recent years to modernize the Kipushi Mine’s underground infrastructure as part of preparations for the mine to resume commercial production, including upgrading a series of vertical mine shafts to various depths, with associated headframes, as well as underground mine excavations and infrastructure. Une série de coupes transversales et d'infrastructures de ventilation est toujours en état de fonctionnement et a été débarrassée des vieux matériels et équipements afin de faciliter une exploitation minière moderne et mécanisée. L’infrastructure souterraine comprend également une série de pompes à haut débit pour gérer les niveaux d’eau de la mine. La maintenance de ces pompes au fond de la mine est désormais facilitée.

Le puits 5 a un diamètre de 8 mètres et une profondeur de 1 240 mètres. Il a été modernisé en vue d’une remise en service. Le principal personnel et la machine d’extraction ont été mis à niveau et modernisés pour répondre aux normes de l'industrie et aux critères de sécurité internationaux. La machine d’extraction pour le levage de roches du puits 5 est pleinement opérationnelle avec de nouveaux skips à roches, de nouveaux câbles de tête et de queue, ainsi que des accessoires. Les deux convoyeurs de roche nouvellement construits (skips) et les cadres de soutien (brides) ont été installés dans le puits afin de faciliter le levage de la roche du silo principal de minerai et des silos de stockage de déchets alimentant la roche au niveau de 1 200 mètres.

Since temporarily suspending mine development operations, priority engineering tasks still continue, including new winder installations as a second means of egress on the cascade side, and repairs, as well as replacement of main critical pump columns in Shaft 5 to ensure reliable and continued pumping of water from the mine.

Gael Shimatu drilling an anchor hole to install a safety barricade.

4. Western Foreland Exploration Project
100%-owned and 90%-owned by Ivanhoe Mines
Democratic Republic of Congo

Le groupe d’exploration d’Ivanhoe en RDC cible la minéralisation de cuivre de type Kamoa-Kakula au moyen d’un programme d’exploration et de forage régional sur ses permis d’exploration de Western Foreland situés au nord, au sud et à l’ouest du projet Kamoa-Kakula. Le projet d’exploration de Western Foreland d’Ivanhoe comprend 17 permis qui couvrent une zone combinée d’environ 2 550 kilomètres carrés.

Exploration models that successfully led to the discoveries of Kakula, Kakula West, and the Kamoa North Bonanza Zone on the Kamoa-Kakula joint-venture mining licence are being applied to the extensive Western Foreland land package by the same team of exploration geologists responsible for previous discoveries.

Exploration activities at the Western Foreland area continued during Q2 2021, with drilling in the western and eastern extensions of the main Makoko area.

In Q2 2021, 32 diamond holes were completed at the Makoko area, on the west and the east of the main Makoko areas, following a fence of 1,000-metre spacing for a total of 7,310 metres. These results are pending assay. A 200-metre by 200-metre soil-sampling grid on this zone is planned for Q3 2021 for a follow-up on the previous soil geochemistry work.

Diamond drilling started at the Kiala discovery zone in late April. Nine holes have been drilled in the area to date for a total of 2,947 metres, investigating the extension to the north of the high-grade copper structure, as well as exploring the western extent of the zone. Assay results are pending.

The construction of a 16-kilometre road to provide critical access to the new exploration target areas on the newly-acquired western permits has been completed, as well as a bridge over the Lubudi River. Construction of a 60-kilometre access spine road across the western permits also has started, with 20 kilometres having been cleared to date, of which six kilometres have been covered with laterite. The plan is to complete the final bridge construction toward the end of the year once the spine road is complete.

Geophysical airborne surveys such as magnetics, gravity and electromagnetics are scheduled to start in early Q3 2021 in the Western Foreland and the Kamoa North areas. This new geophysical data will enhance the target delineation program for drill testing and soil sampling.

Le récent forage de Makoko Ouest est extrêmement significatif pour le potentiel d’exploration des nouveaux permis d’exploration, puisqu’il démontre que la stratigraphie cible se prolonge vers l’ouest et que la partie latérale du système de minéralisation du cuivre situé sur la partie ouest du bassin est importante. Les forages futurs dans la zone de Makoko Ouest cibleront des emplacements structurels spécifiques propices au développement de teneurs de cuivre plus élevées.

Ivanhoe Mines’ Western Foreland exploration core shack at the Makoko Discovery.

INFORMATIONS FINANCIÈRES TRIMESTRIELLES SÉLECTIONNÉES

Le tableau suivant résume un choix d’informations financières pour les huit trimestres précédents. Ivanhoe n’a généré aucun revenu d’exploitation au cours d’une quelconque période de référence financière et n’a déclaré ni versé de dividende ni de distribution au cours d’une quelconque période donnée.

DISCUSSION DES RÉSULTATS DES OPÉRATIONS

Accounting for the convertible notes closed in mars 2021

The company closed a private placement offering of $575.0 million of 2.50% convertible senior notes maturing in 2026 on 17 mars 2021. Upon conversion, the convertible notes may be settled, at the company’s election, in cash, common shares or a combination thereof. Due to this election right, the convertible notes have an embedded derivative liability that is measured at fair value with changes in value being recorded in profit or loss, as well as the host loan that is accounted for at amortized cost.

The convertible senior notes are senior unsecured obligations of the company which will accrue interest payable semi-annually in arrears at a rate of 2.50% per annum and will mature on 15 avril 2026, unless earlier repurchased, redeemed or converted. The initial conversion rate of the notes is 134.5682 Class A common shares of the company per $1,000 principal amount of notes, or an initial conversion price of approximately $7.43 (equivalent to approximately C$9.31) per common share.

Holders of the notes may convert the notes, at their option, in integral multiples of $1,000 principal amount, or in excess thereof, at any time until the close of business on the business day immediately preceding 15 octobre 2025, but only under the following circumstances:

  • during any calendar quarter commencing after the calendar quarter ending on 30 juin 2021 (and only during such calendar quarter), if the last reported sale price of the company’s Class A common shares for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; or
  • during the five consecutive business day period after any ten consecutive trading day period (the “measurement period”) in which the trading price per $1,000 principal amount of notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the company’s Class A common shares and the conversion rate on each such trading day; or
  • if the company calls any or all of the notes for redemption in certain circumstances or upon the occurrence of certain corporate events.

On or after 15 octobre 2025 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their notes, in multiples of $1,000 principal amount, at the option of the holder regardless of the foregoing conditions.

The convertible notes will not be redeemable at the company’s option prior to 22 avril 2024, except upon the occurrence of certain tax law changes. On or after 22 avril 2024 and on or prior to the 41st scheduled trading day immediately preceding the maturity date, the notes will be redeemable at the company’s option if the last reported sale price of the company’s common shares has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the company provides notice of redemption at a redemption price equal to 100% of the principal amount of the convertible notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.

Due to the fact that upon conversion, the notes may be settled, at the company’s election, in cash, common shares or a combination thereof, the conversion feature is a derivative financial liability. The effect of this is that the host liability will be accounted for at amortized cost, with an embedded derivative liability being measured at fair value with changes in value being recorded in profit or loss.

The effective interest rate of the host liability was deemed to be 9.39% and the interest recognized on the convertible notes amounted to $9.8 million in Q2 2021 and $11.3 million for the six months ended 30 juin 2021. The carrying value of the host liability was $425.3 million as at 30 juin 2021.

The derivative liability had a fair value of $150.5 million on closure of the convertible notes offering, which decreased to $124.9 million as at 31 mars 2021 and increased to $210.6 million as at 30 juin 2021, resulting in a gain on fair valuation of financial liability of $25.6 million for Q1 2021 and a loss on fair valuation of financial liability of $85.7 million for Q2 2021. The change in the fair value of the embedded derivative liability is largely due to the changes in the closing share price of the company’s common shares at the different reporting dates.

The following key inputs and assumptions were used in determining the fair value of the embedded derivative liability:

Transaction costs on the convertible notes offering relating to the derivative liability amounted to $3.7 million and was expensed and included in the profit and loss for Q1 2021.

Passage en revue des trois mois clos au 30 juin 2021 par rapport au 30 juin 2020

The company recorded a total comprehensive loss of $95.7 million for Q2 2021 compared to income of $0.3 million for the same period in 2020.

As explained above, the company recognized a loss on fair valuation of the embedded derivative financial liability of $85.7 million for Q2 2021. Finance cost increased from $0.1 million for Q2 2020 to $10.1 million for the same period in 2021, $9.8 million of which related to the interest on the convertible notes at the effective interest rate.

Finance income for Q2 2021 amounted to $25.1 million, and was $6.4 million more than for the same period in 2020 ($18.7 million). Included in finance income is the interest earned on loans to the Kamoa Holding joint venture to fund operations that amounted to $23.0 million for Q2 2021, and $16.4 million for the same period in 2020, and increased as the accumulated loan balance increased.

Exploration and project evaluation expenditure amounted to $12.0 million in Q2 2021 and $9.0 million for the same period in 2020. Exploration and project evaluation expenditure related to exploration at Ivanhoe’s Western Foreland exploration licences and amounts spent at the Kipushi Project which was on reduced activities and incurred limited cost of a capital nature during these periods. The main classes of expenditure at the Kipushi Project in Q2 2021 and Q2 2020 are set out in the following table:

The company’s share of losses from the Kamoa Holding joint venture increased from $6.6 million in Q2 2020 to $10.0 million in Q2 2021. The following table summarizes the company’s share of losses of the joint venture for the three months ended 30 juin 2021, and for the same period in 2020:

Les charges financières dans la coentreprise Kamoa Holding se rapportent aux prêts aux actionnaires, chaque actionnaire étant tenu de financer Kamoa Holding pour un montant équivalent à sa participation proportionnelle. La société avance la part de Crystal River en son nom en contrepartie d’une augmentation du billet à ordre due à Ivanhoe.

Bilan du semestre clos le 30 juin 2021 par rapport au 30 juin 2020

The company recorded a total comprehensive loss of $79.5 million for the six months ended 30 juin 2021 compared to a loss of $76.3 million for the same period in 2020. As explained above, the company recognized a loss on fair valuation of the embedded derivative financial liability of $60.1 million for the six months ended 30 juin 2021.

The comprehensive loss for the six months ended 30 juin 2020, included an exchange loss on translation of foreign operations of $53.9 million, resulting from the weakening of the South African Rand by 24% from 31 décembre 2019, to 30 juin 2020, compared to an exchange gain on translation of foreign operations recognized for the same period in 2021 of $8.7 million.

Finance income for the six months ended 30 juin 2021, amounted to $47.9 million, and was $8.4 million more than for the same period in 2020 ($39.5 million). Included in finance income is the interest earned on loans to the Kamoa Holding joint venture to fund operations that amounted to $44.1 million for the six months ended 30 juin 2021, and $32.7 million for the same period in 2020, interest increased as the accumulated loan balance increased. Interest received on cash and cash equivalents decreased due to US interest rate cuts by the Federal Reserve.

Exploration and project evaluation expenditure amounted to $20.7 million for the six months ended 30 juin 2021, and $21.0 million for the same period in 2020. Exploration and project evaluation expenditure related to exploration at Ivanhoe’s Western Foreland exploration licences and amounts spent at the Kipushi Project which was on reduced activities and incurred limited cost of a capital nature in the periods. The main classes of expenditure at the Kipushi Project for the six months ended 30 juin 2021 and for the same period in 2020 are set out in the following table:

The company’s share of losses from the Kamoa Holding joint venture increased from $13.3 million for the six months ended 30 juin 2020 to $14.1 million for the same period 2021. The following table summarizes the company’s share of the losses of Kamoa Holding for the six months ended June 30 2021, and for the same period in 2020:

Situation financière au 30 juin 2021 par rapport au 31 décembre 2020

The company’s total assets increased by $567.2 million, from $2,417.1 million as at 31 décembre 2020, to $2,984.3 million as at 30 juin 2021. The main reason for the increase in total assets was the receipt of the net proceeds from the convertible senior notes that closed on 17 mars 2021. The net proceeds from the sale of the convertible notes, after deducting the expenses of the offering that related to the host liability of $10.3 million, was $564.7 million.

Cash and cash equivalents increased by $381.6 million, from $262.8 million as at 31 décembre 2020, to $644.5 million as at 30 juin 2021 due to the receipt of the convertible note proceeds. The company utilized $36.4 million of its cash resources in its operations and advanced loans of $127.6 million to the Kamoa Holding joint venture during the six months ended June 30, 2021.

The company’s total liabilities increased by $637.3 million to $717.9 million as at 30 juin 2021, from $80.6 million as at 31 décembre 2020, with the increase mainly due to the private placement offering of $575.0 million of 2.50% convertible senior notes described above.

The net increase of property, plant and equipment amounted to $24.5 million, with additions of $19.9 million to project development and other property, plant and equipment. Of this total, $19.4 million pertained to development costs and other acquisitions of property, plant and equipment at the Platreef Project.

The main components of the additions to property, plant and equipment – including capitalized development costs – at the Platreef Project for the six months ended 30 juin 2021, and for the same period in 2020, are set out in the following table:

Les coûts encourus par le Platreef Project sont jugés nécessaires pour mettre les projets en production commerciale et sont donc capitalisés en immobilisations corporelles.

The company’s investment in the Kamoa Holding joint venture increased by $157.7 million from $1,289.5 million as at 31 décembre 2020, to $1,447.2 million as at 30 juin 2021, with each of the current shareholders funding the operations equivalent to their proportionate shareholding interest. The company’s portion of the Kamoa Holding joint venture cash calls amounted to $127.6 million during the six months ended 30 juin 2021, while the company’s share of losses from the joint venture amounted to $14.1 million.

L’investissement de la société dans la coentreprise Kamoa Holding peut être ventilé comme suit :

La coentreprise Kamoa Holding utilise principalement les prêts consentis par ses actionnaires pour faire avancer le projet Kamoa-Kakula en investissant dans des coûts de développement et d'autres immobilisations corporelles, ainsi qu'en poursuivant ses activités d'exploration. Cela est attesté par l’évolution de la quote-part de la société dans l’actif net de la coentreprise Kamoa Holding, qui peut être ventilée comme suit :

The Kamoa Holding joint venture completed the draw-down of EUR 45 million (approximately $56 million) of the equipment financing and $9 million of the down-payment facilities in late décembre 2020 and EUR 13.4 million (approximately $16.2 million) of the equipment financing during the six months ended 30 juin 2021. The equipment finance is secured only by the equipment that is being financed and has an effective interest rate of 8.96%. The down-payment facility is unsecured and has an effective interest rate of 11.58%.

Furthermore, Kamoa Copper elected to draw the $300 million advance payment facility available under its offtake agreements in juin 2021. The facility bears interest at a rate of 8% and will be offset against provisional payments due to Kamoa Copper from product deliveries.

The Kamoa Holding joint venture’s net increase in property, plant and equipment from 31 décembre 2020, to 30 juin 2021, amounted to $383.4 million and can be further broken down as follows:

LIQUIDITY AND CAPITAL RESOURCES

The company had $644.5 million in cash and cash equivalents as at 30 juin 2021. At this date, the company had consolidated working capital of approximately $689.9 million, compared to $544.8 million at 31 décembre 2020.

Depuis le 8 décembre 2015, chaque actionnaire est tenu de financer les dépenses du projet Kamoa-Kakula pour un montant équivalant à sa participation proportionnelle dans Kamoa Holding. La société avance la part de Crystal River en son nom en contrepartie d’une augmentation du billet à ordre due à Ivanhoe.

The Platreef Project’s current expenditure is being funded solely by Ivanhoe, through an interest-bearing loan to Ivanplats, as the Japanese consortium has elected not to contribute to current expenditures.

The company’s main objectives for the remainder of 2021 at the Platreef Project is the detailed engineering and updated feasibility study for the phased development plan, progression of the Shaft 1 changeover and the construction of the Shaft 2 headframe to the collar. At Kipushi, cost-saving measures will continue until the finalization of the feasibility study and the development and financing plan are agreed. With first production achieved at the Kamoa-Kakula Project, construction of the Phase 2 concentrator expansion and associated infrastructure continues.

The company has forecast to spend $56 million on further development at the Platreef Project; $17 million at the Kipushi Project; $15 million on Western Foreland exploration projects; and $16 million on corporate overheads for the remainder of 2021.

The Kamoa Holding joint venture had cash and cash equivalents on hand of $288.1 million as at 30 juin 2021. Going forward, all Phase 1 operating costs and the majority of Phase 2 capital expenditures are expected to be funded from copper sales and facilities in place at Kamoa. Ivanhoe’s proportionate funding of Kamoa-Kakula’s Phase 2 construction capital costs for the remainder of 2021 is expected to be $85 million, with the assumption that the limited recourse line of credit from Zijin is not drawn.

On 17 mars 2021, the company closed a private placement offering of $575 million of 2.50% convertible senior notes maturing in 2026. The convertible senior notes are senior unsecured obligations of the company which will accrue interest payable semi-annually in arrears at a rate of 2.50% per annum and will mature on 15 avril 2026, unless earlier repurchased, redeemed or converted. The notes will be convertible at the option of holders, prior to the close of business on the business day immediately preceding 15 octobre 2025, only under certain circumstances and during certain periods, and thereafter, at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. Upon conversion, the notes may be settled, at the company’s election, in cash, common shares or a combination thereof. The carrying value of the host liability was $425.3 million and the fair value of the embedded derivative liability was $210.6 million as at 30 juin 2021.

The company has a mortgage bond outstanding on its offices in London, United Kingdom, of £3.2 million ($4.5 million). L’hypothèque est entièrement repayable le 28 août 2025, garantie par la propriété et encourt des intérêts à un taux interbancaire offert à Londres (LIBOR) d’un mois GBP en plus de 1,9 % payables mensuellement, à terme échu. Seuls les intérêts seront payables jusqu’à maturité.

In 2013, the company became party to a loan payable to ITC Platinum Development Limited, which had a carrying value of $32.9 million as at 30 juin 2021, and a contractual amount due of $34.8 million. Le prêt est remboursable lorsque le Platreef Project a une trésorerie résiduelle, qui est définie dans le contrat de prêt comme le revenu brut généré par le Platreef Project, moins tous les coûts d’exploitation attribuables à celui-ci, incluant tous les coûts d’exploitation et de développement de la mine. Le prêt est assujetti à un intérêt à un taux interbancaire offert à Londres (LIBOR) de trois mois GBP en plus de 2 % payables mensuellement, à terme échu. Interest is not compounded. The difference of $1.9 million between the contractual amount due and the carrying value of the loan is the benefit derived from the low-interest loan.

La société a un engagement implicite en termes d’investissements dans des programmes de travail soumis aux organismes réglementaires pour maintenir le bon niveau des permis d’exploration et d’exploitation au niveau de ses propriétés minérales. Le tableau suivant présente les obligations à long terme de la société :

La dette dans le tableau ci-dessus représente l’obligation hypothécaire due à Citibank et le prêt payable à ITC Platinum Development Limited, comme décrit ci-dessus.

La société est tenue de financer sa coentreprise Kamoa Holding pour un montant équivalent à sa participation proportionnelle.

This news release should be read in conjunction with Ivanhoe Mines’ Q2 2021 Financial Statements and Management’s Discussion and Analysis report available at www.ivanhoemines.com and at www.sedar.com.

Personnes qualifiées et rapports techniques NI 43-101

Les divulgations de nature scientifique ou technique concernant les scénarios révisés de dépenses en immobilisations et de développement du projet Kamoa-Kakula dans le présent communiqué de presse ont été examinées et approuvées par Steve Amos, qui, en raison de sa formation, de son expérience et de son association professionnelle, est considéré comme une personne qualifiée au sens du Règlement NI 43-101. M. Amos n’est pas considéré comme indépendant en vertu du Règlement NI 43-101 puisqu’il est le chef du projet Kamoa. M. Amos a vérifié les données techniques divulguées dans ce communiqué de presse.

Les autres divulgations de nature scientifique ou technique concernant les stocks de Kakula et Kansoko contenues dans le présent communiqué de presse ont été examinées et approuvées par George Gilchrist, qui, en raison de sa formation, de son expérience et de son association professionnelle, est considéré comme une personne qualifiée au sens du Règlement NI 43-101. En vertu de la norme canadienne 43-101, M. Gilchrist n’est pas considéré comme indépendant, car il est le vice-président des ressources chez Ivanhoe Mines. M. Gilchrist a vérifié les autres données techniques divulguées dans ce communiqué de presse.

Les autres divulgations de nature scientifique ou technique contenues dans le présent communiqué de presse ont été examinées et approuvées par Stephen Torr, qui, en raison de sa formation, de son expérience et de son association professionnelle, est considéré comme une personne qualifiée au sens du Règlement NI 43-101. Mr. Torr is not considered independent under NI 43-101 as he is the Vice President, Geosciences. M. Torr a vérifié les autres données techniques divulguées dans ce communiqué de presse.

Ivanhoe has prepared a current, independent, NI 43-101-compliant technical report for each of the Platreef Project, the Kipushi Project and the Kamoa-Kakula Project, which are available under the company’s SEDAR profile at www.sedar.com:

  • Le plan de développement intégré 2020 de Kamoa-Kakula daté du 13 octobre 2020, préparé par OreWin Pty Ltd., China Nerin Engineering Co., Ltd., DRA Global, Epoch Resources, Golder Associates Africa, KGHM Cuprum R&D Centre Ltd., Outotec Oyj, Paterson and Cooke, Stantec Consulting International LLC, SRK Consulting Inc. et Wood plc., couvrant le Kamoa-Kakula Project de la société.
  • Le plan de développement intégré de Platreef de 2020 en date du 6 décembre 2020, préparé par OreWin Pty Ltd., Wood plc (anciennement Amec Foster Wheeler), SRK Consulting Inc., Stantec Consulting International LLC, DRA Global et Golder Associates Africa, couvrant le projet de Platreef de l’entreprise et
  • Mise à jour des ressources minérales de Kipushi 2019 datée du 28 mars 2019, préparée par OreWin Pty Ltd., MSA Group (Pty) Ltd., SRK Consulting (Afrique du Sud) (Pty) Ltd and MDM (Technique) Africa Pty Ltd. (une division de Wood PLC), couvrant le projet Kipushi de l’entreprise.

Ces rapports techniques comprennent des informations pertinentes concernant les dates d'entrée en vigueur et les hypothèses, paramètres et méthodes des estimations des ressources minérales du projet Platreef, du projet Kipushi et du projet Kamoa-Kakula citées dans ce communiqué de presse, ainsi que des informations relatives à la vérification des données, procédures d’exploration et autres questions liées à la divulgation scientifique et technique contenue dans le présent communiqué de presse concernant les projets Platreef, Kipushi et Kamoa-Kakula.

Coordonnées

Investisseurs

   Bill Trenaman +1 604 331 9834

Presse

   Matthew Keevil +1 604 558 1034

Site web www.ivanhoemines.com

Énoncés prospectifs

Certaines déclarations contenues dans le présent communiqué constituent des « déclarations prospectives » ou des « informations prospectives » au sens des lois sur les valeurs mobilières applicables. Ces déclarations et ces informations impliquent des risques connus et inconnus, des incertitudes et d’autres facteurs qui pourraient conduire à des résultats, performances et réalisations de la société, de ses projets ou à des résultats de l’industrie sensiblement différents des résultats, performances et réalisations futurs qu’indiquent ou que laissent entendre ces déclarations prospectives ou ces informations prospectives. Ces déclarations se reconnaissent à l’utilisation de termes tels que « pouvoir », « devoir », « avoir l’intention de », « s’attendre à », « prévoir », « croire », « planifier », « anticiper », « estimer », « prédire » et d’autres termes similaires, ou encore au fait qu’elles indiquent que certaines mesures seront prises, certains événements se produiront ou certains résultats seront obtenus ou pourraient l’être. These statements reflect the company’s current expectations regarding future events, performance and results and speak only as of the date of the company’s MD&A for the three and six months ended 30 juin 2021.

De telles déclarations incluent, sans limitation, le calendrier et les résultats : (i) statements regarding that first paste from the backfill plant at Kakula will be delivered to underground stopes in août 2021; (ii) statements regarding approximately one-half of the Kakula mine’s tailings will be sent back underground, significantly reducing the surface tailings storage; (iii) statements regarding during août 2021 the focus of the commissioning team will shift from the front end crushing and milling circuit to balancing and optimizing the flotation and regrind milling areas and that this is expected to further improve concentrate grade and recovery; (iv) statements regarding construction of the second 3.8-Mtpa concentrator plant is progressing well toward a Q3 2022 start-up; (v) statements regarding Ivanhoe and its partner Zijin exploring the acceleration of the Kamoa-Kakula Phase 3 concentrator expansion; (vi) statements regarding the ultra-high-grade, clean concentrate produced by Kamoa-Kakula is expected to contain approximately 57% copper and very low levels of impurities; (vii) statements regarding the Lualaba Copper Smelter will treat up to 150,000 wet metric tonnes of copper concentrates from Kamoa-Kakula, in return for a treatment charge and market-based realization fee, and produce blister copper containing approximately 99% copper that will be returned to Kamoa Copper, and collected by CITIC Metal and Zijin from a dedicated storage area at the Lualaba Copper Smelter; (viii) statements regarding that as of 30 juin 2021, the Kamoa-Kakula joint venture had an estimated $697 million of initial capital costs remaining for completion of Phase 1 and Phase 2; (ix) statements regarding the agreement reached to upgrade a major turbine at the Inga II hydropower facility including that the upgraded turbine is expected to produce 162 megawatts (MW) of clean, renewable hydropower, providing the Kamoa-Kakula Copper Mine with sufficient, sustainable electricity for future expansions, including its own copper smelter; (x) statements regarding refurbishment of six turbines at the Mwadingusha hydro-electric power plant and that the synchronization of the last unit to the grid is expected in août 2021; (xi) statements regarding Kamoa-Kakula aiming to become the first net-zero carbon emitter among the top-tier copper mines by electrifying its mining fleet with state-of-the-art equipment powered by electric batteries or hydrogen fuel cells; (xii) statements regarding the Platreef Project’s streaming facility, including that it is planned to be drawn down in four separate tranches; (xiii) statements regarding the Platreef Project’s Shaft 1 changeover and equipping including that it is progressing to plan and is on schedule for commencement of rock hoisting early in 2022; (xiv) statements that the construction of the Shaft 2 headframe from the hitch to the collar level is scheduled for completion in mai 2022; (xv) statements regarding the planned mining methods at Platreef will use highly productive, mechanized methods, including long-hole stoping and drift-and-fill mining, and that each method will utilize cemented backfill for maximum ore extraction; (xvi) statements regarding the orebody at Platreef was targeted to recover approximately 125 million tonnes at the highest net smelter return; (xvii) statements that the draft feasibility study and development and financing plan for Kipushi are being reviewed by Ivanhoe Mines together with its partner Gécamines and that it is anticipated that these discussions will be concluded with the finalization of the feasibility study and the agreement on the development and financing plan by Q4 2021; (xviii) statements regarding future drilling in the Makoko West area including that it will target specific structural locations that are conducive to developing higher copper grades; (xix) statements regarding Ivanhoe’s guidance of contained copper in concentrate expected to be produced by the Kamoa-Kakula Project; (xx) statements regarding production guidance of between 80,00 and 95,000 tonnes of contained copper in concentrate for 2021 from the Kamoa-Kakula Project; (xxi) statements regarding Ivanhoe’s proportionate funding of Kamoa-Kakula’s Phase 2 construction capital costs for the remainder of 2021 is expected to be $85 million with the assumption that the limited recourse line of credit from Zijin is not drawn; and (xxii) statements regarding the main objectives for the remainder of 2021 and the remaining 2021 budget.

As well, all of the results of the feasibility study for the Kakula copper mine, the Kakula-Kansoko 2020 pre-feasibility study and the updated and expanded Kamoa-Kakula Project preliminary economic assessment, the feasibility study of the Platreef Project, the Platreef 2020 preliminary economic assessment and the pre-feasibility study of the Kipushi Project, constitute forward-looking statements or information, and include future estimates of internal rates of return, net present value, future production, estimates of cash cost, proposed mining plans and methods, mine life estimates, cash flow forecasts, metal recoveries, estimates of capital and operating costs and the size and timing of phased development of the projects. En outre, en ce qui concerne ces informations prospectives spécifiques concernant le développement des projets Kamoa-Kakula, Platreef et Kipushi, la société a fondé ses hypothèses et analyses sur certains facteurs intrinsèquement incertains. Les incertitudes incluent : (i) la pertinence des infrastructures ; ii) les caractéristiques géologiques ; (iii) les caractéristiques métallurgiques de la minéralisation ; (iv) la capacité à développer une capacité de traitement adéquate ; (v) le prix du cuivre, du nickel, du zinc, du platine, du palladium, du rhodium et de l’or ; (vi) la disponibilité des équipements et des installations nécessaires pour mener à bien le développement ; (vii) le coût des consommables et du matériel d’extraction et de traitement ; (viii) les problèmes technologiques et techniques imprévus ; (ix) les accidents ou actes de sabotage ou de terrorisme ; (x) les fluctuations monétaires ; (xi) les modifications de la réglementation ; (xii) le respect par les partenaires de la coentreprise des termes des accords ; (xiii) la disponibilité et la productivité de la main-d’œuvre qualifiée ; (xiv) la réglementation de l’industrie minière par divers organismes gouvernementaux ; (xv) la capacité de mobiliser des capitaux suffisants pour développer de tels projets ; (xvi) les changements dans la portée ou la conception du projet et (xvii) les facteurs politiques.

Ce communiqué de presse contient également des références aux estimations de ressources et réserves minérales. Les estimations de ressources minérales sont par définition incertaines et impliquent un jugement subjectif à propos de nombreux facteurs pertinents. Les estimations des réserves minérales apportent plus de certitude, mais elles impliquent néanmoins des jugements subjectifs similaires. 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 company’s projects, 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 ultimately may prove to be inaccurate. Les estimations de ressources ou réserves minérales peuvent devoir être revues aux motifs suivants : (i) les fluctuations des prix du cuivre, nickel, zinc, or, éléments du groupe du platine (PGE) et autres minerais, (ii) des résultats de forage, (iii) des résultats des tests métallurgiques et des autres études, (iv) des changements par rapport aux exploitations minières proposées, y compris la dilution, (v) l’évaluation des plans de la mine après la date des estimations, (vi) l’échec possible dans la réception des permis, approbations et licences requis, ou des changements de ces permis, approbations et licences, et (vii) des changements de lois, règles ou réglementations.

Les déclarations prospectives et les informations prospectives comportent des risques et incertitudes importants ; elles ne doivent pas être considérées comme des garanties de performance ou de résultats futurs et ne constitueront pas nécessairement des indicateurs fiables de l’obtention ou non de ces résultats. Un certain nombre de facteurs pourraient avoir pour conséquence que les résultats réels diffèrent sensiblement des résultats mentionnés dans les déclarations prospectives, notamment les facteurs examinés ci-dessous et sous la rubrique « Facteurs de risques », et ailleurs dans ce rapport de gestion de la société pour le trimestre et le semestre clos le 30 juin 2021, ainsi que des changements imprévus apportés aux lois, aux règles ou à la réglementation, ou à leur application par les autorités compétentes ; des manquements de la part des parties à des contrats conclus avec la société à leurs obligations contractuelles, des conflits sociaux ou du travail, des variations dans les prix des matières premières, et l’incapacité des programmes ou des études d’exploration à obtenir les résultats prévus ou des résultats qui justifieraient et appuieraient la poursuite de l’exploration, des études, du développement ou de l’exploitation.

Bien que les déclarations prospectives contenues dans le présent communiqué soient fondées sur des hypothèses que la direction de la société juge raisonnables, la société ne peut pas garantir aux investisseurs que les résultats réels seront conformes à ces déclarations prospectives. Ces déclarations prospectives sont formulées à la date du présent communiqué de presse et sont, dans leur intégralité, expressément assorties des réserves apportées par la présente mise en garde. Sous réserve des lois sur les valeurs mobilières applicables, la société n’est tenue d’aucune obligation d’actualiser ou de réviser les déclarations prospectives figurant dans les présentes afin de tenir compte de circonstances ou d’événements se produisant après la date du présent communiqué.

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 and elsewhere in the company’s MD&A for the three and six months ended 30 juin 2021.

加拿大多伦多 — 艾芬豪矿业 (TSX: IVN; OTCQX: IVPAF) 今天公布其截至 2021 年6 月 30 日止三个月及六个月的财务业绩。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矿产项目﹕位于刚果民主共和国 (以下简称"刚果(金)") 的卡莫阿-卡库拉 (Kamoa-Kakula) 铜矿和位于南非的普拉特瑞夫 (Platreef) 钯-铑-铂-镍-铜-金矿,以及同样位于刚果(金)、久负盛名的基普什 (Kipushi) 锌-铜-铅-锗矿。同时,艾芬豪正在刚果(金)毗邻卡莫阿-卡库拉项目的西部前沿 (Western Foreland) 探矿权内寻找新的铜矿资源。除非另有说明,所有数字均以美元为单位。

重点﹕

  • 卡莫阿-卡库拉I 期选厂已于2021年7月1日正式实现商业化生产。按卡莫阿-卡库拉的初步生产指导目标,并以项目100% 权益计算,项目2021年生产精矿的铜金属量为80,000吨至95,000吨。
  • 卡莫阿-卡库拉II期建设进展顺利,略微超越既定计划,预计于2022年第三季度实现投产,将提升产能至年处理矿石760万吨。I 期和 II 期投产后每年将累计生产高达40万吨铜。
  • 目前正积极研究加快III期扩建,将选厂产能提升至1,140万吨/年以上。根据独立研究机构排名,一旦项目扩大产能至1,900万吨/年,卡莫阿-卡库拉将成为全球第二大铜矿山,最高年产量将超过80万吨铜。
  • 截至2021年7月底,卡莫阿-卡库拉的投产前矿石堆场已储备矿石约354万吨,铜品位4.77%,含有超过16.8万吨的铜金属。
  • 艾芬豪与其合作伙伴紫金矿业正开展研究以加快III期采选扩建,其中包括优化工作以确定卡莫阿-卡库拉项目各矿区的采矿产能和成本,包括卡索科矿山的扩建、卡莫阿北区(包括富矿带) 和卡库拉西区。同时,卡莫阿铜业正在完善其下游产业的长期战略,包括探讨新建冶炼厂或湿法选冶设施的可能性。
  • 2021年4月,艾芬豪矿业刚果(金)能源公司与刚果(金)国有电力公司SNEL 签署英加二期水电站主要涡轮机组的升级改造协议。涡轮机组升级后将生产162兆瓦的清洁、可再生水电,为卡莫阿-卡库拉铜矿及冶炼厂提供长期的稳定电力以配合日后的扩建计划。
  • 2021年5月,艾芬豪承诺其领先行业的卡莫阿-卡库拉铜矿将致力实现净零运营温室气体排放 (范围一和范围二)。目前,矿山已获得清洁、可再生的水电能源供应,公司的净零承诺重点将会在通过采用新引入的电池或氢燃料电池驱动的先进设备,全力推进采矿作业电气化。多家领先全球的设备制造商正全力开发零排放的、符合卡莫阿-卡库拉大型采矿作业规模的规格地下开采设备,这些工作已推进至开发的高级阶段。
  • 艾芬豪在第二季度继续在毗邻卡莫阿-卡库拉的、约2550平方公里的西部前沿探矿权内开展勘查。第二季度的钻探工程集中在Makoko勘查区的西部和东部延伸位置,以及Kiala勘查区的北部和西部延伸位置。通往西部高优先性靶区的重要基础设施进度顺利,包括横跨西部前沿探矿权的一条60公里长的进场主干道路,以及在Lubudi 河上修筑的新桥。
  • 2021年2月,艾芬豪披露其南非子公司Ivanplats正在安排4.2亿元的项目融资,以推进普拉特瑞夫世界级钯-铑-铂-镍-铜-金矿项目。
  • Ivanplats 与猎户座矿业金融集团 (Orion Mine Finance) (以下简称"猎户座") 已就3亿元的黄金、铂及钯金属流融资签订非约束性协议。猎户座是世界领先的金融集团,为基础金属和贵金属矿企提供生产相关的金属流融资。此外,Ivanplats已委托两家国际知名的商业银行 — 法国兴业银行和莱利银行担任受托牵头安排行,负责1.2亿元的项目级高级债务融资。
  • 2020年11月30日,Ivanplats披露普拉特瑞夫项目的2020年独立整合开发分案 (以下简称"普拉特瑞夫IDP20") 令人鼓舞的研究结果,随后开始筹措融资安排。普拉特瑞夫IDP20包括项目的可行性研究更新版 (以下简称"普拉特瑞夫2020 FS") 以及初步经济评价 (以下简称"普拉特瑞夫2020 PEA")。普拉特瑞夫2020 PEA分期开发方案预计的初期资本开支约3.9亿元,年处理矿石70万吨。
  • 普拉特瑞夫分期开发方案70万吨/年的初始矿山设计、77万吨/年选厂和相关基础设施的详细工程设计正在进行中,并将于年底或2022年初纳入更新版可行性研究。1号竖井转换为生产井的进展顺利,将于2022年初开始进行长期矿石提升。2号竖井井架的建设工程也进展顺利。2021年7月,Ivanplats向国际领先的瑞典制造商Epiroc订购零排放的电动钻机和铲运车,用于矿山的地下开拓工程。
  • 普拉特瑞夫2号竖井井架的建设工程也进展顺利。
  • 艾芬豪矿业及其合作伙伴、刚果(金)国有矿业公司杰卡明 (Gécamines)正在审阅刚果(金)基普什矿山重建项目的可行性研究草案以及开发融资方案。项目现场目前由一支精干的队伍进行维护和抽水作业。
  • 艾芬豪在基普什矿山地下基础设施的升级方面取得了重大进展,这将使超高品位的大锌矿体能够快速开采。目前需要建设地表选厂和相关的生产设施,为矿山复产作好准备。艾芬豪正与杰卡明进行讨论以推动基普什矿山进入矿山生产的新时代,预计双方将于可行性研究完成以及开发融资方案达成协议后完成协商。
  • 截至2021年第二季度末,卡莫阿-卡库拉项目已连续149万个工时没有发生失时工伤、基普什项目已连续344万个工时没有发生失时工伤,而普拉特瑞夫已连续57,000个工时没有发生失时工伤。

主要项目及活动回顾

1. 卡莫阿-卡库拉项目
艾芬豪矿业持有 39.6% 权益
位于刚果民主共和国

卡莫阿-卡库拉项目是艾芬豪矿业与紫金矿业的合资企业,被国际矿业咨询公司伍德曼肯兹 (Wood Mackenzie) 评为全球第 4 大铜矿床。该项目位于科卢韦齐 (Kolwezi)以西约 25 公里,卢本巴希 (Lubumbashi) 以西约 270 公里处。卡莫阿-卡库拉项目于2021年5月启动铜生产,并于2021年7月1日正式实现商业化生产。

2015年12月,艾芬豪向紫金矿业出售卡莫阿控股有限公司 (以下简称 "卡莫阿控股") 49.5% 的权益,并向私营企业晶河全球出售卡莫阿控股 1% 的权益。与紫金矿业的交易完成后,每位股东必须按其持有卡莫阿控股的股权比例承担对卡莫阿-卡库拉项目的出资。

根据 2002 年刚果(金)矿业法, 2012年9月11日无条件向刚果(金)政府出让卡莫阿-卡库拉5%的不可稀释股权。根据2016年11月与刚果(金)政府签订的协议,再向刚果(金)政府转让卡莫阿-卡库拉项目15%的权益,艾芬豪与紫金矿业目前各自间接持有卡莫阿-卡库拉项目39.6% 的权益,晶河全球间接持有0.8% 权益,而刚果(金)政府则直接持有20% 权益。卡莫阿控股直接持有项目 80% 权益。

卡莫阿-卡库拉的职业健康与安全

截至 2021年6月底,卡莫阿-卡库拉项目录得1,492,769个零失时工伤工时。 2021年5月31日发生了一起伤亡事故,一名承包商员工在矿山的井下作业平台工作时被落石击中腿部,向后跌倒撞伤头部。虽然在场的同事即时开展了现场急救,但已抢救无效,不幸离世。事故发生后,矿山立即开展了安全干预措施。 2021年第二季度还发生了另外两起工伤事故。项目将继续致力为所有员工和承包商提供零伤害的工作环境。

卡莫阿-卡库拉矿山继续以防疫、防控及降低风险为重点,应对COVID-19疫情。开展大规模的检测,实施重点防疫措施,确保能够及早发现确诊个案并即时进行隔离和治疗,以降低交叉感染的风险。项目将继续保持高水平的日常风险管理,以防止将来出现确诊个案。 2021 年上半年,卡莫阿-卡库拉项目共进行了 3,743 次 COVID-19 检测,其中 163 名检测结果呈阳性。

卡莫阿铜业已为其员工、承包商以及矿山运营社区的刚果(金)居民争取到首批阿斯利康 (AstraZeneca)疫苗。卡莫阿铜业继续为上述人士接种首批1,500剂疫苗。第二剂疫苗将在第一剂接种后 8 至 12 周内完成,完成两剂疫苗接种后将发放疫苗证书。

卡莫阿COVID-19医院的主医疗大楼正在扩建升级,在有需要时继续为患者提供治疗。卡莫阿-卡库拉经验丰富的医生和护士,在世界领先的紧急响应及医护团队的支援下,利用最新技术进行治疗。

卡莫阿是卢阿拉巴省正在推行 COVID-19 新冠疫苗接种计划的15个地点之一,以防止病毒蔓延。随着疫情的变化,卡莫阿医院的医疗队伍将继续审核和更新其疫情防控方案,并确保在应用新医疗技术之前进行审查,以保护员工和社区成员的安全和健康。

卡库拉380万吨/年初始选厂已于2021年5月启动铜精矿生产;并于2021年7月1日正式实现商业化生产

于2021年第二季度末,卡莫阿-卡库拉I期年处理矿石380万吨的采选作业 (包括矿山基础设施、选厂和地表基础设施) 整体进度已非常接近竣工。唯一未完成交付的主要建设项目 — 回填厂已于2021年7月竣工,并于2021年8月向井下采场运送第一批回填膏体。

回填厂将尾矿与水泥混合制造回填膏体。回填料将被泵至井下用于采空区回填。矿山约一半的尾矿将用于井下回填,大大减少地表的尾矿量。尾矿库的建设工程已竣工,并已接收首批尾矿。

I期380万吨/年选厂的整体施工基本上已竣工,且第4阶段带料试车正按计划推进。首批矿石于2021年5月20日供给球磨机,而首批可销售的精矿已于2021年5月25日进行过滤,标志着项目正式启动铜精矿生产。带料试车初期向选厂供应较低品位的矿石,目前已提高入选品位。

卡莫阿-卡库拉选厂连续7 天超过设计产能的80%,回收率接近70%,已于2021年7月1日正式实现商业生产。卡莫阿-卡库拉I期380万吨/年选厂的收入以及折旧自该日起入帐。

截至2021年8月初,选厂已经处理约50万吨矿石。自2021年5月底开展带料试车以来,铜产量一直稳步上升。 7月份,铜产量不时超过500吨/天的水平,接近 I 期日均约550吨或年均20万吨的设计稳态产能。 8月份,试车团队的重点将从前端破碎和磨矿流程转移到平衡和优化浮选和再磨工段,有望进一步提高精矿品位和回收率。

铜回收率从2021年6月份平均约70%上升至2021年7月份约81%,持续提升以实现 I 期设计稳态产能的86%铜回收率。截至2021年6月30日,卡莫阿-卡库拉项目生产精矿的铜金属量达9,858吨。

卡莫阿-卡库拉项目                                                                          2021年指导目标
精矿铜金属量                                                                                   80,000至95,000吨

上述数字均以100% 项目为基础。报告的精矿含铜金属量未考虑冶炼协议中的损失或扣减。在卡莫阿-卡库拉项目I期选厂实现稳产后,预计将会提供成本的指导目标。

卡莫阿-卡库拉精矿仓装载高品位铜精矿,运送至临近的卢阿拉巴铜冶炼厂加工生产99%的粗铜锭。

卡莫阿-卡库拉项目的II期扩建工程已完成超过35%;III期扩建的研究工作正在进行中

II期380万吨/年选厂的建设进展顺利,预计于2022年第三季度实现投产,目前正重点完成土木工程和钢结构的安装。土木工程已完成超过80%,部分厂区已移交至SMPP (钢材、机械、管道和钣金)承包商。

工程设计和采购工作进展顺利,且已完成约80%。钢结构、钣金和主要设备已陆续抵达现场,高压辊磨机和尾矿浓密机厂区已开始安装钢架。大部分钢结构和板金将于 2021 年第三季度初运抵现场。管道加工进展顺利,部分管道正在运送途中。

艾芬豪与其合作伙伴紫金矿业正积极研究加快卡莫阿-卡库拉III期选厂的扩建,并将由卡索科矿山的扩建或卡莫阿北区 (包括富矿带) 和卡库拉西区的新采区供给矿石。

正开展研究以加快III期采选扩建,其中包括优化工作以确定各个采区的采矿产能和成本。研究还将确定III期选厂的最合适规模,在2020年9月发布的卡莫阿-卡库拉整合开发方案中曾概述了在380万吨/年规模上进一步扩大。此外,研究还将涵盖英加二期水电站5号涡轮机组升级改造以供应162 兆瓦的可再生水电和直接粗铜冶炼厂的建设。

优化工作完成后,卡莫阿铜业将进入更详细的设计和工程施工阶段,以加快III期选厂的扩建。

卡莫阿-卡库拉I期选厂全面投产,并行的II期选厂正在建设。

II期尾矿浓密机的建设工程已接近完成。

矿石堆场已储备矿石354万吨,铜品位4.77%,含有超过16.8万吨的铜金属

截至2021年3月底,卡莫阿-卡库拉的投产前地表堆场已储备了约256万吨高品位和中品位矿石,平均铜品位约4.60%,含有超过11.7万吨铜。

项目2021年4月共采出约40.9万吨高品位和中品位矿石,平均铜品位5.71%;2021年5月共采出约40.6万吨矿石,平均铜品位5.77%;2021年6月份共出约33.8万吨矿石,平均铜品位4.59%。

截至2021年6月底,项目投产前的高品位和中品位地表堆场,累计储备了约340万吨矿石,平均铜品位约4.78%。

2021年7月共采出41.4万吨矿石,包括在卡库拉矿山采出的36.7万吨矿石,铜品位5.29% (包括矿床高品位中心采出的85,000万吨矿石,铜品位高达7.70%) ,以及在卡索科矿山采出的47,000吨矿石,铜品位4.13%。

首批矿石于2021年5月20日供给选厂,并于2021年5月25日正式启动铜精矿生产,比原计划提前数月。截至2021年6月30日,31.3万吨铜品位4.85%的矿石已被送往原矿堆场。

卡库拉矿山新建的员工宿舍正在建设中,背景为卡库拉北部矿堆和选厂。

卡莫阿-卡库拉签署I期粗铜及铜精矿包销协议

2021年6月9日,卡莫阿铜业与中信金属香港有限公司 (以下简称"中信金属") 和金山(香港)国际矿业有限公司 (紫金矿业的子公司) 就卡莫阿-卡库拉I期生产的铜产品签署各50%产量的包销协议。包销协议为常青协议,涵盖 I 期矿山服务年限内的所有产品,包括铜精矿以及在邻近的卢阿拉巴铜冶炼厂加工生产的粗铜。

包销协议包括国际标准的商业条款,以及基于年度行业基准的铜产品应付款、加工费和精炼费。卡莫阿-卡库拉生产的超高品位、清洁铜精矿,预计铜品位高达57%,有害元素的含量极低。

中信金属和紫金矿业以FCA (货交承运人)方式购买卡库拉矿山的铜精矿以及在卢阿拉巴铜冶炼厂加工生产的粗铜,买方将负责由交货点经由南非德班港至最终目的地的货运。

中信金属和紫金矿业各自向卡莫阿铜业提供1.5亿美元 (合计3亿美元) 的预付款,卡莫阿铜业已选择于2021年6月份提取并已取得款项。预付款的年利率为8%,并将从卡莫阿产品交付的应付款中抵扣。主要的支付条件包括:在每个货物交付月末,销售方可选择在开出货款发票三个工作日内收到100%基准的临时货款。

与卢阿拉巴铜冶炼厂签订协议,在刚果(金)生产99%粗铜

2021年5月31日,卡莫阿铜业与位于科卢韦齐近郊的卢阿拉巴铜冶炼厂签署一份为期10年的协议,该冶炼厂将负责卡莫阿部分铜精矿的冶炼加工。卡莫阿铜业已于2021年6月1日向卢阿拉巴铜冶炼厂交付第一批铜精矿,并继续开展日常交付。卢阿拉巴铜冶炼厂由北京的中国有色矿业集团 (以下简称“中国有色”) (占股60%)及昆明的云南铜业 (占股40%) 持有。

该冶炼厂2020年初开始投产,将为卡莫阿-卡库拉高达15万湿吨的铜精矿进行粗炼加工,收取加工费和基于市场的变现费作为回报,并生产含铜99%的粗铜,粗铜将由中信金属和紫金矿业从卢阿拉巴铜冶炼厂的仓库提货。

卢阿拉巴铜冶炼厂是刚果 (金) 第一座先进的大型火法铜冶炼厂,由最近建成的专用道路行驶约40公里即可到达卡莫阿-卡库拉矿山。

卡莫阿-卡库拉的首批99%粗铜锭于2021年7月从卢阿拉巴铜冶炼厂出口到国际市场。

卢阿拉巴冶炼厂为卡莫阿铜业浇注的99%粗铜锭

卢阿拉巴冶炼厂为卡莫阿铜业生产的粗铜,准备装载发往国际市场。

卡莫阿-卡库拉产量爬坡,开始向国际出口铜精矿

卡莫阿铜业於2021年7月开始向国际出口铜精矿。装载第一批铜精矿的车队已于2021年7 月17日从矿山出发,将产品发往刚果(金)境外的冶炼厂,标志着卡莫阿-卡库拉I期380 万吨/年选厂实现产能爬坡的重大里程碑。

卡莫阿铜业已于2021年6月8日获刚果(金)政府颁发的出口铜精矿和粗铜的所有必要许可。

截至 2021 年 8 月初,约 32,700 吨铜精矿已从矿山装载交付卢阿拉巴冶炼厂或发往国际市场。

装载着高品位铜精矿的车队在卡莫阿-卡库拉现场等待清关,一般在五天内完成。清关后,卡车即可经由南非德班港发往世界各地的冶炼厂。

成功开展设备融资款项的提取

2020 年12 月1 日,艾芬豪宣布卡莫阿-卡库拉项目获得高达1.76亿欧元(约2.11亿美元) 的设备融资以及900万美元首付款,资金将会用于向领先的瑞典制造商Sandvik和Epiroc以及芬兰制造商Normet订购地下采矿移动设备和服务。

贷款有效期3年,自提款日起5年内完成偿付,并与卡莫阿-卡库拉项目的地下采矿设备关联。瑞典出口信用局 (以下简称"EKN") 为贷款人提供了政治和商业保险,并且每期贷款的首次使用将收取一次性保费。

2020年12月,设备融资的所有先决条件得到满足后,卡莫阿-卡库拉项目已从900万美元首付款贷款提取款项以及从设备融资提取5,600万美元的款项。 2021年,项目从设备融资款项中再提取1,620万美元。其后设备融资款项的提取,仍需满足一系列惯常的先决条件,在每次提取前都必须满足。

设备融资仅以设备作为抵押,首付款贷款则无抵押。卡莫阿控股公司已发出一份无约束力的支持函,确定为项目提供支持,无需任何担保人或母公司作担保。

此外,金山(香港)国际矿业有限公司已向卡莫阿控股公司提供了2亿美元的有限追索权信贷额度,以项目投产前的堆矿作抵押,为选厂的II期扩建提供资金。卡莫阿控股尚未提取此信贷额度的款项。

卡莫阿-卡库拉现已接入国家电网,获得清洁、可再生的220千伏水电能源

矿山由国家电网的一条35公里长的220千伏输电线路,为项目提供可靠的清洁水电能源。

矿山的220千伏KCS二级变电站及33千伏KCS二级变电站已接入电网。选厂的33千伏主变电站以及所有中压和低压变电站均已接通。

英加二期水电站主涡轮机组的升级改造达成协议

2021年4月26日,艾芬豪宣布艾芬豪矿业刚果(金)能源公司与刚果(金)国有电力公司SNEL 签署了一项合作谅解备忘录,在位于刚果河上现有的英加二期水电项目进行一台主要涡轮机组(5号涡轮机)的升级工程。艾芬豪矿业刚果(金) 能源公司为卡莫阿控股的子公司和卡莫阿铜业的姊妹公司,专门负责为卡莫阿-卡库拉项目提供可靠的清洁、可再生水电。涡轮机组升级后将生产162兆瓦的清洁、可再生水电,为卡莫阿-卡库拉铜矿及冶炼厂提供长期的稳定电力供应以配合日后的扩建计划。

已经完成最终协议草案以取代先前的谅解备忘录,预计即将进行签字。

位于刚果河上的英加一期 (后)和英加二期 (前) 水电站的鸟瞰图。红圈位置为英加二期5号涡轮机的压力管道。

Mwadingusha 水电站正进行修缮工程,将提供清洁、可再生电能

艾芬豪矿业刚果(金)能源公司与SNEL首次合作项目--- Mwadingusha水电站6台新涡轮机的升级工程即将竣工,预计将向国家电网提供约78兆瓦的电力,为卡莫阿-卡库拉760万吨/年的I期和II期生产提供电力供应。 Mwadingusha水电站的6台新涡轮机中的5台已与国家电网并网,每台发电机组可产生约13兆瓦的电力。水电站余下一台发电机组快将完工及进行试车,预计将于2021年8月与国家电网并网。

水电站升级工程由瑞士洛桑的Stucky工程公司在艾芬豪矿业及紫金矿业的指导下,与刚果(金)国有电力公司SNEL 合作开展。

78兆瓦Mwadingusha水电站、水库和Mwadingusha社区的鸟瞰图。

旨在成为首个实现净零碳排放的顶级铜矿山,卡莫阿-卡库拉项目将使用电池或氢燃料电池驱动的先进设备,全力推进电气化采矿作业

2021年5月5日,艾芬豪矿业宣布,公司已作出承诺,其领先行业的卡莫阿-卡库拉铜矿将会致力实现净零运营温室气体排放 (范围一和范围二)。

为支持应对气候变化的《巴黎协定》以及本着中美两国政府2021年4月全球气候会议中承诺大幅减排的精神,艾芬豪矿业将致力与其合作伙伴及领先的地下采矿设备制造商紧密合作,确保卡莫阿-卡库拉将会成为首个实现净零运营碳排放的世界顶级铜矿生产项目。

卡莫阿-卡库拉矿山和选厂已获得清洁、可再生的水电能源供应,公司的净零承诺重点将通过引入电池或氢燃料电池驱动的先进设备,来全力推进项目的电气化采矿作业。

卡莫阿-卡库拉项目与其采矿设备供应商紧密合作,以减少采矿作业中的化石燃料使用,同时对于新的电、氢和混合技术的可行性、安全性和性能作出评估,在它们可供商业使用时尽快引入项目的采矿作业。

可持续发展促进社区繁荣

“可持续民生计划” 于2010年创立,旨在通过建立农业培训园以及在社区层面为居民提供支持,提升卡莫阿-卡库拉项目社区的食品安全和农作物生产。迄今,约有 467位社区居民正受益于“可持续民生计划”,为家人生产优质食品并出售多余的食品以获得额外收入。“可持续民生计划”从最初的玉米和蔬菜种植已发展到目前包括水果、水产养殖、家禽和养蜂。

正在顺利推进100个新鱼塘的民生项目,已完成60个鱼塘,其中21个鱼塘已开始运营,另外20个正在建设中。项目鼓励当地创业以及提高该地区的粮食安全。 Musokantanda农业中学于2020年建成并配备设施,目前用作研究设施,为118名学生提供教育,并为当地农民提供培训。同时,农业中学与科卢韦齐大学正在制定合作计划,为学生提供进一步的实践培训。

2021年第二季度实施的其他非农业相关活动包括教育计划、社区砖厂计划、缝纫项目以及太阳能水井供水项目。Tujenge砖厂计划再购买一台机器,以生产矿山所需的空心砖,至今已成功生产了9,000块砖。缝纫项目的28名成员已完成了为期6个月的专业培训,以确保缝纫团队有足够的技术,为卡莫阿-卡库拉生产的个人防护设备 (PPE) 和工作服符合质量标准。新建成的Muvunda小学已经开学,可接收206名学生。Kaponda小学正在进行建设和设施安装。民生计划聘用了当地的承包商在社区内钻探13个水井 (计划共29个水井),为数千名社区成员提供清洁的水源。

搬迁计划的安置房建设继续施工,累计114个家庭已完成搬迁,剩余20个家庭。余下的家庭将于安置房建设完成后搬迁。为Kaponda社区建设的教堂已完成 80%,所有具体工作已完成,承包商正在安装门框和窗户。

卡莫阿医院新建的主医疗大楼施工进展顺利。

 “可持续民生计划”为邻近社区建设的100个新鱼塘中的五个。

2. 普拉特瑞夫项目
艾芬豪矿业持股64%
位于南非

普拉特瑞夫项目由 Ivanplats (Pty) Ltd. (以下简称 "Ivanplats") 持有,艾芬豪矿业持有Ivanplats公司64%的股权。由《全面提高黑人经济实力法案》(B-BBEE) 的南非受益人持有项目26%的股权,这些受益人包括 20 个当地社区,约150,000 位居民、项目雇员和当地企业主。Ivanplats 在最近 B-BBEE 评分核实评估中达到 4 级贡献者标准。另外,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通过 2 轮投资 (共 2.9 亿美元) 持有 Ivanplats 10% 的股权。

普拉特瑞夫是一个地下开采矿山,含有厚大的铂族金属、镍、铜和金矿化,位于林波波省的布什维尔德岩浆杂岩带北部,距离约翰内斯堡东北约280公里,距离波特希特斯镇约8公里。

在北翼,铂族金属矿化主要赋存在Platreef层位,走向延伸30多公里。艾芬豪的普拉特瑞夫项目位于普拉特瑞夫南部,由Turfspruit及Macalacaskop两个相连的矿权组成。最北部的 Turfspruit 矿权,邻近且位于英美铂金 (Anglo Platinum) Mogalakwena 矿山的走向延伸上。

自2007 年以来,艾芬豪重点推进勘查和开发活动,以圈定普拉特瑞夫矿体的深部延伸,目前已命名为 Flatreef 矿床,适合高度机械化的地下开采。整个Flatreef 矿区位于 Turfspruit 和 Macalacaskop 采矿权范围内。

普拉特瑞夫的职业健康与安全

截至2021 年6月底,普拉特瑞夫项目共录得57,616个零失时工伤工时,项目于2021年6月发生首例可记录工伤事故。

普拉特瑞夫项目继续审核和优化其COVID-19疫情防控方案,以控制并降低传播风险。 2021 年上半年,普拉特瑞夫项目共进行了760次COVID-19 检测,其中 38 例检测结果呈阳性。为配合国家卫生部推行的全国疫苗接种计划,Ivanplats 在矿山现场为员工接种COVID-19 疫苗,已完成279 剂疫苗接种。普拉特瑞夫项目约 73% 的现场员工和承包商已接种了至少一剂疫苗。

普拉特瑞夫分期开发方案、详细工程设计和可行性研究进展顺利

普拉特瑞夫分期开发方案的详细工程设计和可行性研究更新版进展顺利,预计将于 2021 年底或 2022 年初完成。大部分设计和工程工作已经完成,目前正重点完成成本估算。

普拉特瑞夫项目,图右为1号竖井的井架,图中间塔吊在2号竖井施工。

开展4.2亿美元的项目融资,全力推进普拉特瑞夫项目

2021年2月,Ivanplats 与猎户座签署3亿美元的黄金、钯及铂金属流融资非约束性协议。猎户座是世界领先的金融集团,为基础金属和贵金属矿企提供生产相关的金属流融资。金属流融资仍需完成法律尽职调查和交易架构,以及最终文件的谈判和执行。金属流融资计划按项目需求分两期提款,同时进行工程研究将普拉特瑞夫 2020年初步经济评价升级为可行性研究,并将普拉特瑞夫的1号竖井转换为生产井。

此外,Ivanplats已委托两家国际知名的商业银行 — 法国兴业银行和莱利银行担任受托牵头安排行,负责1.2亿美元的项目级高级债务融资。项目级的高级债务融资,仅在金属流融资全额提取后才能使用。债务融资的最终条款和条件,将取决于普拉特瑞夫分期开发方案的可行性研究完成、尽职调查和交易架构达成,以及最终文件的谈判和执行。债务融资的条款和条件,将在上述各项敲定后进行最终定夺。

1号竖井转换为生产井的进展顺利

1号竖井底部的996米中段工作站已于2020年7月顺利完工。 1号竖井初步将用作进场通道,距离Flatreef高品位矿体约350米,计划开展大规模机械化开采。分别位于750 米、850 米和950米中段的三个工作站都已经完工,采掘班组可以通过初步地下通道前往高品位矿区。

辅助卷扬机的地基建设已竣工,且辅助卷扬机已完成安装和试车。竖井的井架、两座卷扬机、装备平台以及输送和控制系统,将符合行业的最高安全标准,并经过安全验证和测试,且设有备援系统。

1号竖井转换为生产井的工程,按计划正进行中,并将于2022年初开始矿石提升。竖井转换所需的设备已经完成订购并已送达现场。竖井的转换工作由普拉特瑞夫的资深业主团队负责。

在1号竖井成功进行凿井工程的卷扬机将被改造装配,在竖井转换工程期间用于运送主要设备,以及在竖井进行装配期间用于永久提升矿石、运送工作人员和物料。竖井将配备两个12.5吨的箕斗 (提升能力达82.5万吨/年) 以及可转换的罐笼,以配合在首采阶段运送工作人员和物料进出竖井。

钢索导轨将用于进行主要岩石、工作人员和物料的运送,而钢架和导轨将用于运送辅助卷扬机。凿井阶段使用的平台钢索和卷扬机钢索已被拆除,而在装配阶段新的永久导轨钢索以及新的永久提升钢索已安装完成。此外,辅助卷扬机已完成安装和试车,在竖井和工作站装配阶段提供协助,以及在岩石提升阶段用于运送工作人员。竖井的装配于2021年7月已达到450米中段工作站。

新设计的溜槽将会连接输送系统,将岩石运输至选厂和废石场,废石将被破碎以加工混凝土回填物,并用作护堤储存雨水及降低噪音排放。

竖井于2021年5月开始进行装配,按计划将于2022年初完工。在竖井和地下工作站完成转换及矿石和废石通道建成后,将会启动井下水平巷道开拓,向高品位矿区推进。

项目已为主要地下开拓设备下订单

1号竖井的废石输送系统已经完成设计和工程施工,径向堆料输送机已下订单并将于 2022 年 2 月交付。此外,Ivanplats初步已为其主要采矿设备向 Epiroc 下订单,包括零排发的电动巨型钻机和铲运机,将于 2022 年初交付。

Ivanplats 订购的零排放采矿设备之一 — Epiroc ST14 电动铲运机,将用于普拉特瑞夫矿山的地下开拓工程。

2号竖井井架 (从地基至井口) 的建设工程进展顺利

2号竖井的早期地表工程已于2017年展开,包括地表以下约 29 米深的地表箱形切割槽以及建造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口。

2号竖井井架 (从地基至井口) 的建设工程进度理想,第一和第二部井架升降机的施工进展顺利。计划建设共十部升降机,包括通风和工作人员通道,并计划于2022年5月完工。

普拉特瑞夫2号竖井的建设工程,从地基至井口建设井架(地表)。

将采用高效的机械化地下开采

普拉特瑞夫采矿计划中的采区位于地表以下约 700 米至 1,200 米的深度。1号竖井 (996米深、直径7.25米) 的凿井工程最近已完成,并达到其最终深度,将会用作初步进场的通道。一旦扩大生产规模,2号竖井 (1,104米深、10米直径的生产井) 将会用作通往井下采区的主要通道。矿山生产期间,1号和2号竖井同时作为通风井。规划的另外3个通风井 (1号、2号及3号通风井) 将助力实现稳态产能。

将采用高效机械化的开采方法,包括深孔采矿法及进路充填法。两种方法都会采用水泥回填以最大化开采矿石。初步经济评价前5年在1号竖井以外开展进路充填采矿作业,以及在2号竖井可用时开展扩建。两个方案都会通过优化采区、采矿品位、开采方法和矿段开采能力,最大化开采较高品位采区。选择合适矿体区段,以最高净冶炼收益回采约1.25亿吨的矿石。

矿石将会从采场通过一系列的放矿溜井输送到1号和2号竖井的底部,然后进行破碎并提升至地表。

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) 已获得批准。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名新培训师、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,以及向最少100名社区成员提供核心技术培训以及常用技能等。普拉特瑞夫项目继续支持多个教育计划,以及在运营社区提供免费无线上网。

当地经济发展项目包括﹕Mogalakwena市水井计划以提供社区水源。其他项目将与各方合作进行,包括翻新Tshamahansi村的一家诊所及添置设备。

企业和供应商的发展承诺包括进一步扩展现有的小卖店和洗衣设施,以及增设更衣室设施,未来移交由社区伙伴负责管理。为期5年的综合业务发展和资助项目计划,将会帮助社区成员作好业务发展和作为供应商的准备。

3. 基普什项目
艾芬豪矿业持有68%股权
位于刚果民主共和国

位于刚果(金)的基普什铜-锌-锗-银-铅矿,邻近基普什镇,距离卢本巴希西南约30公里。基普什地处中非铜矿带,位于卡莫阿-卡库拉项目东南约 250 公里,距离赞比亚边境不足一公里。 2011年11月,艾芬豪收购了基普什项目 68% 的权益;其余 32% 权益由刚果(金)国有矿业公司杰卡明持有。

基普什的职业健康与安全

2021年6月底,基普什项目录得3,441,678个零失时工伤工时,距离基普什项目上次失时工伤事件已有两年半之久。

鉴于COVID-19疫情,基普什已暂停了矿山建设作业。项目现场有一支精干的队伍,安全有效地进行维护工作,并保持抽水作业和执行已规划的工作。

基普什项目建设了新的饮用水供应站为基普什市免费供水。基普什市社区成员从免费饮用水得到的日常支持涉及电力、化学消毒剂、日常维护、保安和紧急修复主要管网的泄漏,受惠人数多达十万人 (未计郊区的居民)。日常每小时连续泵送约 1,000 立方米的饮用水供给使用者。

项目计划于未来5年在基普什区域范围建设50个水井,为偏远地区提供水源。至今,在该范围已建设并运行共11个太阳能水井。

作为支持社区教育的举措之一,基普什项目继续为Mungoti学校进行翻新工程及提供书桌,并向基普什的学生提供助学金和奖学金;于过去4年,约300名学生已通过助学金计划获得资助。基普什项目成立的缝纫培训中心继续生产布口罩,每月向运营社区捐赠约2,000个口罩。此外,基普什项目赞助当地电台及流动车广播COVID-19的宣传运动。

基普什项目于2020年实施"可持续发展民生计划",使当地的妇女团体受惠。计划从家禽养殖开始且进展顺利,已有500只鸡投入市场销售。项目计划在基普什区域范围继续扩充。

基普什项目的最终可行性研究接近完成

艾芬豪矿业于2017年12月13日公布的基普什项目预可行性研究估计,初步11年矿山服务年限期间,平均年产38.1万吨锌精矿,现金成本0.48美元/磅。

艾芬豪矿业及其合作伙伴杰卡明正在审阅基普什的最终可行性研究草案以及开发和融资方案,预计双方将于2021年第四季度,在完成可行性研究以及开发和融资方案达成协议后完成协商。

(从左至右) Ethienne Mulambe、Jhon Nkunda 和 Mulanga在基普什的 15竖号拆除旧的卷扬机。

项目开发和基础设施

尽管2021年上半年以及2020年度的开发和重建活动受到限制,基普什矿山近年来的地下基础设施现代化升级进展顺利,为重启商业性生产作好准备。这些工程包括在不同中段修缮升级竖井和地表井架,以及地下矿山的掘进工程和基础设施。一系列的穿脉巷和通风基础设施仍然运作正常,并已清除陈旧物品和设备,以配合先进的机械化采矿作业。地下基础设施还包括一系列高效水泵,用于控制矿山水位,目前水位很容易保持在矿山底部。

5号竖井的直径为8米、深 1,240 米,现已进行升级和重新试车。主要的工作人员和物料进出场的卷扬机已完成升级改造,以满足全球行业标准和安全标准。 5号竖井的提升岩石卷扬机已全面运行,并已安装新的箕斗、钢索以及相关配件。竖井已安装两个新制造的岩石运输工具(箕斗)和支撑框架(控制电缆),以方便从1,200 米中段的主矿石仓和废石仓提升岩石。

尽管矿山开发作业受到阻碍,项目仍继续进行主要的工程施工,包括安装新的卷扬机作为瀑布侧的第二出口,以及维修和更换 5 号竖井的主要水泵柱,以确保持续稳定地泵送井下水。

Gael Shimatu 正在钻孔以安装安全防护设施。

4. 西部前沿勘探项目
艾芬豪矿业全资拥有及持有90%权益
位于刚果民主共和国

艾芬豪的刚果(金)勘探团队通过区域勘查和钻探,在其位于卡莫阿-卡库拉项目以北、以南和以西的西部前沿探矿权内,重点勘查卡莫阿-卡库拉类型的铜矿化。艾芬豪的西部前沿勘查项目包括17个探矿证,总面积约2,550平方公里。

之前取得重大发现的原班地质团队,在西部前沿广阔的勘查区内,采用相同的勘查模型;该模型成功指导了卡莫阿-卡库拉合资项目采矿权内卡库拉、卡库拉西区和卡莫阿北区富矿带的发现。

2021年第二季度期间,西部前沿项目的勘查活动继续进行,并且在Makoko主矿区的西部和东部延伸范围开展钻探。

2021年第二季度,在 Makoko主矿区西面和东面的Makoko矿区共完成了32个金刚石钻孔,以1,000米间距布设勘探线,共完成了7,310米的钻探进尺,样品分析工作正在进行。计划于 2021 年第三季度开展 200 米 x 200 米网度的土壤采样工作,继续推进土壤化探。

现场团队于4 月底在 Kiala矿区开展了金刚石钻探,至今已完成了9个钻孔、共 2,947 米,有助于调查高品位铜矿化带的北部延伸,以及勘查该矿区的西部延伸范围,样品分析工作正在并行开展。

完成通往西部前沿新勘查区的一条16公里长的道路工程以及Lubudi河上的桥梁的修建。目前已开始修建一条横贯西部许可区的60公里长进场主干道路,其中20公里已进行清理,且当中6公里已铺设砂土,计划在主干路完成后,将于年底前完成桥梁建设。

项目计划于2021年第三季度初在西部前沿及卡莫阿北区进行磁力、重力和电磁物探。新的地球物理数据将有助于确定钻探和土壤化探的目标靶区。

最近在Makoko西部开展的钻探工作,对于新探矿权的勘查潜力评价意义重大,显示目标地层向西面延伸,而且盆地西缘的铜矿化沿水平方向展布。Makoko西部勘查区未来的钻孔工作,将选择有利于形成高铜品位的特定构造位置为优先靶区。

艾芬豪矿业位于西部前沿 Makoko矿区的岩芯库。

季度财务信息摘要

下表总结了前八个季度的财务信息摘要。艾芬豪在任何财务报告期间都没有任何经营收入,并且在任何财务报告期间都未声明或支付任何股息或股东红利。

经营业绩讨论

2021年3月已完成可转债的发行

2021年3月17日,公司已完成私募发行总额为5.75亿美元、息票率2.50%、2026年到期的高级可转债。转换债券时,公司可选择以现金、普通股或其组合方式结算。鉴于上述的选择权,可转债设有嵌入式的衍生负债,以公允价值计量且其变动计入当期损益,而主贷款则以摊余成本入账。

高级可转债为本公司的高级无抵押债务,息票率2.50%,每半年付息一次。除非提前回购、赎回或转换,债券将于2026年4月15日到期。债券的初步转换率为每份面值1,000美元的债券可转换为134.5682股公司A类普通股,或相当于每普通股约7.43美元 (约9.31加元) 的初步转换价。

在2025年10月15日前一个工作日结束前,仅在下述情况下,债券持有人可选择以面值1,000美元或以上的整数倍转换债券﹕

  • 在截至2021年6月30日止季度之后的任何季度期间 (以及仅在该季度期间),如果本公司在30个连续交易日 (包括上一季度的最后一个交易日) 期间至少20个交易日 (不论是否连续) 的A类普通股收盘价格高于或相等于当时每个适用交易日转换价格的130%;或
  • 在任何10个连续交易日后的5个工作日期间 ("测量周期"),测量周期内每个交易日的每份面值1,000 美元的债券交易价格低于本公司A类普通股的收盘价格与这些交易日的转换率乘积的98%;或
  • 如果本公司在某些情况下或在若干事件发生时,要求赎回部分或全部债券。

2025年10月15日或之后,直至到期日前第2个计划交易日结束前,债券持有人可选择以面值1,000美元的整数倍转换其全部或部分债券,而无须符合上述条件。

本公司不得在2024年4月22日之前赎回债券 (除非某些税法有所修订)。2024年4月22日或之后,以及在到期日前第41个交易日或之前,如果在本公司提供赎回通知前的任何30个连续交易日 (包括该期间的最后一个交易日) 期间至少20个交易日 (不论是否连续) 的普通股收盘价格高于或相等于当时转换价格的130%,则本公司可以赎回债券。债券的赎回价格为债券面值的100%,加上应计未付利息 (但不包括赎回日)。

由于在转换债券时,公司可选择以现金、普通股或其组合方式结算,因此可转债被视为一种衍生金融负债,导致主负债 (host liability) 以摊余成本入账。嵌入式衍生负债 (derivative liability) 以公允价值计量且其变动计入当期损益。

主负债的实际利率为9.39%,在2021年第二季度可转债认列的利息为 980 万美元,截至2021年6月30日止则为1,130万美元。截至2021年6月30日,主负债的账面值为4.253亿美元。

公司完成可转债发行时,衍生负债的公允价值为1.505亿美元,截至2021年3月31日已下跌至1.249亿美元,截至2021年6月30日则上升至2.106亿美元,2021年第一季度的金融负债公允价值变动产生2,560万美元收益,2021年第二季度的金融负债公允价值变动造成8,570万美元的损失。嵌入式衍生负债的公允价值变动主要取决于公司普通股在不同报告日內的收盘价变动。

嵌入式衍生负债的公允价值根据以下的关键参数和假设厘定﹕

 

2021年3月17日

2021年3月31日

2021年6月30日

股价

7.00加元

6.47加元

8.95加元

信贷息差

630个基点

610 个基点

487 个基点

波动率

42%

42%

40%

借贷成本

50 个基点

50 个基点

50 个基点

与衍生负债相关的可转债发行交易成本为370万美元,已费用化且已计入2021年第一季度的利润表。

截至2021年6月30日止三个月 (对比 2020年6月30日) 的回顾

公司于2021年第二季度录得9,570万美元的综合亏损,2020年同期则录得30万美元的收益。

如上所述,公司在2021年第二季度嵌入式衍生金融负债的公允价值录得8,570万美元的损失。财务成本从 2020 年第二季度的 10 万美元增加到 2021 年同期的 1,010 万美元,其中 980 万美元与可转债的利息 (按实际利率计算) 有关。

2021年第二季度的财务收入达2,510万美元,与2020年同期 (1,870万美元) 相比高出640万美元。财务收入中包括向卡莫阿控股合资企业提供的贷款利息,2021年第二季度的利息收入2,300万美元,2020年同期所得的利息收入为1,640万美元,随着累计贷款余额增加。

2021年第二季度的勘探及项目开支为1,200万美元,2020年同期为900万美元。勘探及项目开支用于艾芬豪的西部前沿探矿权的勘探活动,还包括用于基普什项目的开支,但由于项目在期内减少作业而产生了有限的资本开支。下表列出了2021年第二季度和2020年第二季度基普什项目的主要开支类别﹕

公司为卡莫阿控股合资企业分担的亏损由2020年第二季度的660万美元上升至2021年第二季度的1,000万美元。下表列出截至2021年6月30日止三个月及2020年同期公司为卡莫阿控股分担的亏损汇总:

卡莫阿控股合资企业的融资成本与股东贷款有关,其中,每位股东均需向卡莫阿控股提供相当于其持股比例权益的资金。公司代表晶河全球继续出资,以换取以艾芬豪为受益人的期票增加。

截至2021年6月30日止六个月(对比 2020年6月30日)的回顾

截至2021年6月30日止六个月,公司录得7,950万美元的综合亏损,2020年同期则录得7,630万美元的亏损。如上所述,公司截至2021年6月30日止六个月的嵌入式衍生金融负债的公允价值认列亏损6,010万美元。

截至2020年6月30日止六个月的综合亏损,主要是由于南非兰特从2019年12月31日至2020年6月30日期间贬值24%而导致外汇损失5,390万美元,2021年同期则因为换算海外业务而产生汇兑增益870万美元。

截至2021年6月30日止六个月的财务收入达4,790万美元,与 2020年同期(3,950万美元)相比高出 840万美元。财务收入已计入截至2021年6月30日止六个月向卡莫阿控股合资企业提供贷款以运营所得的利息收入4,410万美元以及2020年同期所得的利息收入3,270万美元,随着累计贷款余额增加。由于美联储减息,导致现金和现金等价物所得利息下跌。

截至2021年6月30日止六个月的勘查及项目评估开支达到了 2,070万美元,2020年同期达到了2,100万美元。 勘探及项目评估开支用于艾芬豪的西部前沿探矿权的勘查活动,还包括用于基普什项目的开支,但由于项目在期内减少作业而产生了有限的资本开支。下表列出了截至2021年6月30日止六个月和2020年同期基普什项目的主要开支类别﹕

公司为卡莫阿控股合资企业分担的亏损由截至2020年6月30日止六个月的1,330万美元上升至2021年同期的1,410万美元。下表列出截至2021年6月30日止六个月及2020年同期公司为卡莫阿控股分担的亏损汇总:

截至 2021年6月30日的财务状况对比截至 2020年12月31日的财务状况

截至2021年6月30日,公司的总资产为29.843亿美元,相比截至2020年12月31日的24.171亿美元增长了5.672亿美元。总资产的增长主要由于2021年3月17日完成发行高级可转债所得的净收入所致。出售可转债所得的收入 (扣除与主负债相关的发行成本1,030万美元) 为5.647亿美元。

截至2021年6月30日,公司拥有6.445亿美元的现金和现金等价物,相比截至2020年12月31日的2.628亿美元上升3.816亿美元,主要由于可转债所得的收入所致。截至2021年6月30日止六个月,公司动用了3,640万美元现金资源用于运营,并向卡莫阿控股合资企业提供1.276亿美元的贷款。

截至2021年6月30日,公司的总负债为7.179亿美元,相比截至2020年12月31日的8,060万美元增加了6.373亿美元,主要由于上述私募发行总额5.75亿美元、息票率2.50%的高级可转债所致。

不动产、厂房和设备的净增长为2,450万美元,共计1,990万美元花费在项目开发及其他不动产、厂房及设备的购买。其中,1,940万美元用于普拉特瑞夫项目的开发成本及其他不动产、厂房及设备的购买。

截至2021年6月30日止六个月及2020年同期的普拉特瑞夫项目不动产、厂房和设备,包括已经资本化的开发成本,增长的主要细目详见下表:

普拉特瑞夫项目产生的成本被视为对于项目迈向商业生产而言是必需的,因此也资本化为不动产、厂房和设备。

鉴于每位现有股东按其持有卡莫阿控股的股权比例向卡莫阿控股注资从而为运营提供资金支持,公司向卡莫阿控股合资企业的投资上升了1.577亿美元,从截至2020年12月31日的12.895亿美元到截至2021年6月30日的14.472亿美元。公司在 2021年6月30日止六个月期间向卡莫阿控股合资企业的现金出资的份额达到1.276亿美元,而公司分担的合资企业亏损达到1,410万美元。

公司对卡莫阿控股合资企业的投资明细如下﹕

卡莫阿控股合资企业主要使用由其股东向其预付的贷款,通过投资开发支出、不动产、厂房和设备以及持续实施勘探活动,来推进卡莫阿-卡库拉项目。这反映在公司享有的卡莫阿控股合资企业的净资产份额的变化上。该净资产份额可分解如下:

于2020年12月底,卡莫阿控股合资企业已从设备融资获得4,500万欧元 (约5,600万美元) 以及从首付款贷款中提取900万美元,并于截至2021年6月30日止六個月內从设备融资获得1,340万欧元 (约1,620万美元)。设备融资仅以设备作为抵押,实际利率为8.96%。首付款贷款则无抵押,实际利率为11.58%。

此外,卡莫阿铜业已选择于2021年6月份根据包销协议提取3亿美元的预付款。预付款的年利率为8%,并将从卡莫阿产品交付的应付款中抵扣。

卡莫阿控股合资企业的不动产、厂房和设备从 2020年12月31日净增长至 2021年6月30日,达到3.834亿美元,可进一步分解如下:

流动资金和资本资源

截至2021年6月30日,公司拥有6.445亿美元的现金和现金等价物。截至该日,公司的综合运营资金约为6.899亿美元,而截至 2020年12月31日则为5.448亿美元。

自 2015年12月8日起,各股东必须按其股权比例向卡莫阿控股注资。公司代表晶河全球继续出资,以换取以艾芬豪为受益人的期票增加。

目前,普拉特瑞夫项目的开支由艾芬豪单方出资 (通过向 Ivanplats 提供计息贷款),因为日本财团已决定不为当前的开支出资。

在 2021 年剩余时间,公司对普拉特瑞夫项目的主要目标是完成分期开发方案的详细工程设计和更新可行性研究、继续转换1号竖井为生产井以及建设2号竖井的井口、井架。基普什项目将继续实施现金节流措施,直至可行性研究完成以及开发和融资方案达成协议。卡莫阿-卡库拉项目已启动首批铜精矿生产,并将继续进行II期选厂扩建和相关基础设施的施工。

公司预算在2021年剩余时间花费5,600 万美元用于进一步开发普拉特瑞夫项目、1,700 万美元用于基普什项目、1,500万美元用于西部前沿勘探项目,以及1,600万美元用于公司经常性开支。

截至 2021 年 6 月 30 日,卡莫阿控股合资企业持有现金和现金等价物2.881 亿美元。展望未来,项目I期的所有运营支出和 II期大部分的资本支出将会从铜销售和卡莫阿现有的信贷出资。在2021年剩余时间内,艾芬豪应为卡莫阿-卡库拉II期建设资本支出所提供的资金份额估计仅为 8,500 万美元,假设尚未提取紫金有限追索权信贷额度的款项。

2021年3月17日,公司已完成私募发行总额为5.75亿美元、息票率2.50%、2026年到期的高级可转债。高级可转债为本公司的高级无抵押债务,息票率2.50%,每半年付息一次。除非提前回购、赎回或转换,债券将于2026年4月15日到期。在2025年10月15日前一个工作日结束前,仅在某些情况下和特定时间,债券可根据持有人的选择进行兑换,此后,可随时兑换,直至到期日前第二个计划交易日结束。转换债券时,本公司可选择以现金、普通股或其组合方式结算。截至2021年6月30日,主负债的账面值为4.253亿美元,嵌入式衍生负债的公允价值为2.106亿美元。

公司在其英国伦敦办公室有一笔价值320万英镑 (450万美元) 的抵押债券未偿付,需于2025年8月28日全额偿还,此抵押债券以物业资产担保,按1个月期英镑LIBOR加1.9 %的利率每月支付利息。利息仅在到期日支付。

2013年,艾芬豪获ITC Platinum Development Limited提供合约金额3,480万美元的应付贷款。截至2021年6月30日,该公司的账面值为3,290万美元。艾芬豪必须在普拉特瑞夫项目出现剩余现金流后,即时偿还该项贷款。根据贷款协议,剩余现金流定义为普拉特瑞夫项目产生的总收入,扣除所有相关运营成本 (包括所有采矿建设和运营成本)。逾期债款需按3个月期美元LIBOR加2%的利率每月支付利息。利息不进行复利计息。应付合约金额与贷款账面值相差190万美元,主要由于低息贷款所致。

公司向监管机构提交的工作计划开支带有隐含承诺,以保持其矿权的勘探和采矿许可区良好的信誉。下表列出了公司的长期合约责任﹕

如上所述,上表列出的债务代表应向花旗银行支付的抵押债券以及应付ITC Platinum Development Limited的贷款。

公司需按其持有的股权比例向卡莫阿控股合资企业供资。

本新闻稿应当与艾芬豪矿业2021年第二季度的财务报表和《管理层讨论与分析》报告一起阅读。有关报告可在www.ivanhoemines.comwww.sedar.com获取。

合资格人及符合NI 43-101 标准的技术报告

本新闻稿中关于卡莫阿-卡库拉项目资本开支和开发方案修订版的科学或技术性披露已经由史蒂夫·阿莫斯 (Steve Amos) 审查和批准,他凭借其教育、经验和专业协会会籍被认为是NI 43-101 标准下的合资格人。由于阿莫斯先生是卡莫阿项目的负责人,因此他并不符合NI 43-101 对独立人士的界定。阿莫斯先生已核实本新闻稿所披露的技术数据。

本新闻稿中关于卡库拉和卡索科矿堆的其它科学或技术性披露已经由乔治·吉尔克里斯特 (George Gilchrist) 审查和批准,他凭借其教育、经验和专业协会会籍被认为是NI 43-101 条款下的合资格人。由于吉尔克里斯特先生是艾芬豪矿业资源部副总裁,因此他并不符合NI 43-101 对独立人士的界定。吉尔克里斯特先生已核实本新闻稿所披露的其它技术数据。

本新闻稿中的其它科学或技术性披露已经由斯蒂芬·托尔 (Stephen Torr) 审查和批准,他凭借其教育、经验和专业协会会籍被认为是NI 43-101 条款下的合资格人。由于托尔先生是地球科学副总裁,因此他并不符合NI 43-101 对独立人士的界定。托尔先生已核实本新闻稿所披露的其它技术数据。

艾芬豪已经为普拉特瑞夫项目、基普什项目和卡莫阿-卡库拉项目分别编制了一份符合NI 43-101 标准的最新独立技术报告,这些报告可在SEDAR 网站上的艾芬豪页面获得,网址为 www.sedar.com

  • 2020年10月13日发布的2020年卡莫阿-卡库拉综合开发方案,由OreWin Pty Ltd.、中国瑞林工程技术有限公司、DRA Global、Epoch Resources、Golder Associates Africa、KGHM Cuprum R&D Centre Ltd.、Outotec Oyj、Paterson and Cooke、Stantec Consulting International LLC、SRK Consulting Inc.以及Wood plc编制,涵盖公司的卡莫阿-卡库拉项目;
  • 2020年12月6日发布的2020 年普拉特瑞夫综合开发方案,由OreWin Pty Ltd.、Wood plc (前为Amec Foster Wheeler)、SRK Consulting Inc.、Stantec Consulting International LLC 、DRA Global以及Golder Associates Africa编制,涵盖公司的普拉特瑞夫项目;以及
  • 2019年3月28日发布的2019 年基普什矿产资源更新,由OreWin Pty Ltd.、MSA Group (Pty) Ltd.、SRK Consulting (South Africa) (Pty) Ltd. 和MDM (Technical) Africa Pty Ltd . (Wood PLC 的一个部门) 编制,涵盖了公司的基普什项目。

这些技术报告包括本新闻稿中引用的普拉特瑞夫项目、基普什项目和卡莫阿-卡库拉项目的矿产资源估算的生效日期、假设、参数和方法等信息,以及本新闻稿中关于普拉特瑞夫项目、基普什项目和卡莫阿-卡库拉项目的科学和技术性披露的数据验证、勘探程序和其他事项的信息。
联系方式
投资者:比尔·特伦曼 (Bill Trenaman),电话:+1.604.331.9834   /  
媒体:马修·基维尔 (Matthew Keevil),电话:+1.604.558.1034
网址﹕www.ivanhoemines.com

前瞻性陈述

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、不明朗因素和其它因素,可能导致本公司的实际业绩、表现或成就、项目或行业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截至2021年6月30日止三个月及六个月《管理层讨论与分析》发布当日对于未来事件、表现和业绩的当前预期。

该等陈述包括但不限于下列事项的时间点和结果﹕(i) 关于卡库拉回填厂将于2021年8月向井下采场交付第一批回填膏体的陈述;(ii) 关于卡库拉矿山约一半的尾矿将用于井下回填,大大减少地表尾矿量的陈述;(iii) 关于试车团队8月份的重点将从前端破碎和磨矿流程转移到平衡和优化浮选和再磨工段,有望进一步提高精矿品位和回收率的陈述;(iv) 关于II期380万/吨年选厂的施工进展顺利,将于2022年第三季度实现投产的陈述;(v) 关于艾芬豪与其合资伙伴紫金正积极研究加快卡莫阿-卡库拉的III期选厂扩建的陈述;(vi) 关于卡莫阿-卡库拉生产的超高品位、清洁铜精矿,预计铜品位高达57%,有害元素含量极低的陈述;(vii) 关于卢阿拉巴铜冶炼厂将为卡莫阿-卡库拉高达15万湿吨的铜精矿进行粗炼加工,收取加工费和基于市场的变现费作为回报,并生产含铜99%的粗铜,粗铜将由中信金属和紫金从卢阿拉巴铜冶炼厂的仓库提取并送回卡莫阿铜业的陈述;(viii) 关于截至2021年6月30日,卡莫阿-卡库拉合资企业完成I期和II期建设的剩余初期资本开支估算约为6.97亿美元的陈述;(ix) 关于英加二期水电站主要涡轮机组的升级改造达成协议,涡轮机组升级后将产生162兆瓦的清洁、可再生水电,为卡莫阿-卡库拉铜矿及冶炼厂提供长期的稳定电力以配合日后扩建计划的陈述; (x) 关于Mwadingusha水电站6台涡轮机组的升级工程,余下一台发电机组将于2021年8月与国家电网并网的陈述;(xi) 关于卡莫阿-卡库拉旨在成为首个实现净零碳排放的顶级铜矿,采用电池或氢燃料电池驱动的先进设备,全力推进采矿作业电气化的陈述;(xii) 关于普拉特瑞夫项目的金属流融资,包括计划分四期提款的陈述;(xiii) 关于普拉特瑞夫项目1号竖井转换为生产井的进展顺利,将按计划于2022年初开始矿石提升的陈述;(xiv) 关于2号竖井井架(从地基至井口) 的建设工程将于2022年5月完工的陈述;(xv) 关于普拉特瑞夫计划采用高效机械化的开采方法,包括深孔采矿法及进路充填法,两种方法都会采用水泥回填以最大化开采矿石的陈述;(xvi) 关于普拉特瑞夫项目的目标是要在矿体以最高净冶炼收益,回收约1.25亿吨矿石的陈述;(xvii) 关于艾芬豪矿业及其合资伙伴杰卡明正在审阅基普什的可行性研究草案以及开发和融资方案,预计双方将于20 21年第四季度,在完成可行性研究以及开发和融资方案达成协议后完成协商的陈述;(xviii) 关于Makoko西部勘查区未来的钻孔工作,将选择有利于形成更高铜品位的特定构造位置为优先靶区的陈述;(xix) 关于按艾芬豪的指导目标,卡莫阿-卡库拉项目将生产的精矿铜金属量的陈述;(xx) 关于按生产指导目标,卡莫阿-卡库拉项目在2021年生产精矿的铜金属量为80,000吨至95,000吨的陈述;(xxi) 关于在2021年剩余时间内,艾芬豪应为卡莫阿-卡库拉II期建设资本支出所提供的资金份额估计仅为 8,500 万美元,假设尚未提取紫金有限追索权信贷额度的款项的陈述;以及(xxii) 关于在2021 年剩余时间的主要目标和2021年剩余预算的陈述。

此外,卡库拉铜矿可行性研究、卡库拉-卡索科2020年预可行性研究、更新和扩展的卡莫阿-卡库拉项目初步经济评估、普拉特瑞夫项目的可行性研究,普拉特瑞夫2020年初步经济评估以及基普什项目的预可行性研究的所有结果均构成了前瞻性陈述或信息,并包括内部收益率的未来估算、净现值,未来产量、现金成本估算、建议开采计划和方法、估计矿山全寿命、现金流量预测、金属回收率、资本和运营成本估算,以及项目分期开发的规模和时间点。另外,对于与卡莫阿-卡库拉项目、普拉特瑞夫项目和基普什项目开发有关的特定前瞻性信息,公司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;(ii) 地质特征;(iii) 矿化的冶金特征;(iv) 发展充足选矿产能的能力;(v) 铜、镍、锌、铂金,钯、铑和黄金的价格;(vi) 完成开发所需的设备和设施的可用性;(vii) 消耗品和采矿及选矿设备的费用;(viii) 不可预见的技术和工程问题;(ix) 事故或破坏或恐怖主义行为;(x) 货币波动; (xi) 法例修订;(xii) 合资企业伙伴对协议条款的遵守情况;(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) 筹集足够资金以发展该等项目的能力;(xiv) 项目范围或设计更变;以及 (xv) 政治因素。

本新闻稿亦载有矿产资源和矿产储量估算的参考信息。矿产资源的估算具有内在的不确定性,并涉及对许多相关因素的主观判断。矿产储量的估算提供了更多的确定性,但仍然涉及类似的主观判断。矿产资源并非矿产储量,并不显示其具有经济潜力。任何该等估算的准确性是可用数据的数量和质量的函数,并根据工程和地质诠释的假设和判断 (包括估计公司项目的未来产量、预计开采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的,在一定程度上取决于钻孔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以下因素重新估算:(i) 铜、镍、锌、铂族元素 (PGE)、黄金或其他矿物价格的波动;(ii) 钻孔工程的结果;(iii) 冶金测试和其他研究;(iv) 建议开采作业,包括贫化;(v) 在矿山计划的任何估算及/或变更日期之后作出的矿山计划评估;(vi) 未能取得所需准许、批准和许可证的可能性;以及 (vii) 法律或法规的修订。

前瞻性陈述及信息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,并且不能准确地指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或信息所讨论的业绩有重大差异,包括但不限于“风险因素”以及本公司截至2021年6月30日止三个月及六个月的《管理层讨论与分析》其他部分所指的因素,以及有关部门实施的法律、法规或规章或其不可预见的变化;与公司签订合约的各方没有根据协议履行合约;社会或劳资纠纷;商品价格的变动;以及勘探计划或研究未能达到预期结果或未能产生足以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公司管理层认为合理的假设而作出,但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。

基于公司截至2021年6月30日止三个月及六个月的《管理层讨论与分析》的“风险因素”和其他部分所指的因素,公司的实际业绩可能与这些前瞻性陈述所预计的业绩产生重大差异。

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