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

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

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

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

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

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

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

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

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

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

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

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

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

Developing the world’s next great copper district

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

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

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

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

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

Development scenarios at Kamoa-Kakula

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

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

 

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

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

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

First copper production expected in less than a year

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

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

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

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

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

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

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

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

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


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

 

HIGHLIGHTS

Initial 6 Mtpa mine at Kakula

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

 

Kakula-Kansoko 2020 PFS including Kansoko mine development

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

 

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

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

 

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

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

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

 

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

 

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

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

Figure by OreWin 2020.

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

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

 

Key initial projections from the Kakula 2020 DFS

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

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

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

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

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

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

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

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

 

Item

Unit

Total

Total Processed

 

 

Quantity Milled

kt

109,975

Copper Feed Grade

%

5.22

Total Concentrate Produced

 

 

Copper Concentrate Produced

kt (dry)

8,542

Copper Recovery

%

85.23

Copper Concentrate Grade

%

57.32

Contained Copper in Concentrate

Mlb

10,795

Contained Copper in Concentrate

kt

4,897

Peak Annual Recovered Copper Production

kt

366

10-Year Average

 

 

Copper Concentrate Produced

kt (dry)

496

Contained Copper in Concentrate

kt

284

Mine-Site Cash Cost

US$/lb. payable

0.52

Total Cash Cost

US$/lb. payable

1.16

5-Year Average

 

 

Copper Concentrate Produced

kt (dry)

454

Contained Copper in Concentrate

kt

260

Mine-Site Cash Cost

US$/lb. payable

0.48

Total Cash Cost

US$/lb. payable

1.12

Key Financial Results

 

 

Peak Funding

US$M

775

Remaining Initial Capital Costs

US$M

646

Expansion Capital Costs

US$M

594

LOM Average Mine Site Cash Costs

US$/lb. payable

0.62

LOM Average Total Cash Costs

US$/lb. payable

1.26

Site Operating Costs

US$/t Milled

58.73

After-Tax NPV8%

US$M

5,520

After-Tax IRR   

%

77.0

Project Payback Period

Years

2.3

Project Life

Years

21

 

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

 

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

 

Net Present Value (US$M)

Discount Rate

Before Taxation

After Taxation

 

Undiscounted

16,761

11,595

 

4.0%

11,258

7,832

 

6.0%

9,381

6,544

 

8.0%

7,892

5,520

 

10.0%

6,698

4,696

 

12.0%

5,729

4,024

Internal Rate of Return

86.3%

77.0%

Project Payback Period (Years)

2.3

2.3

 

 

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

 

Item

Unit

YEARS

1-5

YEARS

1-10

LOM AVERAGE

Total Processed

 

 

 

 

Quantity Milled

kt

4,638

5,345

5,237

Copper Feed Grade

%

6.56

6.21

5.22

Annual Concentrate Produced

 

 

 

 

Copper Concentrate Produced

kt (dry)

454

496

407

Copper Recovery

%

85.5

85.6

85.2

Copper Concentrate Grade

%

57.3

57.3

57.3

Contained Copper in Concentrate

 

 

 

 

Copper

Mlb

574

626

514

Copper

kt

260

285

233

Payable Copper

 

 

 

 

Copper

Mlb

555

606

497

Copper

kt

252

275

226

 

 

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

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

 

Figure by OreWin 2020.

Figure 4. Kakula Mine estimated concentrate and copper production

for the life-of-mine.

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

 

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

 

 

US$/lb. Payable Copper

 

 

YEARS 1-5

YEARS 1-10

LOM AVERAGE

 

Mine Site

0.48

0.52

0.62

 

Transport

0.32

0.32

0.32

 

Treatment & Refining Charges

0.11

0.11

0.11

 

Royalties & Export Tax

0.20

0.20

0.20

 

Total Cash Costs

1.12

1.16

1.26

 

 

 

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

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

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

 

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

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

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

 

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

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

 

 

TOTAL LOM

YEARS

1-5

YEARS

1-10

LOM AVERAGE

 

US$M

US$/t Milled

Revenue

 

 

 

 

Copper in Concentrate

32,348

369.71

350.90

294.14

Gross Sales Revenue

32,348

369.71

350.90

294.14

Less: Realization Costs

 

 

 

 

Transport

3,383

38.76

36.73

30.77

Treatment & Refining

1,199

13.74

13.01

10.90

Royalties & Export Tax

2,106

24.10

22.85

19.15

Total Realization Costs

6,689

76.60

72.59

60.82

Net Sales Revenue

25,660

293.12

278.31

233.32

Site Operating Costs

 

 

 

 

Underground Mining

4,280

35.38

38.58

38.92

Processing

1,470

14.12

13.37

13.37

General & Administration

758

7.60

7.04

6.89

SNEL Discount

-294

-2.39

-2.55

-2.67

Customs

245

2.13

2.21

2.23

Total

6,459

56.85

58.65

58.73

Net Operating Margin

19,201

236.27

219.66

174.59

Net Operating Margin

74.8%

80.6%

78.9%

74.8%

 

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

 

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

 

Description

Initial Capital

Expansion Capital

Sustaining Capital

Total

 

US$M

US$M

US$M

US$M

MINING

 

 

 

 

Underground Mining

131

202

538

871

    Infrastructure and Mobile Equipment

38

16

362

416

Capitalized Pre-Production

76

76

Subtotal

246

218

899

1,363

POWER

 

 

 

 

Power Supply Off Site

36

36

Subtotal

36

36

CONCENTRATOR & TAILINGS

 

 

 

 

Process Plant

123

128

70

320

Tailings

13

26

88

127

Subtotal

136

154

157

448

INFRASTRUCTURE

 

 

 

 

Surface and Plant Infrastructure

69

101

14

184

Subtotal

69

101

14

184

INDIRECTS

 

 

 

 

EPCM

35

17

0

53

Owners Cost

66

47

114

Customs Duties

8

18

40

66

Closure

82

82

Subtotal

110

83

122

315

CAPITAL EXPENDITURE BEFORE CONTINGENCY

596

556

1,193

2,346

Contingency

50

38

72

159

CAPITAL EXPENDITURE AFTER CONTINGENCY

646

594

1,265

2,505

 

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

 

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

 

Table 7. Kakula Mine copper price sensitivity.

 

After Tax NPV (US$M)

Copper Price - US$/lb.

Discount Rate

2.00

2.50

3.00

3.10

3.50

4.00

4.50

Undiscounted

4,225

7,519

10,911

11,595

14,353

17,532

19,928

4.0%

2,828

5,072

7,370

7,832

9,704

11,852

13,457

6.0%

2,334

4,227

6,156

6,544

8,117

9,918

11,256

8.0%

1,935

3,551

5,190

5,520

6,857

8,384

9,513

10.0%

1,609

3,005

4,413

4,696

5,845

7,153

8,116

12.0%

1,340

2,558

3,779

4,024

5,022

6,154

6,982

15.0%

1,018

2,028

3,031

3,232

4,052

4,977

5,649

IRR

38.5%

57.9%

74.0%

77.0%

88.9%

100.4%

106.9%

 

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

Figure by OreWin 2020.

 

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

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

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

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

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

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

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

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

 

Figure 8. Kakula 2020 DFS mine development.

Figure by Stantec 2020.

 

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

Expanded Kakula 2020 DFS concentrator design in modules of 3.8 Mtpa

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

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

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

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

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

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

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

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

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

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

Kamoa and Kakula Mineral Resources

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

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

 

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

 

Deposit

Category

Tonnes (millions)

Area (Sq. km)

Copper Grade (%)

Vertical Thickness (m)

Contained Copper (kt)

Contained Copper (billion lbs)

Kamoa

Indicated

760

55.2

2.73

5.0

20,800

45.8

Inferred

235

21.8

1.70

4.0

4,010

8.8

Kakula

Indicated

627

21.7

2.74

10.3

17,200

37.9

Inferred

104

5.6

1.61

6.7

1,680

3.7

Total Kamoa-Kakula Project

Indicated

1,387

77.0

2.74

6.5

38,000

83.7

Inferred

339

27.4

1.68

4.5

5,690

12.5

 

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

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

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

 

Kakula 2020 DFS Mineral Reserve

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

Table 9. Kakula 2020 DFS Mineral Reserve Statement.

 

Tonnage
(Mt)

Copper
(%)

Copper
(Contained Mlb)

Copper
(Contained kt)

Proven Mineral Reserve

?

?

?

?

Probable Mineral Reserve

110.0

5.22

12,665

5,745

Mineral Reserve

110.0

5.22

12,665

5,745

 

Notes to accompany Kakula 2020 DFS Mineral Reserve table

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

 

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

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

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

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

Key initial projections from the Kakula-Kansoko 2020 PFS

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

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

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

 

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

 

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

 

Item

Unit

Total

Total Processed

 

 

Quantity Milled

kt

235,157

Copper Feed Grade

%

4.47

Total Concentrate Produced

 

 

Copper Concentrate Produced

kt (dry)

19,948

Copper Recovery

%

86.27

Copper Concentrate Grade

%

45.49

Contained Copper in Concentrate

Mlb

20,006

Contained Copper in Concentrate

kt

9,075

Peak Annual Recovered Copper Production

kt

427

10-Year Average

 

 

Copper Concentrate Produced

kt (dry)

622

Contained Copper in Concentrate

kt

331

Mine-Site Cash Cost

US$/lb. payable

0.55

Total Cash Cost

US$/lb. payable

1.23

5-Year Average

 

 

Copper Concentrate Produced

kt (dry)

542

Contained Copper in Concentrate

kt

294

Mine-Site Cash Cost

US$/lb. payable

0.50

Total Cash Cost

US$/lb. payable

1.18

Key Financial Results

 

 

Peak Funding

US$M

848

Remaining Initial Capital Costs

US$M

695

Expansion Capital Costs

US$M

750

LOM Average Mine Site Cash Costs

US$/lb. payable

0.64

LOM Average Total Cash Costs

US$/lb. payable

1.44

Site Operating Costs

US$/t Milled

52.95

After-Tax NPV8%

US$M

6,604

After-Tax IRR   

%

69.0

Project Payback Period

Years

2.5

Project Life

Years

37

 

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

 

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

 

Net Present Value (US$M)

Discount Rate

Before Taxation

After Taxation

 

Undiscounted

27,805

18,373

 

4.0%

15,562

10,422

 

6.0%

12,179

8,204

 

8.0%

9,757

6,604

 

10.0%

7,967

5,415

 

12.0%

6,608

4,505

Internal Rate of Return

78.5%

69.0%

Project Payback Period (Years)

2.5

2.5

 

 

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

 

Item

Unit

YEARS

1-5

YEARS

1-10

LOM AVERAGE

Total Processed

 

 

 

 

Quantity Milled

kt

5,536

6,568

6,356

Copper Feed Grade

%

6.20

5.87

4.47

Annual Concentrate Produced

 

 

 

 

Copper Concentrate Produced

kt (dry)

542

622

539

Copper Recovery

%

85.6

85.8

86.3

Copper Concentrate Grade

%

54.2

53.3

45.5

Contained Copper in Concentrate

 

 

 

 

Copper

Mlb

648

730

541

Copper

kt

294

331

245

Payable Copper

 

 

 

 

Copper

Mlb

627

706

523

Copper

kt

284

320

237

 

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

 

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

Figure by OreWin 2020.

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

Figure by OreWin 2020.

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

 

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

 

 

US$/lb. Payable Copper

 

 

YEARS 1-5

YEARS 1-10

LOM AVERAGE

 

Mine Site

0.50

0.55

0.64

 

Transport

0.35

0.35

0.42

 

Treatment & Refining Charges

0.12

0.12

0.13

 

Royalties & Export Tax

0.21

0.22

0.25

 

Total Cash Costs

1.18

1.23

1.44

 

 

 

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

 

    

TOTAL LOM

YEARS

1-5

YEARS

1-10

LOM AVERAGE

US$M

 

US$/t Milled

Revenue

Copper in Concentrate

  

59,976

  

350.2

  

330.0

  

255.0

Gross Sales Revenue

59,976

350.2

333.0

255.0

Less: Realization Costs  Transport

  

8,106

  

39.1

  

37.8

  

34.5

Treatment & Refining

2,477

13.3

12.8

10.5

Royalties & Export Tax

4,929

24.1

23.4

21.0

Total Realization Costs

15,513

76.6

73.9

66.0

Net Sales Revenue

44,463

273.6

259.0

189.1

Site Operating Costs  Underground Mining

  

8,134

  

35.9

  

38.5

  

34.6

Processing

3,189

13.9

13.4

13.6

General & Administration

1,198

7.6

7.2

5.1

SNEL Discount

-545

-2.4

-2.6

-2.3

Customs

476

2.1

2.2

2.0

Total

12,451

57.1

58.6

52.9

Net Operating Margin

32,012

216.5

200.4

136.1

Net Operating Margin

72.0%

79.1%

77.4%

72.0%

   

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

               for 7.6-Mtpa production.

 

Description

Initial Capital

Expansion Capital

Sustaining Capital

Total

 

US$M

US$M

US$M

US$M

MINING

 

 

 

 

Underground Mining

158

299

1,068

1,525

    Infrastructure and Mobile Equipment

55

60

922

1,036

Capitalized Pre-Production

76

76

Subtotal

289

359

1,990

2,638

POWER

 

 

 

 

Power Supply Off Site

36

36

Subtotal

36

36

CONCENTRATOR & TAILINGS

 

 

 

 

Process Plant

123

128

135

386

Tailings

13

12

240

265

Subtotal

136

139

375

651

INFRASTRUCTURE

 

 

 

 

Surface and Plant Infrastructure

69

101

14

184

Conveyor Kansoko to Kakula

95

95

Subtotal

69

101

109

279

INDIRECTS

 

 

 

 

EPCM

37

24

0

62

Owners Cost

67

50

117

Customs Duties

8

23

89

120

Closure

81

81

Subtotal

113

97

170

380

CAPITAL EXPENDITURE BEFORE CONTINGENCY

642

697

2,644

3,984

Contingency

52

53

183

288

CAPITAL EXPENDITURE AFTER CONTINGENCY

695

750

2,827

4,272

 

 

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

 

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

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

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

 

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

 

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

 

After Tax NPV (US$M)

Copper Price - US$/lb.

Discount Rate

2.00

2.50

3.00

3.10

3.50

4.00

4.50

Undiscounted

4,758

10,753

17,101

18,373

23,487

29,393

33,873

4.0%

2,847

6,181

9,714

10,422

13,275

16,560

19,031

6.0%

2,241

4,871

7,648

8,204

10,448

13,026

14,957

8.0%

1,774

3,911

6,156

6,604

8,419

10,498

12,047

10.0%

1,409

3,188

5,044

5,415

6,915

8,631

9,902

12.0%

1,117

2,629

4,194

4,505

5,770

7,212

8,274

15.0%

781

2,000

3,247

3,495

4,501

5,644

6,480

IRR

29.5%

49.2%

66.0%

69.0%

81.0%

93.0%

99.8%

 

 

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

Figure by OreWin 2020.

 

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

 

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

 

Table 17. Kamoa-Kakula Project 2020 Mineral Reserve

Classification

Ore (Mt)

Copper (%)

Copper

Copper

(Contained Mlb)

(Contained kt)

Proven Kakula Mineral Reserve

Probable Kakula Mineral Reserve

110

5.22

12,665

5,745

Proven Kansoko Mineral Reserve

Probable Kansoko Mineral Reserve

125

3.81

10,525

4,774

Proven Kamoa-Kakula Mineral Reserve

Probable Kamoa-Kakula Mineral Reserve

235

4.47

23,190

10,519

 

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

 

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

 

 

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

 

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

 

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

 

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

 

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

 

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

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

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

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

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

 

Item

Unit

Total

Total Processed

 

 

Quantity Milled

kt

597,621

Copper Feed Grade

%

3.63

Total Concentrate Produced

 

 

Copper Concentrate Produced

kt (dry)

42,818

Copper Concentrate - External Smelter

kt (dry)

11,944

Copper Concentrate - Internal Smelter

kt (dry)

30,874

Copper Recovery

%

86.42

Copper Concentrate Grade

%

43.76

Cont. Copper in Conc. - External Smelter

Mlb

13,251

Cont. Copper in Conc. - External Smelter

kt

6,010

Cont. Copper in Blister - Internal Smelter

Mlb

27,641

Cont. Copper in Blister - Internal Smelter

kt

12,538

Peak Annual Recovered Copper Production

kt

805

10 Year Average

 

 

Copper Feed Grade

%

5.13

Copper Concentrate Produced

kt (dry)

1,043

Cont. Copper in Conc. - External Smelter

kt

248

Cont. Copper in Blister - Internal Smelter

kt

253

Mine Site Cash Cost (Including Smelter)

US$/lb. payable

0.65

Total Cash Cost (After Credits)

US$/lb. payable

1.07

Key Financial Results

 

 

Peak Funding

US$M

784

Remaining Initial Capital Costs

US$M

715

Expansion Capital Costs

US$M

4,461

Sustaining Capital Costs

US$M

11,958

LOM Avg. Mine Site Cash Cost (Including Smelter)

US$/lb. payable

0.92

LOM Avg. Total Cash Costs (After Credits)

US$/lb. payable

1.28

Site Operating Costs

US$/t Milled

62.44

After-Tax NPV8%

US$M

11,117

After-Tax IRR   

%

56.2

Project Payback

Years

3.6

Project Life

Years

43

 

 

 

 

 

 

 

 

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

 

 

US$/lb. Payable Copper

 

YEARS 1-5

YEARS 1-10

LOM AVERAGE

Mine Site (ex-Smelter)

0.56

0.57

0.81

Smelter

0.04

0.08

0.11

Transport

0.29

0.24

0.23

Treatment & Refining Charges

0.10

0.08

0.07

Royalties & Export Tax

0.19

0.18

0.17

Total Cash Costs Before Credits

1.18

1.15

1.40

Sulphuric Acid Credits1

0.04

0.09

0.12

Total Cash Costs After Credits

1.14

1.07

1.28

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

 

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

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

 

Description

Initial Capital

Expansion Capital

Sustaining Capital

Total

 

US$M

US$M

US$M

US$M

MINING

 

 

 

 

Underground Mining

156

995

5,620

6,772

    Infrastructure and Mobile Equipment

68

299

2,251

2,618

Capitalized Pre-Production

78

78

Subtotal

302

1,295

7,872

9,468

POWER & SMELTER

 

 

 

 

Smelter

635

368

1,003

Power Supply Off Site

36

36

Subtotal

36

635

368

1,039

CONCENTRATOR & TAILINGS

 

 

 

 

Process Plant

124

646

345

1,115

Tailings

15

26

550

591

Subtotal

139

672

895

1,706

INFRASTRUCTURE

 

 

 

 

Surface and Plant Infrastructure

69

889

823

1,781

Overland Conveyors

118

66

183

Rail

72

84

156

Subtotal

69

1,079

973

2,120

INDIRECTS

 

 

 

 

EPCM

37

111

35

184

Owners Cost

70

63

132

Customs Duties

9

137

361

507

Closure

308

308

Subtotal

116

311

704

1,130

CAPITAL EXPENDITURE BEFORE CONTINGENCY

661

3,991

10,811

15,464

Contingency

53

470

1,147

1,670

CAPITAL EXPENDITURE AFTER CONTINGENCY

715

4,461

11,958

17,134

 

 

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

 

 

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

 

After Tax NPV (US$M)

Copper Price - US$/lb.

Discount Rate

2.00

2.50

3.00

3.10

3.50

4.00

4.50

Undiscounted

8,839

21,888

35,185

37,844

48,517

60,961

70,509

4.0%

4,620

11,251

18,056

19,416

24,876

31,243

36,089

6.0%

3,351

8,357

13,495

14,520

18,640

23,446

27,089

8.0%

2,422

6,323

10,320

11,117

14,318

18,054

20,876

10.0%

1,733

4,855

8,046

8,681

11,231

14,210

16,453

12.0%

1,213

3,771

6,374

6,891

8,968

11,393

13,214

15.0%

655

2,619

4,603

4,996

6,573

8,416

9,794

IRR

21.1%

37.8%

53.2%

56.2%

67.3%

79.9%

89.0%

 

 

 

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

 

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

Figure by OreWin 2020.

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

Figure by OreWin 2020

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

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

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

 

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

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

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

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

 

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

 

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

 

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

 

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

 

Qualified persons

 

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

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

 

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

 

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

 

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

 

Data verification and quality control and assurance

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

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

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

 

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

 

Study Assumptions Regarding the 2018 DRC Mining Code

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

 

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

 

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

 

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

 

About Ivanhoe Mines

 

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

 

Information contacts

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

 

Cautionary statement on forward-looking information

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

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

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

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

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

 

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

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

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

 

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

 

Table 22. Kamoa Indicated and Inferred Mineral Resource

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

 

Category

Tonnage
(Mt)

Area
(km
2)

Copper
(%)

Vertical Thickness
(m)

Contained Copper
(kt)

Contained Copper
(billion lbs)

Indicated

760

55.2

2.73

5.0

20,800

45.8

Inferred

235

21.8

1.70

4.0

4,010

8.8

 

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

 

Table 23. Kakula Indicated and Inferred Mineral Resource

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

 

Category

Tonnage (Mt)

Area (km2)

Copper (%)

Vertical Thickness (m)

Contained Copper (kt)

Contained Copper
(billion lbs)

Indicated

627

21.7

2.74

10.3

17,200

37.9

Inferred

104

5.6

1.61

6.7

1,680

3.7

 

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

 

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

 

Indicated Mineral Resource

Cutoff (% Cu)

Tonnage (Mt)

Area
(km
2)

Copper
(%)

Vertical Thickness (m)

Contained Copper
(kt)

Contained Copper (billion lbs)

5.0

44

4.5

6.14

3.5

2,690

5.9

4.5

67

6.7

5.65

3.6

3,800

8.4

4.0

107

10.4

5.13

3.7

5,490

12.1

3.5

171

16.4

4.61

3.7

7,890

17.4

3.0

256

24.0

4.15

3.8

10,700

23.5

2.5

369

32.8

3.73

4.1

13,700

30.3

2.0

504

41.5

3.33

4.4

16,800

37.0

1.5

655

49.4

2.97

4.8

19,400

42.8

1.0

760

55.2

2.73

5.0

20,800

45.8

0.5

1,185

59.4

1.99

7.3

23,600

52.0

Inferred Mineral Resource

4.0

1

0.1

5.47

3.4

55

0.1

3.5

4

0.5

4.12

3.1

177

0.4

3.0

13

1.5

3.51

3.1

441

1.0

2.5

30

3.5

3.08

3.0

910

2.0

2.0

58

6.5

2.66

3.2

1,540

3.4

1.5

113

11.9

2.20

3.4

2,480

5.5

1.0

235

21.8

1.70

4.0

4,010

8.8

0.5

680

31.4

1.01

8.0

6,860

15.1

 

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

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

 

Indicated Mineral Resource

Cutoff (% Cu)

Tonnage
(Mt)

Area
(km
2)

Copper
(%)

Vertical Thickness (m)

Contained Copper
(kt)

Contained Copper
(billion lbs)

5.0

77

5.9

7.48

4.5

5,730

12.6

4.5

91

7.0

7.04

4.5

6,440

14.2

4.0

109

8.3

6.58

4.6

7,200

15.9

3.5

132

9.9

6.09

4.7

8,060

17.8

3.0

167

11.8

5.50

5.0

9,180

20.2

2.5

218

14.3

4.85

5.4

10,600

23.3

2.0

318

17.5

4.02

6.5

12,800

28.2

1.5

435

19.6

3.41

7.9

14,900

32.7

1.0

627

21.7

2.74

10.3

17,200

37.9

0.5

939

22.6

2.08

14.9

19,500

43.0

Inferred Mineral Resource

4.0

1

0.1

4.41

3.3

33

0.1

3.5

2

0.2

4.04

3.6

67

0.1

3.0

5

0.4

3.52

3.9

168

0.4

2.5

10

1.0

3.10

3.7

324

0.7

2.0

22

2.0

2.64

3.9

583

1.3

1.5

45

3.7

2.18

4.3

974

2.1

1.0

104

5.6

1.61

6.7

1,680

3.7

0.5

257

7.9

1.08

11.7

2,770

6.1

 

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

 

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

 

Indicated Mineral Resource

Cutoff (% Cu)

Tonnage (Mt)

Area (km2)

Copper (%)

Vertical Thickness (m)

Contained Copper (kt)

Contained Copper (billion lbs)

5.0

120

10.4

6.99

4.1

8,420

18.6

4.5

159

13.7

6.45

4.1

10,200

22.6

4.0

217

18.7

5.86

4.1

12,700

28.0

3.5

304

26.3

5.25

4.1

16,000

35.2

3.0

423

35.8

4.68

4.2

19,900

43.7

2.5

587

47.1

4.14

4.5

24,300

53.6

2.0

823

59.0

3.60

5.0

29,600

65.3

1.5

1,090

69.0

3.15

5.7

34,300

75.6

1.0

1,387

77.0

2.74

6.5

38,000

83.7

0.5

2,123

82.0

2.03

9.4

43,100

95.0

Inferred Mineral Resource

4.0

2

0.2

5.02

3.4

88

0.2

3.5

6

0.6

4.10

3.2

244

0.5

3.0

17

1.9

3.51

3.2

609

1.3

2.5

40

4.5

3.08

3.2

1,230

2.7

2.0

80

8.5

2.66

3.4

2,120

4.7

1.5

157

15.6

2.19

3.6

3,450

7.6

1.0

339

27.4

1.68

4.5

5,690

12.5

0.5

937

39.3

1.03

8.7

9,630

21.2

 

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

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

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

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

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

Figure by OreWin 2020.

剛果民主共和國科盧韋齊艾芬豪礦業(TSX: IVN; OTCQX:IVPAF) 聯席董事長羅伯特·弗里蘭德(Robert Friedland) 與孫玉峰(Miles Sun) 今天宣布,公司與其合作伙伴紫金礦業集團、晶河全球公司及剛果民主共和國(以下簡稱剛果”)政府對于各項研究取得極為理想的結果表示祝賀。其中包括開發卡庫拉銅礦的獨立最終可行性研究(以下簡稱“最終可行性研究”);卡庫拉銅礦開采和毗鄰卡庫拉的卡索科銅礦開采的預可行性研究更新版(以下簡稱“預可行性研究”);以及綜合開發利用位于剛果中非銅礦帶的卡莫阿-卡庫拉項目范圍內迄今所有銅礦資源的初步經濟評估報告的更新和擴充(以下簡稱“初步經濟評估報告”)。

今天公布的最終可行性研究、預可行性研究及初步經濟評估更新版,是以20192月發表的研究報告的出色結果作為基礎,將統稱為2020年版卡莫阿-卡庫拉綜合開發方案(以下簡稱卡莫阿-卡庫拉IDP20”)。新的最終可行性研究納入迄今為止的建設和開發進展,并再次證明卡庫拉礦山第一期開發的可觀經濟性。此外,擴充的初步經濟評估報告指出,項目具有大幅擴大規模并且顯著提升產能的巨大潛力。

三份研究報告的經濟性測算均按100%的項目所有權進行建模
 
弗里蘭德先生說﹕最終可行性研究報告是由9家全球頂尖的工程公司對于首產礦山卡庫拉、首期建成600萬噸/年產能的強健經濟性所進行的獨立驗證,而初步經濟評估更新版則進一步證明了卡莫阿-卡庫拉快速擴產成為全球第二大銅礦的潛力,銅金屬年產量可達80萬噸以上。

最終可行性研究還印證了我們在過去一年半一直向投資者披露的信息和展示的月度進展—— 卡庫拉礦山的建設工程正在迅速推進,超越既定計劃且按預算進行???/strong>-卡庫拉分階段開發工程的剩余前期資本開支估計為7億美元,其中約6.5億美元將用于建成卡庫拉年處理礦量600萬噸的礦山。我們在剩余前期資本開支的出資份額約50%,后續擴建將以項目自身現金流出資。礦山的經濟模型假設項目全部由股東出資,這也意味著通過募集商業貸款或其他借款將進一步提高股東回報率的機會。

最重要的是,我們將卡庫拉礦山設計成將會生產全球最環保的銅金屬,這對于現新一代注重環境和社會責任的投資者來說是最為關鍵的。

紫金與艾芬豪共同努力把卡莫阿-卡庫拉的新礦山打造成為行業領先標桿,尤其是在資源利用效率、水源和能源的使用以及最大限度地減少排放方面。我們有幸在一個清潔、可持續水電資源豐富的地區,擁有厚大、接近地表、平伏且具有超高品位的銅礦體,適合進行大規模和高效的機械化地下采礦作業。這為我們提供了得天獨厚的優勢,以實現成為世界上最環保銅礦開發者的這一目標,以及成為全球每單位銅金屬溫室氣體排放量最低的礦山之一。

領先工程顧問公司Hatch Ltd.將會獨立審核卡莫阿-卡庫拉生產的銅溫室氣體強度指標

弗里蘭德先生表示,卡莫阿-卡庫拉最近聘請了領先國際的環境顧問公司加拿大密西沙加的Hatch Ltd.,對于卡莫阿-卡庫拉將生產銅的溫室氣體強度指標進行獨立審核。這證明了公司的承諾,致力成為對環境負責任的銅礦開采領先企業。

卡庫拉預計于投產后前5年達到平均銅品位6.6%,相比世界大部分主要銅礦的品位都要高出幾倍。此外,礦山約一半的尾礦將與水泥混合,然后泵回地下用作填充采空區。因此,其地表尾礦庫與其他主要礦山的相比將會較小。

我們在卡莫阿-卡庫拉發現如此巨大的高品位礦床,具有潛力為世世代代的人民生產大量的銅金屬,是可跨越數十載的礦山項目。像卡莫阿-卡庫拉這種長壽命的頂級礦山,傳統的折現現金流分析無法準確地評估其所蘊含的長期選擇權價值。根據歷史經驗,這類可生產數十年的大型礦山項目,將跨越多個商品周期,有望通過分階段擴建和勘查產生巨大價值。

礦業行內的人士明白,現如今在世界任何地方要發現、獲得許可證和建造頂級礦山是非常艱難和耗時的???/strong>-卡庫拉的成功,證明了艾芬豪整個管理團隊的堅毅品質和企業精神。我們在卡莫阿-卡庫拉的優秀員工,大部分由剛果的年輕男性和女性人才組成。項目的成就也見證了我們與合資伙伴紫金礦業、晶河全球和剛果政府之間的緊密合作和出色的團隊表現。

弗里蘭德先生總結說﹕卡庫拉將按計劃于一年內實現投產。時光飛梭,鑒于我們在非洲工作已經27年,這感覺就像明天就要投產一樣。我十分期待邀請多年來與我們忠實相伴的機構股東、礦業分析師和政府支持者來參加我們盛大的投產盛典儀式,親身見證我們在卡莫阿-卡庫拉所建造的全球頂尖礦山。他們還將看到在項目周邊近期建設的重大基礎設施升級,包括新的高速公路、發電廠和輸電線路。

開發世界下一個重大的銅產區

孫玉峰先生表示﹕我們正全力以赴將卡莫阿-卡庫拉和周邊由我們全資擁有的西部前沿(Western Foreland) 勘探區打造成為下一個世界頂級的銅產區,卡庫拉是我們邁出的第一步。我們擁有良好的契機,將為所有利益相關者創造價值。我們與剛果政府及中國合作伙伴的目標一致,我們將共同確??⒑涂◣炖延械闹饕~礦以及仍待發現的新礦產能夠被有規劃、高效和迅速地開發成為惠及多代人的世界級礦山項目。

孫先生補充說﹕我們將繼續與合作伙伴和剛果人民緊密合作,充分挖掘卡莫阿-卡庫拉和西部前沿項目的潛力,產生廣泛共享的經濟利益,并為剛果年輕男性和女性提供技能培訓,以及于未來數年創造成千上萬有意義的、直接和間接的就業機會。

卡莫阿-卡庫拉為剛果當地人民提供良好的高薪職位并帶來重多社區利益

艾芬豪總裁兼首席財務官瑪娜·克洛特(Marna Cloete) 表示:我們在卡莫阿-卡庫拉的強大團隊包括4,700名員工,大約85%是盧拉巴省礦山周邊社區的剛果人民。我們將繼續培訓和發展當地員工成為管理人員。我們對于由剛果男性和女性組成的出色團隊感到非常自豪。

此外,我們對于卡莫阿-卡庫拉的可持續生計團隊為當地帶來的重多社區利益和經濟機會也感到十分自豪,其中包括興建新學校、住房、診所、養魚場和可持續農業計劃,以及為當地社區成員提供項目供應鏈相關的企業發展機會。

卡莫阿-卡庫拉的開發方案

2020年卡莫阿-卡庫拉綜合開發計劃涵蓋下列3個開發方案﹕

  • 卡庫拉第一期礦山開發的最終可行性研究。2020年版卡庫拉最終可行性研究對于卡庫拉第一期年采礦量600萬噸的地下礦山和地表選礦設施(年處理礦量760萬噸)進行評估。礦山規劃了兩座年處理礦量380萬噸的選礦廠,其中第一座選廠的施工正在進行且進展順利。
  • 包含卡索科礦山開發的預可行性研究。2020年版卡庫拉-卡索科預可行性研究對于卡庫拉礦山和卡索科礦體的額外采礦活動進行評估。卡索科以初步年采礦量160萬噸來補足卡庫拉選礦廠的入選礦量。后期隨著卡庫拉的儲量逐步耗盡,卡索科的采礦量最終將會擴大至每年600萬噸。
  • 四大生產礦山的后續擴產開發方案。2020年版的卡莫阿-卡庫拉初步經濟評估了最終年處理礦量可達到1,900萬噸的分階段綜合開發規劃的潛力。由卡庫拉礦山初步投產開始,隨后加上毗鄰的卡索科、卡庫拉西部和卡莫阿北部礦山的獨立地下采礦作業,以及興建一座直接粗銅冶煉廠。在其余區域的資源被采空以后,項目將會開發卡莫阿北部范圍內的五座獨立礦山,以保持不超過1,900萬噸的年度開采礦規模,礦山整體壽命可達40余年。

卡莫阿-卡庫拉IDP20,包含2020年卡庫拉最終可行性研究、2020年卡庫拉-卡索科預可行性研究以及2020年卡莫阿-卡庫拉初步經濟評估報告,由澳大利亞阿德萊德的OreWin Pty Ltd.、中國江西的中國瑞林工程技術有限公司、南非約翰內斯堡的DRA Global、南非約翰內斯堡的Epoch Resources、南非米德蘭的Golder Associates Africa、波蘭弗羅茨瓦夫的KGHM Cuprum R&D Centre Ltd.、芬蘭赫爾辛基的Outotec Oyj、南非開普敦的Paterson and Cooke、美國鳳凰城的Stantec Consulting International LLC 、南非約翰內斯堡的SRK Consulting Inc.以及美國里諾的Wood plc,100%項目權益進行獨立編撰。

2020年卡莫阿-卡庫拉初步經濟評估只是對項目的初步評估,包括部分基于推斷礦產資源的經濟分析。推斷礦產資源在地質學上被視為具備較多的推測成分,因此并不適用于經濟考量且不允許將其分類為礦產儲量,也不能確定估算結果能否得到實現。礦產資源并非礦產儲量,并未證實其具有經濟價值。

NI 43-101技術報告將于本新聞稿發布后45天內上載于SEDAR網址 (www.sedar.com) 以及艾芬豪礦業網站 (www.dbqlab.com)。

預計于一年內實現首批銅精礦的投產

艾芬豪礦業于202091日公布卡庫拉和卡索科礦山的最新開發和建設工程進度細節??◣炖~礦于8月份共掘進1,842米,迄今為止已經完成了20.6公里以上的地下開拓工程,超過既定目標6.0公里???/strong>-卡庫拉最近已安排第二隊采掘班組加入項目的第二地下礦場卡索科,為項目以提供額外的高品位銅礦石。

8月底,項目的投產前地表礦堆場已儲備合共約67.1萬噸石,銅品位3.36%,其中包括11.6噸的高品位銅礦石(銅品位6.08%)。預計卡庫拉的大部分采礦活動于本月將會到達礦床中心附近的礦段,銅品位在5%至8%之間。隨著項目接近投產,礦堆的品位將繼續提升。

卡庫拉選礦廠的初始年處理礦量為380萬噸,球磨機和其他主要設備的安裝正在順利進行中。選礦廠的最后一批長周期設備計劃于20209月底運抵現場。

卡莫阿-卡庫拉計劃于一年內,即2021年第三季度實現首批銅精礦生產,艾芬豪已經為應承擔的出資額度準備了充足的資金。

卡庫拉礦山的鳥瞰圖。圖中紅圈中為不斷擴充的投產前高品位銅礦堆和卡庫拉主要的北面斜坡道;黃圈則顯示了正在施工的年處理礦量380萬噸初始選礦廠,以及用于提升選礦廠產能至年處理礦理760萬噸的擴建范圍(目前用作設備放置區)。

卡庫拉項目63噸載重的新型高產地下礦車之一,由瑞典斯德哥爾摩的Sandvik公司制造。在設計時該車型充分考量了操作人員的安全,卡車還配備了空調客艙。

8月底,工作人員在卡庫拉年處理礦量380萬噸初始選礦廠為兩臺相同球磨機 (9.75米和直徑6.1) 的第一臺安裝出料裝置、耳軸和外殼。

一臺載重400噸的起重機將浮選廠的鋼結構工作臺放置在卡庫拉初始選礦廠 (年處理礦量380萬噸) 的混凝土地基上。

礦工Freddy Muba在卡庫拉地下礦山手持一塊富含輝銅礦的超高品位礦石??◣炖患幕疑x銅礦石,以重量計算,其主要化合物硫化銅的銅含量接近80%。在礦山投產后前5年的平均給礦銅品位高達6.6%,在21年全礦山壽命的平均給礦品位為5.2%。

卡莫阿-卡庫拉采礦許可范圍的地圖,顯示卡庫拉和卡索科礦區,以及卡庫拉西部、卡莫阿北部、卡莫阿遠北、卡莫阿北部極高品位礦段和毗鄰的、由艾芬豪全資擁有的西部前沿勘探許可范圍的一部分。



重點

卡庫拉初始年處理礦量600萬噸礦山

  • 2020年卡庫拉最終可行性研究對于卡庫拉項目第一期年開采礦量600萬噸的地下礦山和年處理礦量760萬噸的地表選礦廠進行評估。礦山擁有兩座年處理礦量380萬噸的選礦廠,其中第一座的施工正在進行中,且進展順利。根據最終可行性研究的估算,這個開發規劃投產后前10年的平均年產量達28.4萬噸銅金屬,礦場現金成本每磅銅0.52美元,總現金成本每磅銅1.16美元,并于第4年達到年產量36.6萬噸銅金屬。
  • 方案的剩余初期資本開支為6.5億美元,將會產生55億美元的稅后凈現值 (折現率8%)。項目的內部收益率為77%,回報期2.3年,證明了卡莫阿-卡庫拉的第一期生產有著可觀的經濟性。
  • 艾芬豪和紫金將各自承擔剩余的初期資本開支約40%的出資份額,且按比例承擔剛果政府持有20%股本(其中5%為不可稀釋股份,15%為附帶權益)對應的出資份額,并將由項目未來的現金流予以償付。艾芬豪應承擔第一期、年處理礦量600萬噸地下礦山的剩余初期資本開支份額約為3.2億美元。
  • 卡庫拉于投產后前5年,銅給礦品位平均達到6.6%的超高品位,而于礦山全壽命21年期間,平均銅品位達到5.2%。
  • 卡庫拉的地下開發持續快速推進,截至8月底已經完成了20.6公里以上的地下開拓工程,超過既定目標約6.0公里。礦山將安排更多采掘班組以進一步加快建設進度。項目計劃于2021年第三季度實現首批銅精礦的生產。
  • 卡庫拉年處理礦量380萬噸的初始選礦廠的施工進展順利,所有長周期設備的制造已經完成,且碎石機、低霧沫浮選機和精礦壓濾機已運抵現場。

包含卡索科礦山開發的 2020年卡庫拉-卡索科預可行性研究

  • 2020年卡庫拉-卡索科預可行性研究對于卡庫拉和卡索科的額外采礦活動進行評估。卡索科礦山以初步年采率160萬噸填補卡庫拉選礦廠760萬噸/年的產能需求,隨著卡庫拉的儲量耗盡,最終將會增加至年處理礦量600萬噸。預可行性研究預計這個方案于投產后前10年的平均年產量達33.1萬噸銅金屬,礦場現金成本每磅銅0.55美元,總現金成本每磅銅1.23美元,并于第4年達到年產量42.7萬噸銅金屬。
  • 方案的剩余初期資本開支為6.9億美元,將會產生66億美元的稅后凈現值 (折現率8%)。項目的內部收益率為69%,回報期2.5年,證明了卡庫拉和卡索科有著可觀的經濟性。
  • 2020年卡庫拉-卡索科預可行性研究預計,艾芬豪應承擔這個方案的剩余初期資本開支份額約為3.5億美元。
  • 卡庫拉-卡索科于投產后前5年,銅給礦品位達到平均6.2%的超高品位,于礦山全壽命37年期間,平均銅品位達到4.5%。
  • 除了目前在卡庫拉的10隊采掘班組 (3隊業主和7隊承包商采掘班組) 外,卡索科目前還有兩隊采掘班組,并可安排更多人手以加快卡索科的開發進度。

卡庫拉和卡莫阿礦床的模塊化綜合擴建潛在開發方案,年處理礦量達1,900萬噸,并包括興建一座直接粗銅冶煉廠

  • 2020年卡莫阿-卡庫拉初步經濟評估載述了卡莫阿-卡庫拉高品位銅礦床的分階段連續運營開發方案。
  • 初期生產從年采率600萬噸的卡庫拉礦山開始,隨后加上毗鄰的卡索科、卡庫拉西部和卡莫阿北部礦山的獨立地下采礦作業,以及興建一座直接粗銅冶煉廠。由于其他范圍的資源已被采空,項目將會開發卡莫阿北部范圍內的五個獨立礦山,以保持年采率達到1,900萬噸的水平,礦山整體壽命超過40年。
  • 初步經濟評估預計,綜合年處理礦量1,900萬噸的分階段開發方案的剩余初期資本開支為7億美元。卡索科、卡庫拉西部和卡莫阿北部礦山的日后擴建將會由卡庫拉礦山的現金流出資,并將擁有111億美元的稅后凈現值(折現率8%)以及56.2%的內部收益率,以及3.6年的投資回收期。
  • 按照卡莫阿-卡庫拉2020年版初步經濟評估的開發規劃,艾芬豪在剩余初始資本中應承擔的出資份額約為3.6億美元。
  • 在這個方案下,初步經濟評估還包括在卡庫拉廠址興建一座直接粗銅冶煉廠,年處理礦量達100萬噸銅精礦,將由內部現金流出資。冶煉廠將于運營第5年完工,可以大幅減少粗煉費和運輸成本。
  • 年處理礦量1,900萬噸的方案,在運營前10年期間預計可以生產平均年產量50.1萬噸的銅金屬,總現金成本每磅銅1.07美元,并將于第8年達到 80.5萬噸的銅產量。按照這個生產規模計算,卡莫阿-卡庫拉將會成為世界第二大的銅礦。

艾芬豪將于2020910日舉辦投資者論壇討論卡莫阿-卡庫拉項目的最新研究結果

艾芬豪計劃于2020910日舉行網上投資者論壇,探討卡莫阿-卡庫拉銅礦項目的獨立最終可研、預可研和初步經濟評估的結果,包括目前正在研究的不同方案以加快項目的擴展計劃。投資者論壇將包括卡莫阿-卡庫拉項目的虛擬考察導覽,并由艾芬豪聯席董事長羅伯特·弗里蘭德(Robert Friedland)與孫玉峰(Miles Sun)、公司總裁瑪娜·克洛特(Marna Cloete) 和公司企業開發及技術團隊的成員發表講話,最后以問答環節作結。

日期:2020910
時間:北美東岸時間10am /太平洋時間7am /倫敦時間3pm / 北京時間10pm
注冊鏈接:https://event.on24.com/wcc/r/2371357/F674EFB1FE64355340FB5668B20AC76A

1展示了2020年卡莫阿-卡庫拉初步經濟評估的擴建開發方案,圖2則顯示了2020年卡庫拉最終可行性研究(年處理礦量600萬噸方案)、2020年卡庫拉-卡索科預可行性研究(年處理礦量760萬噸) 2020年卡莫阿-卡庫拉初步經濟評估(年處理礦量1,900萬噸) 所涵蓋的礦床概況??◣炖鞑?、卡莫阿北部和區域性勘探目標的勘探活動取得更多的成果,可能會對于整個開發計劃的規模、價值和時間點造成顯著的積極影響。

1﹕卡莫阿-卡庫拉年處理礦量1,900萬噸初步經濟評估的長期開發計劃


圖表由OreWin編制 (2020)。

 

22020年卡庫拉最終可行性研究(年處理礦量600萬噸方案以藍色虛線框顯示)、2020年卡庫拉-卡索科預可行性研究(年處理礦量760萬噸以紫色虛線框顯示) 2020年卡莫阿-卡庫拉初步經濟評估(以綠色虛線框顯示) 所涵蓋的礦床概況。


圖表由OreWin編制 (2020)

 

 

卡庫拉礦山初步開發方案的最終可行性研究結果重點概要

  • 第一期生產實現超高品位,預計于第4年達到7.1%銅品位,于運營首10年期間達到平均銅品位6.2%,預計平均年產量為28.4萬噸銅金屬。
  • 預計于第四年生產銅金屬36.6萬噸。
  • 截至202071日,估計剩余的初期資本開支 (已計入應急費用) 6.5億美元。艾芬豪應承擔的份額約為3.2億美元。
  • 10年的平均總現金成本為每磅銅1.16美元 (已計入權益金)。
  • 稅后凈現值 (折現率8%) 55億美元。
  • 稅后內部收益率為77%,回報期為2.3年。
  • 預計卡庫拉將生產超高品位的銅精礦,銅品位57%,且含砷量極低。

2020年卡庫拉最終可行性研究的初步預測重點

研究對于卡庫拉礦床 (年處理礦量760萬噸) 的第一期、年采礦量600萬噸的地下礦山和地表選礦廠進行評估。礦山由兩座年處理礦量380萬噸的選礦廠組成,其中第一座的施工正在進行中,且進展順利。第一座年處理礦量380萬噸的選礦廠將于2021年第三季度投產,第二座則預計在2023年第一季度投產。礦山全壽命的生產方案將會開采1.1億噸礦石,平均銅品位5.22%,生產850萬噸高品位的銅精礦,含有約108億磅銅金屬。
經濟分析以市場共識的實際長期銅價格每磅3.10美元計算 (未計通脹),稅后凈現值為55億美元(折現率8%),稅后內部收益率為77%,回報期為2.3年。

202071日起計余下的初期資本開支 (已計入應急費用) 約為6.5億美元。剩余的初期資本開支已計入支付場外電力的資本開支,其中包括向剛果國有電力公司Société Nationale d'Electricité (以下簡稱“SNEL”) 支付的預付款項,用于KoniMwadingusha兩座水電廠的升級工程,將為卡莫阿-卡庫拉項目的規劃作業提供清潔的電力。水電廠的升級工程由瑞士雷恩斯的Stucky Ltd.帶領,預付款項將從卡莫阿-卡庫拉項目的電費中扣減。

Mwadingusha水壩和水電廠的鳥瞰圖,并顯示了新安裝的壓力水管。 Mwadingusha不久將會向國家電網提供72兆瓦的清潔、可再生水電??◣炖V山計劃于2021年初開始使用國家電網的220千伏永久水電。

工程師在Mwadingusha水電廠安裝一臺新的交流發電機。

水電工正在搭建長35公里電力線的輸電塔,國家電網將經電力線向卡莫阿-卡庫拉輸送高壓水電。

1總結了2020年卡庫拉最終可行性研究內關于年處理礦量600萬噸單一礦山的主要結果。

1﹕卡庫拉礦山年處理礦量600萬噸開發方案的結果概要


項目

單位

總值

選礦總量

 

 

入選礦量 

千噸

109,975

銅給礦品位

 5.22

精礦產量

 

 

銅精礦產量

千噸(干)

8,542

銅回收率

 85.23

銅精礦品位

 57.32

精礦含銅量

百萬磅

 10,795

精礦含銅量

千噸

 4,897

每年最高回收銅產量

千噸

 366

10年平均值

 

 

銅精礦產量

千噸(干)

 496

精礦含銅量

千噸

 284

礦場現金成本

美元/磅可售銅

 0.52

總現金成本

美元/磅可售銅

 1.16

5年平均值

 

 

銅精礦產量

千噸(干)

454

精礦含銅量

千噸

 260

礦場現金成本

美元/磅可售銅

 0.48

總現金成本

美元/磅可售銅

 1.12

主要財務業績

 

 

最大前期投資

百萬美元

 775

剩余資本支出

百萬美元

 646

擴產資本支出

百萬美元

 594

礦山全壽命的平均礦場現金成本

美元/磅可售銅

 0.62

礦山全壽命的平均總現金成本

美元/磅可售銅

 1.26

礦場運營成本

美元/噸入選礦

 58.73

稅后凈現值(折現率8%)

百萬美元

 5,520

稅后內部收益率

%

 77.0

項目回報期

 2.3

項目壽命

21

2載有財務業績的概要,表3則概述了礦山產量和選礦統計數據。
2﹕卡庫拉礦山年產處理礦量600萬噸開發方案的財務業績


凈現值(百萬美元)

折現率

稅前

稅后

 

未折現

16,761

11,595

 

 4.0%

11,258

7,832

 

 6.0%

9,381

6,544

 

 8.0%

7,892

5,520

 

 10.0%

6,698

4,696

 

 12.0%

5,729

4,024

內部收益率

 – 

86.3%

 77.0%

項目回報期 (年)

 – 

2.3

 2.3

3﹕卡庫拉礦山年產處理礦量600萬噸開發方案的平均產量估算和選礦統計數據。


項目

單位

1-5

1-10

礦山全壽命平均值

選礦總量

 

   

入選礦量

千噸

 4,638

 5,345

 5,237

銅給礦品位

%

 6.56

 6.21

 5.22

精礦年產量

    

銅精礦產量

千噸 (干)

 454

 496

 407

銅回收率

%

 85.5

 85.6

 85.2

銅精礦品位

%

 57.3

 57.3

 57.3

精礦含銅量

    

百萬磅

 574

 626

 514

千噸

 260

 285

 233

可售銅金屬

    

百萬磅

 555

 606

 497

千噸

 252

 275

 226

3顯示了卡庫拉選礦廠的產量;圖4則列出精礦和銅金屬的產量。
3﹕卡庫拉礦山全壽命的碾磨礦石量和原礦品位估算


圖表由OreWin編制 (2020)。
4﹕卡庫拉礦山全壽命的精礦和銅金屬產量估算


圖表由OreWin編制 (2020)。
4概述了單位運營成本,表5顯示收入和營運成本的細分,表6則詳細列明項目的資本開支。

4﹕卡庫拉礦山年處理礦量600萬噸開發方案的單位營運成本

 

美元/磅可售銅

 

1-5

1-10

礦山全壽命   平均值

 

礦山現場

0.48

0.52

0.62

運輸

0.32

0.32

0.32

粗煉及精煉費

0.11

0.11

0.11

權益金及出口稅

0.20

0.20

0.20

總現金成本

1.12

1.16

1.26

52020年的全球礦場現金成本曲線 (包括礦場的所有運營成本)



注﹕代表礦場現金成本以反映生產可售銅精礦或電解銅的直接現金成本,已計入采礦、選礦和礦場的一般行政成本??◣炖臄抵蹈鶕?020年卡庫拉最終可行性研究所載首10年的平均礦場現金成本而作出。
信息來源﹕Wood Mackenzie (根據公開披露而作出,Wood Mackenzie未審核2020年卡庫拉最終可行性研究)。
62020年全球C1按比例計算的銅現金成本曲線 (已計入采礦、選礦、運輸和場外實現成本)



注﹕代表C1按比例計算的現金成本,反映生產可售銅金屬的直接現金成本,已計入采礦、選礦、礦場的一般行政成本及場外實現成本(對于副產品收益流的相關成本已作出適當的撥備)??◣炖臄抵蹈鶕?020年卡庫拉最終可行性研究所載首10年的平均總現金成本而作出。
信息來源﹕Wood Mackenzie (根據公開披露而作出,Wood Mackenzie未審核2020年卡庫拉最終可行性研究)。

 

卡莫阿-卡庫拉的現場醫療隊已在礦區就位,他們可迅速發現和治療任何COVID-19疑似病例,防止感染其他人員。該小組在減輕COVID-19對卡莫阿-卡庫拉的建設和開發進展影響方面做出了突出貢獻。


5﹕卡庫拉礦山年處理礦量600萬噸開發方案的收入和運營成本估算

 

礦山全壽命總值

1-5

1-10

礦山全壽命平均值

 

百萬美元

美元/噸入選礦

 

 

 

 

銅精礦

 32,348

 369.71

 350.90

 294.14

銷售收

 32,348

 369.71

 350.90

 294.14

扣除﹕實現成本

    

運輸

 3,383

 38.76

 36.73

 30.77

粗煉及精煉費

 1,199

 13.74

 13.01

 10.90

權益金及出口稅

 2,106

 24.10

 22.85

 19.15

實現成本總

 6,689

 76.60

 72.59

 60.82

銷售收凈值

 25,660

 293.12

 278.31

 233.32

礦場運營成本

    

地下采礦

 4,280

 35.38

 38.58

 38.92

選礦

 1,470

 14.12

 13.37

 13.37

一般及行政

 758

 7.60

 7.04

 6.89

剛果電力公司折扣

-294

-2.39

-2.55

-2.67

關稅

 245

 2.13

 2.21

 2.23

 6,459

 56.85

 58.65

 58.73

運營利潤凈值

 19,201

 236.27

 219.66

 174.59

運營利潤

 74.8%

 80.6%

 78.9%

 74.8%

地質學家Kally Mbumba展示了卡庫拉礦山富輝銅礦的超高品位礦石,于礦山投產后前5年的平均給礦銅品位為6.6%,于礦山全壽命21年期間的平均銅品位則為5.2%。在所有常見的含硫化銅礦物中,輝銅礦的銅比例最高。以重量計算,其主要化合物硫化銅的銅含量接近80%。


6﹕卡庫拉礦山年處理礦量600萬噸開發方案的資本投資估算概要


項目

初期資本

擴建資本

維持資本

總值

 

百萬美元

百萬美元

百萬美元

百萬美元

采礦

 

 

 

 

地下采礦

 131

 202

 538

 871

    基礎設施和移動設備

 38

 16

 362

 416

投產前資本化費用

 76

 – 

 – 

 76

小計

 246

 218

 899

 1,363

能源

    

場外能源供應

 36

 – 

 – 

 36

小計

 36

 – 

 – 

 36

精礦和尾礦

    

選礦廠

 123

 128

 70

 320

尾礦

 13

 26

 88

 127

小計

 136

 154

 157

 448

基礎設施

 

 

 

 

地表及廠房基礎設施

 69

 101

 14

 184

小計

 69

 101

 14

 184

間接費用

    

工程、采購、建筑及管理

 35

 17

 0

 53

業主成本

 66

 47

 – 

 114

關稅

 8

 18

 40

 66

礦山關閉

 – 

 – 

 82

 82

小計

 110

 83

 122

 315

未計應急費用的資本開支

 596

 556

 1,193

 2,346

應急費用

 50

 38

 72

 159

已計入應急費用的資本開支

 646

 594

 1,265

 2,505

注:初期資本反映了實現年處理礦量380萬噸的初期生產所需的剩余資本開支 (2020年7月1日起計),其后的擴建資本反映了實現年處理礦量760萬噸總產能的資本開支 (卡庫拉礦山的產能為年處理礦量600萬噸)。

7列出銅價格從每磅2.00美元至每磅4.50美元的稅后凈現值對金屬價格變動的敏感性分析。圖7顯示了年度和累計的現金流量。

7﹕卡庫拉礦山的銅價格敏感性分析


稅后凈現值                   (百萬美元)

銅價格美元/

折現率

 2.00

 2.50

 3.00

 3.10

 3.50

 4.00

 4.50

未折現

4,225

7,519

10,911

11,595

14,353

17,532

19,928

 4.0%

2,828

5,072

7,370

7,832

9,704

11,852

13,457

 6.0%

2,334

4,227

6,156

6,544

8,117

9,918

11,256

 8.0%

1,935

3,551

5,190

5,520

6,857

8,384

9,513

 10.0%

1,609

3,005

4,413

4,696

5,845

7,153

8,116

 12.0%

1,340

2,558

3,779

4,024

5,022

6,154

6,982

 15.0%

1,018

2,028

3,031

3,232

4,052

4,977

5,649

內部收益率

38.5%

57.9%

74.0%

77.0%

88.9%

100.4%

106.9%

7﹕卡庫拉礦山的年度和累計實際現金流量預測


圖表由OreWin編制 (2020)。

注:附錄B以額定基礎顯示圖7的數據 (已計入通脹)。

 

卡庫拉將會采用分層充填采礦法為主要采礦方法
卡庫拉2020年最終可行性研究的礦山通道由礦床北面的雙斜坡道和南面的單一斜坡道組成。其中一條北面的斜坡道將會用作主要的礦山通道,另外一條斜坡道將會用于最近調試的輸送系統。
從北面和南面斜坡道的底部,兩條周邊平巷將會推進至礦床的東西兩端,并將用作生產范圍的主要通道。同時,這兩條平巷將會用作主要的進氣和排氣風路,并將連接一系列的進氣和排氣通風豎井。在礦體的北面,東西周邊通道的施工進展順利。
一系列的雙接駁通道將會從北向南連接礦體,用作分層充填采區的通道和通風口。首兩條礦山接駁通道1號和2號通道,預計將于202011月工作班組從南北兩面推進連接。
主要的礦石處理系統將會包括周邊輸送系統,沿著礦床北面連接到卡車裝運點。周邊輸送系統將以主要輸送斜坡道為終點。
卡庫拉礦床采用分層充填采礦法和漿料回填,在北面斜坡道附近的采區則使用房柱式采礦法,這將在生產的早期進行。漿料回填系統將使用連接分配系統的地表漿料廠,該分配系統設有地表管網,貫通礦體北面每條接駁通道的鉆孔位置。
礦床約99%將會采用分層充填采礦法,以提取最多的卡庫拉高品位礦體。圖8顯示了礦山通道和主要開發規劃。  
82020年卡庫拉最終可行性研究的礦山開發

圖表由Stantec編制 (2020)。
卡庫拉礦山的地下開拓工程使用高產能的大型機械化采礦設備,如Sandvik裝礦機和載重63噸的卡車。

2020年卡庫拉最終可行性研究擴展方案的選礦廠設計 (年處理礦量380萬噸)

卡庫拉的選礦廠將會分序列建設兩座年處理礦量380萬噸的選礦廠,采礦作業將會提升至年處理礦量600萬噸的總產能。

卡庫拉選礦廠的設計包括一個原礦堆場,然后通過閉路的主要圓錐式破碎機 (配備振動篩) 生產100% 通過50毫米的物質再送到堆場。

破碎的礦石送往閉路的高壓輥磨機作濕法篩分,物質尺寸為80% (P80) 通過4.5毫米,經由重力送往碾磨系統。

碾磨系統包括閉路的二段球磨機和旋風機,進一步縮小和分類到目標磨礦尺寸80%通過53微米。

碾磨的漿料泵送到粗選機和掃選機的浮選系統。高品位或快速浮選的粗精礦,以及中品位或慢速浮選掃選精礦,將會分開作進一步升級。粗精礦經過低霧沫、高品位清洗階段提升,以生產高品位的精礦。

中品位或掃選精礦,以及高品位清洗階段所得的尾礦和掃選機二度清洗所得的尾礦,將會組合并且在掃選機清洗系統進一步優化。掃選機清洗系統生產的精礦 (占碾磨給礦約12%),將會再碾磨至10微米 (P80),然后通過低霧沫掃選機二度清洗階段進行最終清洗。

二度清洗后的掃選精礦將會與清洗后高品位精礦混合成為最終精礦。最終精礦被濃縮后會泵送到精礦過濾機,然后最終過濾的精礦將會裝袋和運送到市場。
掃選尾礦和清洗后的掃選尾礦被混合和濃縮后會泵送到回填廠及/或尾礦壩?;靥顝S平均使用大約一半的尾礦,余下的將被泵送到尾礦壩。

廣泛測試的結果顯示,選礦廠預計達到85%的整體回收率,生產出極高品位的精礦,銅品位達57%??◣炖€受益于極低的有害元素,包括0.02%的砷含量。

從鳥瞰圖上可以看到,卡庫拉正在建設的380 萬噸/年的初始選礦廠正在安裝兩座相同球磨機中的第一個,中間是浮選回路,以及三座在建的綠色濃密機。

卡莫阿和卡庫拉的礦產資源量
卡莫阿和卡庫拉的控制和推斷礦產資源估算報告由艾芬豪礦業資源部副總裁George Gilchrist按照美國里諾Wood Group (前身為Amec Foster Wheeler E&C Services Inc.) Gordon Seibel的指導,并根據2014CIM礦產資源和礦產儲量定義標準而編撰。Seibel先生是采礦、冶金與勘探學會的注冊會員(RM SME),以及礦產資源估算報告的合資格人士。估算報告自2020210日起生效,卡庫拉估算的鉆孔數據截至2018111日為止,卡莫阿估算的鉆孔數據截至2020120日為止。
8顯示了卡莫阿-卡庫拉項目的綜合控制和推斷礦產資源總值??⒑涂◣炖V床獨立的控制和推斷礦產資源,以及礦產資源對于不同邊界品位的敏感性分析,分別載于本新聞稿的附錄。
8﹕卡莫阿和卡庫拉綜合控制和推斷礦產資源總值 (1%總銅邊界品位計算)


礦床

類別

礦石量
(百萬噸)

范圍
(平方公里)

銅品位 (%)

垂直厚度
()

含銅量
(千噸)

含銅量
(十億磅)

卡莫阿

控制

760

55.2

2.73

5.0

20,800

45.8

推斷

235

21.8

1.70

4.0

4,010

8.8

卡庫拉

控制

627

21.7

2.74

10.3

17,200

37.9

推斷

104

5.6

1.61

6.7

1,680

3.7

卡莫阿-卡庫拉項目總值

控制

1,387

77.0

2.74

6.5

38,000

83.7

推斷

339

27.4

1.68

4.5

5,690

12.5

  •  
  •  
  • 卡莫阿和卡庫拉2020年綜合礦產資源總值報表的附注﹕
  • 1. 艾芬豪礦產資源副總裁George Gilchrist,是南非自然科學專業委員會 (SACNASP) 的專業自然科學家 (Pr. Sci. Nat)。在Gordon Seibel的監督下,Gilchrist先生對礦產資源作出估算。Gordon Seibel是采礦、冶金與勘探學會 (SME) 的注冊會員(RM),以及礦產資源估算報告的合資格人士??⒌墓浪銏蟾孀?020年1月30日起生效,鉆孔數據截至2020年1月20日為止??◣炖牡V產資源估算報告自2018年11月10日起生效,鉆孔數據截至2018年11月1日為止。2020年2月10日,對于評估合符經濟效益的開采前景所用的數據和鉆探數據進行了審查,以確保估算報告仍然適用。審核后,估算并無任何變更,估算報告自2020年2月10日起生效。礦產資源根據2014年CIM礦產資源和礦產儲量定義標準報告。礦產資源以100%基礎報告。艾芬豪間接持有項目的39.6%權益。礦產資源的報告已包括礦產儲量。礦產資源不屬于礦產儲量,并不顯示其具經濟潛力。
  • 2. 卡莫阿的礦產資源以銅總量 (以下簡稱“TCu”) 1% TCu 邊界品位和最小厚度3米計算。最終經濟開采的合理前景根據以下的假設而厘訂﹕假設銅價格為每磅銅3.00美元、采用地下機械化的房柱式采礦法和分層充填采礦法,以及將會生產銅精礦并向冶煉廠出售。采礦成本假設為每噸27美元。選礦廠、尾礦粗煉和一般行政成本假設為每噸17美元??⒌囊苯鸹厥章使烙嫗?4% (深成 86%;淺層 81%)。以1% TCu 邊界品位計算,假設100%礦產資源區塊的凈冶煉回報將會包括選礦、尾礦粗煉和一般行政成本。
  • 3. 卡庫拉的礦產資源以銅總量1% TCu 邊界品位和最小厚度3米計算。最終經濟開采的合理前景根據以下的假設而厘訂﹕假設銅價格為每磅銅3.10美元、采用地下機械化的房柱式采礦法和分層充填采礦法,以及將會生產銅精礦并向冶煉廠出售。采礦成本假設為每噸34美元。選礦廠、尾礦粗煉和一般行政成本假設為每噸20美元。假設平均冶金回收率為83% (以礦產資源平均品位計算)。以1% TCu 邊界品位計算,假設100%礦產資源區塊的凈冶煉回報將會包括選礦、尾礦粗煉和一般行政成本。
  • 4. 礦產資源報告不包括上盤或下盤接觸帶的邊界損失和貧化容差,亦無應用采礦回收率。
  • 5. 礦石量和含銅量 (噸) 以公制單位報告,含銅量 (磅) 則以英制單位報告,品位以百分比作報告單位。
  • 6. 推斷礦產資源的鉆孔間距約800米,而控制礦產資源則為400米。
  • 7. 數值按照報告指引要求四舍五入,可能導致礦石量、品位和金屬含量出現明顯差異。

2020年卡庫拉最終可行性研究的礦產儲量

2020年卡庫拉最終可行性研究的礦產儲量,由Stantec Consulting International LLC的高級副總裁Jon Treen (合資格人士) 按照2014年CIM礦產資源和礦產儲量的定義標準進行估算,以符合加拿大“國家第43 ‐101號文件——礦產項目的披露標準”。表9顯示了卡庫拉項目的礦產儲量總值。礦產儲量以2020年1月的礦產資源為基礎。礦產儲量完全是“可信儲量”,由控制礦產資源轉換而成。礦產儲量報表自2020年9月8日起生效。

92020年卡庫拉最終可行性研究的礦產儲量報表

 

礦石量      (百萬噸)


(%)

(含量
百萬磅)

 


(含量千噸)

證實儲量

-

-

-

-

儲量

110.0

5.22

12,665

5,745

儲量總計

110.0

5.22

12,665

5,745

2020年卡庫拉最終可行性研究的礦產儲量報表附注

  • 用作計算財務分析的長期銅價格為每磅銅3.10美元。分析是根據冶煉廠精煉及粗煉費、扣減和付款條件、精礦運輸、冶金回收率和權益金的假設而進行計算的。
  • 采礦規劃方面,用于計算礦床塊體模型凈冶煉回報(NSRs)的銅價格為每磅3.10美元。
  • 凈冶煉回報每噸100.00美元的較高邊界值用作定義礦塊;凈冶煉回報每噸80.00美元的邊界值則用作定義礦石和廢料。
  • 控制礦產資源用作報告可信儲量。
  • 礦石量和品位的估算包括貧化和回收率的容差。
  • 上述報告的礦產儲量與礦產資源并非相加關系。

2020年卡庫拉最終可行性研究中礦產儲量的劃分,重點是讓采礦計劃在15年內達到年處理礦量600萬噸的產能且使品位得以最大化,并在4年間逐步增加產能,以及達到85%的采礦回收率的容差。因此,在對不同的凈冶煉回報邊界值進行評估后,確定了最高凈冶煉回報的目標資源可達到約1.1億噸。

礦產儲量報表的估算,是根據采礦區塊的礦石量和品位計算,并包括非計劃的貧化和采礦回收率的容差。

地質學家Didier Masengo Kally Mbumba展示了卡庫拉礦山富輝銅礦的高品位礦石樣品。目前,卡庫拉大部分的開拓工程將會延伸到礦床中心附近的較高品位礦段,銅品位約在+5%+8%之間。

卡莫阿銅業的可持續發展團隊成員與當地社區居民緊密合作,實行項目的長期可持續發展戰略,是艾芬豪對于負責任地進行資源開發的要承諾。

2020年卡庫拉-卡索科預可行性研究的初步預測重點

研究對于卡庫拉和卡索科的額外采礦活動進行評估。卡索科以初步年采率160萬噸填補卡庫拉的選礦廠(年處理礦量760萬噸),隨著卡庫拉的儲量耗盡,最終將會增加至年處理礦量600萬噸。礦山全壽命的生產方案將會開采2.352億噸礦石,平均銅品位4.47%,生產2,000萬噸高品位的銅精礦,含有約200億磅銅金屬。

經濟分析以市場共識的實際長期銅價格每磅3.10美元(未計通脹)計算,稅后凈現值66億美元 (折現率8%),稅后內部收益率為69%,回報期為2.5 年。

202071日起計余下的初期資本開支 (已計入應急費用) 約為6.9億美元。2020年卡庫拉-卡索科預可行性研究預計,艾芬豪應承擔開發方案的剩余初期資本開支份額約為3.5億美元。

10總結了2020年卡庫拉-卡索科預可行性研究內關于卡庫拉及卡索科開發以達到年處理礦量760萬噸的主要結果。

102020年卡庫拉-卡索科預可行性研究的結果概要年處理礦量760萬噸的開發方案


項目

單位

總值 

選礦總量

 

 

入選礦量

千噸 

 235,157

銅給礦品位

 4.47

精礦產量

 

 

銅精礦產量

千噸(干)

 19,948

銅回收率

 86.27

銅精礦品位

 45.49

精礦含銅量

百萬磅

 20,006

精礦含銅量

千噸 

 9,075

每年最高回收銅產量 

千噸 

 427

10年平均值

 

 

銅精礦產量

千噸(干)

 622

精礦含銅量

千噸 

 331

礦場現金成本

美元/磅可售銅 

 0.55

總現金成本

美元/磅可售銅 

 1.23

5年平均值

 

 

銅精礦產量

千噸(干)

542

精礦含銅量

千噸 

 294

礦場現金成本

美元/磅可售銅 

 0.50

總現金成本

美元/磅可售銅 

 1.18

主要財務業績

 

 

最大前期投資

百萬美元

 848

剩余的初期資本開支

百萬美元

 695

擴建資本開支

百萬美元

 750

礦山全壽命的平均礦場現金成本

美元/磅可售銅 

 0.64

礦山全壽命的平均總現金成本

美元/磅可售銅 

 1.44

礦場運營成本

美元/噸入選礦

 52.95

稅后凈現值(折現率8%)

百萬美元

 6,604

稅后內部收益率

%

 69.0

項目回報期

 2.5

項目壽命

37

11載有財務業績的概要,表12則概述了潛在的礦山產量和選礦統計數據。

112020年卡庫拉-卡索科預可行性研究的財務業績年處理礦量760萬噸的開發方案


凈現值(百萬美元)

折現率

稅前

稅后

 

未折現

27,805

18,373

 

 4.0%

15,562

10,422

 

 6.0%

12,179

8,204

 

 8.0%

9,757

6,604

 

 10.0%

7,967

5,415

 

 12.0%

6,608

4,505

內部收益率

 – 

78.5%

69.0%

項目回報期 (年)

 – 

2.5

2.5

122020年卡庫拉-卡索科預可行性研究的平均產量估算和選礦統計數據年處理礦量760萬噸的開發方案


項目

單位

1-5

1-10

礦山全壽命平均值

選礦總量

 

   

入選礦量

千噸

 5,536

 6,568

 6,356

銅給礦品位

%

 6.20

 5.87

 4.47

精礦年產量

    

銅精礦產量

千噸 (干)

 542

 622

 539

銅回收率

%

 85.6

 85.8

 86.3

銅精礦品位

%

 54.2

 53.3

 45.5

精礦含銅量

    

百萬磅

 648

 730

 541

千噸

 294

 331

 245

可售銅金屬

    

百萬磅

 627

 706

 523

千噸

 284

 320

 237

 

9顯示了卡庫拉選礦廠的產量;圖10則列出精礦和銅金屬的產量。
92020年卡庫拉-卡索科預可行性研究礦山全壽命的碾磨礦石量和原礦品位估算


圖表由OreWin編制 (2020)。
102020年卡庫拉-卡索科預可行性研究礦山全壽命的精礦和銅金屬產量估算

圖表由OreWin編制 (2020)。
13概述了單位運營成本,表14顯示收入和營運成本的細分,表15則詳細列明項目的資本開支。

132020年卡庫拉-卡索科預可行性研究的單位營運成本年處理礦量760萬噸的開發方案

 

美元/磅可售銅

 

1-5

1-10

礦山全壽命   平均值

 

礦山現場

0.50

0.55

0.64

運輸

0.35

0.35

0.42

粗煉及精煉費

0.12

0.12

0.13

權益金和出口稅

0.21

0.22

0.25

總現金成本

1.18

1.23

1.44

142020年卡庫拉-卡索科預可行性研究的收入和運營成本估算年處理礦量760萬噸開發方案

 

礦山全壽命總值

1-5

1-10

礦山全壽命平均值

 

百萬美元

美元/噸入選礦

 

 

 

 

銅精礦

 59,976

 350.2

 330.0 

  255.0

銷售收總值

59,976

 350.2

333.0

  255.0

扣除﹕實現成本

 

 

 

 

運輸

  8,106 

 39.1 

 37.8 

 34.5

粗煉及精煉費

  2,477 

 13.3 

 12.8 

 10.5

權益金及出口稅

4,929 

 24.1 

 23.4 

21.0

實現成本總

15,513 

 76.6 

73.9 

 66.0

銷售收凈值

44,463 

 273.6 

259.0 

189.1

礦場運營成本

 

 

 

 

地下采礦

8,134 

35.9 

 38.5   

34.6

選礦

3,189 

 13.9

 13.4

 13.6

一般及行政

1,198 

 7.6

 7.2

 5.1

剛果電力公司折扣

-545

-2.4

-2.6

-2.3

關稅

 476

 2.1

 2.2

 2.0

 12,451 

 57.1

 58.6

 52.9

運營利潤凈值

32,012 

 216.5

 200.4

 136.1

運營利潤

 72.0% 

 79.1%

 77.4%

 72.0%

 

152020年卡庫拉-卡索科預可行性研究的資本投資估算年處理礦量760萬噸的開發方案


項目

初期資本

擴建資本

維持資本

總值

 

百萬美元

百萬美元

百萬美元

百萬美元

采礦

 

 

 

 

地下采礦

 158

 299

 1,068

 1,525

   基礎設施和移動設備

 55

 60

 922

 1,036

投產前資本化費用

 76

 – 

 – 

 76

小計

 289

 359

 1,990

 2,638

能源

    

場外能源供應

 36

 – 

 – 

 36

小計

 36

 – 

 – 

 36

精礦和尾礦

    

選礦廠

 123

 128

 135

 386

尾礦

 13

 12

 240

 265

小計

 136

 139

 375

 651

基礎設施

 

 

 

 

地表及廠房基礎設施
卡索科 到卡庫拉傳送帶

 69
-

 101
-

 14
95

 184
95

小計

 69

 101

109

279

間接

 

   

工程采購建筑及管理

 37

 24

 0

 62

業主成本

 67

 50

 – 

 117

關稅

 8

 23

 89

 120

礦山關閉

 – 

 – 

 81

 81

小計

 113

 97

 170

 380

未計應急費用的資本開支

 642

 697

 2,644

 3,984

應急費用

 52

 53

 183

 288

已計入應急費用的資本開支

 695

 750

 2,827

 4,272

注:初期資本反映了實現年處理礦量380萬噸的初期生產所需的剩余資本開支,其后的擴建資本反映了實現年處理礦量760萬噸總產能的資本開支。

11﹕全球大型銅礦項目的資本密集程度



注﹕最近獲得批準的可能和可行項目,按額定銅產量達每年20萬噸以上 (根據公開披露及常規研究過程所得的信息而作出)??◣炖?卡索科數值是基于2019年產生的資本開支、截至2020年6月30日止六個月產生的資本開支以及2020年卡庫拉-卡索科預可行性研究估算2020年7月1日起計的初期和擴建資本開支作出計估??◣炖?卡索科首10年運營的平均銅精礦年產量將被視為其額定銅產量。
信息來源﹕Wood Mackenzie (根據公開披露而作出,Wood Mackenzie未審核2020年卡庫拉-卡索科預可行性研究)。

16列出銅價格從每磅2.00美元至每磅4.50美元的稅后凈現值對金屬價格變動的敏感性分析。圖11則顯示了年度和累計實際現金流。
16 2020年卡庫拉-卡索科預可行性研究的銅價格敏感性分析


稅后凈現值
(百萬美元)

銅價格美元/

折現率

 2.00

 2.50

 3.00

 3.10

 3.50

 4.00

 4.50

未折現

4,758

10,753

17,101

18,373

23,487

29,393

33,873

 4.0%

2,847

6,181

9,714

10,422

13,275

16,560

19,031

 6.0%

2,241

4,871

7,648

8,204

10,448

13,026

14,957

 8.0%

1,774

3,911

6,156

6,604

8,419

10,498

12,047

 10.0%

1,409

3,188

5,044

5,415

6,915

8,631

9,902

 12.0%

1,117

2,629

4,194

4,505

5,770

7,212

8,274

 15.0%

781

2,000

3,247

3,495

4,501

5,644

6,480

內部收益率

29.5%

49.2%

66.0%

69.0%

81.0%

93.0%

99.8%

122020年卡庫拉-卡索科預可行性研究的年度和累計實際現金流預測



圖表由OreWin編制 (2020)。

注:附錄B以額定基礎顯示圖12的數據 (已計入通脹)。

172020年卡莫阿-卡庫拉項目的礦產儲量


分類

礦石量
(百萬噸)


(%)


(含量百萬磅)


(含量千噸)

卡庫拉證實儲量

 – 

 – 

 – 

 – 

卡庫拉可信儲量

 110

 5.22

 12,665

 5,745

卡索科證實儲量

 – 

 – 

 – 

 – 

卡索科可信儲量

 125

 3.81

 10,525

 4,774

卡莫阿-卡庫拉證實儲量

 – 

 – 

 – 

 – 

卡莫阿-卡庫拉可信儲量

 235

 4.47

 23,190

 10,519

2020年卡莫阿-卡庫拉的礦產儲量報表附注﹕

  • 用作計算財務分析的實際長期銅價格為每磅銅3.10美元。分析是根據冶煉廠精煉及粗煉費、扣減和付款條件、精礦運輸、冶金回收率和權益金的假設而進行計算的。
  • 采礦規劃方面,用于計算卡索科和卡庫拉的塊體模型凈冶煉回報的銅價格分別為每磅3.00美元和每磅3.10美元。
  • 凈冶煉回報每噸100.00美元的較高邊界值用作定義礦塊;凈冶煉回報每噸80.00美元的邊界值則用作定義礦石和廢料。
  • 控制礦產資源用作報告可信儲量。
  • 礦石量和品位的估算包括貧化和回收率的容差。
  • 上述報告的礦產儲量與礦產資源并非相加關系。

卡庫拉和卡莫阿礦床年處理礦量1,900萬噸的擴建開發方案

2020年卡莫阿-卡庫拉初步經濟評估,同時對于卡莫阿-卡庫拉項目范圍內多個礦床發展成為一個年處理礦量達1,900萬噸、分階段建設的采礦、選礦和冶煉綜合設施的開發方案作出評估。方案計劃將會建設和運營三個獨立礦山﹕首先在卡庫拉礦床范圍內的卡庫拉礦山建立初步年處理礦量600萬噸的采礦作業;隨后在卡索科礦山建立另一座年開采礦量600萬噸的采礦作業,兩隊采礦班組目前已開始工程;最后在卡庫拉西部礦山建立第三座年開采礦量600萬噸的礦山,并于卡莫阿北部范圍建設第四座礦山(初步年采礦量為100萬噸)。選礦廠由五座年處理礦量380萬噸的模塊組成,最終產能達年處理礦量1,900萬噸。

隨著卡庫拉、卡索科和卡庫拉西部礦山的資源被采空,項目將會在卡莫阿北部范圍內的五座獨立礦山進行生產,屆時的選礦廠和冶煉廠設施將會保持年處理礦量1,900萬噸的產能(見圖1)。

每個采礦作業預計在獨立的地下礦山進行,并共同使用位于卡庫拉的選礦廠和地表基礎設施。礦石將通過地表輸送系統運送到卡庫拉的選礦廠。方案包括建設一座直接粗銅冶煉廠,年處理礦量達100萬噸銅精礦。

2020年卡莫阿-卡庫拉初步經濟評估只是初步的評估,包括部分基于推斷礦產資源的經濟分析。推斷礦產資源在地質學上被視為具有較多的推測成分,因此并不適用于經濟考量且不允許將其分類為礦產儲量,也不能確定估算結果能否得到實現。礦產資源并非礦產儲量,并未證實其具有經濟可采價值。

從卡莫阿北部一個鉆孔中,幾乎全是輝銅礦的超高品位鉆孔巖心??⒈辈渴强?/strong>-卡庫拉年處理礦量1,900萬噸擴建開發方案中高品位礦石的重要來源。在所有常見的含硫化銅礦物中,輝銅礦的銅比例最高。以重量計算,其主要化合物硫化銅的銅含量接近80%。

年處理礦量1,900萬噸開發方案的初步經濟評估主要結果概要

  • 第一期生產實現超高品位,預計于第1年達到6.8%銅品位,于運營首10年期間達到平均銅品位5.1%,預計平均年產量為50.1萬噸銅金屬。
  • 預計銅產量于第8年達到80.5萬噸,可使卡莫阿-卡庫拉項目成為世界上第二大銅金屬生產商。
  • 剩余的初期資本開支 (已計入應急費用) 7.1億美元。卡索科、卡庫拉西部和其他礦區的后續擴建以及冶煉廠將由卡庫拉礦山的現金流出資。
  • 10年的平均總現金成本為每磅銅1.07美元 (已計入硫酸價值)。
  • 稅后凈現值 (折現率8%) 111億美元。
  • 稅后內部收益率為56.2%,回報期為3.6 年。

卡莫阿-卡庫拉對于項目的剛果女性人才團隊感到自豪,包括圖中的礦山地質學家Micheline Kyenge。她正在檢查超高品位的細粒度灰色輝銅礦,這是卡庫拉的主要礦石類型。

卡莫阿銅業的聯席首席財務官Minty Cai,在卡庫拉主要(北面)斜坡道附近正在施工的礦山輸送系統旁。該系統將礦石從礦堆運送到破碎和篩選廠房。

18、19、2021以及圖1314概述了潛在開發方案的主要結果。

182020 年卡莫阿-卡庫拉初步經濟評估結果概要年處理礦量1,900萬噸的開發方案


項目

單位

總值

選礦總量

 

 

入選礦量

千噸 

 597,621

銅給礦品位

 3.63

精礦產量

 

 

銅精礦產量

千噸(干)

 42,818

銅精礦 — 外部冶煉廠

千噸(干)

 11,944

銅精礦 — 內部冶煉廠

千噸(干)

 30,874

銅回收率

 86.42

銅精礦品位 

 43.76

精礦含銅量 — 外部冶煉廠

百萬磅 

 13,251

精礦含銅量 — 外部冶煉廠

千噸 

 6,010

粗銅含銅量 — 內部冶煉廠

百萬磅 

 27,641

粗銅含銅量 — 內部冶煉廠

千噸 

 12,538

最高年度銅產量

千噸 

 805

10年平均值

 

 

銅給礦品位

%

 5.13

銅精礦產量

千噸(干)

 1,043

精礦含銅量 — 外部冶煉廠

千噸 

 248

粗銅含銅量 — 內部冶煉廠

千噸 

 253

礦場現金成本 (包括冶煉廠)

美元/磅可售銅

 0.65

總現金成本 (已扣除副產品收入)

美元/磅可售銅

 1.07

主要財務業績 

 

 

最大前期投資

百萬美元

 784

剩余的初期資本開支

百萬美元

 715

擴建資本開支

百萬美元

 4,461

維持資本開支

百萬美元

 11,958

礦山全壽命平均礦場現金成本(包括冶煉廠)

美元/磅可售銅

 0.92

礦山全壽命平均總現金成本(已扣除副產品收入)

美元/磅可售銅

 1.28

礦場運營成本

美元/噸入選礦

 62.44

稅后凈現值(折現率8%)

百萬美元

 11,117

稅后內部收益率

%

 56.2

項目回報期

 3.6

項目壽命

43

192020年卡莫阿-卡庫拉初步經濟評估的單位營運成本年處理礦量1,900萬噸的開發方案

 

美元/磅可售銅

 

  1-5 

1-10 

礦山全壽命
平均值 

礦山現場(不包括冶煉廠)

 0.56

 0.57

 0.81

冶煉廠

 0.04

 0.08

 0.11

運輸

 0.29

 0.24

 0.23

粗煉及精煉費

 0.10

 0.08

 0.07

權益金和出口稅

 0.19

 0.18

 0.17

總現金成本(未扣除副產品收入)

 1.18

 1.15

 1.40

硫酸收入1

 0.04

 0.09

 0.12

總現金成本(已扣除副產品收入)

 1.14

 1.07

 1.28

  • 假設硫酸價格每噸200美元。

卡庫拉廚房中正在準備新鮮水果和蔬菜的工作人員;所有這些食品都是在當地社區經營的園地中種植的,然后銷售給卡莫阿-卡庫拉項目。這是支持周邊社區經濟多樣化的卡莫阿-卡庫拉可持續生計項目的另一個例子。

20 2020年卡莫阿-卡庫拉初步經濟評估的資本投資估算年處理礦量1,900萬噸的開發方案

項目

初期資本

擴建資本

維持資本

總值

 

百萬美元

百萬美元

百萬美元

百萬美元

采礦

 

 

 

 

地下采礦

156

 995

 5,620

 6,772

    基礎設施和移動設備

 68

 299

2,251

 2,618

投產前資本化費用

 78

 – 

 – 

78

小計

 302

 1,295

7,872

 9,468

能源和冶煉

    

冶煉廠

635 

368 

1,003

場外能源供應

 36

 – 

 – 

 36

小計

 36

635 

 368 

 1,039

精礦和尾礦

    

選礦廠

 124

 646

 345

 1,115

尾礦

 15

 26

 550

 591

小計

 139

 672

 895

1,706

基礎設施

 

 

 

 

地表及廠房基礎設施

 69

 889

823

 1,781

地表輸送系統

118

66

183

鐵路

72

84

156

小計

 69

 1,079

 973

 2,120

間接費用

    

工程采購建筑及管理

 37

 111

 35

 184

業主成本

 70

 63

 – 

 132

關稅

 9

 137

 361

 507

礦山關閉

 – 

 – 

 308

 308

小計

 116

 311

 704

1,130

未計應急費用的資本開支

 661

 3,991

10,811

 15,464

應急費用

 53

 470

 1,147

 1,670

已計入應急費用的資本開支

 715

 4,461

 11,958

 17,134

注:初期資本反映了實現年處理礦量380萬噸的初期生產所需的剩余資本開支 (2020年7月1日起計),其后的擴建資本反映了實現年處理礦量1,900萬噸總產能的資本開支。

21 2020年卡莫阿-卡庫拉初步經濟評估的銅價格敏感性分析年處理礦量1,900萬噸的開發方案

稅后凈現值
(百萬美元)

銅價格美元/

折現率

 2.00

 2.50

 3.00

 3.10

 3.50

 4.00

 4.50

未折現

8,839

21,888

35,185

37,844

48,517

60,961

70,509

 4.0%

4,620

11,251

18,056

19,416

24,876

31,243

36,089

 6.0%

3,351

8,357

13,495

14,520

18,640

23,446

27,089

 8.0%

2,422

6,323

10,320

11,117

14,318

18,054

20,876

 10.0%

1,733

4,855

8,046

8,681

11,231

14,210

16,453

 12.0%

1,213

3,771

6,374

6,891

8,968

11,393

13,214

 15.0%

655

2,619

4,603

4,996

6,573

8,416

9,794

內部收益率

21.1%

37.8%

53.2%

56.2%

67.3%

79.9%

89.0%

卡莫阿的高級工程經理Petr Valicek正在展示連接卡莫阿-卡庫拉和科盧韋齊新修專用高速公路的某一路段。該道路為全長34公里的東西向高速公路,大大提升了卡莫阿-卡庫拉的運輸走廊,用于將采礦設備和建筑材料運送到礦場以及從礦場運出銅精礦。

132020年卡莫阿-卡庫拉初步經濟評估的碾磨給礦和品位概況年處理礦量1,900萬噸的開發方案


 圖表由OreWin編制 (2020)。
142020年卡莫阿-卡庫拉初步經濟評估的精礦和銅產量年處理礦量1,900萬噸的開發方案


圖表由OreWin編制 (2020)。
15﹕卡莫阿-卡庫拉初步經濟評估的年處理礦量1,900萬噸開發方案于2025年的預測產量(顯示于第8年達到最高銅產量),按可售銅產量與世界20大生產礦山比較。



注﹕2020年卡莫阿-卡庫拉初步經濟評估的產量根據年處理礦量1,900萬噸開發方案所預測的最高銅產量 (于第8年達到) 而作出。

信息來源﹕Wood Mackenzie (根據公開披露而作出,Wood Mackenzie未審核2020年卡莫阿-卡庫拉初步經濟評估)。

卡莫阿-卡庫拉的業務分析員Mbali Nkwali 在項目的先進化培訓中心。目前,該中心用于培訓新一代剛果的熟練技工。



16﹕世界十大全新綠地項目的額定產量和原礦品位



注﹕十大全新的綠地銅礦項目被Wood Mackenzie定義為“假設基礎”或“可能性”類別的十大全新綠地銅礦項目,并且按額定銅產量排名(分別以2020年卡莫阿-卡庫拉初步經濟評估和2020年卡庫拉最終可行性研究的首10年銅精礦平均年產量作為額定銅產量)。
信息來源﹕Wood Mackenzie、USGS (根據公開披露而作出,Wood Mackenzie未審核2020年卡莫阿-卡庫拉初步經濟評估和2020年卡庫拉最終可行性研究)。

初步經濟評估的擴展方案包括直接閃速爐 (DBF) 冶煉廠

2020年卡莫阿-卡庫拉初步經濟評估還包括興建一座冶煉廠,采用芬蘭公司Outotec的直接閃速爐技術,適用于粗煉卡庫拉含較高銅/硫磺比例和低鐵的精礦。中國瑞林工程公司擔任主要工程顧問,與Outotec提供專有設備的設計和成本估算建議。這些專有設備包括DBF熔爐、廢熱鍋爐和礦渣清潔電熔爐。冶煉廠的設計產能高達每年100萬噸給精礦,可生產出每年50萬噸以上的陽極粗銅。

精礦先會在蒸汽干燥機烘干,然后送到DBF在高含氧量空氣的反應塔中熔煉,產生含氧化礦物、粗銅和富二氧化硫廢氣的熔礦渣。氧化反應提供了熔化裝料所需的部分熱能,并以外置燃油 (煤粉和燃油) 補充能源需求。 DBF沉淀槽收集的熔礦渣和粗銅,將從熔爐經專用的流出孔間歇排出。 DBF的礦渣仍有可觀的含銅量,將會送往礦渣清洗電熔爐 (SCF) 利用冶金級的焦炭進一步粗煉,以還原氧化粗銅。 SCF礦渣慢慢冷卻后,將被破碎、碾磨并進行浮選處理,以還原礦渣精礦狀的殘余銅,然后再送回DBF。富二氧化硫的廢氣被除塵和烘干后,送到兩轉兩吸的制酸廠,以生產高強度硫酸并于當地市場銷售。

冶煉廠位于礦場能夠節省大量成本,包括粗煉費、部分稅項和運輸成本。此外,銷售硫酸副產品將會帶來額外的收入。目前,剛果的硫酸供應不足,而不得不大量進口硫酸處理氧化銅礦的礦石。

合資格人士

以下公司負責編撰卡莫阿-卡庫拉IDP20,包括2020年卡庫拉最終可行性研究報告、2020年卡庫拉-卡索科預可行性研究報告以及2020年卡莫阿-卡庫拉初步經濟評估報告﹕

  • 澳大利亞阿德萊德的OreWin — 整體報告編撰、采礦、物流、電能和經濟分析
  • 中國江西的中國瑞林工程技術有限公司冶煉廠設計
  • 南非約翰內斯堡的DRA Global — 礦山地表基礎設施和冶金選礦
  • 南非約翰內斯堡的Epoch Resources — 尾礦壩設計
  • 南非米德蘭的Golder Associates Africa — 水文模型和建議
  • 波蘭弗羅茨瓦夫的KGHM Cuprum — 部分采礦方法和土力學的技術顧問
  • 芬蘭赫爾辛基的Outotec Oyj —冶煉廠技術
  • 南非開普敦的Paterson and Cooke — 漿料回填廠的設計和地表/地下漿料分配系統
  • 南非開普敦的SRK Consulting — 礦山土力學的建議
  • 美國鳳凰城的Stantec咨詢采礦和礦產儲量
  • 美國里諾的Wood Group (前身為Amec Foster Wheeler) — 礦產資源估算

 

負責編撰2020年卡庫拉最終可行性研究、2020年卡庫拉- 卡索科預可行性研究以及2020年卡莫阿-卡庫拉初步經濟評估報告(技術報告將會以該等報告作為基礎) 的獨立合資格人士包括﹕Bernard Peters (OreWin)、Gordon Seibel (Wood Group,前身為Amec Foster Wheeler)、Marius Phillips (DRA Global) 、Alwyn Scholz (DRA Global) 、William Joughin (SRK) 以及Jon Treen (Stantec)。每位合資格人士已經按他們負責編撰2020年卡庫拉最終可行性研究、2020年卡庫拉-卡索科預可行性研究以及2020年卡莫阿-卡庫拉初步經濟評估報告的部分,審閱和批核本新聞稿的相應內容。

本新聞稿載有的其他科學和技術信息,已經由艾芬豪礦業項目地質及評估副總裁Stephen Torr審閱和批核。 Torr先生是符合“國家第43‐101號文件”條件的合資格人士,并不符合NI 43-101 對獨立人士的界定。 Torr先生已核實本新聞稿所披露的技術數據。

蘇格蘭愛丁堡的Wood Mackenzie根據可比銅礦項目的公開披露,提供數據以編撰本新聞稿的部分圖表。然而,Wood Mackenzie并未審閱2020年卡庫拉最終可行性研究、2020年卡庫拉-卡索科預可行性研究或2020年卡莫阿-卡庫拉初步經濟評估報告。

數據核實及質量控制和保證

Wood 公司旗下的Amec Foster Wheeler (以下簡稱“Wood”) 對于樣品監管鏈條、質量保證和控制程序以及分析實驗室的質素進行審查。 Wood認為,上述程序以及質量保證和控制方案均為可接受以支持礦產資源的估算。同時,Wood在2009年至2020年間已多次審核分析數據庫、巖芯紀錄和地質詮釋,當中并無發現數據出現重大問題。

Wood的合資格人士認為,從卡莫阿-卡庫拉項目收集的數據進行的數據核實方案能夠支持地質詮釋,而分析和數據質素以及所收集的數據足以支持礦產資源估算。

艾芬豪礦業對卡莫阿-卡庫拉銅礦項目分析保持一項全面的監管鏈條,并制定質量保證和控制方案。鋸成一半的巖芯在卡莫阿現場的制備實驗室加工后,制備的樣品經由安全的快遞公司送往位于澳大利亞的Bureau Veritas Minerals (以下簡稱“BVM”) 實驗室,該實驗室是獲得ISO17025認可的機構。銅分析由 BVM 采用混合酸消解方法后,再運用初始循環壓力完成。行業標準認證的參考物質和空白分析信息已于送往 BVM 前加入樣品流。

關于用作支持科學和技術信息的分析方法和數據核實措施的詳盡信息,請參閱載于www.sedar.com  艾芬豪礦業SEDAR 部分或艾芬豪礦業網站www.dbqlab.com 內技術報告部分的2020年卡莫阿-卡庫拉資源更新(2020年3月) 技術報告。

2018年剛果礦業法作出的研究假設

2020年卡庫拉最終可行性研究、2020年卡庫拉-卡索科預可行性研究和2020年卡莫阿-卡庫拉初步經濟評估均以2018年剛果礦業法適用于項目的假設而編制,包括礦業法于2018年開始征收的超額利潤稅。

艾芬豪礦業于2018年3月表示,公司與采礦同業已向剛果政府表達業界對于剛果2018年礦業法的關注。其中,艾芬豪已提出并繼續要求剛果政府確定,2002年礦業法第276條所載的穩定性保證條款將會得到保證。穩定性條款規定,剛果勘探及采礦許可證持有人將會在任何法例修正案 (包括2018年礦業發) 實施后,于十年內受惠于2002年礦業法賦予的權力。

艾芬豪礦業在剛果的投資是基于穩定性保證條款而作出。因此,在實施任何法例修正案之后的十年內,卡莫阿-卡庫拉項目將不會受到包括超額利潤稅在內的變化影響。穩定性保證條款允許投資者以低于每磅銅3.00美元的價格進行交易。然而,2018年礦業法的修訂,要求根據通脹率提高銅價格,以抵消2018年的價格變動并失去第276條所載穩定性保證條款的保護。若最終無法確保得到穩定性條款的保證,則艾芬豪將以高于每磅銅3.10美元的額定通脹價格為基礎厘定超額利潤稅。

艾芬豪礦業與和采礦業界的其他同業已對于2018年礦業法的穩定性保證條款及其他問題提出關注并尋求解決方案。艾芬豪礦業、業界代表以及現任和前任的剛果政府官員 (包括總統在內) 曾多次舉行會議,但有關2018年礦業法的問題仍沒有得到解決。在COVID-19疫情和其他因素的影響下,進一步的討論被推遲,因此上述研究都是假設2018年礦業法適用于項目的情況下編制。然而,一旦這些問題得到解決,艾芬豪礦業或會因應解決方案而對于研究結果作出更改。艾芬豪礦業預期將會繼續得到2002年礦業法所載穩定性條款的保證。

關于艾芬豪礦業

艾芬豪礦業是一家加拿大的礦業公司,目前正推進旗下位于南部非洲的三大合資企業項目﹕位于剛果民主共和國 (以下簡稱“剛果”) 的卡莫阿-卡庫拉銅礦和位于南非的普拉特瑞夫 (Platreef) 鈀-鉑-鎳-銅-銠-金礦的大型機械化地下礦山開發工程,以及同樣位于剛果、久負盛名的基普什 (Kipushi) 鋅-銅-鍺-銀礦的大型重建和改善工程???卡庫拉和基普什將使用清潔、可再生的水電,并將成為全球每單位金屬溫室氣體排放量最低的礦山之一。同時,艾芬豪正在剛果境內其全資擁有、毗鄰卡莫阿-卡庫拉項目的西部前沿 (Western Foreland) 勘探許可區內尋找新的銅礦資源。

Mwadingusha水力發電廠的鳥瞰圖,顯示了新安裝的的壓力管。 Mwadingusha工廠的升級是卡莫阿-卡庫拉生產世界上最綠色的銅的目標的關鍵部分。


聯系方式

投資者﹕ Bill Trenaman +1.604.331.9834 /   媒體﹕ Matthew Keevil +1.604.558.1034            

 

前瞻性信息的警戒性聲明
本新聞稿載有的某些陳述可能構成適用證券法所訂議的“前瞻性陳述”或“前瞻性信息”,包括但不限于﹕(i) 2020年卡庫拉最終可行性研究、2020年卡庫拉-卡索科預可行性研究和2020年卡莫阿-卡庫拉初步經濟評估報告結果,包括開發卡庫拉年處理礦量600萬噸的作業、卡庫拉-卡索科年處理礦量760萬噸的作業,以及卡莫阿-卡庫拉擴大年處理礦量至1,900萬噸的作業;(ii) 關于在任何礦床建設礦山的陳述;(iii) 興建一座直接閃速粗銅冶煉廠,年處理礦量達100萬噸銅精礦;(iv) 在卡庫阿北部的礦山開發;(v) 卡庫拉將會采用分層充填采礦法為主要采礦方法;以及(vi) 卡庫拉選礦廠的設計和規格。
這些陳述及信息涉及已知和未知的風險、不明朗因素和其他因素,可能導致本公司的實際業績、表現或成就、其項目或行業的業績,與前瞻性陳述或信息所表達或暗示的任何未來業績、表現或成就產生重大差異。這些陳述可通過文中使用“可能”、“將會”、“會”、“將要”、“打算”、“預期”、“相信”、“計劃”、“預計”、“估計”、 “安排” 、“預測”、“預言”及其他類似用語,或者聲明“可能”、“會”、“將會”、“可能會”或“將要”采取、發生或實現某些行動、事件或結果進行識別。這些陳述僅反映本公司于本新聞稿發布當日對于未來事件、表現和業績的當前預期。
另外,2020年卡庫拉最終可行性研究、2020年卡庫拉-卡索科預可行性研究及2020年卡莫阿-卡庫拉初步經濟評估報告的所有結果均構成前瞻性信息或陳述,包括稅后內部收益率77% (卡庫拉)、69% (卡庫拉-卡索科) 和56.2% (卡莫阿-卡庫拉) 以及項目回報期分別為2.3年、2.5年和3.6年的估算;凈現值 (包括卡庫拉預測凈現值為55億美元 (折現率8%)、卡庫拉-卡索科預測凈現值為66億美元 (折現率8%) 及卡莫阿-卡庫拉預測凈現值為111億美元 (折現率8%);未來產量的預測 (包括卡庫拉于運營首10年的平均年產量為28.4萬噸銅金屬及于第4年達到36.6萬噸銅金屬、卡庫拉-卡索科于運營首10年的平均年產量為33.1萬噸銅金屬及于第4年達到42.7萬噸銅金屬,以及卡莫阿-卡庫拉于運營首10年的平均年產量為50.1萬噸銅金屬及于第8年達到80.5萬噸銅金屬;運營首10年的現金成本估算 (包括卡庫拉的礦場現金成本每磅0.52美元及總現金成本每磅1.16美元、卡庫拉-卡索科的礦場現金成本每磅0.55美元及總現金成本每磅1.23美元,以及卡莫阿-卡庫拉的礦場現金成本每磅0.57美元及總現金成本每磅1.07美元);估計礦山全壽命 (包括卡庫拉礦山全壽命21年、卡庫拉-卡索科礦山全壽命37年及卡莫阿-卡庫拉礦山全壽命43年;剩余的初步資本開支6.5億美元 (卡庫拉)、7億美元 (卡庫拉-卡索科)及7億美元 (卡莫阿-卡庫拉);運營首10年所達到的平均銅品位6.2% (卡庫拉)、5.9% (卡庫拉-卡索科) 及5.1% (卡莫阿-卡庫拉);現金流量預測;估計銅回收率85.2% (卡庫拉) 、86.3% (卡庫拉-卡索科)及86.4% (卡莫阿-卡庫拉)。
另外,關于卡莫阿-卡庫拉銅礦項目開發方案的特定前瞻性信息,艾芬豪礦業是基于某些不確定因素而作出假設和分析。不確定因素包括﹕(i) 基礎設施的充足性(包括修復Koni和Mwadingusha水電廠,以及鐵路的貫通和可行性);(ii) 不可預見的地質特征變化;(iii) 礦化的冶金特征出現變化;(iv) 發展充足選礦產能的能力;(v) 銅價格;(vi) 完成開發所需的設備和設施的可用性;(vii) 未來選礦廠的規模以及未來的采礦率;(viii) 消耗品和采礦及選礦設備的費用;(ix) 不可預見的技術和工程問題;(x) 事故或破壞或恐怖主義行為;(xi) 貨幣波動;(xii) 法例或法規修訂;(xiii) 熟練勞工的人手和生產率;(xiv) 各政府機構對礦業的監管;(xv) 政治因素,包括政治穩定性;(xvi) 融資可用性;以及(xvii) 科盧韋齊和迪洛洛之間的鐵路改善工程。

本新聞稿還載有礦產資源和礦產儲量估算的參考信息。礦產資源和礦產儲量估算未能確定,并涉及對許多有關因素的主觀判斷。礦產資源并非礦產儲量,并不顯示具有經濟潛力。任何該等估算的準確性是可用數據的數量和質量函數,并根據工程和地質詮釋的假設和判斷(包括估計卡莫阿-卡庫拉銅礦項目的未來產量、預計采礦所得的礦石量和品位,以及估計將會實現的回收率) 而作出,可能被證明是不可靠,在一定程度上取決于鉆孔工程結果和統計推論的分析,而最終可能證明是不準確的。礦產資源或礦產儲量估算可能需要根據下列因素作出重新估算﹕(i) 銅價格波動;(ii) 鉆孔工程的結果;(iii) 冶金測試和其他研究的結果(包括隨后的改善和更新); (iv) 建議采礦作業,包括貧化;(v) 在任何估算日期后作出的采礦計劃評估;(vi) 采礦或其他成本的變動;以及(vii) 未能取得所需準許、批準和許可證的可能性或對現有采礦許可證作出修訂。

前瞻性陳述涉及重大風險和不確定性,故不應被視為對未來表現或業績的保證,并且不能準確地顯示能否達到該等業績。許多因素可能導致實際業績與前瞻性陳述所討論的業績有重大差異,包括但不限于本新聞稿所討論的因素,以及有關部門實施的法例、法規或規章或其無法預計的修訂、與艾芬豪礦業及其子公司簽訂合約的各方未能根據協議履行合約、社會、政治和勞資糾紛、商品價格的變動(特別是銅價格)、資本限制和可用性,以及勘探計劃或研究未能達到預期結果(包括鉆孔工程和勘探活動的實際結果),或會證明和支持繼續勘探、研究、開發或運營的結果。
雖然本新聞稿載有的前瞻性陳述是基于艾芬豪礦業管理層認為合理的假設而作出,但艾芬豪礦業不能向投資者保證實際業績會與前瞻性陳述的預期一致。這些前瞻性陳述僅是截至本新聞稿發布當日作出,而且受本警戒性聲明明確限制。根據適用的證券法,艾芬豪礦業并無義務更新或修改任何前瞻性陳述以反映本新聞稿發布當日后所發生的事件或情況。
由于公司在2020年第二季度管理層討論和分析和當前年度報告中“風險因素”部分所列的因素,公司的實際結果可能與這些前瞻性聲明中預期的結果有重大差異。

附錄A — 2020年卡莫阿和卡庫拉的礦產資源報表,
以及礦產資源對于不同邊界品位的敏感性分析。

表22﹕卡莫阿的控制和推斷礦產資源 (以銅總量1% TCu邊界品位計算)

類別

礦石量
(百萬噸)

范圍
 (平方公里)

銅品位
(%)

垂直厚度
()

含銅量
(千噸)

含銅量
(十億磅)

控制

760

55.2

2.73

5.0

20,800

45.8

推斷

235

21.8

1.70

4.0

4,010

8.8

  •  
  • 艾芬豪礦產資源副總裁George Gilchrist,是南非地質學會的成員以及南非自然科學專業委員會 (SACNASP) 的專業自然科學家 (Pr. Sci. Nat)。在Wood公司的Gordon Seibel的監督下,Gilchrist先生對礦產資源作出估算。Gordon Seibel是采礦、冶金與勘探學會 (SME) 的注冊會員(RM),以及礦產資源估算報告的合資格人士。估算報告自2020年1月30日起生效,鉆孔數據截至2020年1月20日為止。礦產資源根據2014年CIM礦產資源和礦產儲量定義標準報告。礦產資源以100%基礎報告。艾芬豪間接持有項目的39.6%權益。礦產資源的報告已包括礦產儲量在內。礦產資源不屬于礦產儲量,并不顯示其具經濟潛力。
  • 礦產資源以銅總量 (以下簡稱“TCu”) 1% TCu 邊界品位和最小厚度3米計算。最終經濟開采的合理前景根據以下的假設而厘訂﹕假設銅價格為每磅銅3.00美元、采用地下機械化的房柱式采礦法和分層充填采礦法,以及將會生產銅精礦并向冶煉廠出售。采礦成本假設為每噸27美元。選礦廠、尾礦粗煉和一般行政成本假設為每噸17美元。冶金回收率預計為84% (深成 86%;淺層 81%)。以1% TCu 邊界品位計算,假設100%礦產資源區塊的凈冶煉回報將會包括選礦、尾礦粗煉和一般行政成本。
  • 礦產資源報告不包括上盤或下盤接觸帶的邊界損失和貧化容差,亦無應用采礦回收率。
  • 控制礦產資源的礦化深度從地表以下10米至1,320米,推斷礦產資源則為20米至1,560米。
  • 推斷礦產資源的鉆孔間距約800米,而控制礦產資源則為400米。
  • 數值按照報告指引要求四舍五入,可能導致礦石量、品位和金屬含量出現明顯差異。

 

表23﹕卡庫拉的控制和推斷礦產資源 (以1% TCu邊界品位計算)

 

類別

礦石量
(百萬噸)

范圍
 (平方公里)

銅品位
(%)

垂直厚度
()

含銅量
(千噸)

含銅量
(十億磅)

控制

627

21.7

2.74

10.3

17,200

37.9

推斷

104

5.6

1.61

6.7

1,680

3.7

  • 艾芬豪礦產資源副總裁George Gilchrist,是南非地質學會的成員以及南非自然科學專業委員會 (SACNASP) 的專業自然科學家 (Pr. Sci. Nat)。在Wood公司的Gordon Seibel的監督下,Gilchrist先生對礦產資源作出估算。Gordon Seibel是采礦、冶金與勘探學會 (SME) 的注冊會員(RM),以及礦產資源估算報告的合資格人士。礦產資源估算自2018年11月10日起生效,鉆孔數據截至2018年11月1日為止。2020年2月10日,對于評估合符經濟效益的開采前景所用的數據和鉆探數據進行了審查,以確保估算報告仍然適用。審核后,估算并無任何變更,估算報告自2020年2月10日起生效。礦產資源根據2014年CIM礦產資源和礦產儲量定義標準報告。礦產資源以100%基礎報告。艾芬豪間接持有項目的39.6%權益。礦產資源的報告已包括礦產儲量在內。礦產資源不屬于礦產儲量,并不顯示其具經濟潛力。
  •  
  • 礦產資源以銅總量 (以下簡稱“TCu”) 1% TCu 邊界品位和最小垂直厚度3米計算。最終經濟開采的合理前景根據以下的假設而厘訂﹕假設銅價格為每磅銅3.10美元、采用地下機械化的房柱式采礦法和分層充填采礦法,以及將會生產銅精礦并向冶煉廠出售。采礦成本假設為每噸34美元。選礦廠、尾礦粗煉和一般行政成本假設為每噸20美元。冶金回收率預計為83%。艾芬豪正研究采用受控聚合的房柱式采礦法以減低采礦成本。以1% TCu 邊界品位計算,假設100%礦產資源區塊的凈冶煉回報將會包括選礦、尾礦粗煉和一般行政成本。
  • 礦產資源報告不包括上盤或下盤接觸帶的邊界損失和貧化容差,亦無應用采礦回收率。
  • 推斷礦產資源的鉆孔間距約800米,而控制礦產資源則為400米。
  • 數值按照報告指引要求四舍五入,可能導致礦石量、品位和金屬含量出現明顯差異。

 

  •  

 

表24﹕卡莫阿礦產資源對于不同邊界品位的敏感性分析

控制礦產資源

邊界品位
(%)

礦石量
(百萬噸)

范圍
(平方公里)

銅品位
(%)

垂直厚度
()

含銅量
(千噸)

含銅量
(十億磅)

5.0

44

4.5

6.14

3.5

2,690

5.9

4.5

67

6.7

5.65

3.6

3,800

8.4

4.0

107

10.4

5.13

3.7

5,490

12.1

3.5

171

16.4

4.61

3.7

7,890

17.4

3.0

256

24.0

4.15

3.8

10,700

23.5

2.5

369

32.8

3.73

4.1

13,700

30.3

2.0

504

41.5

3.33

4.4

16,800

37.0

1.5

655

49.4

2.97

4.8

19,400

42.8

1.0

760

55.2

2.73

5.0

20,800

45.8

0.5

1,185

59.4

1.99

7.3

23,600

52.0

推斷礦產資源

4.0

1

0.1

5.47

3.4

55

0.1

3.5

4

0.5

4.12

3.1

177

0.4

3.0

13

1.5

3.51

3.1

441

1.0

2.5

30

3.5

3.08

3.0

910

2.0

2.0

58

6.5

2.66

3.2

1,540

3.4

1.5

113

11.9

2.20

3.4

2,480

5.5

1.0

235

21.8

1.70

4.0

4,010

8.8

0.5

680

31.4

1.01

8.0

6,860

15.1

表22的附注同樣適用于此表。表22和表23報告的礦產資源與上表并非相加關系。

表25﹕卡庫拉礦產資源對于不同邊界品位的敏感性分析


控制礦產資源

邊界品位
(%)

礦石量
(百萬噸)

范圍
(平方公里)

銅品位
(%)

垂直厚度
()

含銅量
(千噸)

含銅量
(十億磅)

5.0

77

5.9

7.48

4.5

5,730

12.6

4.5

91

7.0

7.04

4.5

6,440

14.2

4.0

109

8.3

6.58

4.6

7,200

15.9

3.5

132

9.9

6.09

4.7

8,060

17.8

3.0

167

11.8

5.50

5.0

9,180

20.2

2.5

218

14.3

4.85

5.4

10,600

23.3

2.0

318

17.5

4.02

6.5

12,800

28.2

1.5

435

19.6

3.41

7.9

14,900

32.7

1.0

627

21.7

2.74

10.3

17,200

37.9

0.5

939

22.6

2.08

14.9

19,500

43.0

推斷礦產資源

4.0

1

0.1

4.41

3.3

33

0.1

3.5

2

0.2

4.04

3.6

67

0.1

3.0

5

0.4

3.52

3.9

168

0.4

2.5

10

1.0

3.10

3.7

324

0.7

2.0

22

2.0

2.64

3.9

583

1.3

1.5

45

3.7

2.18

4.3

974

2.1

1.0

104

5.6

1.61

6.7

1,680

3.7

0.5

257

7.9

1.08

11.7

2,770

6.1

表23的附注同樣適用于此表。表22和表23報告的礦產資源與上表并非相加關系。

表26﹕卡莫阿和卡庫拉礦產資源對于不同邊界品位的敏感性分析


控制礦產資源

邊界品位
(%)

礦石量
(百萬噸)

范圍
(平方公里)

銅品位
(%)

垂直厚度
()

含銅量
(千噸)

含銅量
(十億磅)

5.0

120

10.4

6.99

4.1

8,420

18.6

4.5

159

13.7

6.45

4.1

10,200

22.6

4.0

217

18.7

5.86

4.1

12,700

28.0

3.5

304

26.3

5.25

4.1

16,000

35.2

3.0

423

35.8

4.68

4.2

19,900

43.7

2.5

587

47.1

4.14

4.5

24,300

53.6

2.0

823

59.0

3.60

5.0

29,600

65.3

1.5

1,090

69.0

3.15

5.7

34,300

75.6

1.0

1,387

77.0

2.74

6.5

38,000

83.7

0.5

2,123

82.0

2.03

9.4

43,100

95.0

推斷礦產資源

4.0

2

0.2

5.02

3.4

88

0.2

3.5

6

0.6

4.10

3.2

244

0.5

3.0

17

1.9

3.51

3.2

609

1.3

2.5

40

4.5

3.08

3.2

1,230

2.7

2.0

80

8.5

2.66

3.4

2,120

4.7

1.5

157

15.6

2.19

3.6

3,450

7.6

1.0

339

27.4

1.68

4.5

5,690

12.5

0.5

937

39.3

1.03

8.7

9,630

21.2

表23的附注同樣適用于此表。表22、表23、表24和表25與上表并非相加關系。

附錄B — 2020年卡庫拉最終可行性研究、2020年卡庫拉-卡索科預可行性研究及2020年卡莫阿-卡庫拉初步經濟評估報告的假設銅價格(實際和額定價格)以及預測年度和累計現金流(以額定基礎顯示,假設美國每年通脹率固定為2%)。
172020年卡庫拉最終可行性研究、2020年卡庫拉-卡索科預可行性研究及2020年卡莫阿-卡庫拉初步經濟評估報告的假設銅價格(以實際價格和名義價格基礎顯示)。



182020年卡庫拉最終可行性研究的預測年度和累計現金流(以名義基礎顯示)。



圖表由OreWin編制 (2020)。

192020年卡庫拉-卡索科預可行性研究的預測年度和累計現金流(以名義基礎顯示)。



圖表由OreWin編制 (2020)。

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