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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Amur Minerals Corporation | LSE:AMC | London | Ordinary Share | VGG042401007 | ORD NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.09 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Mineral Royalty Traders | 0 | -3.01M | -0.0022 | -0.41 | 1.25M |
-- Based on the existing resource inventory at Kun-Manie, the resource is capable of supporting ore production at the nominal annual throughput of six million tonnes of ore for 15 years. Infill drilling of Inferred resources is required to confirm this first. At a later date the Company has the opportunity to add additional resources by step out drilling into highly prospective ground. Mine production will be undertaken using both open pit and underground mining methods. Open pit ores will be derived from four of the five deposits, whilst underground production will be obtained from areas lateral two of the pits. Ore will be transported by truck to the processing plant.
The process plant and tailings impoundment areas have been relocated to more central locations, allowing for optimised ore transport from the four sources along the Kurumkon Trend within the Production Licence. The upsized 6.0 million tonnes of ore per year plant location also provides storage for the greater volume of tailings that will be generated.
-- The process plant design has been expanded to handle six million tonnes of ore per annum (18,000 tonnes per day). Additional metallurgical test work indicates that metal recoveries will be improved over previously estimated recoveries, and independent work has confirmed that a single simple concentrate can be generated by classic and proven flotation technology. The concentrate is also suitable for smelting at either a toll smelter or its own captive smelter.
-- The concentrate will be truck transported to the Baikal Amur rail line ("BAM") where supplies and fuel will be delivered by rail for backhaul to the mine.
-- External smelting specialists have examined the proposed composition of the concentrate to be generated by the processing plant and determined that it is suitable for smelting on a toll or owner operated basis. Preliminary capital cost estimates have been provided and a smelting cost per tonne of concentrate determined. A trade off study indicates that the greater benefit to the Company is generated by owning and operating its own smelter rather than shipping to a toll smelter. The preferred smelter location is immediately adjacent the BAM rail line where coal and limestone can be delivered to support smelting of the concentrate. Anticipated final products are nickel and copper cathodes, cobalt precipitate, and refined platinum, palladium, gold and silver. Available capacity at the smelter can be used to smelt concentrates for a fee on a contract basis should other mining companies in the region have suitable products that require processing.
PEA Production Basis and Projections
The Blueprint Design originates with the Company's JORC defined resource compiled by SRK and updated at the end of Q1 2015. The current resource ranks among the top 20 nickel sulphide projects in the world, whilst the potential to expand the resource appears highly prospective. The limits of four of the five drilled deposits remain unknown as the potential is open in the dip and strike directions. Kun-Manie is expected to move up the list in the world ranking of sulphide deposits by simple step out drilling. Presently, there are 650,000 tonnes of nickel and 178,000 tonnes of copper delineated by drilling as well as additional by-product metals including cobalt, platinum, palladium, gold and silver.
Resource Tonnage Ni Ni Cu Cu Pt Pt Pd Pd Class ----------------- -------- ----- -------- ----- -------- ---- ------- ---- ------- Mt % t % t g/t kg g/t kg ----------------- -------- ----- -------- ----- -------- ---- ------- ---- ------- Total Measured 15.7 0.52 81,800 0.13 21,100 0.2 2,900 0.2 3,200 ----------------- -------- ----- -------- ----- -------- ---- ------- ---- ------- Total Indicated 37.8 0.56 210,500 0.15 57,000 0.1 4,560 0.1 5,300 ----------------- -------- ----- -------- ----- -------- ---- ------- ---- ------- Sub-total 53.5 0.55 292,300 0.15 78,100 0.1 7,460 0.2 8,500 ----------------- -------- ----- -------- ----- -------- ---- ------- ---- ------- Total Inferred 67.3 0.53 358,300 0.15 100,300 0.1 9,440 0.1 9,500 ----------------- -------- ----- -------- ----- -------- ---- ------- ---- ------- Grand Total 120.8 0.54 650,600 0.15 178,400 0.1 16,900 0.1 18,000 ----------------- -------- ----- -------- ----- -------- ---- ------- ---- -------
With the assistance of Runge, Pincock, Minarco (RPM), pit optimisation models were compiled for four of the drilled deposits. Using all resource classes including Inferred, ultimate pit limits based on Q1 2015 operating costs, metallurgical recoveries and mining constraints for each deposit were generated. Kun-Manie's existing resource inventory is sufficient to produce 90 million tonnes of ore from four open pits over the anticipated 15 year production life. It was also noted that substantial portions of these pits required the removal of large amounts of overlying waste that must be extracted to access the ore. In such cases, underground mining may provide higher profit per ore tonne than open pit production. The configuration and orientation of the mineralised bodies was examined and it was confirmed that an underground method such as Reverse Room and Pillar could be a viable alternative. A trade off study was completed confirming an optimal blend of open pit and underground production provides a greater operating profit than open pit production alone. The following table provides a summary reserve potential based on the conversion of Inferred resource to Indicated resource by infill drilling.
Production Total Total Total Strip Ni Cu Co Pt Pd All Resource Tonnes Ore Waste Ratio (%) (%) (%) (g/t) (g/t) Classes (Mt) (Mt) (Mt) -------------------- -------- ------ ------- ------- ----- ----- ----- ------- ------- Open Pit / Underground 90.0 130.5 0.56 0.15 0.01 0.13 0.15 -------------------- -------- ------ ------- ------- ----- ----- ----- ------- ------- Open Pit Component 175.5 45.0 130.5 2.9 0.59 0.15 0.01 0.13 0.16 -------------------- -------- ------ ------- ------- ----- ----- ----- ------- ------- Underground Component 45.0 0.54 0.15 0.01 0.13 0.14 -------------------- -------- ------ ------- ------- ----- ----- ----- ------- -------
The analysis provided key information for future planning purposes. Open pit production will be derived from Maly Kurumkon / Flangovy, Vodorazdelny, Ikenskoe / Sobolevsky and Kubuk. Underground production will be derived from the deposits at Flangovy and Kubuk. Infill drilling of the conceptual reserve will be focused on the underground portion wherein the majority of the resource is currently classified as Inferred, while the open pit production areas are generally Measured and Indicated. The future infill drill programme will be given priority, allowing for the generation of a full JORC qualified reserve to be utilised in the assembly of a Definitive Feasibility Study. Step out drilling to further expand the global resource will begin subsequent to completion of the infill verification work.
The plant flowsheet consists of a classical flotation plant suitable for sulphide mineralisation. The design and metallurgical recovery results have been verified by SGS Minerals located in Chita, Chichinskaya Oblast of the Russian Federation. The projected life of mine production through the 6.0 million tonne ore per annum plant is summarised in the tables below.
Delivered Mine Production Plant Production Smelter Deliverable Concentrate ----------------------------------- ------------------------------- --------------------------------- Mill Tonnes Strip Ratio 2.9 Feed t 90,000,000 Dry Concentrate t 6,300,000 --------------------- ------------ -------------- ----------- ----------------- ---------- Open Pit Recovery Contained Waste t 130,450,000 of Nickel % 80.4 Moisture % 8.00% ---------------- --- ------------ -------------- ----------- ----------------- ---------- Tonnes of Recovered Concentrate Pit Ore t 44,950,000 Ni t 411,556 Wet Tonnes t 6,804,000 ---------------- --- ------------ -------------- ----------- ----------------- ---------- Underground Recovery Ni Grade Ore 45,050,00 of Copper % 90.2 in Concentrate % 6.53% --------------------- ------------ -------------- ----------- ----------------- ---------- Tonnes Ni Head of Recovered Cu Grade Grade % 0.56 Cu t 124,899 in Concentrate % 1.98% ---------------- --- ------------ -------------- ----------- ----------------- ---------- Recovery Co Grade Ni Delivered t 512,123 of Cobalt % 66.00% in Concentrate % 0.10% ---------------- --- ------------ -------------- ----------- ----------------- ----------
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