KIPUSHI, DEMOCRATIC REPUBLIC OF CONGO – Ivanhoe Mines (TSX: IVN; OTCQX: IVPAF) Executive Co-Chair Robert Friedland and President Marna Cloete, together with Alphonse Kaputo Kalubi (Chairman) and Bester-Hilaire Ntambwe Ngoy Kabongo (CEO)of Gécamines, DRC’s state-owned mining company, are pleased to announce that Kipushi Holding, an Ivanhoe Mines wholly-owned subsidiary, and Gécamines have signed a new agreement to return the ultra-high-grade KipushiMine back to commercial production. Kipushi will be the world's highest-grade major zinc mine, with average grade of 36.4% zinc over the first five years of production.

Watch a new video showcasing Kipushi’s planned transformation into the world's highest-grade major zinc mine: https://vimeo.com/676846621/282541f745 

The new agreement sets out the commercial terms that will form the basis of a new Kipushi joint-venture agreement establishing a robust framework for the mutually beneficial operation of the Kipushi Mine for years to come, and is subject to execution of definitive documentation.

Alphonse Kaputo Kalubi commented: “We recently have witnessed Ivanhoe's outstanding achievements in transforming the Kamoa-Kakula joint venture into a state-of-the-art copper producer applying the highest standards, now a benchmark on the Congolese Copperbelt. Ivanhoe and Gécamines also have now redefined the Kipushi Project in an equitable manner, aligned with the expectations of the Mining Code and those of Gécamines’ sole shareholder, the Congolese State.

“We are convinced that Kipushi's new partnership around the Big Zinc will be a benchmark for a successful combination of expertise, resources, a unique asset and a shared desire to create value for stakeholders, the State, shareholders and neighbouring communities. Kipushi, like Kamoa-Kakula, brings new standards, employment opportunities, better health and education infrastructure, and the conditions for the emergence of a dynamic socio-economic fabric around Kipushi. Gécamines, which has operated this mine for a long time, aims, by consolidating its partnership with Ivanhoe, to optimize its contribution to the DRC’s mining sector.”

Bester-Hilaire Ntambwe Ngoy Kabongo added: “We are excited to move our longstanding partnership with Ivanhoe Mines into a new phase that will deliver significant long-term benefits to all parties. Ivanhoe Mines has been a key partner in the Kipushi Project for over a decade and we appreciate their continued commitment to the project. We are confident in Ivanhoe Mines’ technical and financial capabilities to operate the Big Zinc and trust that we can jointly develop the project in a sustainable, responsible and value adding manner for its stakeholders, such as neighbouring communities. Gécamines sees in it the opportunity for an improved exploitation of the Big Zinc, the development of an integrated economic fabric and the imbedding of skills in the Haut-Katanga province.”

“The new agreement with Gécamines is a testament to the great perseverance, ingenuity and patience of Ivanhoe’s team, working alongside our partners in the Democratic Republic of Congo,” Mr. Friedland said. “On behalf of Ivanhoe Mines’ Board, I would like to thank our team, led by our President Marna Cloete, who have helped us arrive at this historic day.

“The outstanding performance by the Kamoa Copper team in delivering the first phases of the Kamoa-Kakula Mine, ahead of schedule and on budget, undoubtedly helped expedite the new agreement, as it showcases our strong development capabilities and industry-leading community initiatives to our partner Gécamines and the Congolese government.

“The new agreement now allows us to responsibly, efficiently and expeditiously develop Kipushi into an ultra-high-grade zinc producer, with outstanding potential to find more zinc, copper, germanium and silver resources – paving the way to fulfilling its promise of significant, long-lasting, economic and social benefits for the Congolese people.

“The past few years have been a significant challenge for us all, including the loyal men and women preparing Kipushi’s underground workings for a resumption of production. Together, we have faced the global impact of the COVID-19 pandemic and we have emerged stronger than ever. Now we have a clear line of sight on having our three tier-one, cornerstone mining assets enter commercial production.”

(L-R) Olivier Binyingo (Ivanhoe Mines Vice President Public Affairs DRC), Marna Cloete (Ivanhoe Mines President), Alphonse Kaputo Kalubi (Chairman of Gécamines), and Louis Watum (General Manager, Kipushi Corporation) discussing the Kipushi partnership during a recent visit to the Kamoa-Kakula mining complex.

Gécamines’ Chairman Alphonse Kaputo Kalubi (left) “operating” a piece of heavy equipment at Kamoa-Kakula’s state-of-the-art training centre.

The re-birth of a mining legend; Kipushi is a significant past producer of copper, zinc, germanium and precious metals

The Kipushi copper-zinc-germanium-silver mine in the DRC Copperbelt is adjacent to the town of Kipushi and approximately 30 kilometres southwest of Lubumbashi. It is located less than one kilometre from the Zambian border.

Kipushi has a long and storied history as a major producer of copper and zinc. Built and then operated by Union Minière for 42 years, Kipushi began mining a reported 18% copper deposit from a surface open pit in 1924. It was the world’s richest copper mine at the time. The Kipushi Mine then transitioned to become Africa’s richest underground copper, zinc and germanium mine. State-owned Gécamines gained control of Kipushi in 1967 and operated the mine until 1993, when it was placed on care and maintenance due to a combination of economic and political factors.

Over a span of 69 years, Kipushi produced a total of 6.6 million tonnes of zinc and 4.0 million tonnes of copper from 60 million tonnes of ore grading 11% zinc and approximately 7% copper. It also produced 278 tonnes of germanium and 12,673 tonnes of lead between 1956 and 1978. There is no formal record of the production of precious metals as the concentrate was shipped to Belgium and the recovery of precious metals remained undisclosed during the colonial era; however, drilling by Ivanhoe Mines has encountered significant silver values within Kipushi’s current zinc- and copper-rich deposits.

Germanium is a strategic metal used today in electronic devices, flat-panel display screens, light-emitting diodes, night vision devices, optical fiber, optical lens systems, and solar power arrays.

Most of Kipushi’s historical production was from the Fault Zone, a steeply-dipping ore body rich in copper and zinc that initially was mined as an open pit. The Fault Zone extends to a depth of at least 1,800 metres below surface, along the intersection of a fault in carbonaceous dolomites (see Figure 3).

Before Kipushi was idled, Gécamines discovered the Big Zinc deposit at a depth of approximately 1,250 metres below surface and adjacent to the producing Fault Zone (see Figure 3). The Big Zinc Deposit has not been minedand is the initial target for production as outlined in the new feasibility study.

Since acquiring its interest in the Kipushi Mine in 2011, Ivanhoe’s drilling campaigns have upgraded and expanded the mine’s zinc-rich Measured and Indicated Mineral Resources to an estimated 11.78 million tonnes grading 35.34% zinc, 0.80% copper, 23 grams/tonne (g/t) silver and 64 g/t germanium, at a 7% zinc cut-off, containing 9.2 billion pounds of zinc, 8.7 million ounces of silver and 24.4 million ounces of germanium (see Table 1).

In addition, Ivanhoe’s drilling expanded Kipushi’s copper-rich Measured and Indicated Mineral Resources to an additional 2.29 million tonnes at grades of 4.03% copper, 2.85% zinc, 21 g/t silver and 19 g/t germanium, at a 1.5% copper cut-off – containing 144 million pounds of copper (see Table 1).

In 1924, Kipushi began mining 18% copper from a surface open pit, before transitioning to Africa’s richest underground copper and zinc mine. This picture shows the Kipushi open pit in November 1928.

Picture of the headframes for Kipushi shafts 1, 2 and 3, and the Kipushi concentrator in February 1966.

Kipushi’s geology team in 2016 showing a drill intersection in the Big Zinc Deposit of 44.8% zinc over 340 metres, still one of the world’s highest-grade drill holes.

Core from hole KPU008 drilled in 2014 in Kipushi’s Série Récurrente Zone – 11.2 metres of 17% copper and 89.6 g/t silver, highlighting the potential to discover additional zones of copper- and silver-rich mineralization.

Kipushi feasibility study issued, heralding the planned re-start of the historic mine, with a two-year development timeline and exceptional economic results

Ivanhoe Mines today announced the positive findings of an independent, feasibility study for the planned resumption of commercial production at Kipushi.

The Kipushi 2022 Feasibility Study (2022 FS) builds on the results of the pre-feasibility study (PFS) published by Ivanhoe Mines in January 2018. The redevelopment of Kipushi is based on a two-year construction timeline, which utilizes the significant existing surface and underground infrastructure to allow for substantially lower capital costs than comparable development projects. The estimated pre-production capital cost, including contingency, is US$382 million.

The 2022 FS focuses on the mining of Kipushi’s zinc-rich Big Zinc and Southern Zinc zones, with an estimated 11.8 million tonnes of Measured and Indicated Mineral Resources grading 35.3% zinc. Kipushi’s exceptional zinc grade is more than twice that of the world’s next-highest-grade zinc project, according to Wood Mackenzie, a leading, international industry research and consulting group (see Figure 2).

The 2022 FS does not include any of the copper-rich mineral resources delineated to date and assumes that revenue is attributable to zinc only, with no by-product credits.

The 2022 FS envisages the recommencement of underground mining operations, and the construction of a new concentrator facility on surface with annual processing capacity of 800,000 tonnes of ore, producing on average 240,000 tonnes of zinc contained in concentrate.

Concurrent with the release of the 2022 FS, Ivanhoe is finalizing Kipushi’s development and financing plan, together with its partner Gécamines. The Kipushi Mine is operated by Kipushi Corporation (KICO),a joint venture between Ivanhoe Mines wholly owned subsidiary, Kipushi Holding, and Gécamines, the DRC’s state-owned mining company.

The 2022 FS was independently prepared on a 100%-project basis by OreWin Pty. Ltd., MSA Group (Pty.) Ltd., SRK Consulting (Pty) Ltd. and METC Engineering. A National Instrument 43-101 technical report will be filed on SEDAR at www.sedar.com and on the Ivanhoe Mines website at www.ivanhoemines.com within 45 days of the issuance of this news release.

Figure 1: World’s 10 major zinc mines, showing estimated annual zinc production and zinc head grades (ranked by production, 2020).

Source: Wood Mackenzie; January 2022. Note: Wood Mackenzie compared the Kipushi Project’s life-of-mine average annual zinc production and zinc head grade of 240,000 tonnes and 31.9%, respectively, against production and zinc head grades estimated in 2020.

2022 FS re-affirms Kipushi’s outstanding economics

“The feasibility study is the latest validation that Kipushi has the resources to become one of the world’s largest and lowest-cost zinc producers based on the Big Zinc Zone alone.” said Ms. Cloete.

“Discussions are continuing with prospective financing providers to support our advance toward a new era of production at Kipushi. We’ve made major progress in upgrading the mine’s underground infrastructure, and now have a clear path to a resumption of production from this incredibly rich orebody.

“Since acquiring our interest in the Kipushi Mine in 2011, our team has worked hard to prepare the mine for a resumption of commercial operations,” she added. “During that time, we’ve seen zinc prices rally from under US$1.00 to well over US$1.70 per pound. We’re confident that the long-term supply and demand fundamentals would support a strong zinc price for a long time to come.”

Mr. Friedland commented: “We look forward to Kipushi joining the ranks of the world’s largest zinc producers. Zinc, with its key attributes of essentiality, durability, versatility and recyclability, is well positioned as a metal of choice for a modern, sustainable society.

“In addition to being a critical metal in the galvanizing process to protect steel from corrosion, zinc is an essential micronutrient that strengthens the immune system and is crucial for healthy growth and brain development. Zinc also is an essential ingredient for plant life and now is widely used as fertilizer.”

Elvis Mugombe, a member of Kipushi’s dedicated team of employees, is looking forward to a resumption of commercial production.

Kipushi’s Shaft 5 headframe. Shaft 5’s main personnel and material winder, as well as the rock hoisting winder, have been upgraded and modernized to meet global industry standards and safety criteria.

 

Patrick Mwanza Wa Kabongo operating the modern, new hoist at Kipushi’s main production shaft (Shaft 5).

2022 FS HIGHLIGHTS

Summary of 2022 FS results for the Kipushi Mine:

  • The 2022 FS evaluates the development of an 800-ktpa underground mine and concentrator, with an increased resource base compared to the PFS, extending the mine life to 14 years.
  • Existing surface and underground infrastructure allow for significantly lower capital costs than comparable development projects, with the principal development activity being the construction of a conventional concentrator facility and new supporting infrastructure on surface in a two-year timeline.
  • Pre-production capital costs, including contingency, estimated at US$382 million.
  • Life-of-mine average zinc production of 240,000 tonnes per annum, with a zinc grade of 32%, is expected to rank Kipushi among the world’s major zinc mines (Figure 1), once in production, with the highest grade by some margin.
  • Life-of-mine average C1 cash cost of US$0.65/lb of zinc is expected to rank Kipushi, once in production, in the second quartile of the cash cost curve for zinc producers globally (Figure 11).
  • At a long-term zinc price of US$1.20/lb, the after-tax net present value (NPV) at an 8% real discount rate is US$941 million, with an after-tax real internal rate of return (IRR) of 40.9% and project payback period of 2.3 years.
  • At the spot zinc price of approximately US$1.67/lb (February 11, 2022), the after-tax NPV8% increased to US$2,286 million with an after-tax real IRR of 73.5% and project payback period of 1.4 years.

Highlights of the new agreement between Kipushi Holding, Gécamines and KICO:

  • Kipushi Holding, 100%-owned by Ivanhoe Mines, will transfer 6% of the share capital and voting rights in KICO to Gécamines, after which Kipushi Holding and Gécamines will hold 62% and 38%, respectively.
  • From January 25, 2027, 5% of the share capital and voting rights in KICO shall be transferred from Kipushi Holding to Gécamines, after which Kipushi Holding and Gécamines will hold 57% and 43%, respectively.
  • In the event that, after the 6% and 5% transfers, part of KICO’s share capital is required to be transferred to the State or to any third party pursuant to an applicable legal or regulatory provision, Gécamines shall transfer the number of KICO shares required, and Kipushi Holding shall retain 57% ownership in KICO.
  • Once a minimum of the current proven and probable reserves and up to 12 million tonnes has been mined and processed, an additional 37% of the share capital and voting rights in KICO shall be transferred from Kipushi Holding to Gécamines, after which Kipushi Holding and Gécamines will hold 20% and 80%, respectively.
  • A new supervisory board and executive committee will be established with appropriate shareholder representation.
  • New initiatives will be implemented focusing on the development of Congolese employees, including individual development, the identification of future leaders, succession planning and the promotion of gender equality across the workforce.
  • A framework for tendering for the offtake of zinc concentrates produced by the Kipushi Mine has been established, which includes Gécamines’ participation.
  • Kipushi Holding will continue to fund KICO with the shareholder loan and/or procure financing from third parties for the development of the project. The interest on the shareholder loan will be 6%, which will be applicable from January 1, 2022, on the existing balance and any further advances. Under the terms of the current shareholder loan agreement, the shareholder loan carries interest of LIBOR plus 4%, which is applicable to 80% of the advanced amounts with the remaining 20% interest-free. As of December 31, 2021, the balance of the shareholder loan owing to Kipushi Holding, including accrued interest, was approximately US$528 million.

Kipushi Mineral Resources

The Mineral Resource estimate was prepared in accordance with the 2014 CIM definition standards, incorporated by reference into Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

The estimate was based on the results of the 58 drill holes completed at Kipushi by Ivanhoe Mines in 2017, 84 drill holes completed by Ivanhoe Mines prior to 2016, and an additional 107 historical holes drilled by Gécamines. The Mineral Resource estimate continues to have an effective date from June 2018 and is unchanged as a result of the feasibility study. Mineral Resource estimates were completed below the 1,150-metre-level on the Big Zinc Zone, Southern Zinc Zone, Fault Zone, Fault Zone Splay and Série Récurrente Zone.

The Mineral Resources were categorized either as zinc-rich resources or copper-rich resources, depending on the most abundant metal. The Big Zinc and Southern Zinc zones have been tabulated using zinc cut-off of 7% and are shown in Table 1; the Fault Zone, the Fault Zone Splay and Série Récurrente Zone have been tabulated using copper cut-off of 1.5%, and are shown in Table 2.

For the zinc-rich zones, the Mineral Resource is reported at a base-case cut-off grade of 7.0% zinc and the copper-rich zones at a base-case cut-off grade of 1.5% copper. Given the considerable revenue that could be obtained from the additional metals in each zone, MSA considers that mineralization at these cut-off grades will satisfy reasonable prospects for economic extraction.

Kipushi’s recently-installed underground jaw crusher, which has a crushing capacity of 1,085 tonnes per hour. The crusher was supplied by Sandvik AB, a Swedish multinational engineering company.

Crushed development ore being conveyed from the jaw crusher to the rock hoisting winder at the bottom of Shaft 5.

Kipushi’s main pumping station at the mine’s 1,210-metre level as crews continue to prepare the mine for a resumption of production.

Table 1: Kipushi zinc-rich Mineral Resource at 7% zinc cut-off grade,     June 14, 2018

Zone

Category

Tonnes
(millions)

Zn
%

Cu
%

Pb
%

Ag
g/t

Co
ppm

Ge
g/t

Big Zinc

Measured

3.65

39.87

0.65

0.35

18

18

56

Indicated

7.25

34.36

0.62

1.29

19

12

53

Inferred

0.98

35.32

1.18

0.09

8

15

62

Southern Zinc

Indicated

0.88

24.52

2.97

1.95

75

6

188

Inferred

0.16

24.37

1.64

1.20

38

6

61

Total

Measured

3.65

39.87

0.65

0.35

18

18

56

Indicated

8.13

33.30

0.87

1.36

25

11

68

Measured & Indicated

11.78

35.34

0.80

1.05

23

13

64

Inferred

1.14

33.77

1.24

0.24

12

14

62

Contained metal quantities

Zone

Category

Tonnes
(millions)

Zn
(Mlb)

Cu
(Mlb)

Pb
(Mlb)

Ag
(Moz)

Co
(Mlb)

 Ge
(Moz)

Big Zinc

Measured

3.65

3210.6

52.3

27.8

2.06

0.14

6.60

Indicated

7.25

5,489.0

98.7

206.6

4.48

0.19

12.43

Inferred

0.98

764.0

25.5

1.9

0.26

0.03

1.96

Southern Zinc

Indicated

0.88

476.5

57.6

37.8

2.11

0.01

5.34

Inferred

0.16

86.7

5.8

4.3

0.20

0.00

0.32

Total

Measured

3.65

3,210.6

52.3

27.8

2.06

0.14

6.60

Indicated

8.13

5,965.5

156.4

244.4

6.59

0.20

17.77

Measured & Indicated

11.78

9,176.0

208.6

272.2

8.65

0.34

24.36

Inferred

1.14

850.7

31.3

6.2

0.46

0.04

2.28

Notes:

  1. The effective date of the Mineral Resource is June 14, 2018.
  2. All tabulated data has been rounded and as a result minor computational errors may occur.
  3. Mineral Resources which are not Mineral Reserves have no demonstrated economic viability.
  4. The Mineral Resource is reported as the total in-situ Mineral Resource.
  5. Metal quantities are reported in multiples of Troy Ounces or Avoirdupois Pounds.
  6. The cut-off grade calculation was based on the following assumptions: zinc price of US$1.0/lb, mining cost of US$50/tonne, processing cost of US$10/tonne, G&A and holding cost of US$10/tonne, transport of 55% zinc concentrate at US$210/tonne, 90% zinc recovery and 85% payable zinc.

Table 2: Kipushi copper-rich Mineral Resource at 1.5% copper cut-off grade,  June 14, 2018.

Zone

Category

Tonnes
(millions)

Cu
%

Zn
%

Pb
%

Ag
g/t

Co
ppm

Ge
g/t

Fault Zone

Measured

0.14

2.74

1.52

0.04

16

77

21

Indicated

1.22

4.11

3.32

0.09

21

96

30

Inferred

0.20

3.11

2.58

0.07

18

43

23

Série Récurrente

Indicated

0.93

4.14

2.43

0.02

23

50

4

Inferred

0.03

1.81

0.06

0.00

8

52

0.3

Fault Zone Splay

Inferred

0.21

4.91

19.84

0.01

21

107

93

Total

Measured

0.14

2.74

1.52

0.04

16

77

21

Indicated

2.15

4.12

2.94

0.06

22

76

19

Measured & Indicated

2.29

4.03

2.85

0.06

21

76

19

Inferred

0.44

3.89

10.77

0.04

19

75

55

Contained metal quantities

Zone

Category

Tonnes
(millions)

Cu
(Mlb)

Zn
(Mlb)

Pb
(Mlb)

Ag
(Moz)

Co
(Mlb)

Ge
(Moz)

Fault Zone

Measured

0.14

8.5

4.7

0.1

0.07

0.02

0.09

Indicated

1.22

110.8

89.7

2.5

0.82

0.26

1.19

Inferred

0.20

13.4

11.1

0.3

0.12

0.02

0.14

Série Récurrente

Indicated

0.93

84.6

49.8

0.5

0.69

0.10

0.12

Inferred

0.03

1.3

0.04

0.0

0.01

0.00

0.00

Fault Zone Splay

Inferred

0.21

23.2

93.7

0.1

0.14

0.05

0.64

Total

Measured

0.14

8.5

4.7

0.1

0.07

0.02

0.09

Indicated

2.15

195.4

139.4

3.0

1.51

0.36

1.31

Measured   & Indicated

2.29

204.0

144.2

3.1

1.58

0.39

1.40

Inferred

0.44

37.9

104.9

0.4

0.27

0.07

0.78

Notes:

  1. The effective date of the Mineral Resource is June 14, 2018.
  2. All tabulated data has been rounded and as a result minor computational errors may occur.
  3. Mineral Resources which are not Mineral Reserves have no demonstrated economic viability.
  4. The Mineral Resource is reported as the total in-situ Mineral Resource.
  5. Metal quantities are reported in multiples of Troy Ounces or Avoirdupois Pounds.
  6. The cut-off grade calculation was based on the following assumptions: copper price of US$3.0/lb, mining cost of US$50/tonne, processing cost of US$10/tonne, G&A and holding cost of US$10/tonne, 90% copper recovery and 96% payable copper.

Ivanhoe’s 2017 infill and confirmation drilling in the Southern Zinc Zone confirmed the high tenor of this mineralized zone (tenor is the percentage of minerals that is actual metal to be extracted), which is characterized by high zinc, copper, lead and silver grades.

The polymetallic style of mineralization in the Southern Zinc is very similar to historical Kipushi production, with a clear zonation of copper-rich to zinc-rich zones. Using a zinc cut-off of 7%, the Southern Zinc Zone contains 0.88 million tonnes of Indicated Mineral resources at a grade of 24.5% zinc, 2.97% copper, 1.95% lead and 75 g/t silver. Additional Inferred Mineral resources in this zone are 0.16 million tonnes at a grade of 24.37% zinc, 1.64% copper, 1.2% lead and 38 g/t silver.

Figure 2: World’s top 10 zinc projects, by contained zinc.

Source: Wood Mackenzie, January 2022. Note: All tonnes and metal grades of individual metals used in the equivalency calculation of the above-mentioned projects (except for Kipushi) are based on public disclosure and have been compiled by Wood Mackenzie. All metal grades have been converted by Wood Mackenzie to a zinc equivalent grade at Wood Mackenzie's respective long-term price assumptions.

Updated Mineral Reserves extend 2022 FS mine life by three years

The Kipushi 2022 Mineral Reserve Statement has been estimated by Qualified Person Bernard Peters, Technical Director – Mining, OreWin Pty Ltd, using the 2014 CIM Definition Standards. The Mineral Reserve is based on the June 14, 2018 Mineral Resource. The effective date of the Mineral Reserve statement is February 14, 2022. The table below shows the total Proved and Probable Mineral Reserves of Kipushi.

Table 3. Kipushi 2022 FS Mineral Reserve Statement

Category

Tonnage
(Mt)

Zinc
(%)

Zinc
(Contained kt)

Proven Mineral Reserve

3.33

37.4

1,246

Probable Mineral Reserve

7.48

29.4

2,199

Total Mineral Reserve

10.81

31.9

3,445

Notes:

  1. The effective date of the Mineral Reserves is February 14, 2022.
  2. Net Smelter Return (NSR) is used to define the Mineral Reserve cut offs, therefore cut off is denominated in $/t. By definition, the cut off is the point at which the costs are equal to the NSR. An elevated cut-off grade of US$135/t NSR was used to define the mining shapes. The marginal cut-off grade has been calculated to be US$50/t NSR. The NSR for cut off was calculated using a zinc price of US$1.10/lb zinc and a treatment charge of US$170/t concentrate.
  3. The Kipushi 2022 FS Mineral Reserve is based on a zinc price of $1.10/lb Zn and a treatment charge of $170/t concentrate, while the economic analysis to demonstrate the Kipushi 2022 FS Mineral Reserve has used a zinc price of US$1.20/lb and a treatment charge of US$190/t concentrate.
  4. Only Measured Mineral Resources were used to report Proven Mineral Reserves and only Indicated Mineral Resources were used to report Probable Mineral Reserves.
  5. Mineral Reserves reported above were not additive to the Mineral Resources and are quoted on a 100% project basis.
  6. The Mineral Reserve is based on the June 14, 2018 Mineral Resource.
  7. Totals may not match due to rounding.
  8. The Proven and Probable Reserve estimate has been reported to conform with the CIM Standards on Mineral Resources (CIM, 2005) of the Canadian Institute of Mining, Metallurgy and Petroleum (CIM).

Project development and infrastructure

Significant progress has been made in recent years to modernize the Kipushi Mine’s underground infrastructure in preparation for the resumption of commercial production, including upgrading a series of vertical mine shafts to various depths, with associated headframes, as well as underground mine excavations and infrastructure.

A series of crosscuts and ventilation infrastructure is still in working condition and has been cleared of old materials and equipment to facilitate modern, mechanized mining. The underground infrastructure also includes a series of high-capacity pumps to manage the mine’s water levels, which now are easily maintained at the bottom of the mine.

Shaft 5 is eight metres in diameter and 1,240 metres deep, and has been upgraded and re-commissioned. The main personnel and material winder has been upgraded and modernized to meet international industry standards and safety criteria. The Shaft 5 rock-hoisting winder also is fully operational with new rock skips, new head- and tail-ropes, and attachments installed. The two newly manufactured rock conveyances (skips) and the supporting frames (bridles) have been installed in the shaft to facilitate the hoisting of rock from the main ore and waste storage silos feeding rock on the 1,200-metre level.

Filemon Mulubwa Kasompe inspecting Kipushi’s potable water pumps that provide clean drinking water to residents in local communities.

Figure 3: Schematic section of Kipushi Mine.

Source: Ivanhoe, 2022

Recently upgraded underground mine with easy access to stopes allows for rapid production ramp-up

Mining at Kipushi has historically been carried out from the surface to a depth of approximately 1,220 metres (Figure 4). Shaft 5 (P5) is planned to be the main production shaft with a maximum hoisting capacity of 1.8 million tonnes per annum (Mtpa) and provides the primary access to the lower levels of the mine, including the Big Zinc Zone, through the 1,150-metre haulage level. 

Mining will be performed using highly productive mechanized methods and cemented rock fill will be utilized to fill open stopes. Material generated underground will be trucked to the base of the P5 shaft, crushed and hoisted to surface. Personnel and equipment access also are via the P5 shaft. The Big Zinc Zone will be accessed via the existing decline, without significant new development required. As the existing decline already is below the first planned stoping level, it is relatively quick to develop the first zinc stopes for the ramp up of mine production.

An optimized mine sequence was developed for the 2022 FS in order to mine the highest-grade portion of the Big Zinc orebody earlier, by accelerating mine development during the plant construction period. As a result, the average grade for the first five years of mining increased from 30.2% in the PFS to 36.4% in the 2022 FS.

Figure 4: Planned and existing development at Kipushi.

Source: OreWin, 2022

Optimized processing methodology increases zinc recovery to 96%

Metallurgical testwork conducted during the 2022 FS program demonstrated that the Kipushi flowsheet could be optimized to maximize zinc output by means of a dense media separation (DMS) and mill-float circuit. A bulk sulphide flotation circuit is considered for its simplicity in terms of reagent suite, reagents handling, and cost savings – producing a superior consistent performance when compared to the differential flotation circuit during the PFS phase.

Overall zinc recovery of approximately 96% was achieved at a concentrate grading 54.8% zinc during the 2022 FS, compared to 90% zinc recovery and 59% zinc concentrate grade in the PFS. Relatively low grades of copper and lead from the Big Zinc area provide for bulk sulphide concentrates with low content at 0.6% copper and 0.7% lead that are well within acceptable limits for saleable zinc concentrate specification.

Renette Kalwambisha, one of Kipushi’s team of young Congolese employees from the Kipushi area.

Elvis Mugombe checking electrical readings during hoisting operations.

Figure 5: Kipushi Mine’s proposed site layout, showing proximity to the DRC-Zambia border.

Source: Ivanhoe, 2022

Kipushi border post provides logistics advantage

The Kipushi Mine is less than one kilometre from the Zambian border. The 2022 FS is based on transporting concentrate by road from Kipushi to Ndola, Zambia through the Kipushi border post. In June 2019, KICO received approval for a border post dedicated to the mine from the Direction Générale de Migration (DGM), which allows trucks carrying zinc concentrate to mitigate the traffic and standing time of other export routes.

From Ndola, concentrate may be transported directly to port as break bulk concentrate via three export corridors including Durban, Walvis Bay and Dar es Salaam.

Key projections from the Kipushi 2022 FS

The mine schedule has been designed for a fast ramp up, initially targeting the highest-grade areas of the Big Zinc orebody to meet the annual milling capacity of 800,000 tonnes. The mining production forecasts are shown in Table 4. Mining and processing statistics are shown in figures 6 to 8.

Table 4: Mining production statistics.

Description

Unit

Total LOM

5-Year Average

LOM Average

Zinc Feed – Tonnes Processed

Zinc Ore Treated

kt

 10,814

 792

 787

Zinc Feed Grade

%

 31.9

 36.4

 31.9

Zinc Concentrate Recovery

%

 95.6

 95.9

 95.6

Zinc Concentrate Produced

kt (dry)

 6,013

 508

 437

Zinc Concentrate Grade

%

 54.8

 54.8

 54.8

Contained Zinc in Concentrate

kt

 3,294

 278

 240

Figure 6: Estimated tonnes mined and zinc feed grade.

Source: OreWin, 2022

Figure 7: Estimated tonnes processed and zinc feed grade.

Source: OreWin, 2022

Figure 8: Zinc concentrate and contained zinc production.

Source: OreWin, 2022

Economic analysis

The cash flow estimates have been prepared on a real basis as at January 1, 2022, and a mid-year discounting is used to calculate the NPV. All monetary figures expressed are US dollars ($) unless otherwise stated.

The projected financial results for undiscounted and discounted cash flows, at a range of discount rates, IRR and payback are shown in Table 5. The key economic assumptions for the discounted cash flow analyses are shown in Table 6. The results of NPV sensitivity analysis to a range of zinc prices and zinc treatment charges are shown in Table 7. A comparison of the Kipushi 2022 FS key results to the Kipushi 2017 PFS is shown in Table 8. A chart of the cumulative cash flow is shown in Figure 9.

Table 5: Key financial results.

Description

Discount Rate

Long-Term Price (1)

Spot Price (2)

After Tax Net Present Value (US$M)

Undiscounted

 1,946

 4,447

5.0%

 1,228

 2,900

8.0%

 941

 2,286

10.0%

 790

 1,964

12.0%

 663

 1,695

Internal Rate of Return

40.9%

73.5

Payback Period (Years)

 2.3

1.4

  1. Long-term zinc price of US$1.20/lb.
  2. Spot zinc price of US$1.67/lb (February 11, 2022).

Table 6: Kipushi 2022 FS key assumptions.

Parameter

Unit

Economic Analysis Assumption

Zinc Price

US$/lb

1.20

Zinc Treatment Charge

US$/t concentrate (dry)

190

Transport Cost

US$/t concentrate (wet)

266

Table 7: After-tax NPV8% and IRR sensitivity to zinc prices and treatment charges.

Zinc Treatment Charge (US$/t)

 

Zinc Price (US$/lb)

 0.80

 1.00

 1.10

 1.20

 1.30

 1.40

 1.60

 1.80

 2.00

100

 160

 702

 922

 1,140

 1,357

 1,574

 2,202

 3,022

 3,830

 15%

 33%

 40%

 47%

 53%

 59%

 73%

 88%

 101%

130

 67

 635

 855

 1,074

 1,291

 1,508

 2,135

 2,954

 3,757

 11%

 31%

 38%

 45%

 51%

 57%

 71%

 86%

 100%

160

-26

 567

 788

 1,007

 1,225

 1,442

 2,065

 2,885

 3,678

 7%

 28%

 36%

 43%

 49%

 55%

 70%

 85%

 98%

190

-115

 486

 722

 941

 1,159

 1,376

 1,999

 2,817

 3,586

 1%

 26%

 34%

 41%

 47%

 54%

 68%

 83%

 97%

220

-206

 400

 654

 874

 1,093

 1,310

 1,932

 2,748

 3,494

N/A

 23%

 31%

 39%

 45%

 52%

 66%

 82%

 95%

250

-300

 307

 587

 808

 1,026

 1,244

 1,866

 2,679

 3,402

N/A

 20%

 29%

 37%

 44%

 50%

 65%

 80%

 94%

Table 8: Comparison of results from Kipushi 2022 FS to Kipushi 2017 PFS.

Item

Unit

2017 PFS (1)

2022 FS (2)

Zinc Ore Processed (Total)

 

 

 

   Ore Processed

kt

 8,581

 10,814

   Feed Grade

%

 32.1

 31.9

Zinc Ore Processed (LOM Average)

 

  

Ore Processed

kt/yr

780

787

Ore Feed Grade

%

32.1

31.9

Recovery

%

89.6

95.6

Concentrate Produced

kt/yr (dry)

381

437

Concentrate Grade

%

58.9

54.8

Zinc in Concentrate

 

 

 

Zinc Produced (LOM Average)

Mlb/yr

495

528

Zinc Produced (LOM Average)

kt/yr

225

 240

Peak Zinc Production

kt/yr

260

315

Key Financial Results

 

  

Pre-Production Capital

US$M

 337

 382

Mine Site Cash Cost

US$/lb Payable Zn

 0.16

 0.18

Transport Costs

US$/lb Payable Zn

 0.21

 0.28

Treatment & Refining Charges

US$/lb Payable Zn

 0.15

 0.19

C1 Cash Cost

US$/lb Payable Zn

 0.53

 0.65

Site Operating Costs

US$/t milled

 88

 103

Zinc Price Assumption

US$/lb

 1.10

 1.20

After-tax NPV8% (US$M)

US$M

 683

 941

After-tax IRR

%

35%

41%

Payback Period

Years

2.2

2.3

Project Life

Years

11.0

13.8

1. Based on a zinc price of US$1.10/lb and zinc treatment charge of US$170/t concentrate.
2. Based on a zinc price of US$1.20/lb and zinc treatment charge of US$190/t concentrate.

Figure 9: Projected annual and cumulative cash flow at long-term zinc price assumptions.

Source: OreWin, 2022.  

The total capital cost estimates for Kipushi are shown in Table 9. Kipushi’s estimated low capital intensity relative to comparable zinc projects identified by Wood Mackenzie is highlighted in Figure 10.

Table 9: Estimated capital costs.

Item

Pre-Production

Production

Total

(US$M)

(US$M)

(US$M)

Underground Mining

Mining

154

118

272

Capitalised Pre-Production Mining

17

17

Subtotal

171

118

289

Process & Infrastructure

Process & Infrastructure

 82

 41

 123

Tailings Storage Facility

 7

9

 15

Capitalised Pre-Production Processing

5

 5

Subtotal

 94

 49

 143

Closure

Closure

22

22

TSF Closure and Rehabilitation

3

3

Subtotal

25

25

Indirects & Others

EPCM

 13

 – 

 13

Owners

 47

 – 

 47

Capitalised Pre-Production G&A

 9

 – 

 9

Customs Duties & VAT

 23

-34

-10

Subtotal

93

-34

59

Capital Cost Before Contingency

357

159

516

Contingency (10%)

24

24

Capital Cost After Contingency

382

159

540

Figure 10: Capital intensity for zinc projects.

Source: Wood Mackenzie, January 2022. (based on public disclosure and information gathered in the process of routine research. The Kipushi 2022 FS has not been reviewed by Wood Mackenzie). Note: All comparable “probable”, “possible” and “base case” projects as identified by Wood Mackenzie.

Kipushi’s estimated revenues and operating costs are presented in Table 10, along with the projected net sales revenue value attributable to each key period of operation.

Kipushi’s estimated cash costs are presented in Table 11. Based on data from Wood Mackenzie, life-of-mine average cash cost of US$0.65/lb of zinc is expected to rank Kipushi, once in production, in the second quartile of the 2020 cash cost curve for zinc producers globally (see Figure 11).

Table 10: Estimated operating costs and revenues.

Description

Total
(US$M)

5-Year Average

LOM
Average

($/t Milled)

Revenue

 

 

 

Gross Sales Revenue

 7,408

 790

 685

Less Realization Costs  

Transport Costs

 1,757

 187

 162

Treatment & Refining Charges

 1,142

 122

 106

Royalties

 405

 43

 37

Total Realization Costs

 3,305

 352

 306

Net Sales Revenue

 4,103

 438

 379

Less Site Operating Costs

Mining

 634

 61

 59

Processing

 248

 23

 23

Tailings Storage Facility

 9

 1

 1

General & Administration

 201

 20

 19

Customs Duties - Opex

 19

 2

 2

Total

 1,111

 107

 103

Operating Margin

 2,992

 331

 277

Operating Margin (%)

 40

 42

 40

Table 11: Estimated cash costs.

Description

5-Year Average

LOM Average

(US$/lb Payable Zinc)

Mine Site Cash Cost

 0.16

 0.18

Transport Costs

 0.28

 0.28

Treatment & Refining Charges

 0.19

 0.19

C1 Cash Cost

 0.63

 0.65

Royalties & Export Tax

 0.07

 0.07

Total Cash Costs 

 0.70

 0.72

Figure 11: Zinc mine pro-rata C1 cash costs, 2020.

Source: Wood Mackenzie, January 2022 (based on public disclosure and information gathered in the process of routine research. The Kipushi 2022 FS has not been reviewed by Wood Mackenzie).

Note: Represents C1 pro-rata cash costs which reflect the direct cash costs of producing paid metal incorporating mining, processing and offsite realization costs, having made appropriate allowance for the co-product revenue streams.

Crews operating the newly commissioned Shaft 15 winder, part of the underground upgrading work already completed at Kipushi.

Women and children filling up their water containers at one of the community potable water stations installed by the Kipushi team.

Children from communities near the Kipushi Mine gathering near one of the potable water stations. Ivanhoe Mines is committed to developing leading-edge mines that provide responsible access to key metals, such as zinc, that are needed to build a better world for our children and our grandchildren.

Qualified Persons

The following companies have undertaken work in preparation of the Kipushi 2022 FS:

  • OreWin – Overall report preparation, mining, Mineral Reserve estimation and economic analysis.
  • MSA Group – Resource and geology.
  • SRK Consulting – Mine geotechnical recommendations.
  • METC Engineering – Plant and surface infrastructure.

The independent Qualified Persons responsible for preparing the Kipushi 2022 FS, on which the technical report will be based, are Bernard Peters (OreWin); William Joughin (SRK Consulting); John Edwards (METC Engineering); and Michael Robertson and Jeremy Witley (MSA Group). Each Qualified Person has reviewed and approved the information in this news release relevant to the portion of the Kipushi 2022 FS 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, Geosciences, a Qualified Person under the terms of NI 43-101. Mr. Torr is not considered independent under NI 43-101 as he is the Vice President, Geosciences of Ivanhoe Mines. Mr. Torr has verified the technical data disclosed in this news release.

Sample preparation, analyses and security

Ivanhoe Mines maintains a comprehensive chain of custody and QA-QC program on assays from its Kipushi Project. Half-sawn core was processed either at its preparation laboratory in Kamoa, DRC, or its exploration preparation laboratory in Kolwezi, DRC. Prepared samples then were shipped to Bureau Veritas Minerals (BVM) Laboratories in Australia for external assay. Industry-standard certified reference materials and blanks were inserted into the sample stream prior to dispatch to BVM. Ivanhoe Mines’ QA-QC program has been set up in consultation with MSA Group (Pty.) Ltd., of Johannesburg.

Information on sample preparation, analyses and security is contained in the Kipushi Project NI 43-101 Technical Report dated January 25, 2018, filed on SEDAR at www.sedar.com and on the Ivanhoe Mines website at www.ivanhoemines.com.

About Ivanhoe Mines

Ivanhoe Mines is a Canadian mining company focused on advancing its three principal projects in Southern Africa: the development of major new, mechanized, underground mines at the Kamoa-Kakula copper discoveries in the Democratic Republic of Congo and at the Platreef palladium-rhodium-platinum-nickel-copper-gold discovery in South Africa; and the extensive redevelopment and upgrading of the historic Kipushi zinc-copper-germanium-silver mine, also in the Democratic Republic of Congo.

Kamoa-Kakula began producing copper concentrates in May 2021 and, through phased expansions, is positioned to become one of the world's largest copper producers. Kamoa-Kakula is being powered by clean, renewable hydro-generated electricity and is projected to be among the world’s lowest greenhouse gas emitters per unit of metal produced. Ivanhoe Mines has pledged to achieve net-zero operational greenhouse gas emissions (Scope 1 and 2) at the Kamoa-Kakula Copper Mine. Ivanhoe also is exploring for new copper discoveries on its Western Foreland exploration licences in the Democratic Republic of Congo, near the Kamoa-Kakula Project.

Information contacts

Investors: Bill Trenaman +1.604.331.9834 / Media: Matthew Keevil +1.604.558.1034

Forward-looking statements

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

Such statements include without limitation, the timing and results of: (1) statements regarding a two year development timeline to bring Kipushi to commercial production; (2) statements regarding successful commencement of commercial production would establish Kipushi as the world’s highest-grade major zinc mine with average grade of 36.4% over the first five years of production; (3) statements regarding Kipushi having an after-tax NPV of US$941 million and an IRR of 41% based on a long term zinc price of US$1.20/lb; (4) statements regarding Kipushi having an after-tax NPV of US$2.3 billion and IRR of 73% at the current spot zinc price of approximately US$1.67/lb; (5) statements regarding pre-production capital estimated at US$382 million; (6) statements regarding future mine production including life-of-mine average annual zinc production of 240,000 tonnes with C1 cash costs of US$0.65/lb of payable zinc; (7) statements regarding a mine life of 14 years and an after-tax project payback period of 2.3 years; (8) statements that Shaft 5 is planned to be the main production shaft with a maximum hoisting capacity of 1.8 million tonnes per annum; (9) statements that the Big Zinc is expected to be accessed via the existing decline and without significant new development; (10) statements the with life-of-mine average cash cost of US$0.65/lb of zinc, Kipushi is expected to rank, once in production, in the second quartile of the 20202 cash cost curve for zinc producers globally; (11) statements that from Ndola, the concentrate will be transported directly to port as break bulk concentrate via three export corridors including Durban, Walvis Bay and Dar es Salaam; and (12) statements regarding expected methods of mining and processing.

As well, all of the results of the Kipushi 2022 feasibility study, constitute forward-looking statements or information, and include future estimates of internal rates of return, net present value, future production, estimates of cash cost, proposed mining plans and methods, mine life estimates, cash flow forecasts, metal recoveries, estimates of capital and operating costs and the size and timing of development of the project. Furthermore, with respect to this specific forward-looking information concerning the development of the Kipushi Project, the company has based its assumptions and analysis on certain factors that are inherently uncertain. Uncertainties include: (1) the adequacy of infrastructure; (2) geological characteristics; (3) metallurgical characteristics of the mineralization; (4) the ability to develop adequate processing capacity; (5) the price of copper; (6) the availability of equipment and facilities necessary to complete development; (7) the cost of consumables and mining and processing equipment; (8) unforeseen technological and engineering problems; (9) accidents or acts of sabotage or terrorism; (10) currency fluctuations; (11) changes in regulations; (12) the compliance by joint venture partners with terms of agreements; (13) the availability and productivity of skilled labour; (14) the regulation of the mining industry by various governmental agencies; (15) the ability to raise sufficient capital to develop such projects; (16) changes in project scope or design; (17) political factors; (18) unforeseen delays or stoppages in shipping and transportation of goods and equipment; and (19) that the new Kipushi joint venture agreement is executed on anticipated timelines.

Forward-looking statements and information 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 or information, including, but not limited to, the factors discussed below and under “Risk Factors”, and elsewhere in this release, as well as unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts with the company to perform as agreed; social or labour unrest; changes in commodity prices; and the failure of exploration programs or studies to deliver anticipated results 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 the company believes are reasonable assumptions, the company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this 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 below in the “Risk Factors” section in the company’s 2021 Q3 MD&A and its current annual information form.

刚果民主共和国基普什 — 艾芬豪矿业 (TSX: IVN; OTCQX: IVPAF) 执行联席董事长罗伯特·弗里兰德 (Robert Friedland)和孙玉峰先生(Miles Sun )、总裁玛娜·克洛特 (Marna Cloete)以及刚果(金)国有矿业公司杰卡明 (Gécamines) 董事长阿尔方斯·卡普托·卡鲁比 (Alphonse Kaputo Kalubi)、首席执行官贝斯特-希莱尔·恩坦布韦·恩戈伊·卡邦戈 (Bester-Hilaire Ntambwe Ngoy Kabongo)欣然宣布,艾芬豪矿业通过其全资拥有的子公司基普什控股 (Kipushi Holding)与杰卡明签署新框架协议,推进基普什超高品位矿山重启商业化生产。基普什将成为全球品位最高的大型锌矿,投产前5年的平均锌品位达36.4%。

点击观看基普什重启成为全球品位最高的大型锌矿全新视频 : https://vimeo.com/676846621/282541f745

新框架协议规定的商业条款将构成基普什新合资股东协议的基础,为基普什矿山未来的互利运营构建稳固的框架,但尚需完成最终股东协议的签署。

阿尔方斯·卡普托·卡鲁比评论说:"近期我们亲眼见证了艾芬豪以最高的行业标准,将卡莫阿-卡库拉 (Kamoa-Kakula) 合资企业发展为先进铜矿的卓越成就,为刚果(金)铜矿带建立了新的行业基准。同时,艾芬豪和杰卡明以公平的方式重新缔结了基普什项目的合作,符合《矿业守则》以及杰卡明的唯一股东刚果(金)政府的期望。

"我们相信,基普什在大锌矿带的新合作将会成为成功整合专业知识、资源、独特资产的行业标杆,并实现为利益相关方、国家、股东和邻近社区创造价值的共同愿望。基普什与卡莫阿-卡库拉一样,将会带来新的标准和就业机会、改善卫生和教育基础设施,并创造基普什社会经济活跃发展的条件。杰卡明已运营基普什矿山多年,我们期望通过与艾芬豪加强合作,为刚果(金)矿业做出最大的贡献。"

贝斯特-希莱尔·恩坦布韦·恩戈伊·卡邦戈补充说:"我们很高兴与艾芬豪矿业迈进长期合作的新篇章,这将为各方带来巨大的长远利益。过去十多年来,艾芬豪矿业一直是基普什项目的重要合作伙伴,我们衷心感谢他们对于项目的持续贡献。我们深信艾芬豪矿业拥有足够的技术和财务能力运营大锌矿带,并相信我们能够以可持续、负责任的方式携手开发项目,为利益相关方包括邻近社区创造福祉。杰卡明认为这是良好的契机去改善大锌矿带的资源开采,并为上加丹加省的整体经济发展和民众职业发展做出贡献。"

弗里兰德先生说﹕"与杰卡明签署的新框架协议,见证了艾芬豪团队的坚毅、才智和耐心,我们将与刚果(金)的合作伙伴携手奋进,共创辉煌。我谨代表艾芬豪矿业的董事会,感谢由总裁玛娜·克洛特领导的团队,帮助我们迈入崭新的历史时刻。"

"卡莫阿铜矿团队在预算内超计划实现卡莫阿-卡库拉矿山I期投产的出色表现,向我们的合作伙伴杰卡明和刚果(金)政府展示了我们强劲的开发实力和领先行业的社区工作,这无疑有助于加快新框架协议的达成。"

"新框架协议使我们能够以负责任、高效的方式,加快推进基普什成为超高品位的在产锌矿山,基普什具有发现更多锌、铜、锗和银等资源的巨大潜力,力保我们践行诺言为刚果(金)人民创造长期经济和社会效益。

"过去几年对所有人来说都是重大的挑战,包括为基普什复产的尽忠职守的员工。我们共同应对了COVID-19疫情所造成的全球影响,这使我们变得更加强大。我们已经制订明确的目标,推进我们三大世界级矿业项目的商业化生产。"

(从左至右)﹕ 艾芬豪矿业刚果(金)公共事务副总裁奥利维尔·宾因戈 (Olivier Binyingo)、艾芬豪矿业总裁玛娜·克洛特、杰卡明董事长阿尔方斯·卡普托·卡鲁比及基普什公司总经理路易斯·瓦特姆 (Louis Watum) 在最近到访卡莫阿-卡库拉铜矿期间,就基普什的合作事项进行讨论。

杰卡明董事长阿尔方斯·卡普托·卡鲁比(左)在卡莫阿-卡库拉先进的培训中心"操作"一台重型设备。

传奇矿业项目的重生,基普什曾经是重要的铜、锌、锗和贵金属矿山

基普什铜-锌-锗-银矿位于刚果(金)铜矿带,毗邻基普什镇,距卢本巴希西南约 30 公里,位于赞比亚边境一公里内。

基普什曾经是重要的铜锌矿山,具有悠久的传奇历史。基普什矿山由Union Minière公司1924年建设,投产后运营了42年。早期露天开采品位高达18%的全球品位最高的铜矿,其后转型为非洲品位最高的铜、锌和锗地下矿山。国有矿业公司杰卡明于1967年接手基普什矿山并运营至1993年,受经济和政治因素影响一直处于保养和维护状态。

在过于69年开采期间,基普什共开采了6,000万吨矿石, 锌品位和铜品位分别为11%和约7%,共生产660万吨锌和400万吨铜;同时在1956年与1978年间生产了278吨锗和12,673吨铅。由于精矿被运送到比利时,而且在殖民时代并没有公开贵金属的回收率,因而没有贵金属产量的历史纪录。另外,艾芬豪矿业在基普什富锌和富铜矿带的钻探勘查,还发现了价值巨大的银矿资源。

锗是一种战略性金属,用于电子设备、平板显示屏、发光二极管(LED)、夜视设备、光纤网络、光学透镜系统和太阳能电池应用

基普什矿山过去的产量大部分来自断裂矿带,最初露天开采陡倾的高品位铜锌矿体。断裂矿带延伸至地表以下最少1,800米,沿碳质白云岩中的一条断裂分布 (见图3)。

基普什矿山上次停产之前,杰卡明在地表以下约1,250米深度发现大锌矿带,与断裂矿带相邻 (见图3)。大锌矿带至今仍未开采,是新可行性研究中提出的首采区。

艾芬豪于2011年收购基普什项目的权益后,钻探勘查扩大了探明和推断矿产资源量,估算的矿石量为1,178万吨,锌品位35.34%、铜品位0.80%、银品位23克/吨和锗品位64克/吨 (7%锌边界品位),含有92亿磅锌、870万盎司银和2,440万盎司锗 (见表1)。

此外,艾芬豪的钻探勘查还扩大了富铜矿体的探明和推断矿产资源量,新增矿石量达229万吨,铜品位4.03%、锌品位2.85%、银品位21克/吨及锗品位19克/吨 (1.5%铜边界品),含有1.44亿磅铜 (见表1)。

1928年11月基普什矿山的露天采场

基普什1号、2号和3号井架及基普什选厂的旧照 (摄于1966年2月)。

基普什的地质团队2016年展示了大锌矿带内长达340米的见矿厚度,锌品位达44.8%,至今仍是全球品位最高的钻孔之一。

2014年在Série Récurrente矿区钻进的KPU008钻孔岩芯,见矿11.2米,铜品位17%、银品位89.6克/吨,显示了富铜和富银矿化的勘查潜力。

可行性研究报告公布久负盛名的基普什矿山的复产计划、为期两年的建设时间表以及卓越的经济测算结果

艾芬豪矿业今天公布基普什重启商业化生产计划的独立可行性研究。

基普什2022 年可行性研究 (以下简称"2022可行性研究") 以艾芬豪矿业于2018年1月发表的预可行性研究(以下简称"PFS")的为基础。基普什复产开发的建设周期为两年,与可比的开发项目比较,利用现有的地表和地下大型基础设施,可大幅降低资本性开支。估计投产前资本性开支(包括应急费用) 为3.82亿美元。

2022可行性研究的重点是大锌矿带和南锌矿带的开采,估算的探明和控制矿产资源量之矿石量达1,180万吨,锌品位35.3%。基普什拥有超级高的锌品位,国际矿业领先的研究咨询集团伍德曼肯兹 (Wood Mackenzie) 认为基普什锌品位超过全球第二高项目两倍以上 (见图 2)。

2022可行性研究并没有涵盖迄今为止划定的任何富铜矿产资源,并假设收入仅来自于锌产品 (未计副产品收入)。

2022可行性研究计划重启地下开采作业,并且在地表建设一座新选厂,年处理矿石80万吨,生产精矿含锌金属约24万吨

艾芬豪在发表2022可行性研究的同时,正与其合作伙伴杰卡明审查基普什的开发和融资方案。基普什矿山由艾芬豪矿业全资子公司基普什控股和刚果(金)国有矿业公司杰卡明持有的合资企业Kipushi Corporation (以下简称"KICO")运营管理。

2022可行性研究由OreWin Pty. Ltd. 、MSA Group (Pty.) Ltd. 、SRK Consulting (Pty) Ltd.及METC Engineering按100%项目权益独立编撰。有关技术报告将于本新闻稿发布后45天内上传至SEDAR网址 (www.sedar.com) 以及艾芬豪矿业官方网站 (www.ivanhoemines.com)。

图 1﹕全球十大锌矿,显示估算的锌年产量和原矿品位(按2020年产量排名)。

信息来源﹕伍德曼肯兹 (2022年1月)。注﹕伍德曼肯兹以基普什项目矿山服务年限内24万吨/年的锌金属产量和31.9%的原矿品位,与估算的其它矿山2020年的产量和原矿品位进行比较。

2022可行性研究再次证明基普什项目的可观经济性

克洛特女士说﹕"可行性研究确定,单是大锌矿带的资源就足以使基普什矿山成为全球资源规模最大和成本最低的锌生产商之一。"

"我们将继续与潜在投资者沟通,为推进基普什迈向生产的新时代提供支持。井下基础设施升级方面取得了重大进展,我们已经制订明确的计划和路线,去重启这座极高品位矿山的生产。"

她补充说﹕ "艾芬豪自2011年收购基普什矿山的权益以来,我们的团队一直努力为重启商业化生产做好准备。期间锌金属价格从每磅不到1.00美元大幅上升至1.70美元以上。我们深信,供需市场的长期基本面将使锌价格在未来长期维持强劲走势。"

弗里兰德先生评论说﹕"我们十分期待基普什跻身全球最大型锌矿山之列。锌是一种不可或缺的金属,其持久耐用、用途广泛和可回收的特性,使其成为现代可持续发展社会的金属之选。"

"锌不仅是镀锌工艺中保护钢免受腐蚀的关键金属,还是人体必需的微量营养元素,有助于增强免疫系统,对于健康成长和大脑发展极其重要。而且,锌也是植物生长的主要成分,被广泛用于肥料。"

基普什项目勤勉尽责的员工Elvis Mugombe十分期待重启商业化生产。

基普什5号竖井的井架。5号竖井用于运送工作人员和物料的卷扬机以及用于提升岩石的卷扬机已进行升级和翻新,以符合全球行业标准和安全规则。

Patrick Mwanza Wa Kabongo在基普什的5 号竖井操作现代化的提升设备。

2022可行性研究重点

基普什矿山 2022可行性研究概要﹕

  • 2022可行性研究对于80万吨/年地下采矿和选厂的开发方案进行了评价,资源规模较预可行性研究有所提高,矿山服务年限延长至14年。
  • 与同类项目对比,基普什利用现有的地表和地下基础设施,可显着降低资本性开支。主要的建设项目是两年内在地表建造一座常规的浮选厂以及新的配套基础设施。
  • 投产前的资本性开支 (包括应急费用) 约为3.82亿美元。
  • 矿山服务年限内的平均年产量为24万吨锌,锌品位32%,预计将使基普什跻身世界主要锌矿山之列 (图 1),一旦投产,其品位将远高于其它矿山。
  • 矿山服务年限内的平均C1现金成本为0.65美元/磅。预计基普什投产后在全球锌生产商现金成本曲线中处于第二四分位 (图11)。
  • 以1.20美元/磅的长期锌价估算,项目具有9.41亿美元的税后净现值(折现率8%)和40.9%的税后内部收益率,项目回报期2.3年。
  • 以2022年2月11日约1.67美元/磅的现货锌价估算,税后净现值扩大至22.86亿美元 (折现率8%),税后内部收益率达73.5%,项目回报期1.4年。

基普什控股、杰卡明和KICO达成的新框架协议要点﹕

  • 艾芬豪矿业全资拥有的基普什控股应向杰卡明转让其在KICO持有的6%股权和投票权,其后基普什控股和杰卡明将分别持有62%和38%的股权。
  • 2027年1月25日后,基普什控股应向杰卡明转让其在KICO持有的5%股权和投票权,其后基普什控股和杰卡明将分别持有57%和43%的股权。
  • 在完成上述6%和5%的股权转让后,如需按照适用的法律或监管规定将KICO的部分股权转让与国家或任何第三方,则应由杰卡明履约转让该等KICO股权,而基普什控股将保持KICO 57%的股权不变。
  • 一旦开采和处理矿石量达到目前估算的证实和可信储量且不超过1,200万吨,则基普什控股应向杰卡明再转让其在KICO中持有的37%股权,其后基普什控股和杰卡明将分别持有KICO的20%和80%股权。
  • 成立新的监事会和执行委员会,以及依比例设置的股东代表席位。
  • 实施重点发展刚果(金)人才的新举措,包括个人发展、物色未来管理层、人才梯队计划以及员工性别平等。
  • 已制订基普什项目锌精矿产品包销的招标框架,杰卡明全程参与。
  • 基普什控股将继续通过股东贷款及/或第三方融资,为项目开发提供资金。股东贷款的利率为6%,从2022年1月1日起计息,适用于现有余额及任何后续贷款。根据现有股东贷款协议的条款,股东贷款的利率为伦敦同业拆借利率加4%,适用于80%的预付款,其余的20%免息。截至2021年12月31日,基普什控股的股东贷款余额 (已计入应付利息) 约5.28亿美元。

基普什矿产资源量

矿产资源量估算遵从2014版CIM定义标准,并按照加拿大"NI43-101"矿业项目披露标准编写。

矿产资源量估算以艾芬豪矿业2017年施工的58个钻孔、2016年前施工的84个钻孔以及杰卡明施工的107个历史钻孔取得的勘查数据为基础。估算基准日为2018年6月14日,本次可行性研究中矿产资源量并没有变化。矿产资源量估算范围为1,150米中段以下的大锌矿带、南锌矿带、断裂矿带、断裂矿带分支和Série Récurrente矿带。

矿产资源以其中锌和铜金属量最大者为准,分为富锌资源或富铜资源。表1显示了大锌矿带和南锌矿带 (7%锌边界品位);表2则显示了断裂矿带、断裂矿带分支和Série Récurrente矿带 (1.5%铜边界品位)的资源状况。

富锌矿带的矿产资源以7.0%锌边界品位,富铜矿带以1.5%铜边界品位报告。由于各个矿带的共伴生金属会带来可观的收入,MSA认为据此边界品位圈定的矿化可满足经济开采的合理预期。

基普什最近安装的瑞典Sandvik AB公司生产的颚式破碎机,破碎能力达1,085吨/小时。

采出的矿石破碎后,从颚式破碎机输送到5号竖井底部的岩石提升卷扬机。

基普什井下1,210米中段的主泵站,工作人员继续为矿山复产做好准备。

表1﹕基普什的富锌矿产资源 (7%锌边界品位) -估算基准日2018年6月14日

矿带

类别

矿石量
(百万吨)


%


%


%


克/吨


ppm


克/吨

大锌

探明

3.65

39.87

0.65

0.35

18

18

56

控制

7.25

34.36

0.62

1.29

19

12

53

推断

0.98

35.32

1.18

0.09

8

15

62

南锌

控制

0.88

24.52

2.97

1.95

75

6

188

推断

0.16

24.37

1.64

1.20

38

6

61

总计

探明

3.65

39.87

0.65

0.35

18

18

56

控制

8.13

33.30

0.87

1.36

25

11

68

探明及控制

11.78

35.34

0.80

1.05

23

13

64

推断

1.14

33.77

1.24

0.24

12

14

62

金属量

矿带

类别

矿石量
(百万吨)


(百万
磅)


(百万
磅)


(百万
磅)


(百万
盎司)


(百万
磅)

 锗
(百万
盎司)

大锌

探明

3.65

3210.6

52.3

27.8

2.06

0.14

6.60

控制

7.25

5,489.0

98.7

206.6

4.48

0.19

12.43

推断

0.98

764.0

25.5

1.9

0.26

0.03

1.96

南锌

控制

0.88

476.5

57.6

37.8

2.11

0.01

5.34

推断

0.16

86.7

5.8

4.3

0.20

0.00

0.32

总计

探明

3.65

3,210.6

52.3

27.8

2.06

0.14

6.60

控制

8.13

5,965.5

156.4

244.4

6.59

0.20

17.77

探明及控制

11.78

9,176.0

208.6

272.2

8.65

0.34

24.36

推断

1.14

850.7

31.3

6.2

0.46

0.04

2.28

注:
1. 矿产资源量估算基准日为2018年6月14日。
2. 表格中数据已进行四舍五入,总计可能会出现微小的统计误差。
3. 矿产资源量不是矿产储量,不具有论证的经济潜力。
4. 所报告的是原地资源量。
5. 金属量以金衡盎司或常衡磅为单位报告。
6. 边界品位根据以下经济和技术假设确定﹕锌价格1.0美元/磅、采矿成本50美元/吨、选矿成本10美元/吨、管理和行政成本10美元/吨、55%锌精矿的运输成本210美元/吨、锌回收率90%、锌计价系数为85%。

表2﹕基普什的富铜矿产资源 (1.5%铜边界品位) -估算基准日2018年6月14

矿带

类别

矿石量
(百万吨)


%


%


%


克/吨


ppm


克/吨

断裂矿带

探明

0.14

2.74

1.52

0.04

16

77

21

控制

1.22

4.11

3.32

0.09

21

96

30

推断

0.20

3.11

2.58

0.07

18

43

23

Série
Récurrente 

控制

0.93

4.14

2.43

0.02

23

50

4

推断

0.03

1.81

0.06

0.00

8

52

0.3

断裂矿带分

推断

0.21

4.91

19.84

0.01

21

107

93

总计

探明

0.14

2.74

1.52

0.04

16

77

21

控制

2.15

4.12

2.94

0.06

22

76

19

探明及控制

2.29

4.03

2.85

0.06

21

76

19

推断

0.44

3.89

10.77

0.04

19

75

55

含金属量

矿带

类别

矿石量
(百万吨)


(百万
磅)


(百万
磅)


(百万
磅)


(百万
盎司)


(百万
磅)

 锗
(百万
盎司)

断裂矿带

探明

0.14

8.5

4.7

0.1

0.07

0.02

0.09

控制

1.22

110.8

89.7

2.5

0.82

0.26

1.19

推断

0.20

13.4

11.1

0.3

0.12

0.02

0.14

Série
Récurrente 

控制

0.93

84.6

49.8

0.5

0.69

0.10

0.12

推断

0.03

1.3

0.04

0.0

0.01

0.00

0.00

断裂矿带分

推断

0.21

23.2

93.7

0.1

0.14

0.05

0.64

总计

探明

0.14

8.5

4.7

0.1

0.07

0.02

0.09

控制

2.15

195.4

139.4

3.0

1.51

0.36

1.31

探明及控制

2.29

204.0

144.2

3.1

1.58

0.39

1.40

推断

0.44

37.9

104.9

0.4

0.27

0.07

0.78

注:
1. 矿产资源量估算基准日为2018年6月14日。
2. 表格中数据进行四舍五入,总计可能会出现微小的统计误差。
3. 矿产资源量不是矿产储量,不具有论证的经济潜力。
4. 所报告的是原地资源量。
5. 金属量以金衡盎司或常衡磅为单位报告。
6. 边界品位根据以下经济和技术假设确定﹕铜价格3.0美元/磅、采矿成本50美元/磅、选矿成本10美元/吨、管理和行政成本10美元/吨、铜回收率90%、铜计价系数96%。

艾芬豪于2017年在南锌矿带进行的加密和验证钻探,证实了该矿化带的高矿化强度 (tenor,含可提取金属的矿物百分含量),以锌、铜、铅和银金属的高品位为特征。

南锌矿带的多金属矿化类型,与基普什矿山的历史生产情况非常相似,从富铜至富锌的分带明显。以7%锌边界品位估算,南锌矿带控制矿产资源量之矿石量88万吨,锌品位24.5%、铜品位2.97%、铅品位1.95%和银品位75克/吨。该矿带还含有推断矿产资源量,矿石量达16万吨,锌品位24.37%、铜品位1.64%、铅品位1.2%和银品位38克/吨。

图 2﹕按金属量排名的全球十大锌矿。

信息来源﹕伍德曼肯兹 (2022年1月)。注:上述项目 (基普什除外)中各金属矿种的矿石量和金属品位均以公开披露为基础,由伍德曼肯兹编辑整理。伍德曼肯兹根据其对金属的长期价格假设,将各金属品位转换为当量锌品位。

最新的矿产储量将 2022可行性研究的矿山服务年限延长了三年

基普什2022年矿产储量估算,由合资格人Bernard Peters按照 2014 版 CIM 定义标准开展,他是OreWin的采矿技术总监。矿产储量以2018年6月14日的矿产资源量为基础。矿产储量报告基准日为2022年2月14日。下表显示了基普什的证实和可信矿产储量。

表3﹕基普什2022可行性研究的矿产储量

类别

矿石量 
(百万吨)


(%)

锌金属量
(干吨)

证实储量

3.33

37.4

1,246

可信储量

7.48

29.4

2,199

总矿产储量

10.81

31.9

3,445

注:
1. 矿产储量报告基准日为2022年2月14日。
2. 冶炼厂净收益 (NSR) 用于矿产储量的圈定边界,以美元/吨为单位。根据定义,边界是指成本等于NSR的分界点。用于采场设计的NSR边界为135美元/吨。边际(marginal)NSR为 50美元/吨。 NSR边界基于锌价1.10美元/磅和粗炼费170美元/吨精矿计算确定。
3. 基普什2022可行性研究的矿产储量基于锌价1.10美元/磅和粗炼费170美元/吨精矿估算,而用于论证矿产储量的经济分析的经济假为锌价格1.20美元/磅,粗炼费190美元/吨精矿 。
4. 证实矿产储量仅基于探明矿产资源量,可信矿产储量仅基于控制矿产资源量。
5. 上述报告的矿产资源量包含矿产储量,二者并非相加关系,并以100%项目权益报告。
6. 矿产储量以2018年6月14日估算的矿产资源量为基础。
7. 总量统计可能会因四舍五入而有微小差异。
8. 证实和可信储量的估算按照加拿大采矿、冶金及石油学会 (CIM) 的 2014版CIM 定义标准报告。

项目开发和基础设施

为重启商业化生产做好准备,基普什矿山近年来在地下基础设施现代化升级方面取得了重大进展。这些工程包括在不同中段修缮升级竖井和井架,以及地下矿山的掘进工程和基础设施。

诸多穿脉巷道和通风设施仍然运作正常,并已清除陈旧物品和设备,以配合先进的机械化采矿作业。地下基础设施还包括一系列高效水泵,用于控制矿山水位,目前水位很容易保持在矿山底部。

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

Filemon Mulubwa Kasompe 在基普什检查为当地社区居民提供清洁饮用水的水泵。

图3﹕基普什矿山示意图

信息来源﹕艾芬豪 (2022年)

地下矿山完成升级改造,提供方便的进场通道以加快实现产量爬坡

在历史上,基普什的开采作业从地表延伸至1,220 米的深度 (图4)。计划用作主要生产井的5号竖井,提升能力达180万吨/年,并用作主要进场通道,经1,150米运输中段进入矿山的较低中段 (包括大锌矿带)。

项目将采用高效的、机械化的开采方式,将使用废石混凝土进行采空区回填。地下采出的岩石将会运送到P5竖井的底部,破碎后提升至地表。工作人员和设备运送也将经P5竖井出入。采掘班组将经由现有的斜坡道进入大锌矿带,因此无需进行大规模建设。由于现有的斜坡道已低于规划中的首采中段,采掘班组可以更快速地进行首批锌矿的开拓工程以实现产量爬坡。

2022 可行性研究 已制定了优化的开采序列,在选厂建设期间加快矿山的开拓工程,可尽早进入大锌矿体的最高品位区段进行开采。因此,投产后前5年开采的平均品位从 预可行性研究预计的30.2%提升至2022 可行性研究的36.4%。

图 4﹕基普什规划的和建成的开拓工程。

信息来源﹕OreWin (2022年)

优化的选矿方法,锌回收率提高至96%

在 2022 可行性研究开展的选冶试验表明,基普什项目可通过重介质分选和浮选来最大程度地提高锌产量,以优化矿山的开发流程。由于在试剂组合、再生和成本节约上的优势,且比预可行性研究中的其它浮选系统表现更加出色和稳定,计划使用大型硫化物浮选系统。

2022 可行性研究中,精矿的锌品位为54.8%,综合锌回收率约96%;而预可行性研究中的锌精矿品位59%,锌回收率则为90%。大锌矿带的铜和铅品位相对较低,因此精矿的铜、铅金属含量也较低,铜品位0.6%和铅品位0.7%,均在锌精矿销售的可接受范围之内。

来自基普什地区的Renette Kalwambisha,是基普什项目的年轻刚果(金)雇员之一。

Elvis Mugombe 在检查电气仪表。

图5﹕基普什矿山规划图,显示其邻近的刚果(金)-赞比亚边界。

信息来源﹕艾芬豪 (2022年)

基普什毗邻赞比亚边境,物流优势明显

基普什矿山距离赞比亚边境不到一公里。2022 可行性研究假设从基普什矿山经由基普什口岸以陆路运送精矿到赞比亚的恩多拉。2019 年 6 月,KICO 获得移民事务总局 (Direction Générale de Migration) 批准在矿山设立专用的口岸,允许装载锌精矿的卡车通关,以缓解交通拥挤的问题并减少其他出口路线的停留时间。

散装精矿从恩多拉可通过德班港、鲸湾港和达累斯萨拉姆三个港口运出。

基普什2022 可行性研究要点

矿山规划重在快速实现产量爬坡,最初以大锌矿带最高品位的矿段为首采区,以达到80万吨/年的选矿能力。产量预测请见表4,采矿和选矿的统计数据见图6和图8。

表4﹕采矿产量的统计

项目

单位

矿山服务年限
内总量

5年平均值

矿山服务
年限内平均

处理矿石量

锌矿石处理量

千吨

 10,814 

 792 

 787 

锌矿石品位

 31.9 

 36.4 

 31.9 

锌精矿回收率

 95.6 

 95.9 

 95.6 

锌精矿产量

千吨(干) 

 6,013 

 508 

 437 

锌精矿品位

 54.8 

 54.8 

 54.8 

精矿含锌金属

千吨

 3,294 

 278 

 240 

图 6﹕开采矿石量和锌入选品位。

信息来源﹕OreWin (2022年)

图 7﹕处理矿石量和锌入选品位。

信息来源﹕OreWin (2022年)

图8﹕锌精矿和锌金属产量。

信息来源﹕OreWin (2022年)

经济分析

现金流分析基于2022年1月1日的实际情况,并采用年中折现法计算净现值。除非另有指明,所有货币数字均以美元为单位。

表5基于不同的折现率、内部收益率和回报期,列出预测的未折现和折现现金流的财务结果。表6显示了折现现金流分析的重要经济假设。表7列出净现值对锌价格和锌粗炼费变动的敏感性分析。表8说明了基普什2022可行性研究的主要结果与基普什2017预可行性研究的对比。图9显示的是累计现金流。

表5﹕主要财务业绩

项目

折现率

长期价格 (1)

现货价格 (2)

税后净现值 (百万美元)

未折现

 1,946 

 4,447 

5.0%

 1,228 

 2,900 

8.0%

 941 

 2,286 

10.0%

 790 

 1,964 

12.0%

 663 

 1,695 

内部收益率

40.9%

73.5

回报期 (年)  

 2.3 

1.4 

1. 长期锌价为1.20美元/磅。
2. 现货锌价为1.67美元/磅 (2022年2月11日)。

表6﹕基普什2022 可行性研究 的主要假设。

参数

单位

经济假设

锌价

美元/磅

1.20

锌粗炼费

美元/吨精矿 (干)

190

运输费

美元/吨精矿 (湿)

266

表7﹕税后净现值(折现率8%)和内部收益率对锌价和粗炼费变动的敏感性。

锌粗炼费 
(美元/吨)

锌价 (美元/磅) 

 0.80 

 1.00 

 1.10 

 1.20 

 1.30 

 1.40 

 1.60 

 1.80 

 2.00 

100

 160 

 702 

 922 

 1,140 

 1,357 

 1,574 

 2,202 

 3,022 

 3,830 

 15% 

 33% 

 40% 

 47% 

 53% 

 59% 

 73% 

 88% 

 101% 

130

 67 

 635 

 855 

 1,074 

 1,291 

 1,508 

 2,135 

 2,954 

 3,757 

 11% 

 31% 

 38% 

 45% 

 51% 

 57% 

 71% 

 86% 

 100% 

160

-26 

 567 

 788 

 1,007 

 1,225 

 1,442 

 2,065 

 2,885 

 3,678 

 7% 

 28% 

 36% 

 43% 

 49% 

 55% 

 70% 

 85% 

 98% 

190

-115 

 486 

 722 

 941 

 1,159 

 1,376 

 1,999 

 2,817 

 3,586 

 1% 

 26% 

 34% 

 41% 

 47% 

 54% 

 68% 

 83% 

 97% 

220

-206 

 400 

 654 

 874 

 1,093 

 1,310 

 1,932 

 2,748 

 3,494 

N/A 

 23% 

 31% 

 39% 

 45% 

 52% 

 66% 

 82% 

 95% 

250

-300 

 307 

 587 

 808 

 1,026 

 1,244 

 1,866 

 2,679 

 3,402 

N/A 

 20% 

 29% 

 37% 

 44% 

 50% 

 65% 

 80% 

 94% 

表8﹕基普什2022 可行性研究与基普什2017 预可行性研究的结果对比。

项目

单位   

2017 预可行
性研究 (1)

2022 可行性
研究 (2)

锌矿石处理量 (总量)

   处理量

千吨

 8,581 

 10,814 

   入选品位

%

32.1

31.9

锌矿石处理量(矿山服务年限平均值)

  处理量 

千吨/年

780

787

  入选品位 

32.1

31.9

  回收率

89.6

95.6

  精矿产量 

千吨/年(干) 

381

437

  精矿品位 

58.9

54.8

精矿锌金属含量

  锌金属产量(矿山服务年限平均值)

百万磅/年

495

528 

  锌金属产量(矿山服务年限平均值)

千吨/年

225

 240

  最高锌金属产量

千吨/年

260

315

主要财务分析结果 

  投产前资本性开支 

百万美元

 337 

 382 

  矿山现金成本 

美元/磅应付锌

 0.16 

 0.18 

  运输成本 

美元/磅应付锌

 0.21 

 0.28 

  粗炼及精炼费

美元/磅应付锌

 0.15 

 0.19 

  C1现金成本 

美元/磅应付锌

 0.53 

 0.65 

  矿山运营成本

美元/吨入选矿

 88

 103

  锌价格假设  

美元/磅

 1.10 

 1.20 

  税后净现值(折现率8%)

百万美元

 683 

 941 

  税后内部收益率

35%

41%

  回报期

2.2

2.3

  项目年限  

11.0

13.8

1. 以锌价1.10美元/磅及锌粗炼费170美元/吨精矿计算。
2. 以锌价1.20美元/磅及锌粗炼费190美元/吨精矿计算。

图9﹕年度和累计现金流预测 (以长期锌价计算)。

信息来源﹕OreWin (2022年)。

表9列出的是基普什的总资本性开支估算。图10突出显示了基普什与伍德曼肯兹确定的同类锌项目相比,基普什的资本密集度更低。

表9﹕资本行开支估算

项目

投产前

投产后

总值

(百万美元)

(百万美元)

(百万美元)

地下采矿

  采矿

154

118

272

  投产前资本化采矿费用

17

17

小计

171

118

289

选矿与基础设施

  选矿与基础设施

 82 

 41 

 123 

  尾矿储存设施  

 7 

9

 15 

  投产前资本化选矿费用

 5 

小计

 94 

 49 

 143 

闭矿

  闭矿

22

22

  尾矿储存设施关闭及复垦

3

3

小计

25

25

间接费用及其他费用

  EPCM

 13 

 –  

 13 

  业主成本   

 47 

 –  

 47 

  投产前资本化一般行政开支

 9 

 –  

 9 

  关税和增值税

 23 

-34 

-10 

小计

93

-34

59

不包括应急费用的资本性开支  

357

159

516

  应急费用 (10%)

24

24

包括应急费用的资本性开支

382

159

540

图 10:锌项目的资本密集度。

信息来源﹕伍德曼肯兹 (2022年1月)。 (根据公开披露及常规研究过程所得的信息而作出。伍德曼肯兹未审核基普什2022可行性研究)。注﹕所有可对比项目均由伍德曼肯兹确定。

表10详细列明基普什的收入和运营成本估算,以及每个关键运营期间的净销售收入估算。

表11列出基普什的现金成本估算。伍德曼肯兹的数据显示,矿山服务年限内的平均现金成本为0.65美元/磅,预计投产后基普什将处在全球锌生产商现金成本曲线的第二四分位 (见图11)。

表10﹕收入和运营成本估算

项目

总计 (百
万美元)

5年平均值

矿山服务年限
平均值

(美元/吨选矿)

收入

销售收入总计

 7,408 

 790 

 685 

扣除﹕实现成本

  运输费

 1,757 

 187 

 162 

  粗炼及精炼费

 1,142 

 122 

 106 

  权益金

 405 

 43 

 37 

实现成本总计

 3,305 

 352 

 306 

销售收入净值

 4,103 

 438 

 379 

扣除﹕矿山运营成本

  采矿

 634 

 61 

 59 

  选矿

 248 

 23 

 23 

  尾矿储存设施

 9 

 1 

 1 

  管理及行政成本

 201 

 20 

 19 

关税 — 运营支出

 19 

 2 

 2 

总计

 1,111 

 107 

 103 

运营利润

 2,992 

 331 

 277 

运营利润率 (%)

 40

 42 

 40 

表11﹕现金成本估算

项目

5年平均值

矿山服务年限
平均值

(美元/磅应付锌)

矿山现金成本

 0.16 

 0.18 

运输费

 0.28 

 0.28 

粗炼及精炼费  

 0.19 

 0.19 

C1现金成本 

 0.63 

 0.65 

权益金及出口税

 0.07 

 0.07 

总现金成本

 0.70 

 0.72 

图 11:2020 年 C1 现金成本

信息来源﹕伍德曼肯兹 (2022年1月)。 (根据公开披露及常规研究过程所得的信息而作出。伍德曼肯兹未审核基普什2022 可行性研究)。注﹕代表按比例计算的C1现金成本,反映生产可售金属的直接现金成本,已计入采矿、选矿及场外实现成本 (对于副产品收益流已作出适当的估算)。

工作人员在操作新的15号竖井卷扬机,基普什已完成部分地下升级改造工程。

妇女和儿童在基普什公益项目建设的一个社区饮用水站接水。

基普什矿山附近社区的儿童聚集在一个饮用水站。艾芬豪矿业致力于建设先进的矿山,以负责任的方式开采锌等关键金属,为我们的子孙后代建设更美好的未来。

合资格人

以下公司负责编撰基普什2022 可行性研究﹕

1. OreWin — 整体报告编撰和采矿计划、矿产储量估算和经济分析
2. MSA集团 — 资源和地质
3. SRK Consulting — 矿山岩土力学的建议
4. METC Engineering — 选厂和地表基础设施

负责编撰基普什2022 可行性研究的独立合资格人包括﹕ Bernard Peters (OreWin)、William Joughin (SRK Consulting) 、John Edwards (METC Engineering)以及Michael Robertson和Jeremy Witley (MSA Group)。每位合资格人已经按他们负责编撰基普什2022 可行性研究的部分,审阅和批核本新闻稿的相应内容。

本新闻稿载有的其他科学和技术信息,已经由艾芬豪矿业地质副总裁斯蒂芬·托尔 (Stephen Torr) 审阅和批核。托尔先生是符合NI 43-101 条款下的合资格人。由于托尔先生是艾芬豪矿业地质副总裁,因此他并不符合NI 43-101 对独立人士的界定。托尔先生已核实本新闻稿所披露的技术数据。

样品制备、分析和安全

艾芬豪矿业对基普什项目分析保持一项全面的监管链条,并制定质量保证和控制方案。锯成一半的岩芯在刚果(金)卡莫阿 (Kamoa) 的制备实验室或刚果(金)科卢韦齐的勘探制备实验室加工后,制备的样品送往位于澳大利亚的Bureau Veritas Minerals (以下简称"BVM") 实验室进行外部分析。行业标准认证的标样和空白样已于送往BVM前加入样品流。艾芬豪矿业根据约翰内斯堡MSA Group (Pty.) Ltd.的建议,已制订质量保证和控制方案。

关于样品制备、分析和安全的信息载于基普什项目NI 43-101技术报告(2018年1月25日)内。有关技术报告已载于SEDAR网站 (www.sedar.com) 以及艾芬豪矿业网站 (www.ivanhoemines.com)

关于艾芬豪矿业

艾芬豪矿业是一家加拿大的矿业公司,正在推进旗下位于南部非洲的三大主要项目:位于刚果民主共和国的卡莫阿-卡库拉铜矿和位于南非的普拉特瑞夫 (Platreef) 钯-铑-铂-镍-铜-金矿的大型机械化地下矿山开发工程;以及同样位于刚果民主共和国、久负盛名的基普什锌-铜-锗-银矿的大型重建和改善工程。

卡莫阿-卡库拉铜矿项目于2021年5月实现铜精矿生产,未来将分阶段进行扩建,预计将会成为全球最大规模的铜生产商之一。卡莫阿-卡库拉使用清洁、可再生的水电,并将成为世界上每单位金属温室气体排放量最低的矿山之一。艾芬豪矿业已作出承诺,卡莫阿-卡库拉铜矿将致力实现净零运营温室气体排放 (范围一和二)。同时,艾芬豪正在刚果民主共和国境内、毗邻卡莫阿-卡库拉项目的西部前沿 (Western Foreland) 探矿权内寻找新的铜矿资源。

联系方式

投资者﹕比尔·特伦曼 (Bill Trenaman),电话﹕+1.604.331.9834 / 媒体﹕马修·基维尔 (Matthew Keevil),电话﹕ +1.604.558.1034

前瞻性陈述

本新闻稿载有的某些陈述可能构成适用证券法所订议的"前瞻性陈述"或"前瞻性信息"。这些陈述及信息涉及已知和未知的风险、不明朗因素和其他因素,可能导致本公司的实际业绩、表现或成就、其项目或行业的业绩,与前瞻性陈述或信息所表达或暗示的任何未来业绩、表现或成就产生重大差异。这些陈述可通过文中使用"可能"、"将会"、"会"、"将要"、"打算"、"预期"、"相信"、"计划"、"预计"、"估计"、 "安排" 、"预测"、"预言"及其他类似用语,或者声明"可能"、"会"、"将会"、"可能会"或"将要"采取、发生或实现某些行动、事件或结果进行识别。这些陈述仅反映本公司于本新闻稿发布当日对于未来事件、表现和业绩的当前预期。

该等陈述包括但不限于下列事项的时间点和结果﹕(1) 关于为期两年的开发方案推进基普什实现商业化生产的陈述;(2) 关于成功开展商业化生产,将使基普什成为全球品位最高的大型锌矿,投产后前5年的平均品位达36.4%以上的陈述;(3) 关于以长期锌金属价格1.20美元/磅计算,基普什项目具有9.41亿美元的税后净现值和41%的内部收益率的陈述;(4) 关于以现货锌金属价格1.67美元/磅计算,基普什项目具有23亿美元的税后净现值和73%的内部收益率的陈述;(5) 关于投产前资本估算为3.82亿美元的陈述;(6) 关于矿山服务年限的平均年产量达24万吨锌,C1现金成本为每磅应付锌0.65美元的陈述;(7) 关于矿山服务年限为14年及税后项目回报期为2.3年的陈述;(8) 关于5号竖井将用作主要生产井,提升能力达每年1,800万吨的陈述;(9) 关于采掘班组将经由现有的斜坡道进入大锌矿带,因此无需进行大型新建设的陈述;(10) 关于矿山服务年限的平均现金成本为每磅锌0.65美元,一旦投产,预计基普什将会排名在全球锌生产商现金成本曲线第二四分位的陈述;(11) 关于散装精矿从恩多拉可通过德班港、鲸湾港和达累斯萨拉姆港三个出口港直接运送到港口的陈述;以及 (12) 关于项目预期采用的开采和选矿方法的陈述。

此外,基普什2022年可行性研究的所有结果均构成了前瞻性陈述或信息,并包括内部收益率的未来估算、净现值,未来产量、现金成本估算、建议开采计划和方法、估计矿山服务年限、现金流预测、金属回收率、资本和运营成本估算,以及项目开发的规模和时间点。另外,对于与基普什项目开发有关的特定前瞻性信息,公司是基于某些不确定因素而作出假设和分析。不确定因素包括:(1) 基础设施的充足性;(2) 地质特征;(3) 矿化的选冶特征;(4) 发展充足选矿产能的能力;(5) 金属价格;(6) 完成开发所需的设备和设施的可用性;(7) 消耗品和采矿及选矿设备的费用;(8) 不可预见的技术和工程问题;(9) 事故或破坏或恐怖主义行为;(10) 货币波动; (11) 法例修订;(12) 合资企业伙伴对协议条款的遵守情况;(13) 熟练劳工的人手和生产率;(14) 各政府机构对矿业的监管;(15) 筹集足够资金以发展该等项目的能力;(16) 项目范围或设计更变;(17) 政治因素;(18) 货物及设备的航运和运输不可预见的延误或停顿;以及 (19) 基普什新的合资企业协议按预期时间点执行的情况。

前瞻性陈述及信息涉及重大风险和不确定性,故不应被视为对未来表现或业绩的保证,并且不能准确地指示能否达到该等业绩。许多因素可能导致实际业绩与前瞻性陈述或信息所讨论的业绩有重大差异,包括但不限于"风险因素"以及本新闻稿其他部分所指的因素,以及有关部门实施的法律、法规或规章或其不可预见的变化;与本公司签订合约的各方没有根据协议履行合约;社会或劳资纠纷;商品价格的变动;以及勘探计划或研究未能达到预期结果或未能产生足以证明和支持继续勘探、研究、开发或运营的结果。

虽然本新闻稿载有的前瞻性陈述是基于公司管理层认为合理的假设而作出,但公司不能向投资者保证实际业绩会与前瞻性陈述的预期一致。这些前瞻性陈述仅是截至本新闻稿发布当日作出,而且受本警示声明明确限制。根据相应的证券法,公司并无义务更新或修改任何前瞻性陈述以反映本新闻稿发布当日后所发生的事件或情况。

由于公司在2021年第三季度的管理层讨论和分析和当前年度信息表中"风险因素"部分所列的因素,公司的实际业绩可能与这些前瞻性陈述中预期的业绩有重大差异。

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