Mailing Office
Support Services Office
19 John Plagis Road
Street Address:
Alexandra Park
The Croft
PO Box BW1041
87 Main Road
Harare
Blue Hills 1685
Zimbabwe
Postal Address
P.O Box 3503
Halfway House
1685 South Africa
Tel +27 (0) 87 806 3999
PRELIMINARY ECONOMIC ASSESSMENT ON LOW CAPITAL IMPLEMENTATION
STATEGY
RHA TUNGSTEN PROJECT
OCTOBER 2014
Report Prepared by:
Premier African Minerals
Report Date:
27 October 2014
RHA Tungsten (Pvt) Ltd - A member of the Premier African Minerals Group
Directors: P.S. Hueston (Canadian); W. Zengeza (Zimbabwean); B.A. Roach (British)
In partnership with NIEEB (National Indigenization and Economic Empowerment Board)
TABLE OF CONTENTS
1
INTRODUCTION ........................................................................... 1
2
ECONOM IC AS S ES S M ENT .............................................................. 2
2.1
Mineral Resources ........................................................................................2
2.2
Mining Inventory...........................................................................................2
2.3
Plant Recovery ..............................................................................................3
2.4
Product Price ................................................................................................3
2.5
Plant Capital Cost ..........................................................................................4
2.6
Tailings storage facility ..................................................................................4
2.7
Plant Operating Cost .....................................................................................4
2.8
Linear Infrastructure Capital ..........................................................................4
2.9
Support Infrastructure ..................................................................................5
2.10
Construction management ............................................................................6
2.11
Sustaining Capital ..........................................................................................6
3
F INANCIAL M ODEL ....................................................................... 6
4
CONCL US ION .............................................................................. 7
LIST OF TABLES
TABLE 1 MINERAL RESOURCE ESTIMATE BY RESOURCE CATEGORY .......................................2
TABLE 2 OPEN PIT TONNAGE AND GRADE.............................................................................3
TABLE 3 PLANT OPERATING COST .........................................................................................4
TABLE 4 BULK UTILITIES CAPITAL COST .................................................................................5
TABLE 5 SUPPORT INFRASTRUCTURE CAPITAL COST .............................................................5
TABLE 6 SUPPORT INFRASTRUCTURE ADJUSTMENT..............................................................5
LIST OF APPENDICES
APPENDIX 1 – Financial Model – Quarterly basis
APPENDIX 2 – Financial Model – Monthly basis
1
INTRO D UCTIO N
In 2013 Premier African Minerals (Prem) commissioned Extract Consultancy to complete a
Preliminary Economic Assessment (PEA) of the RHA Tungsten Mine. The PEA was completed in
August 20131. The mine plan presented in the PEA consisted of an open pit followed by an
underground operation, with a combined life of 6 years at a Run of Mine production rate of
192,000 tonnes per year (16,000 tonnes per month). Hand sorting is expected to reduce the mill
feed to 5,000 tonnes per month.
Since the completion of the PEA a significant amount of work has been completed including:
o
An updated Mineral Resource has been declared in May 2014, based on a second drill
campaign2.
o
Process test work completed by Peacocke and Simpson confirmed the process recovery and
saleable concentrate grade.
o
Plant capital and operating costs have been revised based on newly developed process flow
sheet.
o
Senet Engineering has completed trade-off studies on the provision of bulk services (water and
electricity).
Prem has recently commissioned Bara Consulting to update the financial model for the RHA
Tungsten Project in order to demonstrate the effect on the project valuation of the additional work
that has been completed since the publication of the PEA. 3
Prem has continuously assessed various implementation strategies to enhance project value and
reduce start-up capital. This work has culminated in a decision to start operations with an open pit
mine, constrained to 18 months production period and then progress into underground operations.
The purpose of this report is to present a preliminary economic assessment of the open pit start up
option in isolation to demonstrate the reduced capital requirements of this option as well as the
self-funding capability once initial production has been commissioned.
1
Refer Company announcement 16 Sept 2013
2
Refer Company announcement 1 May 2014
3
Refer Company announcement 13 October 2014
Page 1 of 11
October 2014
2
ECO NO MIC ASSESSMEN T
2 .1
Mi ne ral Re sourc e s
CAE Mining have completed an update of the Mineral Resources taking into account an
additional 12 inclined diamond drill holes totalling 1,300.7m of drilling in the second drill
campaign, which was completed on 18 December 2013. The updated resource model was
used in this assessment.
The summary of the Mineral Resources declared is shown in TABLE 1.
TABLE 1 MINERAL RESOURCE ESTIMATE BY RESOURCE CATEGORY
Measured
Lode
Volume
Tonnes
Density
WO3(kg/t) Thickness
1W
1E
1FW
1FE
Lode 1 total
2W
72,505
206,424
2.85
5.78
2.52
2E
2HW
39,681
113,608
2.86
7.86
1.94
2HE
Lode 2 total 112,186
320,032
2.85
6.52
2.31
Total
112,186
2 .2
320,032
2.85
6.52
2.31
Indicated
Volume
Tonnes
Density
WO3(kg/t) Thickness
122,920
352,346
2.87
14.45
3.57
84,470
239,760
2.84
7.06
6.5
207,390
138,718
592,106
394,514
2.86
2.84
11.46
4.76
4.76
2.94
86,221
247,284
2.87
6.62
2.38
224,939
641,798
2.85
5.48
2.72
432,329 1,233,904
2.85
8.35
3.70
Inferred
Volume
Tonnes
Density
WO3(kg/t) Thickness
68,620
196,072
2.86
13.42
3.71
115,497
325,013
2.81
7.64
1.98
24,148
68,613
2.84
7.71
5.85
54,623
155,091
2.84
9.02
2.6
262,888
744,789
2.83
9.46
2.92
8,472
24,060
2.84
3.97
3.52
82,834
239,287
2.89
11.53
1.23
27,361
78,676
2.88
6.13
3.57
31,715
89,548
2.82
11.1
1.25
150,382
431,571
2.87
10.03
1.79
413,270 1,176,360
2.85
9.67
2.51
Mi ni ng Inve nto ry
A pit optimisation was carried out by CAE Mining using the updated geological model. A pit
was selected from the nested pit report that would provide 18 months of ore production at
a run of mine production rate of 8,000 tons per month. The pit is significantly smaller than
the optimum pit but reached a point where the incremental mining cost starts to exceed
the comparable underground mining costs and hence supported the decision to constrain
the pit to 18 months of production. This will allow time for underground development to
progress while the pit is in operation and for a seamless change over from open pit to
underground mining.
A final pit design was completed and was used to determine the final inventory of run of
mine ore and waste which is used in the assessment. Refer TABLE 2 below.
Page 2 of 11
October 2014
TABLE 2 OPEN PIT TONNAGE AND GRADE
Item
Amount
Ore tonnes contained in pit shell
145,276
In situ grade kg/t WO3
11.22
Mining recovery
95%
Mining dilution
10%
ROM tonnes (t)
151,813
Run of Mine grade (kg/t)
Waste tonnes (t)
Strip ratio waste:ore
10.20
1,450,900
9.55
The mining inventory was scheduled assuming start of ore production in mid April 2015
with pit preparation starting in March 2015. The exposed ore lodes does not require prestripping but a $100,000 allowance has been made for site clearing, haul roads and bench
establishment in addition to $200,000 for site establishment. Initial scheduling indicated
that a waste to ore strip ratio of 3:1 and 2:1 can be achieved in the first two months, based
on the geometry of the ore body and surface exposure of the lodes. A reduced strip ratio of
7:1 is assumed for the next 7 months, followed by an increased strip ratio of 12.3:1 in year
two.
This mining inventory includes measured, indicated and inferred Mineral Resources.
2 .3
Pl ant Re c ove ry
Peacocke and Simpson (P&S) have undertaken laboratory scale metallurgical testwork to
determine the most appropriate process route and to define recoveries and concentrate
grade. Subsequent to laboratory scale investigation testwork carried out, additional
testwork has been undertaken on pilot scale upon an 800 kg sample as a proof of concept
for recovery of tungsten trioxide via gravity concentration methods. The test work resulted
in an overall recovery of 82.8% at a final product concentrate of 63% WO 3.4
These results were used in the financial model.
2 .4
Prod uc t Pri c e
The product price used in this PEA financial model is US$288.6 per MTU WO3. This equates
to US$28.86 per kg of contained WO3 in a concentrate of 65%, or US$18.75 per kg of
concentrate sold.
4
Refer Company announcement 13 October 2014
Page 3 of 11
October 2014
2 .5
Pl ant C api tal C ost
Since completion of the PEA, Prem has approached Appropriate Process Technology (APT)
for a quotation to fabricate and commission a processing plant. APT have completed a plant
design and a cost estimate and provided a firm quote for the supply and commissioning of
the plant. The total cost is US$2,098,211 including erection and commissioning on site. A
transport allowance of 7% is added to the quotation.
2 .6
Tai l i ngs sto rage f ac i l i ty
Prem is currently investigating the use of the historic tailings facility as a start-up strategy
for the first 12 months. This is believed to be a practical solution based on various site visits
and a conceptual estimate by Blonton design engineers. Prem is currently seeking approval
of this strategy from the Zimbabwean Environmental Agency. For the purpose of this
assessment, it is assumed that Prem will obtain permission for this strategy. The original
PEA estimate of US$1.1m has subsequently been reduced to US$160,000.
2 .7
Pl ant O pe rati ng Co st
The operating cost is derived from P&S’s estimate, based on their plant design and their
experience of operating this type of plant. The operating cost estimate is shown in TABLE 3.
TABLE 3 PLANT OPERATING COST
Item
Direct labour
Power (diesel generated)
Crusher and mill consumables, spares
Ore digging and transport
General admin
P&S TOTAL OPEX (US$/TONNE)
Direct labour allocated to Mine labour
Ore digging and transport allocated to Mining
General admin allocated to Mine overheads
TOTAL OPEX (US$/TONNE)
Complete plant
Opex (US$/t) treated
2.10
7.63
6.15
2.40
0.80
19.08
-2.10
-2.40
-0.80
13.78
This estimate includes an allowance of US$0.80 per tonne for general admin, US$2.40 for
ore handling and $2.10 for direct labour. These cost items are accounted for in the mine
labour, mining costs and mine overheads respectively and have been removed from the
plant opex cost. The cost per tonne was adjusted to US$13.78/t treated.
2 .8
Li ne ar Inf rastr uc ture C api tal
Senet Engineering has been commissioned by Prem to design and cost the surface
infrastructure for the mine. Trade off studies were completed on various power and water
Page 4 of 11
October 2014
supply alternatives. 5 For the purpose of the evaluation, water will be supplied from the
Lukhosi railway siding 14km to the north west of RHA and power will be provided by a
800kVa diesel generator. The cost estimates for water and power supply is presented in
TABLE 4 below.
TABLE 4 BULK UTILITIES CAPITAL COST
Item
2 .9
Senet (2014) US$
Bulk Water supply
399,000
Bulk Electricity supply
180,000
Suppo rt I nfr astruc t ure
For the purpose of this assessment, the estimate for support infrastructure contained in the
recently published updated PEA report6 was used after adjustment for the open pit mining
strategy. The low capital development strategy which has been adopted, and which is
supported by current construction experience on site have further contributed to the
adjusted estimate presented in TABLE 5.
TABLE 5 SUPPORT INFRASTRUCTURE CAPITAL COST
Item
US$
Updated PEA estimate – support infrastructure
4,737,220
Underground infrastructure removed
-2,222,810
Low capital adjustment
-1,592,076
Support Infrastructure Estimate
922,335
The adjustment to the PEA support infrastructure estimate is primarily based on a building
strategy that will make use of converted containers for offices, workshops and stores and
the fact that the current site preparation already includes a sewerage system and fuel
storage facilities. The comparison with the updated PEA is presented in TABLE 6 below.
TABLE 6 SUPPORT INFRASTRUCTURE ADJUSTMENT
Item
Updated PEA
Revised Estimate
Site Clearance, Levelling Compacting, Earthworks
100 000
60 000
Workshops
105 600
50 000
Offices
176 500
50 000
5
Refer Company announcement 13 October 2014
6
Refer Company announcement October 2014
Page 5 of 11
October 2014
Vehicle Parking Area
1 470
-
Change house & Laundry
102 570
50 000
Stores Building, Yard
43 300
40 000
Explosives Magazine
32 027
10 000
Salvage Area
33 737
10 000
Storm Water and Excess Water Storage Dam
82 693
82 693
Sewage System - Reticulation and Treatment
107 640
30 000
Refuelling Bay, Fuel and Lube Storage
369 782
20 000
Fire prevention
200 944
20 000
Security
60 050
60 050
Surface Vehicles
638 772
125 000
Weighbridge
44 900
44 900
Surface Pumping
50 843
50 843
Surface Reticulation
135 000
135 000
2 381 950
838 486
238 195
83 849
2 620 145
922 335
Subtotal
Freight and Import Duties (10%)
Total Support infrastructure
2 .1 0
Const ruc ti on m anage me nt
An allowance of $135,000 was made for construction management of the linear and
support infrastructure.
2 .1 1
Sustai ni ng Capi t al
Sustaining capital has been included in the model at a rate of 2% of operating cost from
year 2. This is commonly used factor for estimating sustaining capital before the
engineering design and detailed capital estimates have been completed.
3
F INANCIAL MO D EL
A financial model was created based on the assumptions and inputs presented producing a start-up
capital estimate of US$4.77m.
Allowance is made for 3% Royalty and a Management fee of $180,000 per annum. Contingency of
20% is allowed on all capital except the process plant which is based on a firm quotation. A 15 day
payment term is assumed. The model produces a pre-tax NPV10 of $15.8m and an annualised IRR of
286%, calculated on a quarterly basis. The results are presented on a quarterly and monthly basis.
Refer Appendix 1 and 2.
Page 6 of 11
October 2014
4
CO NCLUSIO N
The economic assessment results highlight the potential of RHA Tungsten to develop an open pit
mining and processing operation with a capital requirement of US$4.77m which includes a 20%
contingency.
Page 7 of 11
October 2014
APPENDIX 1
FINANCIAL MODEL – QUATERLY BASIS
1
Open pit mining
Ore tonnes
Grade (Wo3) kg/t)
Contained (Wo3) t
Strip ratio
Waste tonnes
Processing
Tonnes
Grade (Wo3) kg/t)
Contained (Wo3) t
Plant Recovery
Concentrate produced t
Contained Wo3 t
Concentrate Grade %
Revenue
Product price $/kg (wo3)
Revenue
Royalty
Management Fee
Total Selling cost
Operating Costs
Mining
O/P
Waste Mining
Ore Mining
Labour
Rehab Provision
Processing
Tailings
G&A
Transport
Total operating Cost
Total operating Cost $/mtu
Total
Q1 2015
151 813
10.20
1 548
10.20
-
9
10
11
12
13
14
15
Q2 2017
Q3 2017
Q4 2017
Q1 2018
Q2 2018
Q3 2018
Q4 2018
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
20 000
10.20
204
4.3
85 000
24 000
10.20
245
7.000
168 000
24 000
10.20
245
7.000
168 000
24 000
10.20
245
12.288
294 914
24 000
10.20
245
12.288
294 914
24 000
10.20
245
12.288
294 914
11 813
10.20
120
12.288
145 159
151 813
10.20
1 548
82.8%
2 035
1 282
63%
0.00
82.8%
63%
20 000
10.20
204
82.8%
268
169
63%
24 000
10.20
245
82.8%
322
203
63%
24 000
10
245
82.8%
322
203
63%
24 000
10
245
82.8%
322
203
63%
24 000
10
245
82.8%
322
203
63%
24 000
10
245
82.8%
322
203
63%
11 813
10
120
82.8%
158
100
63%
82.8%
63%
82.8%
63%
82.8%
63%
82.8%
63%
82.8%
63%
82.8%
63%
82.8%
63%
82.8%
63%
28.86
37 002 903
28.86
-
28.86
3 899 840
28.86
5 849 760
28.86
5 849 760
28.86
5 849 760
28.86
5 849 760
28.86
5 849 760
28.86
3 854 261
28.86
-
28.86
-
28.86
-
28.86
-
28.86
-
28.86
-
28.86
-
28.86
-
3%
285 000
1 395 087
-
116 995
45 000
161 995
175 493
45 000
220 493
175 493
45 000
220 493
175 493
45 000
220 493
175 493
45 000
220 493
175 493
45 000
220 493
115 628
15 000
130 628
-
-
-
-
-
-
-
-
6 529 051
683 159
1 173 165
367 500
2 091 983
151 813
855 000
295 881
12 147 552
-
382 500
90 000
185 237
275 600
20 000
135 000
38 980
1 127 316
67
756 000
108 000
185 237
330 720
24 000
135 000
46 776
1 585 732
78
756 000
108 000
185 237
330 720
24 000
135 000
46 776
1 585 732
78
1 327 112
108 000
185 237
330 720
24 000
135 000
46 776
2 156 844
106
1 327 112
108 000
185 237
330 720
24 000
135 000
46 776
2 156 844
106
1 327 112
108 000
185 237
330 720
24 000
135 000
46 776
2 156 844
106
653 216
53 159
61 746
367 500
162 783
11 813
45 000
23 023
1 378 239
138
-
-
-
-
-
-
-
-
200 000
-
-
-
-
-
-
-
-
27 565
5 513
233 078
2 112 316
-
-
-
-
-
-
-
-
1 450 900
Capital Costs
Open pit mining - mobilization / establishment
500 000
Underground Mining
Plant
2 245 086
Tailings
160 000
Utilities
636 900
Support Infrastructure
922 335
CM Cost
135 678
Sustaining Capital
156 975
Contingency
402 378
Total Capital Cost
5 159 352
Cash Flow
18 300 913
NPV at 10% (US$ Million)
IRR
Q2 2015
RHA TUNGSTEN FINANCIAL MODEL - LOW CAPEX OPEN PIT STRATEGY_ OCTOBER 2014
2
3
4
5
6
7
8
Q3 2015
Q4 2015
Q1 2016
Q2 2016
Q3 2016
Q4 2016
Q1 2017
15.8
286%
300 000
2 245 086
112 000
445 830
645 634
113 065
48 000
191 070
276 700
22 613
263 306
4 124 921
-4 124 921
107 677
646 060
1 964 469
-
-
-
-
-
-
-
4 043 535
4 043 535
43 137
8 627
51 764
3 420 659
43 137
8 627
51 764
3 420 659
43 137
8 627
51 764
3 420 659
APPENDIX 2
FINANCIAL MODEL – MONTHLY BASIS
RHA TUNGSTEN FINANCIAL MODEL - LOW CAPEX OPEN PIT STRATEGY_ OCTOBER 2014
Total
Open pit mining
Ore tonnes
Grade (Wo3) kg/t)
Contained (Wo3) t
Strip ratio
Waste tonnes
Processing
Tonnes
Grade (Wo3) kg/t)
Contained (Wo3) t
Plant Recovery
Concentrate produced t
Contained Wo3 t
Concentrate Grade %
Revenue
Product price $/kg (wo3)
Revenue
Royalty
Management Fee
Total Selling cost
Operating Costs
Mining
O/P
Waste Mining
Ore Mining
Labour
Rehab Provision
Processing
Tailings
G&A
Transport
Total operating Cost
Total operating Cost $/mtu
151 813
10.20
1 548
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Sep-16
Oct-16
8 000
10.20
82
2.125
17 000
8 000
10.20
82
7.000
56 000
8 000
10.20
82
7.000
56 000
8 000
10.20
82
7.000
56 000
8 000
10.20
82
7.000
56 000
8 000
10.20
82
7.000
56 000
8 000
10.20
82
7.000
56 000
8 000
10.20
82
7.000
56 000
8 000
10.20
82
12.288
98 305
8 000
10.20
82
12.288
98 305
8 000
10.20
82
12.288
98 305
8 000
10.20
82
12.288
98 305
8 000
10.20
82
12.288
98 305
8 000
10.20
82
12.288
98 305
8 000
10.20
82
12.288
98 305
8 000
10.20
82
12.288
98 305
8 000
10.20
82
12.288
98 305
11 813
10.20
120
12.288
145 159
Nov-16
Dec-16
-
-
10.20
-
10.20
-
10.20
-
-
-
-
4 000
10.20
41
3.000
12 000
151 813
10.20
1 548
82.8%
2 035
1 282
63%
0.00
82.8%
63%
0.00
82.8%
63%
0.00
82.8%
63%
4 000
10.20
41
82.8%
54
34
63%
8 000
10.20
82
82.8%
107
68
63%
8 000
10.20
82
82.8%
107
68
63%
8 000
10.20
82
82.8%
107
68
63%
8 000
10.20
82
82.8%
107
68
63%
8 000
10.20
82
82.8%
107
68
63%
8 000
10.20
82
82.8%
107
68
63%
8 000
10.20
82
82.8%
107
68
63%
8 000
10.20
82
82.8%
107
68
63%
8 000
10.20
82
82.8%
107
68
63%
8 000
10.20
82
82.8%
107
68
63%
8 000
10.20
82
82.8%
107
68
63%
8 000
10.20
82
82.8%
107
68
63%
8 000
10.20
82
82.8%
107
68
63%
8 000
10.20
82
82.8%
107
68
63%
8 000
10.20
82
82.8%
107
68
63%
8 000
10.20
82
82.8%
107
68
63%
8 000
10.20
82
82.8%
107
68
63%
11 813
10.20
120
82.8%
158
100
63%
28.86
37 002 903
28.86
-
28.86
-
28.86
-
28.86
487 480
28.86
1 462 440
28.86
1 949 920
28.86
1 949 920
28.86
1 949 920
28.86
1 949 920
28.86
1 949 920
28.86
1 949 920
28.86
1 949 920
28.86
1 949 920
28.86
1 949 920
28.86
1 949 920
28.86
1 949 920
28.86
1 949 920
28.86
1 949 920
28.86
1 949 920
28.86
1 949 920
28.86
1 949 920
28.86
2 414 610
28.86
1 439 650
3%
285 000
1 395 087
-
-
-
14 624
15 000
29 624
43 873
15 000
58 873
58 498
15 000
73 498
58 498
15 000
73 498
58 498
15 000
73 498
58 498
15 000
73 498
58 498
15 000
73 498
58 498
15 000
73 498
58 498
15 000
73 498
58 498
15 000
73 498
58 498
15 000
73 498
58 498
15 000
73 498
58 498
15 000
73 498
58 498
15 000
73 498
58 498
15 000
73 498
58 498
15 000
73 498
58 498
15 000
73 498
58 498
15 000
73 498
72 438
15 000
87 438
43 190
43 190
6 529 051
683 159
1 173 165
367 500
2 091 983
151 813
855 000
295 881
12 147 552
-
-
-
54 000
18 000
61 746
55 120
4 000
45 000
7 796
245 661
73
76 500
36 000
61 746
110 240
8 000
45 000
15 592
353 077
52
252 000
36 000
61 746
110 240
8 000
45 000
15 592
528 577
78
252 000
36 000
61 746
110 240
8 000
45 000
15 592
528 577
78
252 000
36 000
61 746
110 240
8 000
45 000
15 592
528 577
78
252 000
36 000
61 746
110 240
8 000
45 000
15 592
528 577
78
252 000
36 000
61 746
110 240
8 000
45 000
15 592
528 577
78
252 000
36 000
61 746
110 240
8 000
45 000
15 592
528 577
78
252 000
36 000
61 746
110 240
8 000
45 000
15 592
528 577
78
442 371
36 000
61 746
110 240
8 000
45 000
15 592
718 948
106
442 371
36 000
61 746
110 240
8 000
45 000
15 592
718 948
106
442 371
36 000
61 746
110 240
8 000
45 000
15 592
718 948
106
442 371
36 000
61 746
110 240
8 000
45 000
15 592
718 948
106
442 371
36 000
61 746
442 371
36 000
61 746
442 371
36 000
61 746
442 371
36 000
61 746
442 371
36 000
61 746
653 216
53 159
61 746
110 240
8 000
45 000
15 592
718 948
106
110 240
8 000
45 000
15 592
718 948
106
110 240
8 000
45 000
15 592
718 948
106
110 240
8 000
45 000
15 592
718 948
106
110 240
8 000
45 000
15 592
718 948
106
162 783
11 813
45 000
23 023
1 010 739
101
183 750
-
183 750
-
183 750
183 750
100 000
100 000
3 675
735
104 410
1 108 301
3 675
735
104 410
-288 160
1 450 900
Capital Costs
Open pit mining - mobilization / establishment
500 000
Underground Mining
Plant
2 245 086
Tailings
160 000
Utilities
636 900
Support Infrastructure
922 335
CM Cost
135 678
Sustaining Capital
156 975
Contingency
402 378
Total Capital Cost
5 159 352
Cash Flow
18 300 913
NPV at 10% (US$ Million)
IRR
Jan-15
16.0
224%
1 571 560
37 333
148 610
215 211
22 613
84 754
2 080 081
-2 080 081
37 333
148 610
215 211
45 226
300 000
673 526
37 333
148 610
215 211
45 226
48 000
191 070
276 700
22 613
89 276
535 657
-535 657
89 276
1 509 183
-1 509 183
107 677
646 060
-433 866
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1 050 490
1 347 845
1 347 845
1 347 845
1 347 845
1 347 845
1 347 845
1 347 845
14 379
2 876
17 255
1 140 220
14 379
2 876
17 255
1 140 220
14 379
2 876
17 255
1 140 220
14 379
2 876
17 255
1 140 220
14 379
2 876
17 255
1 140 220
14 379
2 876
17 255
1 140 220
14 379
2 876
17 255
1 140 220
14 379
2 876
17 255
1 140 220
14 379
2 876
17 255
1 140 220
20 215
4 043
24 258
1 292 175