Ich habe mal die DFS zum Molyhill Projekt hier eingestellt. Vieleicht werden dann ja mal ein paar Leute darauf aufmerksam, dass hier (in etwa einem Jahr) ein Produzent mit einem KGV von ca. 1 zu haben ist.
Die Minenlaufzeit ist mit nur 4 Jahren relativ kurz. Jedoch werden weitere Bohrungen durchgeführt um eben Diese zu verlängern.
Auch das Uranprojekt ist noch keinesfalls Eingepreist.
The DFS confirmed the viability of a mining and processing operation based on a JORC
compliant resource for the Molyhil deposit of 2.4 million tonnes grading 0.8% combined
tungsten WO3 and molybdenum MoS2 to a vertical depth of 150 metres.
The operation would be based on an open pit mining operation and 300,000tpa process
plant with an initial 4-year mine life. Drilling is planned in 2007 to extend the mine life
both within the planned pit designs and at depth. This deep drilling is to be completed with
a view to extending the life of the mine by underground mining at the cessation of open
pit operations.
Estimated recoveries based on metallurgical testwork of 67% for tungsten and 77% for
molybdenum, the operation would generate two quality concentrate products, initially by
flotation of molybdenum (MoS2), followed by gravity separation and concentration of
tungsten (WO3).
The estimated capital cost is $A44.5 million, which includes both the Engineering,
Procurement and Construction Management contracts and a contingency. The forecast
total operating cost is A$94/tonne. The Stage 1 and Stage 2 open pits have been designed
to optimise cash flow in the first year of production to take advantage of current strong
commodity prices and achieve an early payback of capital.
Significantly, the DFS indicates that a capital payback period of less than 7 months can be
achieved with the stage 1 pit, with the operation generating a positive pre-royalty cash
flow EBIT of A$117 million over its initial 4-year life, using a base case sale price of
US$20/lb of molybdenum and US$204/mtu for tungsten. At these base case prices the
project has a Net Present Value (NPV) of A$88 million, an Internal Rate of Return (IRR) of
111%, and a capital payback of 7 months. The project financials are highly sensitive to
commodity price changes. For example, if commodity sales prices reduce by 15% from the
base case level then the NPV reduces to A$56 million and the IRR to 74% with a payback
period of 11 months.
Thor has already secured key items of plant and equipment for the Molyhil development,
including an option agreement to purchase a spirals plant and tables and a second-hand
two-stage crushing circuit which was acquired last month at a significantly reduced cost
compared with a new circuit. Additional metallurgical tests to further optimise the flotation
conditions and concentrate grade and recovery forecast are recommended. No change to
the current cleaning circuit is expected however further optimisation of the re-cleaning
circuit is likely to reduce flowsheet complexity and possibly capital cost. A particular area
of focus in the re-cleaning work would be the recovery of Mo in the -75 µm fractions,
especially looking at separation of Mo from both Cu and Fe. As a result of this a discount
of 20% to the current commodity prices has been applied to the financial model.
Additional testwork focusing on the recovery of the fine tungsten, currently excluded from
the flowsheet and recovery forecasts, is recommended and represents an upside recovery
of 15%.
Based on the positive results of the DFS, Thor has decided to proceed with the Molyhil
project, subject to determining a number of key outcomes, such as finalisation of the offtake
agreement and finance package as well as State Government and Native Title
approvals.
Commenting on the DFS results, Thor’s Chief Executive Officer, Mr John Young, said: “We
are very pleased with the outcome, which confirms the viability of a mining development
at Molyhil to underpin Thor’s transition to production next year. The DFS indicates a rapid
capital payback and strong financial returns, with the key to this Project being rapid
development to take advantage of current strong commodity prices.”
“We have also identified several opportunities to significantly reduce the estimated capital
cost through the acquisition of suitable second-hand equipment,” he added. “This has the
potential to enhance returns and improve the overall economics. Our focus now is on
securing all necessary approvals and completing financing and off-take agreements over
the next few months”
www.thormining.com
Enquiries:
John Young Chief Executive Officer Thor Mining PLC
John Simpson Nominated Adviser ARM Corporate Finance Ltd
Jos Simpson/Leesa Peters
Public Relations
Conduit PR Ltd + 44 (0)20 7429 6603/+44 (0)78 9987 0450
M I N I N G P L C
Nicholas Read + 61 (0)8 9388 1474 Jan Hope & Partners
Yours faithfully
THOR MINING PLC
John A Young
Chief Executive Officer
+ 61 (0)419 954 020
+ 44 (0)20 7512 0191
The information in this report that relates to exploration results, mineral resources or ore reserves is
based on information compiled by John Young, who is a Member of The Australasian Institute of
Mining and Metallurgy. John Young has sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration and to the activity which he is undertaking to
qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting
of Exploration Results, Mineral Resources and Ore Reserves’
APPENDIX 1
EXECUTIVE SUMMARY
The Molyhil Tungsten-Molybdenum Project (Molyhil Project) is a proposed open cut mine
and processing facility to be constructed in the Northern Territory. The main objective of
the proposed facility is to produce scheelite and molybdenite concentrate for sale.
Thor Mining PLC (“THOR”), through its wholly-owned Australian subsidiary Sunsphere Pty
Ltd, owns 100% of the Molyhil Project, which comprises EL 22349, totalling 829 km2 in
area, and includes Mining Lease (ML) 23825 which covers the deposit (former open pit,
waste dumps and Run-of-Mine stockpile). In 2004, THOR applied for ML 24429 to further
extend the mining operation and recently MLA 25721 to cover the project infrastructure
requirements. The combined mining lease applications cover an area of 247 ha.
The Definitive Feasibility Study report has been prepared by a number of consultants
including Proteus Engineers, AMC and Golder Associates and covers the technical and
economic feasibility of developing the Molyhil Project. The Definitive Feasibility Study
(DFS) includes preliminary design, engineering and cost estimates for the mining, process
plant and associated facilities for a 300,000tpa operation. The DFS Mineral Resources and
Ore Reserve estimation was classified in compliance with the JORC Code. All prices are in
Australian Dollars unless stated to the contrary.
The Ore Reserve estimate has been established through a series of mine optimisations
and mine designs. The current pit model has proved and probable reserves of 1.094Mt at
0.21% (Mo) and 0.62% (W).
A two-staged pit design has been recommended, providing 201,621t of ore grading 0.26%
(Mo) and 1.28% (W) in stage 1 and 892,237t of ore grading 0.20% (Mo) and 0.47% (W)
in stage 2. Stripping ratios are 8.0:1 and 7.4:1 respectively. Mining is planned to be
undertaken by conventional truck and shovel operations under contract mining
arrangements.
The metallurgical testwork and resultant process flowsheet indicate the recovery of 889
tonnes per annum (tpa) of dry Molybdenite concentrate (77.0% Recovery of Mo) and
1,511tpa of dry Tungsten concentrate (67.20% Recovery of WO3) at saleable
specifications. Additional testwork is being commissioned to finesse the recovery/grade of
both concentrates. No change to the current cleaning circuit is expected however further
optimisation of the re-cleaning circuit is likely to reduce flowsheet complexity and possibly
capital cost. A particular area of focus in the re-cleaning work would be the recovery of Mo
in the -75 µm fractions, especially looking at separation of Mo from both Cu and Fe. As a
result of this, a discount of 20% to the current commodity price has been applied in the
financial model. Additional testwork focusing on the recovery of the fine tungsten,
currently excluded from the flowsheet and recovery forecasts, is recommended and
represents an upside recovery of 15%.
The suggested process flowsheet is a partial secondary crush SAG comminution circuit,
followed by flotation to produce a molybdenite concentrate. A final stage of flotation
removes pyrite prior to a gravity separation of the tungsten concentrate, with subsequent
magnetic and high tension separation of the dried tungsten primary concentrate to reject
the remaining magnetic and conducting minerals to produce a saleable tungsten
concentrate.
Geochemical testwork on representative tailings samples has been commissioned with
results anticipated in January 2007. Provision has been made in the design of the tailings
storage facility for the installation of a liner and underdrainage system if geochemical
testing of the tailings and tailings liquor indicate that the installation would be required.
The cost of three subsequent 1.5m lifts to contain the final tailings volumes has been
included in the operational costs.
While it is anticipated that the project will require a formal assessment through a Public
Environmental Review, no environmental or heritage concerns have been identified that
cannot be managed within the framework of an Environmental Management Plan.
The estimated capital cost for the Molyhil process plant and facility, including an allowance
for contingency, EPCM and Owner’s costs is A$45.5 million. No allowance has been made
in the base case for escalation over the project life. The effect of escalation on the capital
cost is illustrated in the sensitivity analysis.
The capital cost of the project has been reduced through the use of BOO contracts to
provide the accommodation village, power station, fuel storage facilities and support
buildings. These costs are reflected in the process plant operating cost which has been
estimated at A$63.10/tonne of ore treated. The average operating cost of the mining
operation has been estimated at A$31.04/tonne of ROM ore produced.
In addition, there are also opportunities to reduce the direct capital cost of the process
plant and facilities by A$3.6 million through the use of second-hand equipment or by
reducing design and construction specifications due to the relatively low project life
required.
The operating cost includes transporting the concentrate to Darwin Port, but no allowances
have been made for any shipping or handling charges ex Darwin Port as no definite sales
arrangements have been agreed to date.
The Base Case scenario uses the following assumptions:
•
A constant Molybdenum price of US$25 per pound less 20% discount.
•
A constant Tungsten (APT) price of US$255 per mtu less 20% discount.
•
No allowance for taxation, Northern Territory Government royalties or Central Land
Council royalties.
•
A commission of 0.75% paid on revenue received.
•
Capital expenditure of A$45.5 million inclusive of A$1.0M of owner’s costs, EPCM
and a 10% contingency.
•
Salvage value of the plant and equipment is assumed to be sufficient to meet final
closure obligations.
•
Operational insurances and duties are assumed to be $500,000 pa.
•
Discount rate 8% and an average AUD/USD exchange rate of 0.73 has been used
•
100% equity finance.
Based on these assumptions the project has a Net Present Value (NPV) of A$88 million, an
Internal Rate of Return (IRR) of 111%, and a capital payback of 7 months. The project
financials are highly sensitive to commodity price changes. For example, if commodity
sales prices reduce by 15% from the base case, the NPV reduces to A$56 million and the
IRR to 74% with a payback period of 11 months.
The DFS confirms that the project is technically and economically viable and it is
recommended for development.
APPENDIX 2
Molyhil Location Map
APPENDIX 3
Glossary
TERM DESCRIPTION
DFS Definitive Feasibility Study
MOLYBDENUM
Molybdenum (Mo) is a transition metal. The pure metal is silvery white in colour, fairly
soft, and has one of the highest melting points of all pure elements. In small quantities,
molybdenum is effective at hardening steel.
TUNGSTEN
Tungsten (W) is found in several ores including wolframite and scheelite. It is a very
hard, heavy, steel-grey to white transition metal. The pure form is used mainly in
electrical applications but its many compounds and alloys are widely used in many
applications.
ORE Ore defined as mining product containing economically recoverable minerals.
SCHEELITE CaWO4, Calcium Tungstate
MOLYBDENITE MoS2, Molybdenum disulfide.
CONCENTRATE The valuable metal from which most of the waste rock has been removed.
WASTE Mining product containing no economically recoverable minerals.
TAILINGS (TAILS) The waste product from the process.
BERM
The walls are stepped. The inclined section of the wall is known as the batter, and the
flat part of the step is known as the bench or berm. The steps in the walls help prevent
rock falls continuing down the entire face of the wall
SAG Semi Autogenous Grinding, uses grinding media (balls) and the ore itself to effect the
reduction in size of the ore to meet the size specification for the flotation circuit.
PYRITE Iron sulphide, FeS2
SULPHIDE Minerals containing sulphur
COMMINUTION
Process of reducing the size of the ROM material through crushing, screening and
grinding
ROUGHER
FLOTATION
The rougher flotation cells are designed to recover the coarse liberated and faster
floating molybdenite mineral
SCAVENGER
FLOTATION
The scavenger flotation cells are designed to recover the slower floating molybdenite
mineral
CLEANING
FLOTATION
Further stages of flotation used to improve the grade of the molybdenite recovered from
the rougher and scavenger flotation units
µm Micron, one millionth of a metre
Mtu
Metric tonne unit, a unit of mass used in mining to measure the mass of the valuable
metal in an ore. Customarily, the metric ton unit is defined to be one metric ton of ore
containing 1% metal, but it is the metal, not the ore, that is being measured.
tpa Tonnes per annum
THICKENER A piece of equipment that recovers water from a slurry
ROM Run of Mine, the ore that is extracted from the mine to be processed
CELLS An individual flotation unit
RECOVERY
The percentage of the valuable mineral that is recovered in the concentrate fraction of
the particular process.
MAGNETIC
SEPARATION
Magnetic separation is used to separate magnetic minerals from non-magnetic minerals
and can be undertaken on either wet or dry material
HT SEPARATION High Tension separation is used to separate minerals that are conductors from minerals
that are non-conductors
GEOTECHNICAL
Scientific methods and engineering principles to acquire, interpret, and apply knowledge
of earth materials for solving engineering problems.
BOO
Build Own and Operate, a contractual arrangement whereby the contractor designs,
constructs and operates the plant to supply product or services whilst retaining
ownership of the plant. The contractor is reimbursed for the supply of product or
services rather than for the supply of the plant.
PABX Private Automatic Branch Exchange, a telephone exchange that is owned by a business
MATV Master Antenna Television System
TERM DESCRIPTION
EPBC The Environment Protection and Biodiversity Conservation
NOI
Notice of Intent, used to notify the Department of Primary Industries, Fisheries and
Mines of details of the proposed project
PER Public Environmental Review
APT Ammonium Paratungstate
CIF
Carriage Insurance Freight, international shipping terminology denotes that the seller
delivers the product to the port of destination and has included these costs in the stated
price and will provide the buyer with the documents necessary to obtain the goods from
the carrier.
EPCM Engineering, Procurement and Construction Management
FIFO
Fly in and fly out of the mine site. Employees stay in temporary accommodation and
return “home” at the end of their shift roster
OH&S Occupational Health and Safety
CCE Capital Cost Estimate
p.a. Per annum
NPV
Net Present value, is the present value of cash flow minus initial investment of the
project. It is one method of ranking projects; it measures the excess or shortfall of cash
flows, in present value terms, once financing charges are met and takes into account the
reducing value of future revenue due to the anticipated interest rate over the period.
IRR
Internal Rate of Return, is another method of ranking projects and is defined as the
discount rate that results in a net present value of zero, and it is usually interpreted as
the expected return generated by the investment.
EBIT Earnings before interest and tax
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