KOLWEZI, DEMOCRATIC REPUBLIC OF CONGO – Ivanhoe Mines (TSX: IVN; OTCQX: IVPAF) Co-Chairs Robert Friedland and Yufeng “Miles” Sun announced today that Kamoa Holding Limited, the joint-venture holding company of the Kamoa-Kakula Copper Project in the Democratic Republic of Congo (DRC), has secured an equipment financing facility of up to EUR 176 million (approximately US$211 million), together with a US$9 million down-payment facility. The two facilities will be used by the project to purchase underground mobile mining equipment and services from leading Swedish manufacturers Sandvik AB and Epiroc AB, and Finnish manufacturer Normet Oy.

In addition, Gold Mountains (H.K.) International Mining Company, a subsidiary of Zijin Mining Group, has provided Kamoa Holding Limited with a limited recourse line of credit of US$200 million secured by the project’s pre-production ore stockpiles to fund the Phase 2 concentrator expansion. US$200 million is sufficient to cover the cost of the second, 3.8 million-tonne-per-annum (Mtpa) concentrator module at the Kakula Mine – doubling the mine’s processing capacity from 3.8 Mtpa to 7.6 Mtpa.

At the end of October 2020, the project’s pre-production surface stockpiles contained approximately one million tonnes of high-grade and medium-grade ore at an estimated grade of 3.47% copper. An additional 622,000 tonnes of low-grade development ore also has been stockpiled on surface. The project is positioned for a significant acceleration in the tonnage, as well as a marked increase in the grade, of ore added to the surface stockpiles as more mining crews soon will begin working in the higher-grade areas of the Kakula and Kansoko mines. The pre-production surface stockpile figures will be updated imminently to reflect November’s production.

The combined funds from the credit facilities will be used to fast track the overall development of Kakula’s Phase 2 module, including the mill and associated infrastructure, as well as to accelerate mining activities at the Kakula and Kansoko deposits to keep both concentrator plants operating at full capacity. The additional funding is expected to accelerate the completion of the Phase 2 mill expansion from Q1 2023 to Q3 2022.

Kamoa-Kakula expects to soon draw down the equivalent of approximately US$50 million of the equipment financing and down-payment facilities to account for the large fleet of mobile mining equipment already purchased and in operation at the Kakula Mine.

Phase 1 copper production at the Kakula Mine scheduled to begin in July 2021; Phase 2 development officially underway

Mr. Friedland commented, “Kamoa-Kakula remains solidly on track to begin Phase 1 copper production in July 2021, and these two non-dilutive, project-level credit facilities allow us to draw down funds as needed to execute the Phase 2 concentrator plant expansion project well ahead of our previous schedule. We share this vision for project optimization and advancement with our partners at the Kamoa-Kakula Project.

“Collectively, we have a very positive outlook for copper prices in the coming years; so we want to ensure that the operation reaches its near-term production capacity as expeditiously as possible, while also maintaining our strong balance sheet. Given today's uncertain macroeconomic environment, we view these credit facilities as judicious and timely, with an amortization schedule that fits well with the planned start-up of Kamoa-Kakula’s Phase 2 expansion, which is expected to significantly increase the project’s cash-generating capabilities.

“The recent, independently-prepared pre-feasibility study for the expanded, 7.6 Mtpa mining operation – sourcing ore from both the Kakula and Kansoko mines – highlights the exceptional economic returns of this second phase development. Using a copper price assumption of US$3.10 a pound, the study outlines an after-tax NPV8% of US$6.6 billion and an IRR of 69% over a 37-year mine life, as well as payback of just 2.5 years,” Mr. Friedland added. The pre-feasibility study also assumed that financing will be on the basis of 100% equity, so we have the opportunity to significantly increase returns by leveraging these credit facilities.”

Kakula is projected to be the world’s highest-grade major copper mine with an initial mining rate of 3.8 Mtpa at an estimated average feed grade of 6.6% copper over the first five years of operation. Kamoa-Kakula also is forecast to become the world's second-largest copper mine through a series of phased expansions to 19 Mtpa or more.

The long-lead items for the second 3.8 Mtpa concentrator plant have been ordered and the second phase of the project’s development officially is underway. Requests for tenders for the second-phase earthworks and civil works also have been issued.

The full scope of the Phase 2 expanded facilities includes the underground expansion at the Kakula Mine to reach an annual production rate of 6 Mtpa, the commencement of commercial mining operations at the Kansoko Mine at a 1.6-Mtpa steady state, a second 3.8-Mtpa concentrator module at Kakula, and associated surface infrastructure to support the expansion at the various sites. A portion of the Phase 2 capital expenditure and subsequent expansions are expected to be funded by cash flows.

The Kamoa-Kakula Copper Project is a joint venture between Ivanhoe Mines (39.6%), Zijin Mining Group (39.6%), Crystal River Global Limited (0.8%) and the DRC government (20%).

Kamoa-Kakula committed to be a leader in environmentally-responsible copper mining

A recent independent audit of Kamoa-Kakula’s greenhouse gas intensity metrics performed by Hatch Ltd. of Mississauga, Canada, a leading, international environmental consulting firm, confirmed that Kamoa-Kakula will be among the world's lowest greenhouse gas emitters per unit of copper produced, validating the project’s commitment to be a leader in environmentally-responsible copper mining.

Kamoa-Kakula will be powered by clean, renewable hydroelectricity and approximately one half of the mine’s tailings will be mixed with cement and pumped back underground to fill mined-out voids, resulting in a surface tailings containment facility that is tiny compared to other major mines.

The Swedish Export Credit Agency (EKN), the Swedish Export Credit Corporation (SEK) and Standard Bank South Africa have conducted an environmental and social due diligence of the project based on the existing Environmental and Social Impact Assessment. The project has developed an Environmental and Social Action Plan with the purpose of managing identified risks in line with international standards.

“We are proud to combine the project’s outstanding economics detailed in the recently released, independent Integrated Development Plan 2020, with first-class environmental, social, and community initiatives,” Mr. Friedland stated.

Equipment financing facility

The EUR 176 million (approximately US$211 million) equipment financing facility has an interest rate of 3.24%. The facility has an availability period of three years and amortizes over a period of five years from utilization and is tied to underground mining equipment at the Kamoa-Kakula Project. EKN has provided both political and commercial cover to the lenders and will receive a one-off premium per tranche’s first utilization that will average no more than 9.49%.

A facility of EUR 82 million (approximately US$98 million) is available for the financing of the mining equipment for Phase 1, and a further facility of up to EUR 94 million (approximately US$113 million) will be available for the Phase 2 mining equipment.

The equipment financing facility will be used for the purchase of best-in-class, mechanized underground mining equipment from Swedish companies Sandvik AB and Epiroc AB, and Finnish company Normet Oy, three of the world’s leading suppliers.

The EKN guarantee is for an amount up to 85% of the export contract value from the equipment suppliers, and hence the determining factor in the sizing of the equipment finance facility. In order to optimize the overall funding package, a portion of the equipment purchase not covered under the EKN guarantee is being provided by Standard Bank DRC under the down-payment facility.

Mark Farren, Kamoa Copper's Chief Executive Officer (left), and Rochelle De Villiers, Kamoa Copper's Co-Chief Financial Officer (right), with one of the mine's Sandvik 63-tonne haul trucks from Sweden. Mr. Farren and Mr. De Villiers are key members of the project's on-site management team advancing the project.

Miner Jean Yav checking on one of Kamoa-Kakula’sEpiroc semi-autonomous, double-boom drilling rigs from Sweden, operating in the Kakula Mine.

Preparing for a blast in one of Kakula’s high-grade access drives using a Normet Charmec emulsion charge-up vehicle from Finland.

Down-payment facility

The US$9 million down-payment facility has an interest rate of 9.19% and will be amortized over four years. This facility is being provided by Standard Bank DRC.

This facility is available for the financing of the mining equipment for Phase 1, and may be upsized by a further US$15 million for the Phase 2 mining equipment, subject to mutual agreement between Kamoa Copper and Standard Bank DRC.

The equipment finance is secured only by the equipment that is being financed. The down-payment facility is unsecured. No guarantee is required from any of the sponsors or parent companies with Kamoa Holding Limited issuing a non-binding Letter of Support, confirming its support for the project.

Drawdowns under the equipment finance facilities remain subject to a number of conditions precedent customary for facilities of this nature.

HCF International Advisers of London, UK, acted as financial advisor on the equipment finance and down-payment facilities.

Zijin line of credit secured by the surface ore stockpiles

The US$200 million line of credit provided by Zijin has an annual interest rate of 10% per annum; however, interest will be capitalized and shall not be payable until commercial production commences at the Phase 2 concentrator. The line of credit may be drawn for a period of three years from the initial drawdown, in line with the approved budget for the project. Repayment of principal amounts of the line of credit will not commence until six months after commercial production at Phase 2, or by July 31, 2023 at the latest.

The line of credit is secured by the surface ore stockpiles at the Kakula and Kansoko mines, and once payments come due, will be repaid out of the mine’s excess free cash flow before repayment of shareholder loans. Excess free cash flow will be determined annually, and will be equivalent to annual revenue, less operating charges, taxes, royalties, and capital expenditures. It also allows for a working capital allowance and provides Kamoa Holding with a minimum cash balance equal to 25% of forecast capital and operating expenditure for the forthcoming year.

The line of credit may be prepaid and Ivanhoe Mines has the right to advance to Kamoa Holding up to 50% of the then outstanding principal amount plus the accrued but unpaid interest, which funds would be used by Kamoa Holding to repay one half of the line of credit that would then result in both joint venture partners having advanced equivalent amounts for the Phase 2 development. The maturity date of the line of credit is five years from initial drawdown, but may be extended by a further two years subject to mutual consent.

At the end of October 2020, the project’s pre-production surface stockpiles contained approximately one million tonnes of high-grade and medium-grade ore at an estimated grade of 3.47% copper, containing approximately 35,000 tonnes of copper. An additional 622,000 tonnes of low-grade development ore also has been stockpiled on surface.

The contained copper in the project’s pre-production stockpiles is projected to grow to approximately 125,000 tonnes by July 2021, when the Phase 1 copper production is forecast to begin.

Laichang Zou, President of Zijin Mining (left), and Peter Zhou, Ivanhoe Mines’ Executive Vice President, China (right), at the signing ceremony for the Zijin Mining US$200 million line of credit provided to Kamoa Copper.

At the end of October, Kakula’s main pre-production stockpiles at the mine’s northern declines contained approximately 639,000 tonnes grading 3.71% copper. Additional ore stockpiles are located at Kakula’s southern decline and the Kansoko decline.

Chart 1: Cumulative tonnes and grade of pre-production ore stockpiles at the Kakula and Kansoko mines from May 2020 to October 2020.

Chart 2: Growth in contained copper in pre-production ore stockpiles at the Kakula and Kansoko mines from May 2020 to October 2020.

Chart 3: Projected growth in contained copper in the pre-production ore stockpiles at the Kakula and Kansoko mines up to the planned start of Phase 1 production in July 2021.

The Mwadingusha hydropower plant in the DRC that Ivanhoe and Zijin are upgrading in a private-public partnership venture with the DRC’s state-owned power company, La Société Nationale d’Electricité, to provide long term, environmentally-friendly electricity for Kamoa-Kakula and the Congolese people.

The two identical 7-megawatt ball mills at Kakula's initial 3.8-Mtpa concentrator plant, with the recently-installed screening plant and conveyor system.

Kamoa-Kakula’s initial 3.8-Mtpa concentrator plant, showing the two rows of green flotation cells (rougher cells on the left; scavenger cells on the right), and the two ball mills (yellow).

Workers installing the feed chute for Kamoa-Kakula’s Phase 1 high-pressure grinding rolls that will reduce the particle size of ore being fed into the two ball mills.

Lifting sections of the two 2,000-tonne silos at the Phase 1 backfill plant, which will be used to blend tailings from the processing plant with cement to produce paste backfill. The paste backfill will be pumped back underground and used to help support mined-out areas. Approximately 50% of the mine’s tailings will be sent back underground, significantly reducing the surface tailings storage.

Electrician Simon Ndjamba Merve at the pump control panel for a new underground dam to supply water for drilling at the Kakula Mine.

Local women showcasing their crop of bananas grown in the Kamoa-Kakula banana plantation, one of the many Kakula Sustainable Livelihoods programs designed to enhance food security and the living standards of the people who reside within the project's footprint.

Bernadette Mpundu Mpia, the DRC government representative on the Kamoa Copper SA Board, visiting the Kamoa-Kakula banana plantation.

Electrical contractor Innocent Monga installing support columns at Kakula’s main electrical substation.

Christian Mulemba in the new laundry facility at Kakula Village.

Qualified Persons

Disclosures of a scientific or technical nature regarding development scenarios at the Kamoa-Kakula Project in this news release have been reviewed and approved by Steve Amos, who is considered, by virtue of his education, experience and professional association, a Qualified Person under the terms of NI 43-101. Mr. Amos is not considered independent under NI 43-101 as he is the Head of the Kamoa Project. Mr. Amos has verified the technical data disclosed in this news release.

Other disclosures of a scientific or technical nature regarding the stockpiles in this news release have been reviewed and approved by George Gilchrist, who is considered, by virtue of his education, experience and professional association, a Qualified Person under the terms of NI 43-101. Mr. Gilchrist is not considered independent under NI 43-101 as he is the Vice President, Resources of Ivanhoe Mines. Mr. Gilchrist has verified the other technical data disclosed in this news release.

The stockpile grade estimates contained in this release are based upon bulk ore sampling from earlier underground headings, and vertical channel sample profiles from recent development. Bulk ore sampling was done on each heading every second blast and three 5-kilogram samples were taken. Since the beginning of October 2020, channel sample profiles are the primary data informing the stockpile grade estimates. These are cut approximately 15 metres apart in 1-metre vertical increments across the full vertical exposure using a handheld grinder, with a 100-to-150-gram sample collected. The samples are pulverized at the project’s onsite laboratory and analyzed using a portable XRF (pXRF) instrument. Kamoa Copper has routinely analyzed its exploration drill core for copper using pXRF, in addition to analysis at a commercial laboratory using four acid digest and ICP-OES. This data has demonstrated that pXRF results can be relied upon for grade control and run-of-mine sampling.

Ivanhoe has prepared an independent, NI 43-101-compliant technical report for the Kamoa-Kakula Project, which is available on the company’s website and under the company’s SEDAR profile at www.sedar.com:

  • Kamoa-Kakula Integrated Development Plan 2020 dated October 13, 2020, prepared by OreWin Pty Ltd., China Nerin Engineering Co., Ltd., DRA Global, Epoch Resources, Golder Associates Africa, KGHM Cuprum R&D Centre Ltd., Outotec Oyj, Paterson and Cooke, Stantec Consulting International LLC, SRK Consulting Inc., and Wood plc.

The technical report includes relevant information regarding the assumptions, parameters and methods of the mineral resource estimates on the Kamoa-Kakula Project cited in this news release, as well as information regarding data verification, exploration procedures and other matters relevant to the scientific and technical disclosure contained in this news release.

About Ivanhoe Mines

Ivanhoe Mines is a Canadian mining company focused on advancing its three principal joint-venture projects in Southern Africa: the development of major new, mechanized, underground mines at the Kamoa-Kakula copper discoveries in the DRC and at the Platreef palladium-platinum-nickel-copper-rhodium-gold discovery in South Africa; and the extensive redevelopment and upgrading of the historic Kipushi zinc-copper-germanium-silver mine, also in the DRC. Kamoa-Kakula is expected to begin producing copper in July 2021 and, through phased expansions, is positioned to become one of the world's largest copper producers. Kamoa-Kakula and Kipushi will be powered by clean, renewable hydroelectricity and will be among the world’s lowest greenhouse gas emitters per unit of metal produced. Ivanhoe also is exploring for new copper discoveries on its wholly-owned Western Foreland exploration licences in the DRC, near the Kamoa-Kakula Project.

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: (i) statements regarding the Kamoa-Kakula Project is positioned for a significant acceleration in the tonnage, as well as a marked increase in the grade, of ore added to the surface stockpiles as more mining crews will soon begin working in the higher-grade areas of the Kakula and Kansoko mines; (ii) statements regarding Kamoa-Kakula expects to soon draw down the equivalent of approximately US$50 million of the equipment financing and down-payment facilities to account for the large fleet of mobile mining equipment already purchased and in operation at the Kakula Mine; (iii) statements regarding the additional funding from the credit facilities is expected to accelerate the completion of the Phase 2 mill expansion from Q1 2023 to Q3 2022; (iv) statements regarding a portion of the Phase 2 capital expenditure and subsequent expansions are expected to be funded by cash flows; (v) statements regarding the planned start-up of Kamoa-Kakula’s Phase 2 expansion is expected to significantly increase the project’s cash-generating capabilities; (vi) statements regarding the project has the opportunity to significantly increase the returns outlined in the recent pre-feasibility study by leveraging these credit facilities; (vii) statements regarding Kakula is projected to be the world’s highest-grade major copper mine with an initial mining rate of 3.8 Mtpa at an estimated average feed grade of 6.6% copper over the first five years of operation; (viii) statements regarding Kamoa-Kakula also is forecast to become the world's second-largest copper mine through a series of phased expansions to 19 Mtpa or more; (ix) statements regarding the full scope of the Phase 2 expanded facilities is estimated to cost approximately US$750 million; (x) statements regarding a portion of the Phase 2 capital expenditure and subsequent expansions are expected to be funded by cash flows; (xi) statements regarding Kamoa-Kakula will have the lowest emissions per tonne of copper concentrate produced of any of the world’s major copper mines; and (xii) statements regarding the contained copper in the project’s pre-production stockpiles is projected to grow to approximately 125,000 tonnes by July 2021, when the Phase 1 copper production is forecast to begin.

As well, all of the results of the Kakula definitive feasibility study, the Kakula-Kansoko pre-feasibility study and the Kamoa-Kakula preliminary economic assessment, 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 phased development of the projects. Furthermore, with respect to this specific forward-looking information concerning the development of the Kamoa-Kakula Project, the company has based its assumptions and analysis on certain factors that are inherently uncertain. Uncertainties include: (i) the adequacy of infrastructure; (ii) geological characteristics; (iii) metallurgical characteristics of the mineralization; (iv) the ability to develop adequate processing capacity; (v) the price of copper; (vi) the availability of equipment and facilities necessary to complete development; (vii) the cost of consumables and mining and processing equipment; (viii) unforeseen technological and engineering problems; (ix) accidents or acts of sabotage or terrorism; (x) currency fluctuations; (xi) changes in regulations; (xii) the compliance by joint venture partners with terms of agreements; (xiii) the availability and productivity of skilled labour; (xiv) the regulation of the mining industry by various governmental agencies; (xv) the ability to raise sufficient capital to develop such projects; (xvi) changes in project scope or design; and (xvii) political factors.

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 Q3 2020 MD&A and its current annual information form.

刚果(金)民主共和国科卢韦齐 — 艾芬豪矿业 (TSX: IVN; OTCQX:IVPAF) 联席董事长罗伯特·弗里兰德 (Robert Friedland) 与孙玉峰 (Miles Sun) 今天宣布,其位于刚果民主共和国 (以下简称“刚果(金)”) 的卡莫阿-卡库拉铜矿项目的合资控股公司 —— 卡莫阿控股公司已取得高达1.76亿欧元 (约2.11亿美元) 的设备融资安排,以及900万美元的首付款贷款。项目将会使用这两项贷款的资金,向领先的瑞典制造商Sandvik AB 和 Epiroc AB以及芬兰制造商Normet Oy订购地下采矿移动设备和服务。

此外,紫金矿业集团的子公司金山 (香港) 国际矿业有限公司已向卡莫阿控股公司提供了2亿美元的有限追索权信贷额度,以项目的投产前矿堆作抵押,为选矿厂的第二序列扩建提供资金。这笔2亿美元的资金足够支付卡库拉矿山第二座年处理矿量380万吨选矿厂的建设费用,这将使矿山的选矿产能从380万吨/年提升至760万吨/年。

截至2020年10月底,项目的投产前地表矿堆已储备了约100万吨中品位和高品位矿石,铜品位约3.47%。另外,62.2万吨低品位的矿石也运送到地表的矿堆。随着更多采掘班组在卡库拉和卡索科矿山的高品位矿段开始作业,项目将大大提升地表堆场的矿石量,且矿石品位将会显著增加。投产前地表矿堆的数字将会即时更新,以反映11月份的产量。

通过信贷融资获得的资金,将会用于加快卡库拉第二序列的整体施工,包括选矿厂和相关基础设施的建设,以及推进卡库拉和卡索科矿床的采矿活动,使两座选矿厂的产能得以全面释放。额外资金预计将缩短选矿厂第二序列扩建的完工时间,从2023年第一季度提前至2022年第二季度。

卡莫阿-卡库拉预计很快将会提取约5,000万美元的设备融资和首付款贷款,以支付早前购买并已在卡库拉矿山工作的大量移动采矿设备。

卡库拉矿山计划于2021年7月实现第一序列的铜生产;第二序列的开发工作现已正式启动

弗里兰德先生表示﹕“虽然我们已为卡莫阿-卡库拉第一序列的建设准备了充足的资金,并将按计划于2021年7月实现投产,但这两项项目的信贷融资使我们能够按需提取资金且不稀释股权,能够提早推进第二座选矿厂的扩建工作。我们与卡莫阿-卡库拉项目合作伙伴的目标一致,致力于优化并推进项目发展。”

“总的来说,我们对于未来几年的铜价前景感到非常乐观。因此,我们希望确保项目能够尽快释放短期的生产潜力,同时保持我们强健的财务状况。鉴于目前宏观经济环境存在不明朗的因素,我们认为这些信贷融资安排是明智且及时的,并且分期偿还的安排正好与卡莫阿-卡库拉的第二序列扩产计划相吻合,预计将会大大增加项目的现金流。”

弗里兰德先生补充说﹕“最近发布的760万吨/年扩产采矿作业 (从卡库拉和卡索科矿山开采矿石) 的独立预可行性研究,明确列出了第二序列可观的经济回报。假设铜价格为每磅铜3.10美元,预可研概述了项目于37年全矿山寿命的税后净现值 (折现率8%) 高达66亿美元,内部收益率为69%,投资回报期仅需2.5年。预可研假设的是融资安排将以100%股权为基础,因而有机会利用信贷融资来进一步提升回报。”

卡库拉预期将会成为全球品位最高的大型铜矿,初始年处理矿量为380万吨,估计投产后前5年的平均给矿铜品位高达6.6%。一旦将卡莫阿-卡库拉项目分阶段扩产至1,900万吨/年或以上,卡莫阿-卡库拉将成为全世界第二大铜矿。

目前已为第二座380万吨/年选矿厂的长周期设备下订单,正式开始第二序列的开发工作,并已为第二序列的土方工程和土木工程进行招标。

第二序列扩建设施的全部范围包括:卡库拉矿山的地下扩建至年产量600万吨、卡索科矿山开始商业采矿作业并提升至年产量160万吨的稳态产量、在卡库拉矿山建设第二座年处理量380万吨的选矿厂,以及支持各个矿场实施扩建的相关地表基础设施。第二序列的部分资本开支和后续扩建工程费用预计将由项目未来的自有现金流予以偿付。

卡莫阿-卡库拉铜矿项目是艾芬豪矿业 (占股39.6%)、紫金矿业集团 (占股39.6%)、晶河全球 (占股0.8%) 及刚果(金)政府 (占股20%)的合资项目。

卡莫阿-卡库拉致力于成为对环境负责任的铜矿开采领先企业

最近一家领先国际的环境顾问公司——加拿大密西沙加的Hatch Ltd.,对于卡莫阿-卡库拉的温室气体强度指标进行了独立审核,确定卡莫阿-卡库拉将会成为全球每单位铜的温室气体排放量最低的矿山之一。这也验证了项目致力于成为对环境负责任的铜矿开采领先企业的承诺。

卡莫阿-卡库拉将使用清洁、可再生的水电,矿山约一半的尾矿将与水泥混合,然后泵回地下用作填充采空区。因此,其地表尾矿库与其他主要矿山的相比将会较小。

瑞典出口信用局 (Swedish Export Credit Agency,以下简称“EKN”) 和瑞典出口信贷公司(Swedish Export Credit Corporation,以下简称“SEK”)基于现有的环境和社会责任,对项目都已进行了详细的尽职调查。项目已制定了环境和社会责任实施计划,目的是要按照国际标准对已知的风险进行管理。

弗里兰德先生说﹕“项目最近发布的2020年综合开发方案详述了可观的经济性,以及项目建设的一流环境、社会责任和社区举措。”

设备融资

设备融资总额为1.76亿欧元 (2.11亿美元),利率为3.24%。贷款有效期3年,自提款日起5年内完成偿付,并与卡莫阿-卡库拉项目的地下采矿设备相关联。EKN为贷款人提供了政治和商业保险,并且每期贷款的首次使用将收取一次性保费,平均不超过9.49%

第一序列采矿设备的可用融资额度为8,200万欧元 (9,800万美元),第二序列采矿设备的可用融资额度则为9,400万欧元 (1.13亿美元)

设备融资的贷款将会用于向世界三大顶级供应商瑞典公司Sandvik ABEpiroc AB以及芬兰公司Normet Oy购买质量一流的机械化地下采矿设备。

EKN的担保限额不高于设备供应商出口合同总值的85%,这将会是决定设备融资规模的关键因素。EKN的担保限额尚未涵盖的部分,将会由刚果(金)标准银行的设备首付款贷款提供,从而优化总体融资方案。

卡莫阿铜业首席执行官马克·法伦 (Mark Farren) (左) 和卡莫阿铜业联席首席财务官罗谢尔·德维利耶 (Rochelle De Villiers) (右) 在矿山其中一台载重63吨的瑞典山特维克卡车前。法伦先生和德维利耶先生是矿山现场的管理团队重要成员,目前正全力推进项目建设。

矿工Jean Yav 在卡库拉矿山检查卡莫阿-卡库拉项目的其中一台瑞典Epiroc半自动双臂钻机。

采矿人员使用芬兰 Normet Charmec乳液充填车,在卡库拉其中一条高品位运输通道为爆破工程的做准备。

首付款贷款

首付款贷款总额为900万美元,由刚果(金)标准银行提供,利率为9.19%,需于4年内偿付。

根据卡莫阿铜业与刚果(金)标准银行的共同协议,首付款贷款可用作第一序列采矿设备的融资,并可能增加额外的1,500万美元用作第二序列采矿设备的融资。

设备融资仅以设备作为抵押,首付款贷款则无抵押。卡莫阿控股已发出一份无约束力的支持函,确定为项目提供支持,无需任何担保人或母公司作担保。

设备融资款项的提取,仍需满足一系列惯常的先决条件。

英国伦敦的HCF International Advisers担任设备融资和首付款贷款的融资顾问。

紫金信贷以地表矿堆作抵押

紫金提供的2亿美元信贷额度,年利率10%,但利息将予以资本化,仅在第二座选矿厂开始商业生产后支付。信贷额度可根据项目的批准预算从首次提款日起计3年内提取。信贷额度的本金需于第二序列投入商业生产后六个月或最迟2023年7月31日偿还。

信贷额度以卡库拉和卡索科矿山的地表矿堆作抵押,到期还款时,将由矿山超额自由现金流偿付,偿付优先级在股东贷款之前。超额自由现金流将于每年进行测算,相当于年度收入扣除运营费用、税项、权益金和资本开支,并包括营运资金的拨备,以及为卡莫阿控股提供来年的最低现金余额 (相等于资本和运营开支估算值的25%)。

信贷额度可以提前还款,而艾芬豪矿业有权向卡莫阿控股提前支付当时未偿还本金的50%和应计但未支付的利息,卡莫阿控股将使用这笔资金偿还一半的信贷额度,即合资伙伴双方在第二序列开发时已预付相等的金额。信贷额度的到期日为自首次提款日起5年,在双方同意的情况下可再延期两年。

截至2020年10月底,项目的投产前地表堆场已储备了约100万吨高品位和中品位矿石,铜品位约3.47%,含有约3.5万吨铜金属。另外,62.2万吨低品位的矿石也运送到地表的矿堆。
预计到2021年7月第一序列铜生产开始时,项目的投产前矿堆的含铜量将会增加至12.5万吨。

紫金2亿美元信贷签约仪式
紫金矿业总裁邹来昌(左)与艾芬豪执行副总裁、中国区业务负责人周超(右)

截至10月底,卡库拉矿山北面斜坡道的主要投产前矿堆已储备矿石量约63.9万吨,铜品位3.71%。项目还有两个额外矿堆,分别位于卡库拉南面斜坡道和卡索科斜坡道。

图表120205月至202010月期间卡库拉和卡索科矿山的投产前矿堆累计储备的矿石量和品位。

图表220205月至202010月期间卡库拉和卡索科矿山的投产前矿堆含铜量增长。

图表320217月第一序列投产前,卡库拉和卡索科矿山的投产前矿堆累计含铜量增长估算。

艾芬豪和紫金与刚果(金)国有电力公司La Société Nationale d'Electricité以公私合营的合资企业形式,对位于刚果(金)的Mwadingusha 水电厂进行升级工程,将为卡莫阿-卡库拉矿山和刚果(金)人民提供长期的环保电力。

卡库拉年处理矿量380 万吨的初始选矿厂,配有两台7兆瓦球磨机以及最近安装的筛选设备和输系统。

卡莫阿-卡库拉380 万吨/年的初始选矿厂,显示两排绿色的浮选机 (粗选机在左排;扫选机在右排)以及两台球磨机 (黄色)

工作人员在卡莫阿-卡库拉的第一序列高压辊磨机安装给矿槽,这将使两台球磨机的给矿粒度降低。

工作人员在第一序列回填厂提升两座2,000吨矿仓的组件。回填厂将选矿厂的尾矿与水泥混合制造回填浆。回填浆将会泵回矿山用作填充采空区。矿山约一半的尾矿将被泵送回地下,大大减少地表的尾矿量。

电工Simon Ndjamba Merve在新地下坝的水泵控制室,该水坝将为卡库拉矿山的钻孔工程供给水源供应。

当地妇女在卡莫阿-卡库拉的香蕉种植园展示她们种植的香蕉,这是卡库拉持续民生计划为项目附近社区加强粮食安全和提升生活水平而实施的举措之一。

卡莫阿铜业董事会的刚果(金)政府代表Bernadette Mpundu Mpia参观卡莫阿-卡库拉的香蕉种植园。

电气工程承包商Innocent Monga在卡库拉的主要变电站安装撑柱

Christian Mulemba在卡库拉村新的洗衣设备前

合资格人士

本新闻稿中关于卡莫阿-卡库拉项目的科学或技术性披露已经由史蒂夫·阿莫斯 (Steve Amos) 审查和批准,他凭借其教育、经验和专业协会会籍被认为是NI 43-101 标准下的合资格人士。由于阿莫斯先生是卡莫阿项目的负责人,因此他并不符合NI 43-101 对独立人士的界定。阿莫斯先生已核实本新闻稿所披露的技术数据。

本新闻稿中的其它科学或技术性披露已经由乔治·吉尔克里斯特 (George Gilchrist) 审查和批准,他凭借其教育、经验和专业协会会籍被认为是NI 43-101 条款下的合资格人士。由于吉尔克里斯特先生是艾芬豪矿业资源部副总裁,因此他并不符合NI 43-101 对独立人士的界定。吉尔克里斯特先生已核实本新闻稿所披露的其它技术数据。

本新闻稿所载的矿堆品位估算值是基于早前从地下巷道的大块矿石取样以及从最近开发的垂直剖面刻槽取样。每个巷道进行第二次爆破时取样,并收集3个5公斤重的样品。从2020年10月起使用刻槽取样的样品作为矿堆品位估算的主要数据,大约每15米在整个垂直剖面上使用手持式研磨机按1米垂直增量进行采样,收集100-150克重的样品。样品在项目现场实验室粉碎后,使用便携式XRF (pXRF) 仪器进行分析。除了在商业实验室利用4种酸分解液和ICP-OES进行分析之外,卡莫阿铜业也经常使用pXRF分析其钻孔岩芯中的铜含量。该数据表明,pXRF结果可用于品位控制和采矿井取样。

艾芬豪已经为卡莫阿-卡库拉项目编制了一份符合NI 43-101 标准的独立技术报告,该报告可在艾芬豪网站以及SEDAR 网站上的艾芬豪页面获得,网址为www.sedar.com

•          2020年10月13日发布的2020年卡莫阿-卡库拉综合开发方案,由OreWin Pty Ltd.、中国瑞林工程技术有限公司、DRA Global、Epoch Resources、Golder Associates Africa、KGHM Cuprum R&D Centre Ltd. 、Outotec Oyj、Paterson and Cooke、Stantec Consulting International LLC、SRK Consulting Inc.以及Wood plc编制。

技术报告包括本新闻稿中引用的卡莫阿-卡库拉项目的矿产资源估算的假设、参数和方法等信息,以及本新闻稿中关于科学和技术性披露的数据验证、勘探程序和其他事项的信息。

关于艾芬豪矿业

艾芬豪矿业是一家加拿大的矿业公司,目前正推进旗下位于南部非洲的三大合资企业项目﹕位于刚果(金)的卡莫阿-卡库拉铜矿和位于南非的普拉特瑞夫 (Platreef) 钯-铂-镍-铜-铑-金矿的大型机械化地下矿山开发工程,以及同样位于刚果(金)、久负盛名的基普什(Kipushi) 锌-铜-锗-银矿的大型重建和改善工程。卡莫阿-卡库拉预计将于2021年7月实现铜生产,并分阶段进行扩建,预计将会成为全球最大规模的铜生产商之一。卡莫阿-卡库拉和基普什将使用清洁、可再生的水电,并将成为全球每单位金属温室气体排放量最低的矿山之一。同时,艾芬豪正在刚果(金)境内其全资拥有、毗邻卡莫阿-卡库拉项目的西部前沿 (Western Foreland) 勘探许可区内寻找新的铜矿资源。

联系方式

投资者﹕Bill Trenaman +1.604.331.9834 / 媒体﹕Matthew Keevil +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于证券法所定义的“前瞻性陈述”或“前瞻性信息”。该等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。该等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﹕(i) 关于随着更多采掘班组在卡库拉和卡索科矿山的高品位矿段开始作业,卡莫阿-卡库拉项目将大大提升地表堆场的矿石量,且矿石品位将会显着增加的陈述;(ii) 关于卡莫阿-卡库拉预计很快将会提取约5,000万美元的设备融资和首付款贷款,以支付早前购买并已在卡库拉矿山工作的大量移动采矿设备的陈述;(iii) 关于额外资金预计将加快选矿厂第二序列扩建的完工时间,从2023年第一季度提前至2022年第二季度的陈述; (iv) 关于第二序列的部分资本开支和后续扩建工程预计将由现金流出资的陈述;(v) 关于卡莫阿-卡库拉的第二序列扩展计划预计将会大大提升项目现金产生能力的陈述;(vi) 关于最近发布的预可行性研究报告指出有机会利用信贷融资来进一步提升回报的陈述;(vii) 关于卡库拉预期将会成为全球品位最高的大型铜矿,初始年处理矿量为380万吨,估计投产后前5年的平均给矿铜品位高达6.6%的陈述;(viii) 关于卡莫阿-卡库拉项目一旦分期扩产至1,900万吨/年或以上,将会成为全世界第二大铜矿的陈述;(ix) 关于第二序列扩建设施的全部范围估计耗资约7.5亿美元的陈述;(x) 关于第二序列的部分资本开支和后续扩建工程预计将由现金流出资的陈述;(xi) 关于卡莫阿-卡库拉将会成为全球每单位铜精矿的温室气体排放量最低的大型铜矿之一的陈述;以及(xii)关于2021年7月第一序列铜生产开始时,项目的投产前矿堆的含铜量预计将会增加至12.5万吨的陈述。

此外,卡库拉最终可行性研究、卡库拉-卡索科预可行性研究及卡莫阿-卡库拉项目初步经济评估的所有结果,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、建议采矿方案和方法、矿山寿命估计、现金流预测、金属回收率、资本和运营成本估算,以及项目分期开发的规模和时间点。另外,对于与卡莫阿-卡库拉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:(i) 基础设施的充足性;(ii) 地质特征;(iii) 矿化的冶金特征;(iv) 发展充足选矿产能的能力;(v) 铜价格;(vi) 完成开发所需的设备和设施的可用性;(vii) 消耗品和采矿及选矿设备的费用;(viii) 不可预见的技术和工程问题;(ix) 事故或破坏或恐怖主义行为;(x) 货币波动; (xi) 法例修订;(xii) 合资伙伴对协议条款的遵守情况;(xiii) 熟练劳工的人手和生产率;(xiv) 各政府机构对矿业的监管;(xv) 筹集足够资金以发展该等项目的能力;(xiv) 项目范围或设计更变;以及(xv) 政治因素。

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本公司管理层认为合理的假设而作出,但本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,而且受本警戒性声明明确限制。根据相应的证券法,本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2020年第三季度管理层讨论和分析和当前年度报告中“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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