TIDMAMC
RNS Number : 1719L
Amur Minerals Corporation
17 July 2017
17 July 2017
AMUR MINERALS CORPORATION
(AIM: AMC)
Independent Review of Cost Estimates
$1.78 Per Pound Nickel Cost to Deliver to Rail Station
Amur Minerals Corporation ("Amur" or the "Company"), a mineral
exploration and resource development company focused on its
Kun-Manie nickel - copper sulphide project located in Russian Far
East ("Kun-Manie"), is pleased to announce that an independent
review of projected operating cost estimates is now complete.
RPMGlobal Asia Limited ("RPM"), an independent mining
consultancy, has derived operating cost estimates using a first
principles approach for use in the completion of the estimation of
the mining potential at Kun-Manie. Open pit and underground mining,
processing, all other site related costs and the cost of
concentrate transport to the Ulak rail station have been estimated
by RPM and were used by AMC to derive a projected average operating
cost of $1.78 per pound of nickel delivered to the Ulak station.
The RPM results are based on Q2 2017 costs and quotes presently in
place and / or available to Amur's wholly owned subsidiary (ZAO
Kun-Manie). It is from the Ulak station, located on the Baikal Amur
("BAM") rail line, that the Company has the option to ship the
concentrate to a contract smelter or treat the concentrate at a
planned Company-owned facility.
The average cost per pound of nickel delivered in concentrate
form to the Ulak station does not presently include consideration
of smelter terms, recoveries, charges, payable terms and royalties.
These have been specifically excluded until mining tonnages and
grades are established based on the RPM costs and trade off studies
can be implemented with regard to off-take agreement terms and a
Company owned treatment facility at Ulak. Completion of these
studies will allow for the reporting of C1 industry standard
costs.
Highlights
-- The RPM all-in operating costs to deliver concentrate to the
planned Ulak rail station is projected to approximately $24 per ore
tonne which is less than AMC's Q1 2015 approximated cost of $26 per
ore tonne.
-- The AMC delivered cost per pound of nickel in concentrate is
estimated to average $1.78 for all four deposits to be mined,
ranging from $1.40 to $2.05.
-- At today's nickel price of approximately $4.00 per pound
($8,816 per tonne), the nickel only break even cutoff grades are
projected to vary from 0.29% to 0.39% nickel only.
-- The 10 February 2017 Mineral Resource Estimate ("MRE") is
based on a cutoff grade ("COG") of 0.4% nickel, hence all Measured
and Indicated resources are available for reserve determination (80
million tonnes averaging 0.76% nickel containing approximately
610,000 nickel tonnes). Existing Inferred resources that require
infill drilling will similarly be available at a nickel grade of
0.78% upon successful infill confirmation.
-- The newly discovered high grade JORC defined Exploration
Target (28.5 metre thickness averaging 0.98% nickel only) located
immediately adjacent to the existing resource of Ikenskoe /
Sobolevsky ("IKEN"), is projected to have a potential delivered
cost per pound nickel in the order of $1.30 (derived by AMC using
costs originally estimated by RPM and excluding smelter terms and
conditions, penalties, payables, and royalties). This cost per
delivered pound is lower than any of the other deposits within our
mining licence. Successful infill drilling of this Target is
necessary to allow for resource calculation. It is estimated to
range from 10 to 15 million tonnes having an average nickel grade
of 0.9% to 1.0% nickel. Infill drilling is planned to begin in
August 2017.
Completion of the RPM operating cost review is a key component
to the continual advancement of the Kun-Manie project. These newly
derived costs have been included in the ongoing mine design
evaluation for the determination of mining potential and production
schedules. Open pit designs are being compiled by RPM for all four
drilled deposits with underground evaluations at Maly Kurumkon /
Flangovy ("MKF") and Kubuk ("KUB") underway.
The high grade Exploration Target is planned for infill drilling
information. Ranging in grade from 0.9% to 1.0% nickel,
substantially higher than any of the existing average deposit
grades, the low cost delivered nickel pound of $1.30 could
substantially and beneficially modify the mining potential and
production schedule under development.
Robin Young, CEO of Amur Minerals, commented:
"On multiple levels it is encouraging that RPM's operating costs
indicate $1.78 for only nickel to deliver a pound of recovered
nickel in concentrate to our planned rail station. In Q1 2015, our
internally derived operating cost was projected to be about $26
which is very similar to the newly defined Q2 2017 based RPM cost
of $24 per ore tonne. Pleasing indeed.
"Using today's nickel price of approximately $4.00 a pound, our
projected breakeven cutoff grades are lower than the cutoff grade
at which we report JORC Mineral Resources. This means nearly all of
our reported resource is available in the determination of mining
tonnages and grades. We therefore believe that we have a highly
robust resource capable of supporting a long term operation at the
current low price of nickel. The breakeven operating cutoff grade
will likely be reduced with the inclusion of any payable revenues
derived from the excluded by-product value derived from copper,
cobalt, platinum and palladium. We believe we have added an
additional safeguard to our evaluation of the economic potential of
Kun-Manie by this highly conservative approach and the exclusion of
any resources below a 0.4% cutoff grade.
"As for upside, we have discovered a new high grade JORC
Exploration Target at Ikenskoe / Sobolevsky. Limited drill results
indicate the potential to add to our resource and mining potential
from the additionally defined mineral block which looks to range
from 0.9% to 1.0% nickel and successful infill drilling could allow
this area to become a source of first or early stage ore production
at Kun-Manie. Infill drilling is a priority here."
For further information, see the Company website at
www.amurminerals.com.
Click on, or paste the following link into your web browser for
the associated audio file:
http://amurminerals.com/content/wp-content/uploads/RPM-Operating-Cost.mp3
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
Enquiries:
Company Nomad and Broker Public Relations
Amur Minerals S.P. Angel Corporate Yellow Jersey
Corp. Finance LLP
Robin Young Ewan Leggat Charles Goodwin
CEO Soltan Tagiev Harriet Jackson
+44(0)7 544
+7(4212)755615 +44(0)20 3470 0470 275 882
Notes to Editors
The information contained in this announcement has been reviewed
and approved by the CEO of Amur, Mr. Robin Young. Mr. Young is a
Geological Engineer (cum laude), a Professional Geologist licensed
by the Utah Division of Occupational and Professional Licensing,
and is a Qualified Professional Geologist, as defined by the
Toronto and Vancouver Stock Exchanges. An employee of Amur for 12
years, previously Mr. Young was employed as an independent
consultant with Fluor Engineers, Fluor Australia and Western
Services Engineering, Inc. during which time his responsibilities
included the independent compilation of resources and reserves in
accordance with JORC standards. In addition, he was the lead
engineer and participant of numerous studies and projects requiring
the compilation of independent Bankable Studies utilised to finance
small to large scale projects located worldwide. Mr. Young is
responsible for the content of this announcement which also
contains information generated by RPMGlobal Asia (RPM) and SGS
Minerals.
Important Information:
RPM Operating Costs Scope of Work
RPM's Perth and Sydney, Australia offices completed a first
principles calculation of the operating costs of Amur's proposed
operation at the Kun-Manie nickel copper sulphide project located
in Amur Oblast of the Russian Far East. The reported operating
costs allow for the ongoing determination of the mining potential
of the project with regard to mined ore tonnages and the average
grade of the ore to be processed by a 6.0 million tonne per year
sulphide flotation plant. The operating costs include all cost
centres from the mine face through to delivery of concentrate to
the Ulak area planned rail station for either transport to a toll
smelting company or processing of the concentrate into a low grade
matte at a company owned facility located along the BAM rail line.
This allows the Company to establish mine production cutoff grades
("COG") and to determine an all-in operating cost per pound of
recovered nickel in concentrate delivered to the BAM rail line. The
cost centres include the following:
-- Both open pit and underground mining costs
-- Ore transport costs from the mine to the process plant
-- Processing costs
-- On site ancillary costs
-- Transport cost of the concentrate from the processing plant to the BAM located rail station
-- General and Administrative costs
The RPM results are based on Q2 2017 costs and quotes presently
in place and / or available to Amur's wholly owned subsidiary (ZAO
Kun-Manie). Additional cost components estimated by RPM have been
included and are based on factored costs (Russian adjusted). The
accuracy of the operating cost estimates is +/-25% and all currency
values are reported in US Dollars. The newly derived RPM costs
replace those previously generated by the Company.
Mining Methods
The Kun-Manie nickel copper sulphide project is planned to mine
ores from four deposits including:
-- Maly Kurumkon / Flangovy ("MKF")
-- Vodorazdelny ("VOD")
-- Ikenskoe / Sobolevsky ("IKEN")
-- Kubuk ("KUB")
The configuration of the mineralisation is such that the Company
can utilise both open pit and underground Long Hole Open Stoping
("LHOS") methods to optimise production and operating profits.
Mined ores will be delivered to a sulphide flotation plant where a
sulphide concentrate will be generated.
Open pit production is planned from all four deposits whilst
open pit mining will transition to underground production at the
MKF and KUB deposits. At MKF and KUB, it is necessary to identify
the optimal location at which mining will transition from an open
pit to an underground operation. This can now be determined based
on the newly and independently derived RPM operating costs. The
mine production method(s) by deposit is summarised below:
Anticipated Mining Method by Deposit
Deposit Open Underground
Pit
-------- ----- ---------------------
MKF Yes Transitioning to
KUB Yes Underground
VOD Yes Transitioning to
IKEN* Yes Underground
None
Presently None, New
Zone Potential*
-------- ----- ---------------------
*2017 drilling to the southeast of the IKEN deposit has
identified a high grade 28.5 metre thick zone averaging
approximately 0.98% nickel. This represents an underground
production target discovered in June 2017 and its potential impact
on the project has not been included in this evaluation. This newly
discovered mineralisation is suitable for underground
production.
Selection of the open pit limits is being determined by using
open pit optimisation software at all four deposits. At MKF and
KUB, open pit limits will be established based on an incremental
open pit stripping ratios. This identifies the approximate location
where open pit production is likely to transition of underground
production. This point is typically coincident with the location
where the underground cost to mine a tonne of ore is equal to the
cost to mine a tonne of open pit ore plus the overlying waste that
must be removed to mine that open pit tonne of ore.
RPM Operating Cost Summary
RPM projects MKF open pit and underground operating costs to be
$23.25 and $24.16 per ore tonne, respectively. By cost centre,
these consist of the following:
Cost Centre Units Unit Cost
---------------------------- ---------- ----------
Open Pit Mining $/t ore 6.53
(Waste Included) OC
LHOS Mining $/ t 7.44
ore UG
---------------------------- ---------- ----------
Ore Transport to
Process Plant $/t ore 1.58
---------------------------- ---------- ----------
Processing Cost $/t ore 11.50
---------------------------- ---------- ----------
Tailings $/t ore 0.16
---------------------------- ---------- ----------
Concentrate Transport
to Ulak $/t ore 1.50
---------------------------- ---------- ----------
General and Administrative $/t ore 1.98
---------------------------- ---------- ----------
Open Cut Total
Cost $/t ore 23.25
---------------------------- ---------- ----------
Underground Total
Cost $/t ore 24.16
---------------------------- ---------- ----------
*Total cost per ore tonne is based on LHOS costs.
For update purposes only, AMC's Q1 2015 reported cost per ore
tonne was $20.49 for open pit mining and $26.37 for underground
mining in Q1 2015. AMC had estimated costs based on the Room and
Pillar underground mining method whilst RPM utilised the LHOS
underground method. The change in the underground method was based
on insufficient geotechnical modelling information which the
Company will acquire once specific areas of mining are defined. In
addition, inflation, reduced fuel prices and foreign exchange rate
variation contributes to the difference in operating cost per tonne
between AMC (Q1 2015) and RPM (Q2 2017).
Mining Cost Results
RPM estimates open pit mining cost for waste to be $1.60 per
tonne and for open pit ore $1.73 per tonne.
Open Pit Mining Operating Costs
Source Unit RPM
Cost
----------------------- ---------- ------
$/ tonne
Waste waste $1.60
----------------------- ---------- ------
$/ tonne
Ore ore $1.73
----------------------- ---------- ------
Average OC Ore Mining $/ tonne
Cost (3:1 SR)* ore $6.53
----------------------- ---------- ------
*SR: Cumulative Stripping Ratio
The RPM underground LHOS projected cost is $7.44 per tonne
ore.
Underground Mining Operating Costs
Unit / Source Unit RPM
Cost
--------------------- --------- ------
Average Underground
Mining Cost $/t ore $7.44
--------------------- --------- ------
Using the RPM derived open pit and LHOS operating cost
estimates, it is possible to identify a specific "incremental" open
pit stripping ratio representing a potential maximum open pit
production limit where production will transition to LHOS mining.
RPM's estimated open pit and underground mining costs indicate an
incremental stripping ratio of approximately 3.6 tonnes of waste
per tonne of ore (($7.44 - $1.63)/$1.73) should reasonably
approximate the geographical location where the changeover from pit
production to that of underground production is best implemented.
This analysis is important as the deposits of MKF and KUB will use
both open pit and underground LHOS mine production scenarios.
For clarification purposes, there are two stripping ratios
reported by mining companies. "Incremental" stripping ratio is the
amount of waste that must be mined to recover a specific tonnage of
ore. The "cumulative" stripping ratio is the ratio of the total
tonnes of waste mined in a final pit versus that of the total
tonnes of ore mined in the pit. It is the "incremental" stripping
ratio that is best suited to define open pit to underground
production transition which coincidentally results in an
optimisation of the operating profit. As per industry standards,
the determination of the average mining cost per ore tonne is based
on the "cumulative" stripping ratio.
Ore Haulage To The Process Plant
Using the MKF haul road profile from the deposit to the proposed
process plant site, RPM reviewed the haulage costs compiled by AMC.
RPM noted that the AMC ore haulage costs could be substantially
reduced by reconfiguring its ore haulage from the mine to the mill.
AMC proposed to use the in pit mining fleet to transport the ore
from the mine face to the process plant.
RPM's operational improvement with regard to this ore transport
component provides for a more efficient configuration which now
consists of the off road mine haulage trucks dumping the ore into
stockpiles at the pit berms and the ore from underground being
dumped at the portals being loaded into smaller, faster and lower
operating cost trucks for transport to the mill. Based on AMC
inputs, RPM estimates this change to result in a significant
reduction to $0.15 per tonne per kilometre.
Haulage distances vary from the four deposits to the process
plant. Based on the $0.15 per tonne per kilometre unit cost, ore
transport from the deposits to the mill will range from $1.49 to
$2.23 per tonne per kilometre.
Ore Haulage Costs - By Deposit to Process Plant
Length AMC Estimated
Deposit of Cost Per
Haul Ore Tonne
---------- ------- --------------
MKF 10.6 $1.58
KUB* 15.5 $2.33
VOD* 14.7 $2.21
IKEN* 11.2 $1.68
---------- ------- --------------
*Estimated by AMC using RPM derived unit cost of $0.15 per tonne
per kilometre at MKF.
RPM Process and Ancillary Operating Costs
RPM completed a review of AMC's operating costs for the
remainder of the cost centres at the mine site including the
concentrate transport cost from the mine site to the Ulak rail
station. Based on AMC inputs, RPM estimates the all-in cost for
these components to be $15.14 per ore tonne.
Operating Cost
Cost Per
Centre Ore
Tonne
---------------------------- -------
General and Administration $1.98
Plant Labour Cost $0.72
Reagent Cost $2.82
Consumables $2.72
Maintenance Spares $0.42
Power Costs $4.06
Equipment Fuel $0.76
Tailings Storage Facility $0.16
Concentrate Haulage -
Mine to Ulak Stations $1.50
---------------------------- -------
Total Cost All Other
Areas $15.14
---------------------------- -------
Cost of Production by Deposit
The cost of production per nickel pound delivered in concentrate
to Ulak will differ by deposit. These include consideration of
operating cost changes and the selected mining method. A summary of
the projected cost per ore tonne for each deposit follows:
Total Cost Per Ore Tonne by Deposit
Deposit Mining Ore Haulage Process Total Pit Cumulative
Cost Plus Strip Ratio
All
Other
--------- ------- ------------ -------- ------- ---------------
MKF $7.44 $1.59 $15.13 $24.17 3.0:1.0 Limit
--------- ------- ------------ -------- ------- ---------------
KUB* $7.44 $2.33 $15.13 $24.91 3.0:1.0 Limit
--------- ------- ------------ -------- ------- ---------------
0.5:1.0 Open
VOD* $2.54 $2.21 $15.13 $19.88 Pit Only
--------- ------- ------------ -------- ------- ---------------
3.1:1.0 Open
IKEN* $6.70 $1.68 $15,13 $23.51 Pit Only
--------- ------- ------------ -------- ------- ---------------
*Calculated by AMC using the RPM derived operating costs and
adjustment for ore haulage distance from the deposits to the
plant.
For the KUB deposit, the only change to the operating cost is
related to the additional haulage distance (4.9 kilometres)
increasing the KUB total operating cost per ore tonne to $24.91.
The majority of the mined ore is planned to be mined using the LHOS
method.
At the open pit only deposits of VOD and IKEN, previous studies
have identified open pit cumulative stripping ratios of 0.5:1.0 and
3.1:1.0, respectively. Using the RPM open pit mining costs for ore
and waste, the projected total per operating cost per ore tonne was
determined by AMC. VOD is projected to be in the order of $19.88
per ore tonne due to its very low cumulative stripping ratio with
IKEN being $23.51 per tonne. The operating cost per ore tonne for
both deposits also includes the adjustment for the differing
haulage distances to the mill.
Ulak Delivered Cost Per Pound Nickel
The cost to produce a pound of nickel in concentrate delivered
to the rail station at Ulak varies by deposit. Using the above cost
summary for each deposit, the average nickel only grade of each
deposit and the projected metallurgical recovery from existing SGS
Minerals ("SGS") nickel grade metal recovery curves, the delivered
cost per delivered pound is expected to range from $1.40 (VOD) to
$2.05 (KUB) averaging $1.78 per pound (weighted average based on
the 10 February 2017 Mineral Resource Estimate ("MRE")).
Cost Per Delivered Pound and Cutoff Grade Summary
Deposit Cost Metallurgical Average COG by Nickel Price
Per Delivered Ni Recovery Nickel
Nickel (%) Grade by
Pound Deposit
(%)
--------- --------------- -------------- ---------- ---------------------------------
$4.00 $5.50 $7.50
/ lb / lb / lb
($8,816 ($12,122 ($16,530
/ t) / t) / t)
--------- --------------- -------------- ---------- --------- ---------- ----------
MKF $1.73 81.06 0.78 0.34 0.25 0.18
--------- --------------- -------------- ---------- --------- ---------- ----------
KUB $2.05 71.76 0.77 0.39 0.29 0.21
--------- --------------- -------------- ---------- --------- ---------- ----------
VOD $1.40 77.60 0.83 0.29 0.21 0.15
--------- --------------- -------------- ---------- --------- ---------- ----------
IKEN $1.83 84.37 0.69 0.32 0.23 0.17
--------- --------------- -------------- ---------- --------- ---------- ----------
The indicated COG for each deposit using a $4.00 per pound
nickel price ($8,816 / tonne) indicates a range of COG's from a
high of 0.39% nickel (KUB) to a low of 0.29% nickel (VOD).
Minimal Impact of RPM Costs on the 10 February 2017 Mineral
Resource Estimate
RPM's 10 February 2017 Mineral Resource Estimate ("MRE") is
based on a cutoff grade of 0.4% including internal waste. AMC
believes that based on the updated operating costs, the present MRE
inventory available to the determination of reserves has not been
curtailed at today's nickel price (approximately $4.00 per pound),
the newly defined operating costs, and existing metallurgical
recovery results. Typically, MRE inventories are based on COG's
lower than the breakeven COG of operations. This is not the case at
Kun-Manie.
Hence, the vast amount of the reported Measured and Indicated
category resource (80 million tonnes averaging 0.76% nickel and
containing 614,000 nickel tonnes) remains available to Reserve
conversion. The remaining Inferred Resource of 20 million tonnes
averaging 0.77% nickel is also well suited for Reserve inclusion
with the advent of successful infill drilling. Infill drilling is
presently underway at KUB where an 11.0 million tonne Inferred
block is being drilled. The Company believes the 0.4% MRE COG and
existing MRE provides a robust basis for the evaluation of the
project potential at today's nickel price of approximately $4.00
per pound.
The Company believes that increased long term nickel prices will
further reduce the operating COG within all deposits. Consensus
Economics Inc. ("CEI") foresees a nickel price increase to $5.50
per pound over the next eight quarters. Historically, the Company
has reported project potential based on a $7.50 per pound nickel
price. At both increased nickel prices, the COG is substantially
and further reduced to a range of 0.21% to 0.29% nickel (CEI) and
to a range of 0.15 to 0.21% nickel only.
Derivation of the Average Delivered Price Per Nickel Pound
Using the distribution of the contained ore tonnages by deposit,
the global project average estimated cost per pound for nickel only
is projected to be in the order of $1.78 per nickel pound in
delivered concentrate to our Ulak station. This is based on 60% of
the ore being derived from MKF, 14% from KUB, 5% from VOD and 20%
from IKEN. It is noted that this is not a C1 operating cost per
industry standards as it does not include smelting costs and
penalties, transport of concentrate to smelters, payables, costs or
royalties. These additional costs will be identified subsequent to
the development of the mining tonnages and grades which will allow
for the determination of the final metal content of the
concentrate. It is then that final C1 operating costs can be
reported. As of yearend 2015, the lower quartile C1 producers were
identified as sub $3.10 per pound producers with the next lowest
quartile C1 cost being below $3.80 per pound (Wood Mackenzie).
2017 IKEN High Grade Exploration Target - Substantial Potential
Impact
The 2017 June discovery of the IKEN high grade Exploration
Target indicates there is substantial potential ranging from 10.0
to 15.0 million tonnes (AMC estimated), representing up to 2.5
years of mine life. Averaging 28.5 m in thickness per hole and at
average projected grades of 0.9% to 1.0% nickel, the underground
based cost to produce Ulak delivered nickel in concentrate could be
in the order of $1.30 a pound. Successful infill drilling of this
area is required and could result in a significant shift in the
anticipated production schedule for Kun-Manie with this zone being
moved into the early stages of the production schedule.
Glossary
DEFINITIONS OF EXPLORATION RESULTS, RESOURCES & RESERVES
EXTRACTED FROM THE JORC CODE: (December 2012) (www.jorc.org)
An 'Exploration Target' is a statement or estimate of the
exploration potential of a mineral deposit in a defined geological
setting where the statement or estimate, quoted as a range of
tonnes and a range of grade (or quality), relates to mineralisation
for which there has been insufficient exploration to estimate a
Mineral Resource.
An 'Exploration Results' include data and information generated
by mineral exploration programmes that might be of use to investors
but which do not form part of a declaration of Mineral Resources or
Ore Reserves.
A 'Mineral Resource' is a concentration or occurrence of
material of intrinsic economic interest in or on the Earth's crust
in such form, quality and quantity that there are reasonable
prospects for eventual economic extraction. The location, quantity,
grade, geological characteristics and continuity of a Mineral
Resource are known, estimated or interpreted from specific
geological evidence and knowledge. Mineral Resources are
sub-divided, in order of increasing geological confidence, into
Inferred, Indicated and Measured categories.
An 'Inferred Mineral Resource' is that part of a Mineral
Resource for which tonnage, grade and mineral content can be
estimated with a low level of confidence. It is inferred from
geological evidence and assumed but not verified geological and/or
grade continuity. It is based on information gathered through
appropriate techniques from locations such as outcrops, trenches,
pits, workings and drill holes which may be limited or of uncertain
quality and reliability.
An 'Indicated Mineral Resource' is that part of a Mineral
Resource for which tonnage, densities, shape, physical
characteristics, grade and mineral content can be estimated with a
reasonable level of confidence. It is based on exploration,
sampling and testing information gathered through appropriate
techniques from locations such as outcrops, trenches, pits,
workings and drill holes. The locations are too widely or
inappropriately spaced to confirm geological and/or grade
continuity but are spaced closely enough for continuity to be
assumed.
A 'Measured Mineral Resource' is that part of a Mineral Resource
for which tonnage, densities, shape, physical characteristics,
grade and mineral content can be estimated with a high level of
confidence. It is based on detailed and reliable exploration,
sampling and testing information gathered through appropriate
techniques from locations such as outcrops, trenches, pits,
workings and drill holes. The locations are spaced closely enough
to confirm geological and/or grade continuity.
An 'Ore Reserve' is the economically mineable part of a Measured
and/or Indicated Mineral Resource. It includes diluting materials
and allowances for losses, which may occur when the material is
mined. Appropriate assessments and studies have been carried out,
and include consideration of and modification by realistically
assumed mining, metallurgical, economic, marketing, legal,
environmental, social and governmental factors. These assessments
demonstrate at the time of reporting that extraction could
reasonably be justified. Ore Reserves are sub-divided in order of
increasing confidence into Probable Ore Reserves and Proved Ore
Reserves.
This information is provided by RNS
The company news service from the London Stock Exchange
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