Muligheder og forhindringer

Transkript

1 NunaMinerals A/S Exploring the mineral potential of Greenland Muligheder og forhindringer i forhold til opstart af konkrete råstofprojekter i Grønland Ole Christiansen, april

2 19 slides 1 DISCLAIMER 1 slide 2 EXTERNE FAKTORER 6 slides 3 INFRASTRUKTUR FAKTORER 1 slide 4 LANDE FAKTORER 4 slides 5 PROJEKT FAKTORER 6 slides 6 KONKLUSIONER 2 slides 7 APPENDIX: NUNAMINERALS 15 slides 2

3 FORWARD LOOKING STATEMENTS Forward-looking statements contained in this presentation, including descriptions of NunaMinerals exploration and development projects, strategy and plans, as well as expectations for future revenue and earnings, reflect NunaMinerals current views and assumptions with respect to future events and are subject to certain risks, uncertainties and assumptions. There are many factors that may cause actual results achieved by NunaMinerals to differ materially from expectations for future results and expectations that may be expressed in or form an assumption of such forward-looking statements. Such factors include risks related to exploration, development and mining activities, uncertainties related to the results of NunaMinerals exploration and development projects, including risks of delays or closure of projects, price falls, currency fluctuations and changes in concession terms, legislation and administrative practices, as well as competition risk and other unforeseen factors. If one or more of such risks or factors of uncertainty were to materialise, or should one or more of the statements provided prove to be incorrect, actual developments may differ materially from the forward-looking statements contained in this presentation. NunaMinerals is not under any duty to update the forward-looking statements contained in this presentation or to adjust such statements to actual results, except as may be required by law. 3

4 1 DISCLAIMER 2 EXTERNE FAKTORER 3 INFRASTRUKTUR FAKTORER 4 LANDE FAKTORER 5 PROJEKT FAKTORER 6 KONKLUSIONER 7 APPENDIX: NUNAMINERALS 4

5 GRØNLAND SOM MINELAND? Product life cycle (PLC)! Grønland 1991! (Ny råstofordning) Product Life Cycle (PLC) gælder for miner og for branchen 5

6 GRØNLAND SOM MINELAND? Antal miner i Grønland antal miner mine tjente mange penge! 2 miner tjente mange penge! Dette er bedste gæt for udfaldsrummet for Grønland som mineland (5-10 miner) miner tjener penge! Grønlands første mine-cykel varede i ca. 150 år! Mine Fra Til Lønsomhed Ivittuut Qullissat Maarmorilik Blyklippen Sorte Engel Nalunaq Seqi

7 EXTERNE FAKTORER Udbud = mineproduktion Meget anlægstungt Store investeringer Års planlægning Efterspørgsel = KINA Meget dynamisk Store prisudsving Dag til dag 400 RT Pilbara iron ore production, mtpy % over 3 år GDB % China 10,9 7,8 7,5 3,3 World 3,5 3,2 3,0 2,6 Udbud og efterspørgsel nærmer sig HASTIGT hinanden! 7

8 EXTERNE FAKTORER 3 selskaber producerer 50% af jernmalmen x x x ISUA BFS forudsætning På sigt vil jernpriserne falde dyre miner vil lukke! 8

9 US$/ton malm EXTERNE FAKTORER 80,00 70,00 60,00 ISUA MINEPROJEKT 78/12 Prisudsving på jernmalm, USA ,00 40,00 30,00 20,00 10,00 18 år 25 år 24 år 0, Jernmalm cykler i USA varer ca. 22 +/- 4 år! 9

10 EXTERNE FAKTORER Historisk høje jernpriser på >100 US$ pr. ton drevet af infrastrukturudvikling i Kina! 11 år 22 år Historiske jernmalmspriser ikke over 50 US$ pr. ton! T = 22 år Isua minelife = 10 år BFS forudsætter jernmalmspriser på >100 US$/ton for London Mining! 10

12 LANDE FAKTORER 150 km public road 105 km slurry pipeline / road ( gravity supported ) 226 km existing railway New airstrip New port/living facilities Narvik: existing port Capex US$ 0.89 billion Infrastrukturdel: <30% Capex US$ 2.4 billion Infrastrukturdel: >70% Infrastrukturinvesteringer i Grønland MEGET højere end i Sverige! 12

14 ATTRAKTIV PROSPEKTIVITET North Atlantic continents in Ga configuration Latest event Anticipated Gold belt Fort Knox Minerals Nickel Zinc Coal Iron Gold Diamonds Red Dog Kupol Norilsk Keivitsa (nickel) Surikuusikko (gold) Kiruna (iron) Jericho Diavik Ekati Snap Lake Great Bear Lake Thomson Rankin Inlet Nanisivik Polaris Mary River Spitsbergen Hosku (gold) Pampolo (gold) Karpsa (gold) Surikuusikko (gold) Superior Province The mining hearth of Canada Fennoscandian Shield The mining hearth of Scandinavia Raglan Voiseys Bay Bindeled mellem minerige Canada og Skandinavien! 14

15 US$/km2 ATTRAKTIV PROSPEKTIVITET Grønland (2012) Isfri areal: 410,449 km 2 Efterforskning: 237 $/km 2 Guldproduktion: 0,7 ton (mål) Canada (2010) Isfri areal: 9,984,670 km 2 Efterforskning: 251 $/km 2 Guldproduktion: 95 tonnes Australia (2010) Isfri areal: 7,692,024 km 2 Efterforskning: 240 $/km 2 Guldproduktion: 215 tonnes Exploration investments per km2 Greenland Australia Canada Source: BMP, Metals Economics Group, Internet Efterforskning i Grønland nu på samme niveau som i Canada og Australien! 15

16 BEDSTE MINERALPOTENTIALE Fraser Institute ranker GRØNLAND øverst blandt 96 lande for MINERAL POTENTIALE forudsat uændrede regler! FRASER INSTITUTE februar2013: Grønland er bedst forudsat uændrede regler! 16

17 KONKURRENCEDYGTIG BESKATNING Hvorfor er Grønland ikke skattemæssig så billig som Sverige? 17

19 PROJEKTSPECIFIKKE FAKTORER Minebrydning 1. Metalindhold (lødighed) a. Metalindhold i fjeld (grade) b. Udnyttelsesgrad (recovery) c. Metalindhold ved møllen 2. Cut-off grade: Mindste metalindhold, som netop dækker de direkte driftsomkostninger a. Påvirker minens størrelse b. Påvirker lønsomhed Processering til slutprodukter 3. Raffinering (metallurgy) a. Udnyttelsesgrad (recovery) b. Processens tilgængelighed c. Processomkostninger d. Indland eller udland 4. Afsætning a. Markedets størrelse b. Markedets gennemsigtighed c. Priser d. Valutakurs Lavere driftsomkostninger giver lavere cut-off grade! 19

20 VIRKNING AF CUT-OFFGRADE Tænkt guldmine eksempel: 5 m 8 g/t Cut off grade Dilution Grade g/t Au Malm Guld 6 g/t 0% 8,00 100% 100% 5 g/t 30% 7,54 130% 123% 3 g/t 50% 7,07 150% 133% Cut off grade Guld Malmværdi 1500 $/oz 6 g/t 1 Moz 1500 M$ 5 g/t 1,23 Moz 1845 M$ 3 g/t 1,33 Moz 1995 M$ En cut-off grade på 3 g/t isf 6 g/t giver 33% mere guld (DKK 2,8 milliarder)! 20

21 CUT-OFF GRADE OG TONNAGE Højere omkostninger højere cut-off mindre mine 21

22 CASH COST OG TOTAL COST Guldprisen US$/unse Kummulativ cash cost for alle guldminer Højere infrastrukturomkostninger højere gul graf mindre profit 22

23 MINEPROJEKTER I GRØNLAND Vigtige faktorer Produktionsomkostninger så lave som muligt Mulighed for open pit? Mulighed for større skala? Sammenlign med andre miner i verden Lav fraktil = høj overlevelse? Udnyt eventuelle fordele i Grønland Vandkraft? Forvent i Grønland Høj omkostningsniveau Høj lønniveau Behov for stor lager af reservedele Infrastrukturomkostninger Næsten alle tekniske personer skal importeres Fastholdelse af medarbejdere Høje rejseomkostninger Uddannelse af lokale Omkostningsniveauet skal ned for en succesfuld mineudvikling! 23

24 MINEPROJEKTER I GRØNLAND Mine-delen Recovery ved brydning Forvent 60-95% recovery Guld Forvent DORÉ produktion Basismetaller, REE Forvent koncentratproduktion Videre forædling i udlandet Industrimineraler Forvent lavprisprodukter Ingen verdensmarkedspriser Forædlingsdelen Recovery ved forædling Forvent 40-95% Guld Velkendt Basismetaller Velkendt Visse REE produkter Behov for teknologiudvikling Kostbar, krævende Sluger ca 50% af økonomien Anslået 40-90% af salget af slutproduktet kan realiseres i Grønland! 24

26 KONKLUSIONER 1 MULIGHEDER Geologi som Canada og Skandinavien Godt potentiale Lav landerisiko Skandinavisk kultur Europæisk økonomi Minevenlig Uudforsket Overfladenære forekomster Globale findeomkostninger er høje FORHINDRINGER Ringe konkurrenceevne Højt omkostningsniveau Høje infrastrukturudgifter Miner skal være bedre og større end konkurrenternes Langsom beslutningsproces Konjukturfølsom Projekter for sent i mål? Relativt højt skattetryk Miner skal være bedre og større for at være lønsomme Vi skal være bedre til at tage kommercielle beslutninger! 26

27 KONKLUSIONER 2 Timing Bedste afkast hvis miner kan ramme højkonjunkturer Der kan gå årtier før næste optur Driftsomkostninger Bedste afkast for alle hvis CASH COSTS kan holdes lave Reduktion af omkostningsniveau giver flere miner Reduktion af omkostninger giver længere minelevetid Landerisiko Flest investeringer hvis attraktiv investeringsmiljø Invitér fonde til infrastrukturinvesteringer Billig mineproduktion eller højkonjunktur muliggør miner i Grønland! 27

28 CONTACT INFORMATION Ole Christiansen President, CEO Phone Cellphone

30 CORE PROJECTS FOCUSED ON GOLD AND COPPER Inglefield copper-gold project Targets: porphyry copper-gold and skarn type copper-gold Best surface grab sample: 1.3% Cu g/t gold Grassroot Drilling Resource Storø gold >15,000 metres drilled; 65 holes; excellent metallurgy Main Zone best intersect g/t 37% of all holes intersect Visible Gold (VG) Grassroot Drilling Resource Vagar gold project Wide gold intersection at Amphibolite Ridge Province scale project; >150 km gold belt Near existing mining infrastructure, hydropower potential and deep tide water Grassroot Drilling Resource Diamonds Vagar Gold Project is NunaMinerals primary exploration focus 30

31 CORE PROJECT OVERVIEW Grassroot phase Drilling phase Resource phase Storø gold (greenstone hosted) >15,000 meter drilling completed VG nugget gold in at least 27 of 65 drill holes Main Zone 60 x 400 m open pitable BD Zone >1,000 m strike length Qussuk gold (greenstone hosted) >5,000 meter drilling completed At least 5 gold zones within 20 km Swan North: g/t Au Plateau Zone: g/t Au Vagar gold (Fort Knox type) Initial 1193 m drilling 2012 assays pending 5 surface grab samples >100 g/t Au Best chip sample 8 25 g/t Au Inglefield copper-gold Main porphyry copper target: Humboldt monzonite Skarn & other targets: Up to 1.2% Cu g/t Au At least 80% of funding to be used to develop core projects towards mining 31

32 PROJECTS FOR PARTNERING Grassroot phase Drilling phase Resource phase Qeqertaasaq REE 2,500 meter drilling indicates vein swarm Discovery Vein 4.2% TREO Bench scale metallurgy indicates - Low cost potential Ymer tungsten-antimony Up to 7 14% WO 3 Up to % Sb Untested strong geochemical anomalies Amikoq PGE Merensky type reefs identified; >2.5 km Only 15% of 20 km long complex has been tested Part of meteor impact structure Qaamasoq diamonds More than 200 kimberlite float diamondiferious; excellent KIM chemistry More than 7 pipe type targets identified by detailed geophysics Up to 20% of own funding to be used to substantiate the prospectivity of projects for partnering 32

33 Deep tide-water VAGAR GOLD 33

34 MAIN FOCUS - VAGAR GOLD PROJECT The Vagar gold project lies within the Nanortalik Gold Province that include the Nalunaq gold mine as well as numerous +100 g/t gold occurrences known from surface exploration A zone of mineralisation has been demonstrated in three dimensions with reasonable continuity indicated 4 drill holes indicate a strike length of +600 m Scissor holes indicates a dip extend of +270 m Surface information support the drilling information Vagar Gold Project The Vagar discovery is within 25 kms of Nalunaq gold mine (discovered by management in 1992) 1193 metres in 6 holes drilled in 2012 Potential for a multi million oz. open pit deposit Vagar has geologic similarities to the Kinross Fort Knox mine in Alaska and other granite hosted mines The mineralisation identified has economically interesting grades Drill hole number 2 intersected 79 metres at 0.9 g/t gold Including 54.7 metres at 1.3 g/t gold Including 23.3 metres at 2.3 g/t gold 3 other holes intersected gold in the +1 g/t range Mineralisation demonstrated in 3D economically interesting grades 34

35 AMPHIBOLITE RIDGE DRILLING 5 out of 6 drill holes intersects gold 4 holes indicates a strike length of +600 m 35

36 AMPHIBOLITE RIDGE DRILLING Drillhole DH 4 intersects gold c. 270 m below surface mineralisation 36

37 VAGAR AMPH RIDGE VS. FORT KNOX Amphibolite Ridge gold gold prospect, Greenland (gold (gold anomalous cluster 2 x 23 x km) 3 km) Fort Knox Gold Mine, Alaska (footprint: 600 x 1100 m) Average grade 0.98 g/t gold Produced +4 Moz gold since 2007 Current resources +4 Moz The gold anomalous cluster at Amphibolite Ridge has a footprint larger than Fort Knox 37

38 GEOLOGICAL SIMILARITIES Vagar - Amphibolite Ridge Fort Knox (Alaska) Host rock Granitic body Granitic body Structures Shear zones, faults Folds, shear zones, faults Mineralisation in Quartz, stock work, shear zones Quartz, pegmatites, stock work, shear zones Element association Gold-bismuth-tellurium-(tungsten) Gold-bismuth-tellurium-(tungsten) Sulphide content Low Low (<0.1%) Latitude 60 N 65 N Number of drill holes Drilled metres 1, ,100 Mined Mtonnes / 4.6 Moz Reserves end 2011 Not defined yet 315 Mtonnes / 4.3 Moz (0.43 g/t) Area 6mio Sqm (test area app Sqm) App. 1mio Sqm Amphibolite Ridge vs. Fort Knox Mine - Striking geological and geochemical similarities 38

39 VAGAR TIMELINE AND FUNDING Activity Initial 1193 m drilling j f m a m j j a s o n d j f m a m j j a s o n d j f m a m j j a s o n d j f m a m j j a s o n d Interpretation Resource drilling Initial ressource Prelim. Econ. Assessm Metallurgical studies Environmental studies BFS, EIA, SIA * BUDGET incl overhead USD 1.8 million USD 5.4 million USD 5.7 million USD 3.1 million * Bankable Feasibility Study, Environmental Impact Assesment, Social Impact Assesment Expected capital requirements to bring Vagar into BFS: Approximately USD 15.5m 39

40 Aappalaartoq prospect Nuuk at distance (40 km) Qingaaq prospect at distance (5 km) Deep tide-water Easy access from Nuuk, the capital of Greenland STORØ GOLD 40

41 STORØ GOLD PROJECT (85% ownership) Qingaaq prospect BD Zone Main Zone (open pitable) 60 x 400 m surface target Best drill intersect g/t Au Aappalaartoq prospect Qussuk gold project at distance (30 km) Main Zone BD Zone (limited drilling) >1000 m strike length defined at Qingaaq >4 km possible strike length Best drill intersect: 2 30 g/t Au Deep tidewater BD Zone 1000 m 2000 m 3000 m 4000 m 5000 m Qingaaq prospect BD Zone (drilled) Main Zone (drilled) Deep target Aappalaartoq prospect BD Zone Possible strike length of >4 km potential for multi million ounces 41

42 STORØ QINGAAQ PROSPECT Section through Qingaaq prospect BD Zone Visible gold in drill core 37% of all drill holes contain visible gold (VG) indicating high grade 42

43 STORØ - QINGAAQ PROSPECT Surface anomaly map Qingaaq prospect Storø gold project Location Excellently sited at deep tidewater 40 km east of Nuuk Easy access by boat or helicopter All year ice free fjord 300 m Selected diamond drill results, Qingaaq target Qingaaq Drill hole Main Zone to to to to to to to to to BD Zone Intercept (m) Length (meter) Gold (gpt) Visible gold (VG) in garnet altered drill core MAIN ZONE BD ZONE Storø gold deposit: >12,000 metre drilled 2 gold zones defined! 43

44 STORØ QINGAAQ PROSPECT Nugget Effect: Storø gold project is nuggety At least 24 of 65 (37%) drill holes intersect Visible Gold (VG) indicating high grades Main Zone; c 60 m wide and 400 m long; best drill intersect: g/t Au 13 of these 27 drill core with VG appear to have marginal grades below 15 gram*meter indicating negative nugget effect Several samples with no reported VG yields high gold grades Screened metallic assays of historic drill data indicate an increase of 36.9% in the average gold grade compared to standard fire assay results, as determined from 66 re-assays Micro bulk samples c. 191 kg each collected at Main Zone yielded >20% better grades than standard 5 kg samples (see table) Tumb of rule for nuggety deposits: Drill for structure Drift for grade Sample Bulk grade Historical grade Grade increase Width M2 High grade 7.49 g/t Au 7.00 g/t Au 7% 9.3 meter M1 Medium grade 7.17 g/t Au 5.40 g/t Au 33% 9.4 meter M6 Low grade 1.83 g/t Au 1.41 g/t Au 30% 7.1 meter Drill for structure drift for grade 44

45 CONTACT INFORMATION Ole Christiansen President, CEO Phone Cellphone