Location & History

The southwestern states of the USA are host to some of the world’s largest and most prolific porphyry copper deposits.

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Environment / Sustainability

Before the Copper Flat mine is opened for commercial production, plans will already be in place for land reclamation.

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Project Status

Preliminary economic assessment (PEA) Complete
Prefeasibility status (PFS) Complete
Definitive Feasibility status (DFS) Complete
Permitting Underway, Expected Completion Q2 2017
Mine Life: 11 years
First Production Targets: 2020

Reserves & Resources

Mineral Reserves

  Cut-Off Grade (NSR/t) Tons (000s) Cu Eq (%) Copper (%) Moly (%) Gold (g/t) Silver (g/t)
Proven $6.11 78,857   0.32 0.010 0.096 2.25
Probable $6.11 34,227   0.25 0.007 0.096 1.29
Total $6.11 113,084 0.39 0.30 0.009 0.096 1.93

Mineral Resources

  Cut-Off Grade (NSR/t) Tons (000s)   Copper (%) Moly (%) Gold (g/t) Silver (g/t)
Measured $6.11 126,655   0.28 0.009 0.096 1.93
Indicated $6.11 178,571   0.19 0.005 0.064 1.29
Total $6.11 305,226   0.23 0.007 0.078 1.55

(1) Effective April 2, 2013
(2) Mineral reserves and resources based on $3.00/lb Copper, $8.00/lb Moly, $1,350/oz Gold and $20.00/oz Silver
(3) Mine design based on $2.50/lb cone pit

Low Cash
Cost

Average cash operating costs are estimated at US $0.93 per pound of copper produced during the first five years of production and US $1.15 per pound of copper produced for the life of mine.

Low Capital Intensity

The initial capital cost is estimated to be $361M, which is $10,300 per ton of annual output capacity.

Brownfield Redevelopment

The Project is a Brownfield Redevelopment Project in a stable region with excellent access to existing infrastructure. The Project will realize savings through the reuse of significant infrastructure that remains from the original Quintana Mine, which provides an estimated $53.9M in value to the Project.

Financial Return

Copper Price($/lb) NPV($M) IRR(%) Payback(Yrs)
$2.75 118.0 15.8% 4.1
$3.00 187.0 20.0% 3.6
$3.25 253.2 23.8% 3.3
$3.50 309.8 26.4% 3.0
$3.75 374.0 29.6% 2.8

(1) Base case price assumptions based on $3.00/lb Copper, $9.50/lb Moly, $1,350/ oz Gold, $22/oz Silver; post private royalty of 3.25%
(2) After NPV a 8% real discount rate

 

Mining Metrics Table

Mine Life(years) 11.1
Strip Ratio(Waster:Ore Tons) 0.4:1
Lom annual processing rate(Ktons) 10,200
Copper equivalent annual production(Klbs) 74,000
Copper equivalent LOM production(Klbs) 819,000
Copper LOM annual production(Klbs) 57,000
Copper LOM production(Klbs) 628,000
Gold LOM annual production(Ktrozs) 20
Gold LOM production(ktrozs) 227
Copper equivalent LOM average grade 0.39%

Note: The Moly and Silver LOM annual production and LOM production are not included in table above