Building a Leading Asia Pacific Copper Gold Company · 2018. 12. 8. · Forward Looking Statement...
Transcript of Building a Leading Asia Pacific Copper Gold Company · 2018. 12. 8. · Forward Looking Statement...
TSX.V & AIM: KLG
Building a Leading Asia Pacific Copper‐Gold Company
Corporate PresentationJune 2015
Forward Looking Statement
This document has been prepared by Kalimantan Gold Corporation Limited (the “Company” or “KLG” or “Kalimantan Gold”) solely for informational purposes.
This presentation is the sole responsibility of the Company. Information contained herein does not purport to be complete and is subject to certain qualifications andassumptions and should not be relied upon for the purposes of making an investment in the securities or entering into any transaction. The information and opinionscontained in the presentation are provided as at the date of this presentation and are subject to change without notice and, in furnishing the presentation, the Companydoes not undertake or agree to any obligation to provide recipients with access to any additional information or to update or correct the presentation.
This presentation contains “forward‐looking statements” including but not limited to, statements with respect to the Company’s plans and operating performance, theestimation of Mineral Reserves and Mineral Resources, the timing and amount of estimated future production, costs of future production, future capital expenditures, andthe success of exploration activities. Generally, these forward‐looking statements can be identified by the use of forward‐looking terminology such as “expects”, “expected”,“budgeted”, “forecasts” and “anticipates”. Forward‐looking statements, while based on management’s best estimates and assumptions, are subject to risks anduncertainties that may cause actual results to be materially different from those expressed or implied by such forward‐looking statements, including but not limited to: risksrelated to the successful integration of acquisitions; risks related to international operations; risks related to general economic conditions and credit availability, actualresults of current exploration activities, unanticipated reclamation expenses; changes in project parameters as plans continue to be refined; fluctuations in prices of metalsincluding gold; fluctuations in foreign currency exchange rates, increases in market prices of mining consumables, possible variations in ore reserves, grade or recovery rates;failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks ofthe mining industry; delays in the completion of development or construction activities, changes in national and local government regulation of mining operations, tax rulesand regulations, and political and economic developments in countries in which the Company operates.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward‐looking statements,there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, asactual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward‐lookingstatements. Please refer to the Company’s most recent Annual Information Form filed under its profile at www.sedar.com and available from the Company’s website forfurther information respecting the risks affecting the Company and its business.
The documented geometries of mineralized inventory or exploration targets are not intended to be a proxy, or used as a basis, for mineral resource calculations. It is notcertain if additional exploration will result in the delineation of Mineral Resources in, or near, these target zones. Resource and reserve calculations that are NI 43‐101compliant have yet to be determined for the mineralized systems in the Company’s projects. This does not imply that the mineralisation contains economic MineralResources but merely highlights the relationships of the mineralized zones identified.
Qualified Person Duncan Hackman (B. App. Sc., MSc., MAIG) of Hackman & Associates Pty Ltd (Australia) is the independent Qualified Person within the meaning of NI 43‐101 for the purposes of Mineral Resource estimates contained within this presentation. Data disclosed in this presentation has been reviewed and verified by Stephen Hughes, P. Geo, an Employee and director of KLG and a Qualified Person within the meaning of NI 43‐101.
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Why Copper? Market FundamentalsSupport Strong Long Term Copper Price
Source: WBMS, Wood Mackenzie, BMO Capital Markets
Copper Project Capital Intensity vs Average Global Head Grade (1990‐2014)
Refined copper consumption by region 1950 – 2013
0.60%
0.65%
0.70%
0.75%
0.80%
0.85%
0.90%
0.95%
1.00%
0
5
10
15
20
25
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EscondidaLos Pelam
bres1985‐2011Cham
bishiVoisey's BayDuck PondPilaresAntam
inaOlym
pic DamFlorenceMarcona
2012‐2015CarlotaPum
pkin HollowTia M
ariaRosem
ontCopper…2016‐2020Oyu Tolgoi
Magistral
AntapaccayPebbleAgua RicaResolutionLas Bam
basMichiquillay
Santo Domingo
Red Dome
EsperanzaLas CrucesSungunTam
pakanQuellaveco
Tenke…BoleoReko DiqMount M
illiganNew
ProsperitySan AntonioLos ChancasConstanciaFrieda RiverMarathon
El Morro
Cobre Panama
Quebrada…
AynakGalore Creek
CapE
xpe
r CuE
q($k/lb)
Ave Globa
l Mine Head Grade
(Cu
percent)
Incremental Copper Mine Supply 2000‐2025E (kt)
Incremental Greenfield Copper Project CapacityIncentive Price
Source: Company Technical Reports, BMO Capital Markets. Assumes a 15% IRR.Source: Brook Hunt, Behre Dolbear
The average CapEx intensity for a greenfield copper project has more than tripled since 2000
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Why Copper? Price OutlookShort Term Relative Weakness – Long Term Strength
‐1500
‐1000
‐500
0
500
1000
1500
050
100150200250300350400450
1990
1993
1996
1999
2002
2005
2008
2011
2014
2017
2020
Market B
alance (kt)
Copp
er Price (c/lb
)
Market Balance Copper Price
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
$4.00
$4.50
$5.00
1950 1960 1970 1980 1990 2000 2010
Copper price in constant dollars 20 year moving average
6.8t/MW of copper15kg of copper 60kg of copper 1.3t/MW of copper
Source: Wood Mackenzie, Rio Tinto
Source: Deutsche Bank
Building a Leading Asia Pacific Copper‐Gold Company
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Quality Assets
Large copper and gold Resource base (NI 43‐101 compliant)
Significant Resource growth potential already identified
Near term small‐med scale copper development opportunity at KSK Project (BKM Deposit) coupled with a large copper‐gold growth option at the Beutong Project
Located in Indonesia close to key Asian consumer markets
Team with aProven Track
Record
Significant exploration discovery track record in Asia Pacific region i.e. Laos, Indonesia, Australia
Strong project evaluation and mine development capability i.e. Sepon, Martabe, Prominent Hill
Extensive experience and long track record of successfully operating in Indonesia
Proven ability to raise exploration and development funding
Leaders in government and community relations, safety and environmental management
Unmatched database and coverage of the region
EnhancedInvestor Appeal
Team is well known and strongly supported in mining and metals markets globally
Shareholder base expanded to cover Asian, Australian, North American and UK markets
Leverage relationships in Indonesia and wider Asia to build strong local investor participation
Increased liquidity
Creates a platform upon which to continue building a significant regional copper‐gold business
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Corporate OverviewProven track record in Indonesia
Faldi Ismail Non Executive DirectorExtensive experience as corporateadvisor specialising in the restructure and recapitalisation of ASX‐listed companies. Director of several ASX listed companies.
Peter Pollard Non‐Executive Chairman20+ yrs experience as a consulting economic geologist. International experience on porphyry copper‐gold deposits.
Stephen HughesDirector, Vice President ‐ ExplorationGeologist, 20+ yrs mineral exploration, project generation and evaluation, resource and mine geology experience at Freeport, Oxiana and Tigers Realm Group.
Tony Manini Deputy Chairman, CEOGeologist, 28+ yrs Riotinto, Oxiana/OZ Multiple discoveries and mine developments in Asia and Australia. Co‐founder Tigers Realm Group and EMR Capital, Chairman TR Coal.
Raynard von HahnNon Executive DirectorMr. von Hahn is a practicing securities lawyer and was called to the bar in British Columbia in 1993. His practice focuses primarily on corporate finance and securities law matters.
Capital Structure TSX.V AIM
Shares 503.1m
Options (avg. price C$0.091) 14.7m
Warrants (avg. price C$0.08) 20.1m
Share price C$0.03 £0.013
Market Cap (undiluted) C$15.1m £6.6m
Pro‐forma Cash (as at 31 Mar 2015 plus June 2015 Capital Raising)
C$2.6m £1.4m
Debt NIL NIL
Enterprise Value C$12.5m £5.2m
Significant Shareholders
TR Minerals Pty Ltd 11.8%
MK TRM Holdings LP 7.1%
Asipac Group 4.2%
Board and Management 3.6%
Namarong Investments 3.0%
Board and Senior Management Capital Structure
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4th Largest Coal producer, Largest Coal exporter
2nd Largest producer of Tin and Nickel
13th Largest Copper producer
13th Largest Gold producer
Mining industry accounts for >10% of GDP
Minerals and related products 20% of exports
Favorable logistics, proximity to key markets
LT track record is excellent despite perception e.g. Grasberg, Batu Hijau, Kelian, KPC, PT Inco
Several recent and current developments e.g. GResources Martabe, Finders Resources, Sumatra Copper and Gold, Kingsrose, Cokal
Hugely Prospective – rated in top 5 globally
Safe and secure
IndonesiaA Mining Country
Indonesian Projects Summary
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Beutong IUP Summary
Large Copper and Gold Resource at Beutong East, West and Skarn, with NI 43‐101 compliant technical report
Current ownership 40% earning up to 80%
Title is IUP Exploration Licence IUP Production License being
processed, 20 years and possible two 10‐year extensions
Tenement size 100km2
Forestry classification is APL, open pit and underground mining permitted
3 prospects 2 porphyries and 1 skarn
Jelai IUP Summary
Exploration stage gold project Located in East Kalimantan, 45 km from major city of Tarakan Ownership 100% Title is IUP Exploration, being converted to IUP Production Tenement size is over 50km2
Forestry licence status allows for open pit and underground mining. Forestry permit valid until 16 December 2015
11 prospects with over 10km of low sulphidation epithermal gold‐silver veins mapped at surface
KSK CoW Summary
Advanced stage exploration project >USD 50M spent on surveys and drilling. Maiden Copper Resource at BKM Prospect Ownership, 100% supported by NI 43‐101
compliant technical report Title is 6th generation contract of work
(“CoW”), 30 years after commencement of mining, possible two 10‐year extensions
Tenement size over 610km2
Forestry classification is predominantly Production forest (open pit or ug mining) and lesser Protected Forest (ug mining)
Beruang Kanan Copper project comprises BKM, BKS, BKW, BKZ Polymetallic prospect
BKM copper mineralization is shallow dipping and near surface
38 Cu and Au prospects on CoW
KSK CoWJelai IUPBeutong IUP
Portfolio Overview – Positioned for Growth
KSK Project ‐ Near Term Medium Scale Copper Development Opportunity
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Beutong Copper‐Gold Project KLG Total Contained Metal
Status Advanced Exploration
Interest 40% (earning up to 80%)
Commodity Copper, Gold, Silver, Molybdenum
Measured and Indicated Resources (Contained metal, relevant interest)
496Mlb Cu / 149koz Au/ 2,279koz Ag / 8Mlb Mo (0.3% Cu Cut)
496Mlb Cu / 149koz Au/ 2,279koz Ag / 8Mlb Mo
Inferred Resources (Contained metal, relevant interest)
1,637Mlb Cu / 698koz Au/ 5,961 koz Ag / 45Mlb Mo (0.3% Cu Cut)
2,258Mlb Cu / 698koz Au/ 5,961koz Ag / 45Mlb Mo
Growth Resource Growth, Earn‐in to 80%, PFS, BFS
KSK Project BK Main Copper Project
KSK Project BKS, BKW, BKZ Prospects
KSK ProjectBaroi, FEZ Prospects
Status Advanced Exploration Exploration Exploration
Interest 100% 100% 100%
Commodity Copper Copper, Gold, Zinc, Lead, Silver Copper, Gold, Silver
Inferred Resource (Contained metal) / Drill Intercepts 621Mlb Cu (0.2% Cu Cut)
3m @ 11.52g/t Au (BKS)16m @ 5.8% Zn, 2.8% Pb, 0.64g/t
Au, 57.5g/t Ag (BKZ)
41.9m @ 3.18% Cu and 101g/t Ag
9m @ 14.03 % Cu, 0.11 g/t Au,464 g/t Ag
Growth Resource Growth, Scoping Study, PFS, BFS
Scout drilling Scout drilling
Beutong Project – Large Copper‐Gold Growth Option
KSK COW ‐ Location and InfrastructureExcellent Access and Logistics
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RoadAccess
Regional location map showing road and air access
The KSK CoW is located approximately 165km NW of Palangkaraya, Central Kalimantan
Palangkaraya serviced by 4 flights per day from Jakarta Access to site is via all weather road. 6 hours drive
from Palangkaraya, capital city of Central Kalimantan. 3 hrs sealed road, 3 hours all weather unsealed road
Barge navigable river within 3 hours of BK project Well established operation field and supply camps Plentiful water. Mini hydro most likely power source Supportive government and local communities
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Extensive near surface copper mineralization with potential for very low strip ratio deposit
Maiden Inferred Resource at BKM supported by NI 43‐101 compliant technical report
47Mt at 0.6% Cu (0.2% cutoff) includes higher grade core of12Mt at 1.0% Cu (0.7% cutoff)
Majority of Cu minerals observed are potentially leachable i.e.chalcocite, covellite
Significant upside potential. BKM deposit remains open in multiple directions. Nearby BKS and BKW prospects still to be evaluated.
BKS scout drilling (Hole KBK28) hit 11m at 0.9% Cu from 14.5m. Rock chips to 17.6% Cu. BKW undrilled
KSK Project BKM Copper DepositNear Term Copper Development Opportunity with Resource Growth
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Goal is to rapidly assess potential for fast track development of BKM copper deposit via low strip ratio open pit mining
A total of approximately 6500m in 80 Holes in progress on 100m (lines) x 50m (holes) drill pattern.
Resource evaluation infill drill program (30 ‐ 40 holes) is in progress to upgrade Resource confidence. Targeting 50% conversion to M+I Category.
Additional 40 ‐ 50 step‐out holes are planned to expand the BKM Resource. Targeting a 30‐50% increase in resources.
Two rigs commenced drilling in early May, with a third to be mobilized in July.
Results will be incorporated into an updated Resource for the BKM deposit once infill drill program is complete
Sighter metallurgical testwork has commenced to establish material types/copper species and test recoverability i.e. leaching and/or flotation
Initial assessment of mining parameters and development potential will be completed following the receipt of the Resource update and met test results
KSK Project BKM Copper Deposit2015 Work Program ‐ Strong News Flow
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KSK Project BKM Copper Deposit2015 Results Confirm Continuity and Resource Growth Potential
A B
C D
Hole ID From (m)
To(m)
Length(m)
Cu(%)
BKM32450‐01 4.7 18.7 14.0 2.02Including 4.7 10.7 6.0 3.71
BKM32450‐01 32.0 54.0 22.0 0.88BKM32450‐03 48.0 53.0 5.0 2.03BKM32450‐04 58.0 63.2 5.2 1.21BKM32450‐05 12.0 29.0 17.0 1.61
Including 20.0 27.0 7.0 2.06BK031 16.0 41.5 25.5 0.67BK032 17.8 75.4 57.6 0.77BK032 190.3 220.5 30.3 0.66
Including 190.3 202.8 12.5 1.05BKD03‐01 197.5 210.3 12.8 0.93BKD03‐01 227.7 274.2 46.6 0.72BKD03‐02 8.50 25.00 16.50 0.86
Including 11.50 22.50 11.00 1.13
Hole ID From (m)
To(m)
Length(m)
Cu(%)
BKM31750‐01 19.0 28.0 9.0 0.73BKM31750‐02 1.5 6.5 5.0 0.93BKM31750‐02 16.5 70.5 54.0 1.10
Including 17.5 33.5 16.0 1.67Including 37.5 56.5 19.0 1.22
BKM31750‐03 8.0 72.0 64.0 0.74Including 8.0 13.0 5.0 1.60Including 15.0 23.0 8.0 1.16
BKM31750‐04 39.0 56.0 17.0 0.98BKM31750‐05 17.0 32.0 15.0 1.02BKM31750‐06 75.0 85.0 10.0 0.81BK057‐01 7.7 47.7 40.0 0.89BK058‐01 11.7 44.7 33.0 2.28
Including 11.7 20.7 9.0 7.35BK5 3.0 66.0 63.0 0.75
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2015 Work ProgramKSK Planned Project Timeline
KSK Project – District PotentialHigh Quality Stand Alone Gold and Base Metal Targets
Numerous copper, polymetallic Cu‐Az‐Pb‐Au‐Ag and gold only prospects throughout the KSK CoW
BKZ Prospect outcropping massive sulphide style mineralization. Drilling intersected 16m at 5.8% Zn, 2.8% Pb, 0.64g/t Au, 58g/t Ag and 0.16% Cu
Baroi Prospect contains >200m wide zones of sheeted to stockworked copper‐silver ± gold rich veins, approx. 1km strike with individual veins locally >10m wide and high grade e.g. 9m at 14 % Cu, 0.11g/t Au and 464g/t Ag in channel rockchips. High grade copper mineralization intersected in drilling i.e. 11.05m @ 11.05% Cu and 296g/t Ag in BF030 and 18m @ 3.20% Cu and 60.4g/t Ag in BF‐0048
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BF‐5 intersected strong copper, including 31.45m @ 3.63% Cu and 115g/t Ag (from 0m ) and 24.0m @ 4.59% Cu and 88.5g/t Ag (from 41.45m)
Beutong Project – Exciting Cu‐Au DiscoveryQuality Deposit with Significant Upside Potential
High quality porphyry Cu‐Au‐Mo deposit containing 1.2BIbs Copper, 0.4Moz Gold, 5.7Moz Silver, 20Mlbs Molybdenum in Measured and Indicated and 4.1BIbsCopper, 1.7Moz Gold, 14.9Moz Silver, 112Mlbs Molybdenum in Inferred Resource (100% basis). Refer Appendix 1 – Beutong Project Mineral Resource
Mineral Resource Estimate Geology similar to other world class examples in Asia Pacific e.g. Wafi‐Golpu
Near‐surface high grade copper mineralization at Beutong East e.g. 147.5m @ 1.32% Cu, 0.25g/t Au from 2.5m depth in drilling
Deposit remains open to east, west and depth Strongly mineralized Cu‐Au skarn deposit 200m north of
of Beutong East remains open in all directions. Drill intercepts include 33m @ 2.31% Cu, 1.23g/t Au from 48m depth
Soil geochemistry and drilling indicate skarn deposit potentially >2km in length and up to 60m wide. Further evaluation is required
Beutong Project Area – Prospects
Beutong Project Area – Resource Footprint and Cu in soil overlay
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Beutong Project – Infrastructure AdvantageRoad, Power, Port Infrastructure nearby
Beutong Project is located 60 km inland and NE of the township of Meulaboh, Aceh Access to project site is via partially sealed roads from the regional towns of Meulaboh and Takengon Meulaboh has a population of approximately 50,000 and an active commercial airport A new seaport has recently been constructed approximately 5km southeast of Meulaboh A coal‐fired power station, with output of 2 x 110MW, has been built approximately 5km SE of Meulaboh
Beutong ProjectRecently Completed 220MW Power Plant and Sea Port
Power Plant
Port
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Significant scale – deposit remains open with potential for considerable resource growth upside
Grade compares very favourably with those of operating mines in both South America and Asia Pacific
Infrastructure Advantages:
Sealed road access
Port within 60 kilometres
Grid power within 60km
Height above sea‐level
Access to water
Distance to market
Reduced infrastructure requirement translates to a much lower capital intensity
Beutong (0.5% Cutoff)
Beutong (0.3% Cutoff)Phu Kham
Batu HijauPanguna
Beutong Project – Mine Development PotentialComparative Metrics Highly Favourable v Current Producing Mines
Jelai Gold Project – SummaryQuality Small‐Med Scale Gold Project with Upside Potential
Low‐sulphidation epithermal gold veins Encouraging results from drilling (DDH) Approximately 2,000m of vein strike
length still to be tested Potential for small‐medium sized, high
grade gold shoots
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Drillcore from JCM 81 with 22.1 g/t Au, 41.7 g/t Ag/tAdularia (yellow) in colloform‐banded quartz (right)
Mewet Vein Drill Results
• JCM‐69 4.75m @ 19.69g/t Au, 102.32g/t Ag from 22.75m
• JM018 4.51m @ 6.33g/t Au, 8.11g/t Ag from 115m
• JM‐81 6.90m @ 25.53g/t Au, 22.49g/t Ag from 34.3m
Lipan Vein Drill Results
• JCM‐38 5.40m @ 11.71g/t Au, 5.05g/t Ag from 21.95m
• JCM‐50 4.15m @ 8.71g/t Au, 3.65g/t Ag from 26.45m
• JCM‐26 5.20m @ 5.60g/t Au, 2.7 g/t Ag from 42m
Sembawang Vein Drill Results
• JCM‐13 4.75m @ 10.43 g/t Au, 14.63g/t Ag from 32m
Building a Leading Asia Pacific Copper‐Gold Company
Delivering on Plan
Closed transaction with Tigers Realm Metals Pty Ltd (Jan 2015) to aquire Beutong copper‐gold project 3Mt Contained Copper Strengthened management team: Tony Manini CEO, Stephen Hughes VP Exploration (both from Tigers Realm Group) Received 2‐year forestry permit renewal for exploration on KSK contract of work Commenced Resource infill and extension drilling the KSK Project BK Main copper deposit First 11 holes have confirmed continuity of mineralization on two sections and highlighted potential for extensions in the
southern part of the deposit Excellent results to date include 54 meters @ 1.10% Cu (from 16.5 meters depth in hole BKM31750‐02) and 14 meters @
2.02% Cu (from 4.7 meters depth in hole BKM32450‐01). Equity Placement of £1.3m completed early June. 2015 drilling program is fully funded
Rapidly Growing Value
• BKM deposit being progressed towards Preliminary Economic Assessment (scoping study) stage• 6,500m program of Resource infill and expansion drilling at the BK Main deposit in progress• Two Resource upgrades planned for BKM in 2015• Extensive metallurgical test work program underway – leach and/or flotation• Scout drill testing of high potential prospects within 5km of the BKM deposit namely BKS, BKW and BKZ• Conversion of the Beutong Izin Usaha Pertambangan (“IUP”) from an exploration IUP to an exploitation IUP (Mining Licence)• Progressing commercial deal on Jelai Gold Project
Strong News Flow
• Regular flow of assay results from drill program – 70‐90 holes in 6 months• Results from scout drilling on high potential prospects close to BKM• Progressive metallurgical test work results • Resource updates• Permitting milestones
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Why Invest in Kalimantan Gold?
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Quality Assets and PeopleSubstantial copper Resources, Solid grade, Significant upsideNear Surface ‐ Readily amenable to open pit miningExcellent access, logistics and infrastructureSolid government and community relationshipsTeam with a proven track record‐ Indonesia, Mine development, Funding
ValueLarge N43‐101 compliant Cu and Cu‐Au Resources with real and measurable intrinsic valueKLG valuation is at a very deep discount to comparable assets by any historical metricsExpenditure on de‐risking and developing assets is many multiples (8x) of current value
TimingMetals and Mining market is at or close to a cyclical low pointExcellent outlook for copper is closely aligned to KLG development timeframes Company has been re‐invigorated – New team, Development focus, Funding in placeResource evaluation and development programs being rapidly advancedStrong positive news flow expected as programs are progressed and milestones achieved
Contact Information
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KLG – TSX.V and AIM
Contact Information: Tony ManiniDeputy Chairman and CEOM: +61 3 8644 1300 E: [email protected]: www.kalimantan.com
23Rounded estimates – rounding may cause apparent computational discrepancies. Significant figures do not imply precision. Nominal lower Cu grade applied.
Appendix 1. Beutong Project – Mineral ResourceLarge Cu‐Au‐Mo deposit with higher grade core from surface
Cu (%) Au (ppm) Ag (ppm)Mo
(ppm)Cu (Mlb) Au (kOz) Ag (kOz) Mo (Mlb)
Measured East Porphyry 34 0.66 0.13 1.74 90 494 137 1,901 7East Porphyry 52 0.56 0.1 1.53 110 646 176 2,563 13
Skarn 7 0.7 0.28 5.84 8 101 59 1,234 0Measured Total 34 0.66 0.13 1.74 90 494 137 1,901 7Indicated Total 59 0.58 0.12 2.01 99 747 236 3,797 13
93 0.61 0.13 1.97 97 1,241 373 5,698 20Inferred Total 418 0.45 0.13 1.11 129 4,092 1,746 14,903 112
Indicated
Total Measured and Indicated
Beutong 2014 Resource Estimate (100% Basis) ‐ Report at 0.3% Cu Lower Cut
Classification (NI 43‐101)
MineralisationTonnes (Mt)
Grade Metal