Fortune Mojapelo - Bushveld Resources - The Bushveld iron ore project in the Limpopo Province

The Bushveld Iron Ore Project Presentation to

Africa Iron Ore Johannesburg

04 June 2014

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recipients to any other person.

Slide 2 2

Disclaimer

3

1. Introduction

2. Bushveld Complex Context

3. Geology/Resource

4. Metallurgy/Processing

5. Development Strategy

Additional Information

Introducing Bushveld Minerals

* 4 April2014 ** 28 February 2014

AIM-listed Mineral Development Company developing projects in Africa

Developing an African focused diversified portfolio of quality assets in multiple

commodities – iron ore, vanadium, titanium, phosphate, tin and coal

Platform strategy to deliver sufficient focus

Intent: to develop projects with Favourable Cost Curve Positioning and Scale

Projects Located in Close Proximity to Mining-supportive Infrastructure, including

Rail, Power and Power

Proven team with strong credentials for project origination and development

GREENHILLS RESOURCES LTD

P-Q Iron Ore and Titanium Project

Vanadium Project

Imaloto Coal Project

New Coal Investments

Mokopane Tin Project

Marble Hall Tin Project

• 939 Mt multi-commodity resource (iron ore and titanium)

• Phosphate resource potential of >200 Mt (avg grade ~3.24% P2O5)

• World class open-castable vanadium deposit contained in 3 distinct horizons

• 52 Mt vanadium-rich magnetite deposit confirmed in only one of the 3 horizons

• 18,500 tonnes contained tin (Sn) inventory on 2 adjacent open-castable deposits

• Estimated 2,600 – 4,500 tonnes contained Sn in a recently acquired Tailings Dump

• Potential ~18,000 tonnes contained Sn resource

• Historically explored by Goldfields in the 1980’s

• 1 of only 3 thermal coal plays in Madagascar

• 136 Mt resource (JORC Measured + Indicated category)

• US$16.1 million balance sheet aimed at new acquisitions

• Targeting developed near cash flow producing assets, and early-stage exploration projects

Developing a multi-commodity Iron Ore, Vanadium, Titanium

and Phosphate company

Developing a standalone pan-

African tin portfolio with a near-term production profile

Leveraging strong balance sheet to

develop new opportunities

Company Overview Commodity-focused subsidiaries structured to deliver maximum value

5

6

1. Introduction


3. Geology/Resource




The Bushveld Complex Context

7

• Platinum - >80% of world platinum reserves

• Chrome - >70% of world chrome reserves

Bushveld Complex is most well known for its:

But it is host to:

• >20Bn tonnes vanadium & titanium bearing iron ore

• >30% of the world vanadium grades

• >30% of the world titanium resources

And thanks mainly to the platinum and chrome mining activities, the Bushveld Complex is a well established mining district with sound mining related infrastructure in place


8

• General mining-related infrastructure in place, but geared towards the non-bulk commodities platinum and chrome

• Bulk commodity logistics infrastructure capacity still insufficient

• Sufficient iron ore and coal deposits make the business case for the infrastructure expansion

Challenges to developing the Bushveld Complex iron ore

Infrastructure

Capex

Market constraints

• Limited market opportunities from existing downstream steel players for Bushveld magnetite concentrate – most of whom are geared for direct shipping ore and/or non-titanium bearing ores

• “Dig & ship to China” model not suited to Bushveld iron ore magnetites

• Implies need for integrated downstream development approaches

• Known and proven processing technologies are in place, but implementing them requires large capex commitments, a new 1 Mtpa pig iron producing plant requires >$1bn capex

• Higher opex compared to conventional blast furnace operations

Metallurgy

• Need for downstream processing solutions capable of extracting saleableFe, V and Ti to enhance economics of overall deposits

• Proven processing precedents on the Bushveld Complex for iron ore and vanadium but not yet for all three - FE, V ad Ti


9

2. A conventional steel business model under margin pressure

• Excess capacity

• Migration of resource rent upstream, thanks in large part to the shape of the iron ore cost curve structure

But circumstances are changing ….

1. China’s diminishing power & labour cost advantages

3. Growing emerging markets steel demand

… bringing new opportunities

1. Abundant coal and gas supplies – potential for affordable power

2. Opportunity for downstream integrated multi-commodity with scope for attractive margins

3. Logistics advantages for supplying into domestic and regional markets

4. South African government prioritisation of steel sector as lever for downstream manufacturing sector development


10

25

2014

The need for pre-reduction:

Globally rising power prices


11

2. A conventional steel business model under margin pressure

• Excess capacity

• Migration of resource rent upstream, in large part due to the shape of the iron ore cost curve structure

But circumstances are changing ….

1. China’s diminishing power & labour cost advantages

3. Growing emerging markets steel demand

… bringing new opportunities

1. Abundant coal and gas supplies – potential for affordable power

2. Opportunity for downstream integrated multi-commodity with scope for attractive margins

3. Logistics advantages for supplying into domestic and regional markets

4. South African government prioritisation of steel sector as lever for downstream manufacturing sector development


12


13

1 Liquid steel refers to pre-casting/rolling product in BOF incl. by-product credits as equivalent to total cost of slabs in HRC Note: all figures based on an outside-in analysis and benchmarking subject to due diligence and confirmation. Source: CRU, Platts, Macquarie, Bryanston Research

310

475

418

630

548 523

503

452

359

538

454

Cumulative Capacity in mt

600 100 200 400 500 300

Steel Cost Curve


14


15

Keys to unlocking the Bushveld Complex Iron Ore

Details Factors in favour

• Raw materials – coke, coal, limestone et al • Infrastructure • South African government prioritisation of steel sector for

downstream development • Economics for specialty steels favour integrated plays

(distribution of resource rent)

• Excellent Co-product grades, TiO2 ~20%, V2O5 - ~2% • Existing processing precedents

• Favourable ore body geometry • Modular solutions available • Existing capacity installations

2. Leverage multi-commodity nature of deposit to extract credit from all or most of constituent commodities

1. Downstream integrated development path

3. Modest capex roll-out with scalability option

16


2. Geology/Resource




Project Location

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65 km west of Polokwane and 45 km north-northwest of Mokopane in the Mokopane District, Limpopo Province

Located in the central portion of the Northern Limb of the Bushveld Complex (BC) and comprises a group of six

adjacent farms.

1 2

Infrastructure Existing mining-supportive infrastructure in the Bushveld Complex

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• Rail: 45 km from a rail line

• Port options

– Mozambique (Matola) and

Richard’s Bay, both undergoing

significant capacity expansions

targeting magnetite and coal

exports)

• Transnet’s ZAR300 billion

(~US$30 billion) capital

investment programme

– ZAR201 billion targeting rail

infrastructure

– ZAR33 billion targeting ports

infrastructure

Rail & Port

1 2


19

• 150km from new Medupi

power station,

• Existing transmission

infrastructure within a 20 km

radius of the project:

Matimba/Witkop dual 400kV

lines

Witkop/PPRust 132kV line

PPRust 132kV Substation

• 15km from proposed Eskom

110kV transmission line and

substation from Medupi

power station

• Close proximity to coal fields

and advanced stage IPP

projects

Power

1 2


20

• Available ground water

resources available to

support project

requirements for

concentrate product

• Opportunity to

particpate in

~140ML/day pipeline

from Flag Boshielo Dam,

80 KM from project site

Water

JORC Resource

991 Mt JORC compliant Resource

PQ Deposit:

• 939 Mt iron ore (VTM) resource

– In-situ grade:33%Fe, 11% TiO2, 0,2% V2O5

– Conc grades – 55% Fe, 19.5% TiO2, 0,33% V2O5

• 440 Mt P2O5, resource avg grade 3.6% in the distinct hanging wall

Vanadium Deposit

• 3 distinct adjacent horizons combining >80m thickness

• Initial 52 Mt JORC resource confirmed in only one horizon (MML) over ~6km strike

– In-situ grade 45% Fe, 1.48% V2O5, 9% TiO2

– In-conc. grades: 56% Fe, 2.01% V2O5, 11.9% TiO2

~1km

Phosphate Zone

• Up to 61m thick

• 440 Mt P2O5

• Zone geologically and identifiably distinct from P-Q layer

• Upgradable to >35% P2O5 with >50% recoveries

Disseminated Magnetite

• Avg widths of 20-30m

• Average grades of c. 30% Fe

• 55% Fe, 19,5% TiO2 concentrate with >80% recoveries

Weathered Zone

• Down to ~25m depth

• Gabbroic rocks altered to washable clay

• Magnetite retains magnetic properties

• Resource delineated

Massive Magnetite

• High grade massive magnetite

• Average 15m thick, avg grade 41% Fe, 14,7% TiO2

• Upgradable through DMS using coarse (~12mm and 6mm) fractions

• >259 Mt total Resource (81Mt indicated)

Disseminated mineralisation Massive mineralisation

P-Q Deposit

4 distinct minable packages with significant upside for project economics

* For the upper Phosphate-Zone

Two zones of rock phosphate in hanging wall of the P-Q Zone, distinct from the P-Q Zone mineralisation with distinct geological markers

JORC Compliant Inferred Mineral resource:

• 440 Mt, average grade is 3.6% P2O5 (using a 3% cut-off grade), containing15.84 Mt of P2O5

>35% P2O5 concentrate achieved at 53% recoveries

Scoping study underway

Resource expected to have minimal mining costs – part of the strip for the P-Q deposit

P-Q Deposit Economic Upside from Phosphate Resource

23

Bushveld (MML) Vanadium Project

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Deposit Resource

Category Mt Fe%

TiO₂

(%)

V₂O₅

(%)

V2O5 in

magnetite

Total V

tonnes

MML Indicated 51.81 44.7 9.7 1.48 2.01% 766.7 kt

Deposit

Potential

Resource

(Mt)

Fe (%) TiO₂ (%) V₂O₅

(%)

V2O5 in

magnetite

Est. V

tonnes

AB Zone ~60* 28.8* 6.15* 1.17 * 2.38% ~1 Mt*

Deposit

Potential

Resource

(Mt)

Fe% TiO₂

(%) V₂O₅ (%)

V2O5 in

magnetite

Est. V

tonnes

MML-

HW >250* 10-15* 2-3* 0.3-0.4* 1.5-1.7%* > 750 kt*

* Grades are estimates based on boreholes drilled and do not represent a resource statement

• World class open-castable vanadium deposit contained in 3 distinct horizons combining >80m thickness , including the MML

• Initial 52 Mt vanadium-rich magnetite deposit confirmed in only one horizon (MML) over ~6km strike (average V2O5 in-situ grade of 1.48%)

Vanadium Project

Total V2O5 contained in resource (area of circle)

1. Bushveld Vanadium (South Africa)

2. Maracas (Brazil) 3. Barrambie (Australia) 4. Mustavaara (Finland) 5. Rhovan (South Africa) 6. Mount Peake (Australia) 7. Windimurra (Australia) 8. Balla Balla (Australia) 1a – Potential for Bushveld Vanadium incl. MML and AB Zone 1b – Potential for Bushveld Vanadium incl. MML, AB Zone and MML-HW

Global Vanadium Projects Bushveld vanadium grade in top tier of projects worldwide

0.00%

0.20%

0.40%

0.60%

0.80%

1.00%

1.20%

1.40%

1.60%

1.80%

0 100 200 300 400 500 600 700 800 900 1000

Ave

rage

in-s

itu

gra

de

Total Ore Tonnage (Mt)

Bushveld Vanadium Deposit Comparison

2

3

5

4 6

7

1b

1

8

1a

Grade – tonnage trendline

Source: Company market announcements, Annual reports

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A growing vanadium producing region: - Located in world class vanadium bearing geological zones with several operational projects

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Bushveld Vanadium World class deposit in highly mineralised area

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2. Geology/Resource




Metallurgy - Concentrate

28

• Similar minerology for both P-Q and MML Zone

• Similar process flow sheet for producing concentrate – using magnetic separation or dense media separation

• Good concentrate grades achieved for both the P-Q and MML ores:

P-Q

• Concentrate grades of ~55% Fe, 19.0% TiO2 and 0.33% V2O5

(>80% recovery) at 500 μm

• High-grade Q2 unit of the P-Q Zone can be beneficiated at coarse grain

sizes - 6mm fraction ‘concentrate’ product grade achieved: ~50% Fe, 18.5% TiO2, and 0.33% V2O5 (~75% recovery)

MML

• Davis Tube Tests undertaken on the MML and AB Zone returned encouraging results as shown by the concentrate grades below:

– MML: 2.01% V2O5 , 56.86% Fe and 11.90% TiO2.

– AB Zone: 2.38% V2O5, 54.90% Fe and 9.91% TiO2

• Plant Design - Simple design - crush, mill, magnetic separation and flexible plant – can accommodate all ore types (fresh, weathered, massive, disseminated)

Pyro-metallurgy : Bushveld Vanadium Project

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Two pyromet processing routes, both with existing operational precedents based on Bushveld vanadium bearing magnetite

Examples: Highveld Steel & Vanadium Examples: HRhovan, Vametco, Vanchem

Option 1 – Option 2 –


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Examples: Highveld Steel & Vanadium

Flowsheet characteristics

• Applicable only to the MML Deposit

• Simple flowsheet

• Relatively low capex (~US$160m for 5,000 ton V2O5 production capacity)

• Exposure to the V2O5 market

• Iron oxide calcine (~55%Fe) could be monetised

• Calcine contains sodium, sulphur & vanadium – impact on use in iron making

Option 1: Smelting Route for steel/pig iron & vanadium recovery (e.g. Highveld Steel & Vanadium)

14

2014

Vametco plant

Bushveld Vanadium Possible processing routes selected from existing operations

Option 1 – Salt Roast Process for treatment of Vanadium Slag/Fines

Currently operating mines are processing similar types of ore to that of Bushveld’s and probable processing routes have been identified:


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Option 2: Smelting Route for steel/pig iron & vanadium recovery (e.g. Highveld Steel & Vanadium)

Examples: Highveld Steel & Vanadium

Flowsheet characteristics

• Pre-reduction to lower electrical energy consumption

– 60-70% iron metallisation, no vanadium reduction

• Highly reducing furnace conditions to reduce vanadium oxide

– Minimise reduction of Titanium (0.2% Ti in metal)

– Controlled reduction of silicon (0.2% Si in metal)

• Hot metal treatment to produce vanadium slag and lean pig iron

• High capex (>US$1Bn for ~1Mtpa pig iron + ~10,000 t FeV production capacity

• Economics benefit from two revenue streams (Fe and V, and possibly Ti as well

19

2014

Highveld: Iron Plant 1 and Steel plant

Bushveld Vanadium Possible processing routes selected from existing operations

Option 2 – Highveld Process for Vanadium Slag

Currently operating mines are processing similar types of ore to that of Bushveld’s and probable processing routes have been identified:

Kilns

Shaking ladles + BOFs

Steel casting Mills (Structural + Flats)

Furnaces

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21

2014

Integrated production of V2O5 and pig iron

Ore

preparation

Roasting

kiln

Leaching &

precipitation

Ore

preparation

Pre-reduction Smelting Ladle

treatment

V slagCalcine

V2O5

Pig iron

MML con

MML

chips

Medium grade

TiO2 slagPhase 2

Phase 1

Scope for integrating the 2 flowsheets

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2. Geology/Resource




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Economic and Project Design considerations MML and P-Q Zone deposits

• Shared mining and processing infrastructure

• Leverage multi-commodity nature of resource and maximise economics from all commodities Iron, Titanium, Vanadium, Phosphate

• Target a modest initial phase with low capex

• Leverage any existing processing infrastructure in country already

• Maximise on shared beneficiation processes to optimise capex

• Targeted Strategic partnerships for Phosphate, P-Q Project, and Vanadium project

1 2 Study undertaken on the P-Q Zone only and on only

12% of the total JORC resource (JORC-compliant 718 Mt resource)

Low capex and concentrate product route at base case RoM of 5 Mtpa underscores viability of project

Pre-feasibility study underway

Attractive operating costs: US$51 / tonne, (US$6/tonne when adjusted for titanium and vanadium credit)

Significant upside from:

• volume scale up,

• downstream development,

• developing the vanadium-rich MML deposit ,

• developing the phosphate resource

Bushveld Iron Ore Project – 5 Mtpa Run-of-Mine

Item Unit Value

Total Mill Feed LOM Mt 87.53

Run of Mine Mtpa 5.0

Product (Concentrate) produced Mtpa 2.20

Strip Ratio waste:ore 1.36

Gross Revenue LOM US$’m real 2 929

Royalty LOM US$’m real 160

Net Revenue LOM US$’m real 2 769

Operating Costs LOM US$’m real 1 469

Capex Initial

Sustaining

US$’m real

US$’m p.a.

125.8

2.5

Cash flow LOM US$’m real 476

NPV

@ 10% real

@ 12.5% real

IRR real

US$’m

US$’m

%

188.4

139.8

34.2% Payback (based on discounted cash flow)

Yr 2 years

Life of Mine Yr 18

Scoping study delivers an initial low capital expenditure (“capex”) project which results in first phase cashflows that can be leveraged to unlock the larger potential inherent in exploiting the deposit along strike and to lower depths, as well as pursuing downstream beneficiation opportunities

Scoping Study Results Low capex base case scenario yields positive economics

37

2014 2015 2016

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Bushveld Iron Ore (P-Q) Project

Iron Ore Resource update ✔

P-Q Scoping Study ✔

Iron Ore metallurgy (pyro-met) update

Revised P-Q Scoping Study (incl. downstream) Pre-Feasibility Study

Secure strategic partner for iron ore projects

Bankable Feasibility Study

Bushveld (P-Q) Phosphate

Phosphate resource definition & metallurgy ✔

Scoping Study

Pre-feasibility Studies

Secure strategic partner

Bushveld Vanadium Project

Resource Definition (AB Zone & MML-HW)

Detailed metallurgy (incl pyrometallurgy)

Scoping study

Pre-feasibility Study/Feasibility Studies

Development & Production

Milestones 2013 - 2014 Strong pipeline of news to follow

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Attractive cost curve proposition

• Opportunity to leverage multiple revenue streams to optimise cost curve positioning (Vanadium, Titanium, Phosphate)

1

Bushveld Iron Ore Project Investment case Project boasts attractive economics with significant upside potential

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2

3

Pragmatic executable path to production

Scale potential

• Modest capex requirements + simple operational model creates opportunity for early realisable cash flows

• Cash flows can be leveraged to develop project more fully

• Opportunity for economies of scale

• Creates scope for strategic partnerships with majors

• Creates multiplicative value impact

Thank You

40

South Africa Ground Floor, Block A 24 Fricker Road Illovo, 2116 Tel +27 11 268 6555 Fax +27 11 268 5170

41

Contact

Steel industry driven rising Intensity of vanadium use in China

• Vanadium-containing steel sub-sector steadily growing and expected to rise further due to shift from low to high-strength steels

• Steel-specific vanadium consumption estimated to grow with CAGR of 4.8% over the period 2010 to 2015, with over 80% of growth occurring in the BRIC countries

• Total vanadium demand growth forecast to be greater than 6% between 2009 and 2019

• Chinese is dominant driver of vanadium consumption growth in 2011 to 2016 period

• Structural efforts to increase share of high value-added, micro-alloyed steel coupled with technical and political limitations will result in steady increase in vanadium intensity of use

• Chinese government policy-driven shift to use of high strength rebar will restrict and gradually eliminate the use of lower strength bars by 2015 expected to drive increase in vanadium content in steel rebar

• Chinese consumption share of vanadium to increase from 36% in 2011 to 45% in 2016

• Global demand to rise at a CAGR of 6.9% over the 2011 to 2016 period

The Vanadium Market Chinese intensity of vanadium use to increase

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Chinese government policy-driven shift to use of high strength rebar will restrict and gradually eliminate the use of lower strength bars by 2015 expected to drive increase in vanadium content in steel rebar


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Chinese government policy-driven shift to use of high strength rebar will restrict and gradually eliminate the use of lower strength bars by 2015 expected to drive increase in vanadium content in steel rebar

USA

Europe

Japan

China

China (2016)

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000

0.000 0.010 0.020 0.030 0.040 0.050 0.060 0.070 0.080 0.090

V c

on

sum

pti

on

gro

wth

(t)

Kg of Vanadium used per tonne of steel

Projected Impact of China's Increased Steel Standards (2013)

Vanadium is a niche metal with high-end uses and significant upside

Steel industry vanadium consumption – by region

0.09

0.08

0.07

0.06

0.05 0.05

0.04

0.03

0.00

0.01

0.02

0.03

0.04

0.05

0.06

0.07

0.08

0.09

0.10

North America Europe Japan CIS World Average Other China India

Kg V/t

•China’s current low specific vanadium consumption rates are rising

Source: TTPSquared, Inc

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“Vanadium Redox Fuel Cell – that’s one of the coolest things I’ve ever said out loud”

- President Obama

(Forum on Small Business, Feb 2011)

Energy Storage

• Average change in vanadium demand in energy storage consumption estimated at 42.1% CAGR from 2011 to 2016

• Major drivers of vanadium demand growth in mass energy storage:

―Hybrid and electric cars (each car needs approximately 15.4 lbs of vanadium

―Household vanadium battery storage unit (each 50 kwh per day unit needs approximately 440 lbs)

―Large scale power storage (each 1 GWh vanadium redox battery (VRB) requires 4 kt of pure vanadium)

• VRBs can absorb and release massive amounts of electricity instantly and do so repeatedly, making it the only battery technology capable of connecting directly to power grids and streamlining intermittent flow of energy from wind turbines and solar cells

The Vanadium Market Two key industries: Steel and Energy Storage

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Fortune Mojapelo - Bushveld Resources - The Bushveld iron ore project in the Limpopo Province

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Transcript of Fortune Mojapelo - Bushveld Resources - The Bushveld iron ore project in the Limpopo Province