RESULTAT DE KANSANSI pour le premier semestre 2012

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Inscription: Jeu 30 Juil 2009 16:48

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Message Jeu 2 Aoû 2012 07:30

RESULTAT DE KANSANSI pour le premier semestre 2012

http://www.first-quantum.com/Media-Cent ... fault.aspx



on notera surtout 15.8 M US$ de dividendes versés le dernier trimestre à ZCCM-IH et augmentation de la part ds bénéfices revenant à ZCCM-IH non distribués à 528 M US $



OPERATIONS
Kansanshi Copper and Gold Operation Three months ended

June 30 Six months ended

June 30
2012 2011 2012 2011
Copper production (tonnes) 62,825 56,156 119,436 120,953
Copper sales (tonnes) 63,750 57,621 122,295 120,694

Gold production (ounces) 28,244 25,417 55,402 56,029
Gold sales (ounces) 29,162 25,944 59,470 57,154

Sulphide ore tonnes milled (000's) 2,379 2,724 3,812 5,042
Sulphide ore grade processed (%) 1.0 0.7 1.0 0.8
Sulphide copper recovery (%) 94 93 94 94

Mixed ore tonnes milled (000's) 2,093 1,696 4,655 3,334
Mixed ore grade processed (%) 1.1 1.0 1.1 1.1
Mixed copper recovery (%) 64 62 64 66

Oxide ore tonnes milled (000's) 1,548 1,469 2,972 2,986
Oxide ore grade processed (%) 2.0 2.1 2.0 2.3
Oxide copper recovery (%) 84 86 85 86

Cash costs (C1) (per lb)1 $1.52 $1.41 $1.53 $1.26
Total costs (C3) (per lb)1 $1.93 $1.68 $1.88 $1.53

Gross profit 231.2 333.7 467.6 734.2
1 C1 and C3 costs are not recognized under IFRS. See "Regulatory Disclosures" for further information.

Copper production increased by 12% from Q2 2011 due to higher ore grade and throughput in Q2 2012. The ongoing mine pit development work has increased the availability of sulphide ore and allowed for the reconfiguration of the sulphide and mixed circuits in May 2012. The circuit capacity for sulphide and mixed ore treatment is now approximately 12 Mtpa and 6.5 Mtpa, respectively.

Sulphide ore grade processed improved significantly from Q2 2011 due to the exposure of additional sulphide ore faces at target grades. In Q2 2012, the temporarily interchanged sulphide and mixed circuits had offsetting variances in throughput in comparison to Q2 2011. The combined mixed and sulphide circuit throughput was consistent with Q2 2011.

The mixed ore circuit benefited from improved grades and recoveries in Q2 2012. Following the circuit interchange, the reduced throughput on the mixed ore circuit allowed longer residence time in flotation resulting in improved recoveries.

Copper production from the oxide circuit was in-line with Q2 2011 as increased throughput was offset by lower ore grade and recovery. The recent incorporation of elements of the 7.2 Mtpa oxide expansion improved plant availability and utilization in the quarter. The availability of locally-sourced sulphuric acid remained a constraint on the grade and tonnes of oxide ore processed in the current period.

Gold production was 11% higher than Q2 2011 due primarily to improved recovery. The continued gold circuit enhancements and improvements have resulted in a higher proportion of gold recovered in dore, which is not subject to the smelter deductions applied to gold recovered in concentrate.

Q2 2012 C1 costs increased by $0.11/lb from Q2 2011. Inflationary pressures have resulted in cost increases for sulphuric acid and some consumables. These increases were largely offset by the unit cost effect of 12% higher production in Q2 2012. Realization costs were $0.05/lb higher than Q2 2011 due to a higher proportion of concentrate sales during the period.

Gross profit was lower than Q2 2011 due primarily to lower realized copper prices, offset partially by higher sales volumes in Q2 2012.

Outlook

The main areas of focus are on sulphuric acid supply and increasing the flexibility of ore sources for the three circuits. Available mining areas have increased as planned with several new areas in the main and north-west pits now providing ore. Further improvements are anticipated with additional plant operational efficiency and flexibility afforded by multiple concurrent mining areas.

The full benefit of the 7.2 Mtpa upgrade is expected to be realized in Q4 2012, coinciding with the commissioning of the fifth acid plant. The additional leach and CCD capacity in the oxide process circuit is expected to contribute to maximizing output from available ore resource through improved recovery, as well as providing the capacity to efficiently operate at higher treatment rates.

All parties involved in the Q1 2012 labour dispute continue to be engaged in a legal process aimed at resolving the differences.



Kansanshi expansions, Zambia

The multi-stage Kansanshi plant upgrade to an annual production capacity of 400,000 tonnes of copper continued in Q2 2012. Mechanical construction for the oxide circuit 7.2 Mtpa upgrade is complete. Optimization of the new circuit elements is planned for Q3 2012. The milling circuit configuration changes to increase mill throughput rates to 7.2 Mtpa is planned to be implemented once acid supply is increased through the operation of the fifth acid plant which is currently under construction and on track for commissioning at the end of Q3 2012.

Progress on the stage two oxide capacity expansion to 14.5 Mtpa continued with earthworks and civil works progressing well and mechanical construction of CCDs commenced. Completion remains on target for the first half of 2013. Acid supply will dictate the rate of oxide treatment until the smelter is commissioned in mid-2014, however the output of the five acid plants as well as the current volume of acid that can be externally sourced will allow for interim treatment rates of approximately 10 Mtpa.

The second phase of the 400,000 tonne annual production capacity expansion project is a proposed expansion of the sulphide treatment facilities by construction of a new section of plant capable of treating 16 Mtpa of sulphide ore. Construction of this new plant is expected to occur in two stages depending on ore grades. Project commitment is expected in Q4 2012 following completion of the resource definition drilling program, which is necessary for detailed mine planning.

Copper smelter project, Zambia

Kansanshi's concentrate is currently treated at smelters in Zambia, however, existing domestic smelting capacity will be insufficient to process the substantial increase in production resulting from the Kansanshi expansion and the Sentinel project. The new copper smelter will be designed to process 1.2 million tonnes of concentrate to produce over 300,000 tonnes of copper metal annually. The smelter is expected to also produce 1.0 million tonnes of sulphuric acid as a by-product at a low cost which will benefit Kansanshi by allowing the treatment of high acid-consuming oxide ores and the leaching of some mixed ores. The additional acid is also expected to optimize the expansion of the oxide leach facilities and allow improved recoveries of leachable minerals in material now classified and treated as mixed ore.

Detailed design works on the smelter continued in Q2 2012. Subject to environmental approval, the overall project is scheduled for construction completion in mid-2014 followed by commissioning and ramp up.

Sentinel project, Zambia

A mineral resource and reserve estimate for the Sentinel copper project was released in March 2012. An estimated measured and indicated resource of 1,027 Mt at 0.51% copper grade, containing 5.2 Mt of copper has been delineated, inclusive of an estimated recoverable proven and probable mineral reserve of 774 Mt at 0.50% copper grade, containing 3.9 Mt of copper. The life of mine strip ratio is anticipated to be 2.2:1 and the estimated mine life is in excess of 15 years.

The project is expected to produce up to 280,000 to 300,000 tonnes of copper in concentrate annually.

The Company received a written confirmation of an offer from Zambia Electricity Supply Corporation Limited ("Zesco"), for the connection and supply of power to the Sentinel copper project at a mutually-agreeable electricity tariff level. The Company's Board of Directors has accepted these commercial terms in principle and as a result, has formally approved the construction of the project on May 9, 2012, which was followed by a ramp up of project activities. Detailed design works are progressing well and numerous equipment commitments, including long-lead mining fleet orders, are now in place. Site establishment and construction works are in progress, with an access road, airstrip and construction camp completed. Project capital costs are estimated at approximately $1.7 billion with project completion expected during 2014.

Exploration

Exploration programs continued at a high level in most districts with major drilling campaigns active at Trident and Kansanshi.

Trident

A resource definition program on the main Enterprise nickel target is nearing completion. Geological modelling and resource estimation is planned in Q3 2012. Metallurgical test work is continuing and preliminary results show good recoveries of nickel sulphides generating a high grade nickel concentrate, especially in the central 'millerite' zone. Further metallurgical holes are planned to assess the variability of the mineralization throughout the deposit.

Drilling on extensions of Enterprise in Q2 2012 defined a new zone of mineralization at "Enterprise Southwest". Although thinner and lower grade than the main Enterprise mineralization the new zone demonstrates potential for additional tonnage over a further 600 metres of strike length.

Kansanshi

At Kansanshi, 18 core rigs continued operating divided between incremental resource and reserve additions immediately around the existing pits and the district exploration program. These programs are designed to provide enhanced definition of longer term oxide and sulphide resource potential as well as to test the ultimate extents of the mineral system.

Eight rigs are active on near-mine resource definition. During Q2 2012, encouraging results were returned from drilling around both the NW pit and Main pit, with strong intercepts of veins well beyond the currently defined resource limits. A deep hole to 1,000 metres below the centre of the Main pit reported some extensive low grade mineralization in stratigraphy well below the current pit model.

Ten rigs were active on exploration drilling around Kansanshi. Resource drilling of the Southeast Dome prospect was largely completed during the period and resource modeling and estimation is in progress. A prospective new buried dome was located at 'Rocky Hill' between the Southeast Dome and Main pit and is currently the focus of systematic drill testing. Further prospective dome targets are under investigation by regional drilling.



SALES REVENUES
Sales revenues (after realization charges) Three months ended

June 30 Six months ended

June 30
2012 2011 2012 2011
Kansanshi - copper 451.4 491.8 897.1 1,055.0
- gold 36.6 31.9 81.4 66.0


Copper selling price (per lb) Three months ended

June 30 Six months ended

June 30
2012 2011 2012 2011
Average LME cash price 3.57 4.15 3.67 4.25
Realized copper price 3.48 4.05 3.57 4.14
Treatment/refining charges ("TC/RC") and freight charges (0.27 ) (0.24 ) (0.26 ) (0.23 )
Net realized copper price 3.21 3.81 3.31 3.91

The LME copper price averaged $3.57/lb for the quarter, a decrease of $0.58/lb from the average for Q2 2011. Copper experienced a downward price shift from the middle of April on what was perceived as disappointing Chinese trade and economic data. Prices came under additional pressure amid the Euro zone sovereign debt crisis which led to a broader sell off across the LME metals at the end of May. June saw the release of further downbeat Chinese data. Later in June a cut in Chinese interest rates pulled prices back up towards $3.40/lb.



SUMMARY FINANCIAL RESULTS
Three months ended

June 30 Six months ended

June 30
2012 2011 2012 2011
Gross profit
Kansanshi 231.2 333.7 467.6 734.2


Net earnings for the period attributable to:
Non-controlling interests 27.0 32.0 51.1 78.5


Dividends paid to non-controlling interests (15.8 ) (7.5 ) (15.8 ) (7.5 )





Note June 30, 2012
December 31, 2011

Non-controlling interests 528.3 492.9
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Messages: 121

Inscription: Lun 7 Sep 2009 19:01

Message Ven 3 Aoû 2012 08:52

First Quantum to invest $4 bln in Zambia

Canadian miner First Quantum to invest $4 bln in Zambia
Thu Aug 2, 2012 11:38am GMT Print | Single Page[-] Text [+]
1 of 1Full SizeBy Chris Mfula

LUSAKA (Reuters) - Canada's First Quantum Minerals plans to invest more than $4 billion in a new mine and expansion projects in Zambia - Africa's top copper producer - in the next two to three years, a company official said.

Adam Little, head of tax at First Quantum Minerals, told Reuters more than $2 billion would go into upgrading its Kansanshi mine while its new Trident mine would absorb about $1.7 billion.

First Quantum has been talking to the government on deals to guarantee policy stability, he said.

"It would be nice and would help us with our investment if we could have some assurance for maybe 15 years that the tax rates would be as you see them now," Little, who was on a visit to Zambia, said on Thursday.

Little also urged the government to reduce mineral royalty taxes, which doubled to 6 percent last year.

"We at First Quantum and probably the industry as a whole would prefer the mineral royalty tax to be at a lower level, in the 3 to 4 percent range," he said.

On allegations made by Zambian officials that mining companies were not paying their due taxes, Little said the government may have over-estimated copper output.

Foreign miners operating in Zambia include Glencore, Indian miner Vedanta, Barrick Gold, Brazil's Vale and China Nonferrous Metals Corporation Ltd.

First Quantum said on Wednesday second-quarter profit fell 9 percent as lower copper prices and higher production costs outweighed higher copper and gold sales volumes.

It said its board had approved in May the Sentinel project in Zambia, part of the Trident project, and was ramping up development. Sentinel is expected to produce up to 280,000 to 300,000 tonnes of copper in concentrate annually.

The company had some $900 million in cash and $1.3 billion of debt as of June 30. First Quantum has budgeted some $1.2 billion to $1.4 billion in capital spending for the year as it boosts output at Kansanshi and starts up its Kevitsa mine in Finland.

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