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Résultats KANSANSHI pour le T1 2010
chiffre d'affaire
copper
2010 : 375.6 M$
2009 : 155.7 M$
- gold
2010 : 22.4 M$
2009 : 8.0 M$
Copper production decreased by 12% from Q1 2009 due to lower mining volumes and mill throughput in Q1 2010. Production from all three circuits was impacted by a four day power blackout and low ore volumes and grades from mine operations caused by the impacts of lower mine equipment availability in Q1 2010.
Sulphide circuit production was impacted by lower throughput and ore grade processed. Throughput stabilized later in Q1 2010 and is expected to improve with circuit enhancements planned for Q2 and Q3 2010.
The mixed ore circuit continued to achieve strong recovery rates in Q1 2010. This circuit processes mixed acid soluble and acid insoluble copper ore and produced copper in concentrate totalling 10,907 tonnes in Q1 2010.
In addition to the power blackout and mining issues discussed above, the oxide ore circuit was impacted by the replacement of the SAG mill in January 2010. Recovery was lower due to the processing of higher acid insoluble grade ore in Q1 2010. Projects are underway to enhance the recovery rates from the oxide circuit during 2010. See “Development activities” for further discussion.
Q1 2010 tolled copper cathode production from the Mufulira smelter increased by 77% from Q1 2009 due to capacity improvements made during Q3 2009.
Gold production improved from Q1 2009 by 10% but was behind plan due to low ore throughput on all three circuits. Gold in dore production of 8,001 ounces reflects improvements made to the gold plant in Q3 and Q4 2009.
Kansanshi‟s cash unit cost of production (C1) increased from Q1 2009 due to higher ore costs and processing costs incurred. Ore costs were impacted by lower mine production caused by lower equipment availability in the period, which increased the cost per tonne of ore processed and resulted in the processing of ore from stockpiles at lower grades and a higher average cost per tonne. Processing costs reflect inefficiencies of lower copper production and lower ore grades processed in the period. Additionally, higher engineering and maintenance costs were incurred related to the replacement of the oxide SAG mill in Q1 2010.
Kansanshi copper/gold operation, Zambia
The sulphide ore treatment capacity upgrade progressed in Q1 with belt drive and chute upgrades completed. The commissioning of the new secondary crusher is scheduled for the end of Q2. Milling rates of approximately 35,000 tonnes per day have been achieved and the secondary crushing will add to this capacity. Further enhancement of milling rates and overall operational stability are planned via the installation of a milling expert system.
The installation of additional flotation capacity on sulphide and mixed ore is on schedule, with completion intended in Q4 2010. This capacity will enhance recovery potential of both sulphide and mixed ore.
Oxide circuit developments aimed at improving recovery are expected to be complete by Q4 2010.
The project to improve recovery of gold to gravity concentrates via additional gravity concentrators continued with two more gravity concentrators installed in Q1. Commissioning of the final gravity concentrator will be complete by May 2010. Further upgrades to downstream secondary gravity concentration and pyrometallurgical treatment are in progress.
Following an extensive geological review and drilling program at Kansanshi, a revised mineral resource and reserve estimate has been completed. In summary, the revised mineral reserve estimate is:
Total tonnes: 304,500,000
Total copper: 1.16%
Acid soluble copper (leach and mixed ore only): 0.81%
Gold (grams per tonne): 0.17
Strip ratio: 2.2
Using a 0.3% cut-off grade, the measured and indicated resource categories and the contained copper increase by approximately 18% and 50%, respectively. Significantly increased proved and probable mineral reserves estimate can support a mine life of approximately 13 years at a throughput rate of 24 million tonnes per year. The mine life increases to 20 years when the inferred mineral resource estimate is considered. The overall strip ratio increases marginally to 2.2:1 compensated by the increase in head grade to 1.16% total copper.
exploration :
In Zambia, construction of access tracks to the SE Dome Prospect near Kansanshi allowed drilling to recommence in Q1 despite heavy rains. Two core rigs commenced a systematic test of this encouraging new target where mineralization has been identified within a dome structure covering approximately 700 meters by 500 meters at surface. Results from 2009 drilling returned during Q1 include many intercepts of 20 meter to 70 meter width at 0.6% to 2% total copper with subsidiary gold. The current program of 100 meter spaced drill sections is designed to generate a preliminary resource later in 2010.
Zambian taxation update
The Government of the Republic of Zambia (“GRZ”) announced in January 2008 a number of proposed changes to the tax regime in the country in relation to mining companies. These changes included a new windfall tax on copper sales revenue; a new variable profit tax; a concentrate export levy of 15%; an increase in the royalty rate to 3%; an increase in the income tax rate to 30%; and other changes including changes in the timing of deductibility of capital allowances and streaming of hedging losses and gains. These changes were passed by Parliament in March 2008 and the majority of changes took effect from April 1, 2008.
After the election of the current President, the GRZ reviewed these tax changes and proposed that the new windfall tax be removed, the deductibility of capital allowances be increased back to 100% in the period of expenditure and to allow hedging income be part of mining income for tax purposes. These changes were passed by Parliament in March 2009 and the majority of changes took effect from April 1, 2009. These enacted changes are not retroactive to April 1, 2008.
The Company, through its Zambian subsidiaries, is party to Development Agreements with GRZ for its existing operations which provide an express right to full and fair compensation for any loss, damages or costs (including interest) incurred by the Company by reason of the government's failure to comply with the tax stability guarantees set out in the Development Agreements, and rights of international arbitration in the event of any dispute. Following consultation with external legal counsel, the Company assessed there to be a high probability of recovery from the GRZ of payments made in respect of these taxes.
In the consolidated financial statements, the Company has recognized a tax expense and liability in accordance with applicable laws notwithstanding the Development Agreements. In addition and reflecting the enforceability of the Development Agreements, the Company has recognized a receivable from the GRZ for an amount in respect of the expected ultimate repayment of taxes in excess of the taxes permitted under the Development Agreements. As required by the financial instruments accounting standards, this receivable has been classified as “loans and receivables” and initially recorded at fair value based on management‟s best estimate of the timing of receipt and amounts due. The receivable will be assessed for impairment in future periods based on changes in facts and circumstances; any impairment amounts required in the future may be material. As at March 31, 2010, this receivable amounts to $207.9 million.
The Company is involved in discussions with the GRZ to find an alternative solution to arbitration or litigation to fully resolve all outstanding matters in relation to the tax changes introduced in conflict with the Development Agreements. The timing and outcome of these discussions remains uncertain.
OUTLOOK
The Company‟s 2010 production outlook remains unchanged at 385,000 tonnes of copper and 220,000 ounces of gold. The group C1 cost of production is expected to increase to $1.05 per pound of copper as a result of higher Q1 costs and an increase in mining costs caused by increased waste stripping.
Kansanshi
Planned mine fleet expansions and improvements in maintenance systems should improve mining availability and volumes in the remainder of 2010. The mixed ore circuit will continue to focus on increasing flotation capacity to enhance efficiencies at the targeted throughput rates. Additional flotation capacity will also be commissioned in Q4 2010 which will increase residence and further enhance recoveries and throughput for the mixed ore. Sulphide ore treatment capacity will be increased by approximately 10% by the inclusion of secondary crushing in Q2 2010 in conjunction with mill feed belt capacity upgrades and modifications to the pebble crushing circuit aimed at increasing capacity and flexibility.
Gold production is expected to benefit from the successful commissioning of two Falcon concentrators. Two additional concentrators will be installed in Q2 and further opportunities are being considered to improve recoveries in 2010.
227 M$ de profit opérationnel contre 46 M$ l'an passé pour le même trimestre
Minority interest : 34.8 M$ dont la majeure partie est pour ZCCM-IH...(approximativement 30 M$ pour zccm-ih)
depuis plusieurs trimestre FQM ne donne plus le détail des minority interest... mais dès le prochain trimestre, suite aux dernières acquisitions de FQM, zccm-ih pourrait etre la seule entreprise minoritaire aux cotés de FQM...les M Interest de FQM seront donc seulement ceux de ZCCM-IH
le lien :
http://www.first-quantum.com/i/pdf/NR10-18-May10.pdf