CORPORATE PRESENTATION Q4 2017
EXECUTIVE SUMMARY ALUFER IS ONE OF THE MOST ATTRACTIVE BAUXITE MINING COMPANIES GLOBALLY Fully financed Bel Air project commenced • construction in January 2017 First production scheduled for H2 2018 • 15km from the coast requiring minimal infrastructure • and reducing operating costs Over 15 year LOM with initial production rate of • 5.5Mtpa High quality product • Responsible, sustainable bauxite production • Using global best practise mining methods • Environmental programme adheres to IFC and • Equator Principles Highly experienced management team with • significant African bulk commodity capability Additional 2.5 billion tonnes of bauxite resource at • Labé Further exploration underway to complete PFS • next year 2
KEY MANAGEMENT Adonis Pouroulis Bernie Pryor Rachel Rhodes Lamine Toure Chairman Chief Executive Officer Chief Financial Officer Vice ChairmanBAM Mining engineer Metallurgical Engineer • Chartered Accountant with 15 • Great deal of experience in • • years experience in the mining government liaison and Expertise in development of 35 years of operational and • • sector representation for a number natural resources projects project experience of companies inGuinea across Africa including • Previously with Anglo Extensive African experience • diamonds, precious/base American and CFO of London • Has worked across avariety metals and coal Was Head of Business Mining of sectors – mining, textiles • Development with Anglo and urban project Founder and Chairman of LSE • Extensive background in raising • American Plc, also serving as development listed Petra Diamonds and project finance and developing CEO of Anglo Ferrous Brazil Inc. AIM listed Chariot Oil & Gas mining operations through • Previously worked with and other private companies construction into production Mobil, Global Alumina, Koumba IronOre Tristan Clarke Guy de Granpre Kevin Mclean Commercial Director Project Director HRDirector • Geologist with 20 year across the • Broad commercial experience - Over 35 years experience in • industry – exploration, over 12 years working in the HR and has worked development and production resources and power sectors extensively in francophone Africa • Previously with Shangdong Iron • Previously with Shangdong Iron and Steel, African Minerals and and Steel, African Minerals and Previously with B2Gold, • Fortescue Metals Anglo American Kinross, Newcrest and RUSAL • Expertise in optimising and • Specific experience in Strong background in Global • delivering efficient mining commodities marketing, business management, operations complex negotiations, supply Corporate Development, CSR chain and corporate strategy and Human CapitalStrategy 3
OTHER BOARD MEMBERS Osam Iyahen Mason Hills Keith Johnson David Brown Non-Exec Director Non-ExecDirector Non-Exec Director Non-ExecDirector Director at the AFC Commercial lawyer 25 years in the natural Commercial lawyer • • • • specialising in corporate and resources sector specialising in corporate and Responsible for the natural • finance law in the resources finance law in the resources resources team and has Previously managed Rio • sector sector led their rapidly expanding Tinto’s global bauxite and franchise across sub- Advised RCF since 2001 and alumina business and was Advised RCF since 2001 and • • Saharan Africa joined in an in-house head of Business Resources joined in an in-house capacity in2006. responsible for the capacity in2006. Over 15 years experience • integration ofAlcan in international finance Also serves on the Board of Also serves on the Board of • • and business First Bauxite Corp, First Prior to that he was BG First Bauxite Corp, First • development. Drilling Group and Global Group as GM of strategy and Drilling Group and Global Advanced Metals portfoliodevelopment Advanced Metals Andrew Ferguson Dorian Barak Mukuna Ilunga Non-Exec Director Non-Exec Director Non-ExecDirector Legal and investment • 14 years experience in global CharteredAccountant • • background financial markets with a focus 16 years experience in the • on naturalresources Private equity investor and mining industry and • asset manager focused on • CEO and Head of Investment currently CFO of Dangote Africa, the Middle East and at APAC Resources Limited Cement in the DRCMining Europe and SierraRutile • Previously co-founded New Advises clients, companies City Investment Managers – a Previously with • • and funds on investments in natural resources fund Endeavour , Anglo Gold the natural resources, management house and Ashanti and De Beers. aviation and tech sectors worked for EMG Suisse S.A 4
BEL AIR CONSTRUCTION FINANCING FUNDING SECURED TO TAKE PROJECT THROUGH TO FIRST COMMERCIAL PRODUCTION In December 2016, Alufer successfully secured a $205m financing • package from a consortium of international investors US$80m Senior Debt Facility • Orion Mine Finance • US$125m of Convertible Loan Notes and Equity • The Africa Finance Corporation • Orion Mine Finance • Resource Capital Funds • Six Year Offtake Agreement • Orion Mine Finance • Working with Alufer to market • the bauxite product and secure revenue during ramp-up 5
BEL AIR PROJECT TIMELINE January February February Exploration Mining Formal opening commenced Convention ceremony / Construction signed April commences Bel Air Feasibility Studycompleted June June June “Alufer Mining SEIA Mining Convention Limited” completed ratified byparliament incorporated 2012 2015 2016 2010 2011 2013 2014 2017 July Presidential decreereceived September Exploitation November permitgranted Final Definitive FeasibilityStudies December Declared“project December of national Pre-Feasibility December interest” $205m financing Studycompleted 6
PROJECT OVERVIEW - OPERATIONAL SUMMARY SIMPLE LOGISTICS SET-UP: SHORT HAUL - CAUSEWAY CONVEYORS – BARGING - TRANSHIPMENT Direct Shipping Ore will be mined from a total of six pits • Minimum of two areas will be in operation at the o same time Increases production flexibility as well as providing o adequate ore blending capability Open cast, strip mining will use surface miners • Material will be transported via truck from the pits to • the ROM tip at the export facility on coast Ore will then be stockpiled and handled via conveyor • over a rubble causeway and loaded onto barges Transhipment handled via self-propelled barges and • transhipment vessel to OGVs Minimum 15 years mine life with initial production rate • of 5.5 Mtpa Economically robust under multiple bauxite pricing • scenarios 7
MINING METHOD SURFACE MINING – LOW OPEX, MINIMAL RE-HANDLING, HIGH EFFICIENCY Benefits versus drill and blast Current surface mining operations Minimises loss and dilution - Larger reserve • Single phase • Paragomina, Brazil • No requirement for drilling, explosives or secondary • Rusal, Kindia (Guinea) • crushing • Iron Ore, Western Australia Safer mining operation o Significantly reduces strip ratio, waste handling and • haulage costs Easier to manage hydrogeology and slope stability • Improves in pit ground conditions • o Enables multi-purpose haul fleet selection o Reduces tyre wear o Easier to operate in rainy season o Increased productivity Lower fuel consumption • Reduces bulking factor for improved haulage • efficiencies Less dust and noise • Enables ongoing rehabilitation during LOM • 8
MATERIALS HANDLING SET UP PROJECT ADVANTAGED BY PROXIMITY TO COAST AND CONTROL OF DEDICATED LOGISTICS AND FACILITIES Simple, efficient materials handling infrastructure • Optimal trade off between capex, opex and technical robustness • De-linking of mining process (continuous) and barge loading (batch • process) Chemical dust suppression agent used to minimise environmental impact 9
MARINE INFRASTRUCTURE AND TRANSHIPMENT TRANSHIPMENT IS THE OPTIMAL METHOD FOR BULK EXPORT FROM THE BEL AIR PROJECT Simple geotechnical structure placed on bedrock • Will provide access from the shore to water depth o suitable for a barge load-out berth Core and armour material will be supplied from o quarries owned by Alufer Optimum balance between low capital cost, simplicity of • operation and functionality Ore will be transferred onto the causeway conveyor via the • stockpile reclaim conveyor for barge loading The barges will then transport bauxite to an ocean going • vessel located at the Transhipment Zone (TSZ) approximately 32km offshore Transhipment vessels will be used to transfer the bauxite • from the barges to the OGV 10
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