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DSM System Operational Expense Variables Deep Seabed Mining - PowerPoint PPT Presentation

Dec 08, 2022 •193 likes •368 views

DSM System Operational Expense Variables Deep Seabed Mining Payment Regime Workshop #2: Developing a Financial Modeling Framework Thursday, Dec 1 Friday, Dec 2 Berwin Leighton Paisner LLP Adelaide House, London Bridge, London EC4R 9HA, UK DX

  1. DSM System Operational Expense Variables Deep Seabed Mining Payment Regime Workshop #2: Developing a Financial Modeling Framework Thursday, Dec 1 • Friday, Dec 2 Berwin Leighton Paisner LLP Adelaide House, London Bridge, London EC4R 9HA, UK DX 92 London/Chancery Lane DEME | Solutions for global challenges 1

  2. DSM Project | Basis of concept Basis of concept Annual production: … Mtpa § § Mining vessel(s), Collector(s), Bulk carrier(s), Crew vessel(s), Offshore supply vessel(s) Nodules delivered to a port … & Crew change at … § One site office in … § § Production start? Charter Own Charter DEME | Solutions for global challenges | GSR Proprietary Information – Commercial in Confidence Treatment Requested DEME | Solutions for global challenges 2 2

  3. DSM Project | Operations & Production Operational aspects Technical aspects § Environmental conditions [Operational, Storms, § Mining vessel Hurricanes] § Slurry dewatering, Hopper loading & Self unloading § Mining path and system dynamics systems § Transshipment [Mooring & Off-loading] § Mining vehicle and Mining vehicle launch & recovery system § Crewing & Logistics § Riser design & Riser handling system § Spares & Fuel Supply § Pump modules & Slurry transport § Umbilical handling system & Waste water return DEME | Solutions for global challenges | GSR Proprietary Information – Commercial in Confidence Treatment Requested DEME | Solutions for global challenges 3 3

  4. DSM Project | Operational Expenses Included for all owned vessels Others § Maintenance & repair § Inflation or escalation § Wear and tear § Financing cost for operation § Crewing (salary, travel, food, leave, allowance, § Currency risks tax, etc.) § Loss of hire insurance § Insurance (H&M, IV, War, P&I) § Project Insurance (if applicable) § Consumables & communication § Bonds § Fuel & Lubricants § Taxes, Royalties, port fees or import duties § Mining trials or ramp up § Financial Payment for ISA Environmental monitoring § § Mobilization cost Included for all chartered vessels § Pre and post survey § Vessel upgrades § Charter rate § Medevac (other then by crew boat) Fuel & lubricants § § Helicopter services Included for site office § Production guarantees § Personnel (all included) § General expenses (communication, transport, housing, office rent, etc.) § Transport for crew to crew vessel DEME | Solutions for global challenges | GSR Proprietary Information – Commercial in Confidence Treatment Requested DEME | Solutions for global challenges 4 4

  5. DSM Project | Availability & Production Principles of availability calculations § Independent & independent delays: iterative calculation § Failures rates for each major component defined § Not all failures cause stop of production Regular system recovery (planned maintenance) included § DEME | Solutions for global challenges DEME | Solutions for global challenges | GSR Proprietary Information – Commercial in Confidence Treatment Requested 5 5

  6. DSM Project | Availability & Production Assumptions Result recovery mining system Hours Total hours /year hours Total 100% operational time hours deployment mining system Hours ramp down delay Hours Total non-100% operational time & delay hours ramp up delay Hours Total virtual production time hours ramp production % Production during 100% operational time t/h dewatering losses mining vessel % Production non 100% operational time & delay t/h dewatering losses bulk carrier % Total amount of unplanned recoveries - abundance kg/m² Total amount of planned recoveries - Total time riser building hours mining width M Total amount of transshipments - mining speed m/s rejection losses % Total time transshipping hours mining path surface efficiency % Total annual riser production (wet) MT mining path turning efficiency Total annual mining vessel production (wet) MT horizontal logistics efficiency % Total annual bulk carrier production (wet) MT DEME | Solutions for global challenges | GSR Proprietary Information – Commercial in Confidence Treatment Requested DEME | Solutions for global challenges 6 6

  7. Regulation & Technological Change DEME | Solutions for global challenges DEME | Solutions for global challenges | GSR Proprietary Information – Commercial in Confidence Treatment Requested 7 7

  8. Technological Change | Framework Technological Change Contractor Regulator [Innovation] Development costs: Pre- Financial Payment Feasibility, Feasibility, Regime: Annual fee, Construction, Testing Royalty, Incentives … Weighted Average Cost Environmental of Capital: Equity & Debt Regime: Bonds, AM, providers, Risk allocation Rehabilitation … Return on Investment: General: Tenure, Difference between Liability, Health, WACC and Hurdle Rate Safety.. Market “Competitiveness, as measured by market share, is based on costs of production, including the costs as regulatory requirements and royalties.” (Tilton,1992) DEME | Solutions for global challenges | GSR Proprietary Information – Commercial in Confidence Treatment Requested DEME | Solutions for global challenges 8 8

  9. Technological Change | Discounting over decennia • Cumulative benefit - cost Cumulative Result vs Investment • Excluding Cost of Capital [Equity] Project year 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Cumulative cashflow DEME | Solutions for global challenges | GSR Proprietary Information – Commercial in Confidence Treatment Requested DEME | Solutions for global challenges 9 9

  10. Technological Change | Discounting over decennia • Annual benefit - cost Annual Profit & Loss • Excluding Cost of Capital [Equity] Project year 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Cashflow DEME | Solutions for global challenges | GSR Proprietary Information – Commercial in Confidence Treatment Requested DEME | Solutions for global challenges 10 10

  11. Technological Change | Discounting over decennia DEME | Solutions for global challenges DEME | Solutions for global challenges | GSR Proprietary Information – Commercial in Confidence Treatment Requested 11 11

  12. Technological Change | Discounting over decennia WACC calculation Early Stage Equity 400 40% 400 Pre-Feasibility / Feasibility 4,400*40% Late Stage Equity 1,200 20% 1,200 Construction 4,400*20% Debt 2,800 8% 2,800 Construction 4,400*5% Total Investment 4,400 13% D/E Ratio during construction: 70/30 DEME | Solutions for global challenges | GSR Proprietary Information – Commercial in Confidence Treatment Requested DEME | Solutions for global challenges 12 12

  13. Technological Change | Discounting over decennia Weighted Average Cost of capital (WACC): • Technological risk • Institutional risk Discounted by WACC • Environmental risk • Regulatory risk Project year 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Discounted cashflow NPV DEME | Solutions for global challenges | GSR Proprietary Information – Commercial in Confidence Treatment Requested DEME | Solutions for global challenges 13 13

  14. Technological Change | Discounting over decennia Internal Rate of Return (IRR) • Maximum return whereby NPV = 0 Discounted by IRR • Needs to be compared to Hurdle Rate – E.g. Other investments Project year 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Discounted cashflow DEME | Solutions for global challenges | GSR Proprietary Information – Commercial in Confidence Treatment Requested DEME | Solutions for global challenges 14 14

  15. Project development | “Resource Definition” RESOURCE RESERVE Increasing Geological considerations Measured Resource Proven Reserve Based on feasibility Based on exploration studies, ISA regulation cruises to the CCZ [Incl. EIA] Indicated Resource Probable Reserve Based on exploration Based on desktop cruises to the CCZ studies, ISA regulation [Incl. EIA] Inferred Resource Based on historical, public, private data Increasing Environmental, Technical, Economic, Legal & Social considerations DEME | Solutions for global challenges | GSR Proprietary Information – Commercial in Confidence Treatment Requested DEME | Solutions for global challenges 15 15

  16. Questions? Thank you DEME | Solutions for global challenges DEME | Solutions for global challenges | GSR Proprietary Information – Commercial in Confidence Treatment Requested 16 16

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