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PETROPAVLOVSK PLC MINEX Russian Mining Club 3 December 2012 - PowerPoint PPT Presentation

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PETROPAVLOVSK PLC MINEX Russian Mining Club 3 December 2012 Cautionary and forward-looking statements Some statements contained in this presentation or in documents referred to in it are or may be forward-looking statements. Such

  1. PETROPAVLOVSK PLC MINEX Russian Mining Club 3 December 2012

  2. Cautionary and forward-looking statements § Some statements contained in this presentation or in documents referred to in it are or may be forward-looking statements. Such statements reflect the Company’s current views with respect to future events and are subject to risks, assumptions, uncertainties and other factors beyond the Company’s control that could cause actual results to differ from those expressed in such statements. Although the Company believes that such forward-looking statements, which speak only as of the date of this presentation, are reasonable, no assurance can be given that they will prove to be correct. Therefore, you should not place undue reliance on these statements § There can be no assurance that the results and events contemplated by the forward-looking statements contained in this presentation will, in fact, occur. The Company will not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect events, circumstances or unanticipated events occurring after the date of this presentation, except as required by law or by any appropriate regulatory authority. Nothing in this presentation or in documents referred to in it should be considered as a profit forecast § Past performance of the Company or its shares cannot be relied on as a guide to future performance § This presentation does not constitute, or form part of or contain any invitation or offer to any person to underwrite, subscribe for, otherwise acquire, or dispose of any shares in Petropavlovsk PLC or advise persons to do so in any jurisdiction, nor shall it, or any part of it, form the basis of or be relied on in any connection with or act as an inducement to enter into any contract or commitment therefore. In particular, this presentation and the information contained herein are not an offer of securities for sale in the United States § No reliance may be placed for any purpose whatsoever on the information or opinions contained in this presentation or on its completeness and no liability whatsoever is accepted for any loss howsoever arising from any use of this presentation or its contents or otherwise in connection therewith § The development and production plans and estimates set out herein represent the current views of the Company's management. The Company’s Board reviews the production estimates on an ongoing basis. All planning is subject to available funding and capital allocation decisions § This presentation has been prepared in compliance with English law and English courts will have exclusive jurisdiction over any disputes arising from or connected with this presentation 2

  3. What is refractory ore? § Mineralised rock resistant to Natural Oxidation Process recovery by standard cyanidation adsorption methods § Generally contains sulphide minerals, which encapsulate gold particles, making it difficult for the leach solution to reach the contained gold § Oxidation of sulphide minerals is necessary to recover the gold § May also contain organic carbon that impedes recovery Takes several million years to free up 3

  4. Artificial Oxidation § Mineralised rock resistant to Processing options for refractory ore recovery by standard cyanidation + carbon adsorption methods Crushing ¡+ ¡ Grinding ¡ ¡ § Generally contains sulphide Concentrate ¡is ¡treated ¡in ¡ ¡ ¡ minerals, which encapsulate a ¡pressure ¡vessel ¡in ¡a ¡pure ¡ gold particles, making it difficult for the leach solution oxygen ¡atmosphere ¡at ¡ to reach the contained gold Roas%ng ¡ BIOX ¡ high ¡pressure ¡and ¡high ¡ § Oxidation of sulphide minerals temperature ¡ is necessary to recover the Pressure ¡ gold oxida%on ¡ (“POX”) ¡ § May also contain organic carbon that impedes recovery POX takes 45 minutes 4

  5. Transformation of Pokrovskiy to POX Hub Simplified Pokrovskiy RIP plant flow sheet Addition of POX Crushing ¡+ ¡ Grinding ¡ RIP ¡ Floata%on ¡ POX ¡ Doré ¡Gold ¡ ¡ concentra%on ¡ Circuit ¡ Bars ¡ Non-­‑refractory ¡ ¡ ore ¡ Tailings ¡ Tailings ¡ Dam ¡ Dam ¡ Existing facilities to be integrated into the Pressure Oxidation Hub 5 5 ¡ 5 ¡

  6. Pokrovskiy POX processing concept PIONEER ¡Flota%on ¡Plant ¡ MALOMIR ¡Flota%on ¡Plant ¡ • Recovery ¡= ¡86% ¡ • Concentrate ¡= ¡240Ktpa ¡ • Recovery ¡= ¡88% ¡ • Concentrate ¡= ¡330Ktpa ¡ THE ¡POKROVSKIY ¡POX ¡HUB ¡ Concentrate ¡ Autoclave ¡ Doré ¡to ¡refinery ¡ RIP ¡circuit ¡ re-­‑grinding ¡ oxida%on ¡ POX ¡Plant ¡Recovery ¡= ¡93% ¡for ¡Malomir ¡+ ¡98% ¡for ¡Pioneer ¡ 6

  7. Refractory Cost Guidance More Less Neutral expensive expensive Stripping ¡ Limestone ¡ 1 ¡to ¡1 ¡ Less ¡Dilu)on ¡ Electricity ¡+ ¡ Oxygen ¡ Fine ¡Grind ¡ Mining ¡ Not ¡Required ¡ Handling ¡+ ¡ Crushing ¡+ ¡ Savings ¡on ¡ Transport ¡ Grinding ¡ Chemicals ¡ Compared with Pioneer bulk mining & processing total cash costs Note: weight sizes are not to scale 7

  8. Location of the Petropavlovsk POX hub Flotation Plant Existing roads (670km from POX hub) Flotation Plant (40km from POX hub) POX Processing Hub Good infrastructure for development of a regional hub 8

  9. A world class team of experts Valery Alekseev Prof. Schneerson Dr Sergey Evgeniy Kudrin Ryakhovskiy Viktor Federov Group Head of Director of Technical Director of Head of R&D Engineering and Gidrometallurgiya Group Head of POX Hub Construction R&D Centre Metallurgy § 20+ years of § 12+ years of project § Strong history of § Authoritative expert § 30+ years of experience of management in in the field of experience timely project working in ferrous and autoclave delivery § Lead design + refractory non-ferrous sectors technology § Responsible for oversaw ore processing § Strong track record § 50+ years of commissioning of construction of 5 § Formerly Deputy of managing + experience all Group process mines + 7 plant Director for delivering facilities expansions for § Extensive Production and logistically Petropavlovsk experience working Operations at challenging + on POX projects § International Nadezhdinskiy complex incl. Nadezhdinskiy POX Plant (Norilsk experience development (Norilsk Nickel) Nickel) projects § Credited with 65 inventions 9

  10. Our experienced partner: Outotec § Outotec is an industry leader in minerals and metals processing technology § Commissioned to provide project management services, including: - Detailed technical design of the POX plant - Equipment selection - Oversight of equipment manufacturing process - Installation - Commissioning § Regular inspections to ensure all manufacture schedules are up-to-date § Guarantee of throughput and designed processing regimes § Outotec’s experience includes: (1) - Design and commissioning of 4 base metal plants with autoclave technology - Designed and commissioning of hundreds of flotation lines around the world 10 (1) Includes experience when Outotec was a part of Outokumpu

  11. The Blagoveschensk pilot POX plant § First and only one of its kind in Russia, built 2011 - Allows for extensive testing and optimisation of a full range of operational parameters (temperature, pressure, flow rate) - Used to train personnel § Replicates industrial scale plant including automation and control systems - Exactly replicates processes and controls to be used at the future plant - Accurate prediction of recoveries, reagent consumption and operating costs - Complete understanding of the process before operations commence § Scaled process replication = de-risked technology - Brings confidence to the POX plant design – laboratory test work replicate conditions in industrial production The only pilot scale autoclave in Russia Unique pilot test plant = in depth simulation, project de-risked 11

  12. Our ¡very ¡own ¡POX ¡plant, ¡the ¡only ¡one ¡of ¡its ¡kind ¡in ¡Russia ¡ 12

  13. A ¡Petropavlovsk ¡autoclave ¡vessel ¡ ¡ 13

  14. Why is refractory ore the future of gold mining? § The world is running out of easily treatable ore - Exploration is failing to balance out depletion of non-refractory ore - Approximately ¾ of Russia’s reserves are refractory or partly refractory in nature, incl. Russia’s largest gold deposit, Sukhoi Log Kittila processing complex § A gradual shift towards refractory ore processing - Barrick Gold, Newmont Mining, Newcrest Mining, Agnico Eagles § Refractory ore processing technologies have been successfully employed for decades around the world - First plant for base metals launched 1952, first gold POX plant launched 1985 (McLaughlin, USA) Autoclaves at Pueblo Viejo 14

  15. Location of the Petropavlovsk POX hub Flotation Plant Existing roads (670km from POX hub) Flotation Plant (40km from POX hub) POX Processing Hub Good infrastructure for development of a regional hub 15

  16. Presentation to The Natural Resources Forum 30 October 2012 Q&A 16

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