Q4 2018 THE BEL AIR BAUXITE MINE: FROM GRASSROOTS TO PRODUCTION
COMPANY OVERVIEW ALUFER IS ONE OF THE MOST ATTRACTIVE BAUXITE MINING COMPANIES GLOBALLY Commenced production at flagship Bel Air Project • First Ore on Ship – On Time, On Budget, LTI Free Rare development story: • Alufer discovered the deposit through maiden drilling in 2011 • Completed detailed feasibility studies and extensive social and environmental work • Secured financing in 2016 • Commenced construction in 2017 • Commenced production in Q3 2018 Upside potential from Bel Air North and Labe licences Focused on delivering a long term, sustainable mining operation and creating value for all stakeholders Phase 1: Construction – Complete Phase 2: Ramp up – over the next few months Phase 3: Steady State 2
BEL AIR PROJECT - HIGHLIGHTS Control of own logistics Location advantage > 15 year Life of mine • • Have built a dedicated haul • 15km from the coast 146mt JORC resource • road, export facility, port and Easily accessible from identified - Direct Shipping Ore • berth Ramping up to steady state Conakry by road • • Control full production chain rate of 5.5mtpa Simple operational set up from pit to ship required Responsible, sustainable bauxite High value product Developing a long lasting legacy production • Using global best practice • Well suited to low temp • Over 40 community projects refinery mining methods completed to date • Adopting IFC and Equator • Low reactive silica - notable • Will continue to contribute advantage Principles through Local Development • Low deleterious elements fund 3
KEY MANAGEMENT • Metallurgical Engineer with 35 years of operational and project experience • Bernie Pryor Extensive African experience in project acquisition, evaluation and development, construction and mine Chief Executive Officer operations • Was Head of Business Development with Anglo American Plc, also serving as CEO of Anglo Ferrous Brazil Inc • Chartered Accountant with 15 years experience in the mining sector • Rachel Rhodes Previously with Anglo American and CFO of London Mining • Chief Financial Officer Extensive background in raising project finance and taking mining operations through construction to production • Great deal of experience in government liaison and representation for a number of companies inGuinea Lamine Toure • Has worked across a variety of sectors – mining, textiles and urban project development Vice-Chairman, BAM • Previously worked with Mobil, Global Alumina, Koumba IronOre • Geologist with 20 years across the industry – exploration, development and production Kevin Mclean • Previously with Shangdong Iron and Steel, African Minerals and Fortescue Metals Project Director • Expertise in optimising and delivering efficient mining operations • Broad commercial experience - over 12 years working in the resources and power sectors Tristan Clarke • Previously with Shangdong Iron and Steel, African Minerals and Anglo American Commercial Director • Specific experience in commodities marketing, complex negotiations, supply chain and corporate strategy • Over 30 years experience in HR management and strategy, organisational development and governance Denis Leblanc • Previously with SRD Nordgold, CBG and Xstrata Nickel HR Director • Strong focus on balancing team work with individual development and business objectives • Over 17 years experience working in sustainability within the mining and development sectors in Africa. Jason Peirce • Wide range of expertise in social and environmental assessments, community relations, stakeholder E & S Director engagement, Previously with INSUCO, Anglo Gold Ashanti and the Belgian Development Agency 4
OTHER BOARD MEMBERS • Mining engineer with 25 years experience in the natural resources sector Adonis Pouroulis • Expertise in discovery and development of projects across Africa including diamonds, precious/base metals and coal Chairman • Founder and Chairman of LSE listed Petra Diamonds and AIM listed Chariot Oil & Gas and other private companies • Commercial lawyer specialising in corporate and finance law in the resources sector Mason Hills • Advised RCF since 2001 and joined in an in-house capacity in2006. Non-Exec Director • Also serves on the Board of First Bauxite Corp, First Drilling Group and Global Advanced Metals • Director at the AFC Osam Iyahen • Responsible for the natural resources team and has led their rapidly expanding franchise across sub-Saharan Non-Exec Director Africa • Over 15 years experience in international finance and businessdevelopment. • 25 years in the natural resourcessector Keith Johnson • Previously managed Rio Tinto’s global bauxite and alumina business and was head of Business Resources Non-Exec Director responsible for the integration ofAlcan • Prior to that he was BG Group as GM of strategy and portfoliodevelopment David Brown • Chartered Accountant with 20 years experience in the resourcessector • Non-Exec Director Extensive Board experience, currently on the Board of Coal of Africa andVodacom • Previously with Impala Platinum, Edcon andMobil • CharteredAccountant Mukuna Ilunga • 16 years experience in the mining industry and currently CFO of Dangote Cement in the DRCMining and Sierra Non-Exec Director Rutile • Previously with Endeavour , Anglo Gold Ashanti and De Beers. Dorian Barak • Legal and investment background • Non-Exec Director Private equity investor and asset manager focused on Africa, the Middle East and Europe • Advises clients, companies and funds on investments in the natural resources, aviation and tech sectors Andrew Ferguson • 14 years experience in global financial markets with a focus on naturalresources • Non-Exec Director CEO and Head of Investment at APAC Resources Limited • Previously co-founded New City Investment Managers – a natural resources fund and worked for EMG Suisse S.A 5
BAUXITE OVERVIEW BAUXITE IS THE PRINCIPAL ORE OF ALUMINIUM • Bauxite is the main commercial mineral from which aluminium oxide is extracted, which in turn is smelted to form aluminium metal: 5t Bauxite Ore 2t Alumina 1t Aluminium Consumers Bauxite Alumina Aluminium and mining refining smelting Fabrication • The aluminium industry is no longer as integrated as it used to be - pricing power is shifting upstream to alumina and bauxite producers • However, aluminium demand drives alumina and bauxite growth - medium to long term demand is still strong • Iron ore and copper usage matured following rapid industrialisation in China and other emerging markets - aluminium is still in its early stages • Demand continues to grow in key sectors including transportation, construction, power, packaging and consumer products 6
PROJECT OVERVIEW - OPERATIONAL SUMMARY SIMPLE LOGISTICS SET-UP: MINING - SHORT HAUL - CAUSEWAY CONVEYORS - TRANSHIPMENT Stage 1: Mining Stage 2: Short Haul Stage 3: Export Facility Stage 4: Shipping • • Automated materials • DSO material is mined Transhipment • Material is then from a minimum of 2 handling set up handled via self- transported via truck • Ore is stockpiled and pits at a time propelled barges and from the pits to the • Open cast, strip handled via conveyor transhipment vessel export facility at the mining with surface over a 1.2km rubble (TSV) coast • miners causeway and loaded Ocean Going Vessels • Low opex, minimal re- • Minimises loss and onto barges loaded 32 km handling, high • Provides access from dilution offshore efficiency • • Enables ongoing shore to suitable water Optimal method for • Alufer have control of rehabilitation during depth for 10,000 DWT bulk export dedicated logistics • LOM barges Significant storage facilities capacity on TSV THE PROCESS HAS BEEN OPTIMISED FOR CAPEX, OPEX AND THE OPERATING ENVIRONMENT 7
SOCIAL AND ENVIRONMENTAL ALUFER IS COMMITTED TO PROMOTING & DELIVERING SUSTAINABLE DEVELOPMENT • Ongoing management plans will be in place to ensure compliance with IFC Performance Standards and meet Equator Principles • Ongoing work includes: o Baseline assessments o Integrated terrestrial and marine, social and environmental impact assessments o Social and environmental management plans o A Stakeholder Engagement plan o A detailed Land Access and Resettlement framework and plan o A Critical Habitat review, including Biodiversity action and management plans • The project was awarded the Environmental Certificate of Conformity from the Government of Guinea in June 2013 which has since been renewed annually STAKEHOLDER ENGAGEMENT IS A CORE FOCUS • Throughout the project the team will work with the community to develop local enterprise initiatives and promote local supply 8
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