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FEASIBILITY
BUDGET
ACTUAL /
FEASIBILITY
RAVENSTHORPE
BHP BILLITON
US$1.0Bn
210%
GALORE CREEK
TECK/NOVAGOLD
US$1.1Bn
450%
BODDINGTON
NEWMONT/
ANGLOGOLD
A$2.0Bn
190%
PROMINENT HILL
OXIANA (OZ)
A$690m
160%
LIHIR EXPANSION
LIHIR
US$500-550m
140%
PROJECT
Why Projects /
Programs Fail
Others
Successful
Technical Problems
16%
Problems with
Suppliers
Insufficient Project
Personnel Resources
53%
31%
11%
4%
4%
36%
10%
15%
20%
Cancelled
Under Perform
Ineffective Project
Planning
Poorly Defined or
Missing Project
Objectives
Source: Standish Group International, Survey from 2500 personnel attending project management training
4
Poor
Organization
and Project
Management
Practices
Capital Expenditure
Source: ABARE
Dec 07
Part 3
Pre-Feasibility
Standard
Part 8
Low Risk/Com
Standard
Part 4
Feasibility
Standard
Part 5
Functional
Execution
Documentation
Standard
L
in e v
es el
& 3
Pr
ac
Gu
id
el
Core Guidelines
& Practices
General Guidelines
& Supporting
Documents
Estimating
Guidelines &
Practices
Guidelines
Investment
Evaluation
Practices
Templates
Post
Investment
Review
Checklists
ok
Bo
tic
es
Part 2
Concept
Standard
Part 7
M&A
Standard
d
ol
G
M
an
Part 6
Bus. Planning
Standard
d
ite
m
Li
da Le
to ve
ry l 2
St
an
da
rd
g
in
in
tM
es
cr
Part 1
Investment
Management
Policy
w
Ne
M
an Le
da ve
to l 1
ry
Po
l
ic
PRE--FEASIBILITY
PRE-FEASIBILITY
FEASIBILITY
FEASIBILITY
EXECUTION
EXECUTION
OPERATION
OPERATION
1.
2.
3.
4.
5.
CONCEPT
PRE-FEASIBILITY
FEASIBILITY
CONSTRUCTION
Namosi
Marsden
Wafi/Golpu
Cadia East Panel Cave
Telfer Trough Cave
Gosowong Expansion
Hidden Valley
Ridgeway Deeps
Projects In Study
28Moz
15.8Moz
Copper
Mineral Resource
Ore Reserve
5.57Mt
2.68Mt
Cadia
Cadia Extended
Extended
Cadia
Cadia Hill
Hill
Plant
Plant
12
Cadia
Cadia East
East
Orebody
Orebody
Ridgeway Sublevel
Cave
Cadia Hill
Ridgeway Deeps
Block Cave
Cadia East
Panel Cave
13
Investigation
Drives
CEU De
cline
1200m
Current Decline
Phase Position
Lift 0
400m
Orebody
Open
Lift 1
4650RL
Orebody
Open
400m
Lift 2
17
14
4250RL
Orebody
Open
Dec
line
Con
veyo
r De
cline
Vent
Raises
Lift 0
Lift 1
Lift 2
15
Overview
Investigation
Drives Lift 0
Main D
ecline
Investigation
Drives Lift 1
Co
nve
yor
D
Lift 0
ecl
ine
Lift 1
Lift 2
16
Portal
Lift 0
Lift 1
Lift 2
17
Crusher
locations
18
Trough Cave
Production Rate
26 Mtpa
Automated LHDs
Cadia East
PFS
Underground
Panel Cave
3 Lifts 0, 1, 2
21Mtpa
Conveyor
Electric LHDs
Crushers Outside
Footprint (EL)
Trunk Conveyors
13 / 21Mtpa
Conveyor / Shaft
Hybrid
Diesel LHDs
13 Mtpa
Shaft
Trains/ Trucks
Underground
Panel Cave
& Open Pit
Underground
Block Cave
Underground
Sub-Level Cave
Benefits:
Low mining cost
Maximise resource use
High prodn rate
Similarities:
All based on caving
Penalties:
Interaction of devpt &
mining
Benefits:
Gold prodn target
575,000 oz pa
Higher rates maximise
NPV
Within known
infrastructure limits
Similarities:
All based on caving
Penalties:
Interaction of devpt &
mining
19
Benefits:
Capacity to meet prodn
uplift 26 Mtpa
Proven technology
Low net cost
Benefits:
Proven technology
Reduced excavation
costs
Lower emissions
Similarities:
Functionality & reliability
Similarities:
Interaction of LHDs &
crushers
Penalties:
Ventilation
Penalties:
Uplift may provide
more efficient/ lower
cost operations
Processing
Uplift Case 32 Mtpa
Power
Augment feeder
lines
Water
Wyangala Pipeline
Offstream storage
Effluent Supplies
Tailings Disposal
New Tailings
Dams: to extend
past 2030 or for >
27 Mtpa
Tailings
Dewatering
Cadia East
PFS
132kV
Augmentation
Expansion of LG
Mill to 18 Mtpa
2 New 8 Mtpa
Mills
Belubula +
15m URCD +
Backbone Pipeline
Expansion of
NTSF + STSF
Alternative
Renewable
Energy Solutions
Benefits:
New Mill provides
information for
debottlenecking LG
Mill min disrupt
HPGR technology:
incr tolerance of
frag. variation
Lower op costs
Similarities:
Ball mills & flotation
cells
Penalties:
Risk of new
technology
20
Benefits:
Lower capital cost
Info processing ore
in New Mill used to
plan expansion &
debottlenecking
Similarities:
Ball mills & flotation
cells
Penalties:
Miss savings
afforded by dupln
Benefits:
Low capital cost
Opportunity to work
with electricity
supplier
Benefits:
Development of and
operation of assets
controlled by
Newcrest
Benefits:
Continuation of
existing operations
Opportunity to
investigate new
technologies such
as thickened tailings
Similarities:
Electricity is
essentially a
commodity
Similarities:
Water processing
requirements similar
Similarities:
Based on NTSF &
STSF
Penalties:
Potential to expand
capacity of on-site
assets is limited
Penalties:
High cost of
installing new
tailings dams in
2030
Penalties:
Reliance on
Network
Service Provider
21
Power
CH t CE
22
32Mtpa
Water
Annual
Production
23
(Mtpa)
Plant
Water
Demand
(ML/day)
Thickener
Water
Recovery
(ML/day)
Tailings
Return
Water
(ML/day)
Make-up
Water
(ML/day)
22.5
110
62
28
20
Current
24
117
66
30
21
Improved water
management
27
132
74
34
24
Additional on-site
water storage
32
156
88
40
28
Additional storage
and makeup
Comments
24
Study
Forecast
Actual
Concept
Dec 2005
Pre-Feasibility + Access
Dec 2008
Feasibility + Access
Dec 2009
Permitting
Dec 2009
Project
Forecast
Project Approval
Feb 2010
Commence Undercutting
2011
Ore Production
2012
Actual
311
300
260
250
200
170
150
100
50
0
Industry Average
7000
6500
6000
5000
4500
4000
3000
2000
1000
0
Industry Average
25
Industry Recognition
24.0
22.0
20.0
Cadia East
18.0
Cadia Hill
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
Ridgeway Deeps
Ridgeway Deeps 2
Ridgeway
FY
2009
Gold Production
+500
Koz
Copper Production kt +55
26
2010
2011
+575
2012
2013
+75
2014
+650
2015
2016
+750
+90
2017
2018
+105
2019
2020
Tenements
Namosi Project area the subject of Special
Prospecting Licence (SPL) 1420
Joint Venture for Development
Newcrest, Mitsubishi, Nittetsu
Community
Good relations with local community
Government supportive and promoting
28
2,500,000,000
1.00
2,000,000,000
Grade
1,500,000,000
0.60
1,000,000,000
0.40
500,000,000
0.20
0.00
0.0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
Cutoff (Cu%)
Cu (%)
29
Au (g/t)
Tonnes
0.8
0.9
1.0
Tonnes
0.80
Concentrator
DEPOSITS
Boundary of
Exploration
Tenements
50 km (SPL1367)
SUVA
30
Resource characterisation:
Large tonnage porphyry copper-gold
Shallow with a very low open pit strip ratio
Low metal grades - bulk mining methods
Steep terrain and very high rainfall
31
Options Evaluated
32
33
Monasavu
80Mw H existing
Waisoi
Deposits
Navua River
75Mw H potential
34
Wafi
Gold Cap
400
Supergene
200
Mineralised
Metasediments
-200
Golpu
Porphyry
36
Wafi Golpu
Source: http://www.harmony.co.za/im/files/presentations/PNG_conference_30oct07.pdf
37
Wafi Golpu
Area history
Previous work concentrated on large scale entry into the area focussing
on Golpu gold/copper deposit
Significant capital expenditure
Current approach
Establish beach head project enabling further exploration and study of
the district whilst generating cash
Minimise upfront capital and project risk
Concentrate on gold only operations initially so that large gold/copper
systems can be better understood
38
Project Opportunities
Nambonga
Exploration stage
Multiple processing and mining opportunities
39
Telfer
WESTERN AUSTRALIA
Project status
Target Area
11Mt mine planning reserve
Low grade SLC reserves
and residual cave stocks
41
42
43
Caving Expertise
German Flores
CVO Cadia East
Underground Pre-Feasibility Study Manager
45
1.
2.
46
1200m
800m
Lift 0
Lift 1
1600 m
Lift 2
Weak ore
47
Deeper
and harder
ore
FROM 2012
New exploitation concepts
Mechanical excavation
Continuous mining
Full automated mine
Remote operation centre
48
Much deeper
and harder
ore
Undercut level
Extraction level
Pre-conditioning is a process implemented before the initiation of caving to alter the inherent characteristics of the
target rock mass to enhance its caving and fragmentation characteristics.
49
3
MR 620 Roadheader
50
MR 620 Roadheader
Ridgeway Deeps
NEW SOUTH WALES
52
53
54
55
56
57
25,000
24,000
23,000
22,000
21,000
20,000
19,000
18,000
17,000
16,000
15,000
14,000
13,000
12,000
11,000
10,000
9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
-
1,400
1,300
1,200
1,100
M developed
1,000
900
800
700
600
500
400
300
200
100
Month
CAR Baseline
58
Actual
Actual Cum
Jan-10
Dec-09
Nov-09
Oct-09
Sep-09
Aug-09
Jul-09
Jun-09
May-09
Apr-09
Mar-09
Feb-09
Jan-09
Dec-08
Nov-08
Oct-08
Sep-08
Aug-08
Jul-08
Jun-08
May-08
Apr-08
Mar-08
Feb-08
Jan-08
Dec-07
Nov-07
Oct-07
Sep-07
Aug-07
Jul-07
Cumulative development
59
60
Hydrofracturing
managing outcomes
Manguera
Chamber to
High
Alta pressure
Presin
pipe
Amortiguador
maintain a de
Pulsaciones
constant pressure
flujo agua
Valvula Alivio
de Presin
Multiple piston
pump
Water
flow
flujo agua
Flow
controlde Flujo
Medidor
device
(flowmeter)
Water
flow
transducer
Manguera Packer
Transductor de
Flow
Flujotransducer
Barra BRQ
Alta Presin
flujo agua
Sensor de
Presion Packer
Bom
ba de
Centrifug
cebado
al pump
flujo agua
Estanque
Water
de Agua
tank
Packer
Bom ba Inflado
Pump
to
del
Packer
Data recorder
Registro
Digital
Proceso
Bombeo
duringdethe
(presin, flujo)
pumping
process
(pressure, flow)
61
fix the
packers
(inflation)
Water
Salida Agua
pressure
a Presin
output which
generate the
fracture Packer
Straddle
packer
system
Automated Loaders
Ore Handling from control centre
Remote monitoring
Integrated information systems
62
Activity
Planned
Actual
Stage 1
Project Approved
June 2007
September 2007
April 2008
July 09
Stage 2
63
September 2009
December 2009
Key Controls
Project Delivery
EPCM system
Dedicated & Integrated project team
Directly doing core mining work
Committed
Committed
Committed
Production Continuity
In progress
In progress
Preconditioning
Cave Management
Large Span
Tough segment first
Industrial Engineering
Committed
Committed
Committed
Committed
Committed
Cave Propagation
64
Status
Committed
Gosowong
INDONESIA
Gosowong Pit
Toguraci Pit
Kencana Underground
Portal
66
Gosowong - geology
Kencana
67
4.5
4.0
3.5
K1 Resource Addition
Moz Au
3.0
2.5
2.0
1.5
1.0
0.5
0.0
Gold Outside Reserves
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
0.77
0.09
0.12
0.10
0.01
0.10
0.11
1.20
1.44
1.94
0.80
0.47
0.78
0.75
0.43
0.28
0.29
0.25
0.28
1.05
1.27
2.40
2.34
0.275
0.502
0.734
0.772
0.852
1.075
1.262
1.609
2.038
Gold Reserves
Year
68
K1
K2
K-Link
69
70
K1 (existing) in Yellow
K2 & Klink (expansion) in red
K1
K2
K1 Decline
(End of Sept)
K2
KLKLink
Klink Decline
(End of Sept)
71
K1
Ongoing Optimisation of
Ball Mill, SAG feed size and
cyclone efficiency
50.0
45.0
Classification System
Upgrade
(AUD$332k Capex)
40.0
30.0
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
Jul-08
Aug-08
End of Month
30 Day Moving Average
72
Step Changes
Sep-08
Oct-08
Tertiary Mill
73
Schedule
Actual
March 2008
March 2008
June 2008
Jan 2009
March 2009
74
April 2009
May 2009
Power-House
75
75
76
76
77
Hidden Valley
PAPUA NEW GUINEA
Hidden Valley
1984 - CRA defined Hidden Valley resource
1987 - Hamata deposit discovered by RGC
1998 - Aurora Gold acquired and completed
a pre-feasibility study
2003 - Morobe Consolidated Goldfields reevaluation of Hidden Valley and Hamata
2005 - Licence to mine issued by PNG Govt
2005 Construction of access road
commenced
2006 - Updated feasibility study completed
2007 - Construction activities commenced
79
Hidden Valley
80
Development
New mine development in
PNGs Morobe Province
Hamata
Pit
Tailings dam
construction
Processing
facility
Hidden
Valley Pit
81
Project Status
62% capital committed
Total project construction 64%
complete
Key activities to date
commenced pre-stripping of pits
constructing tailings dam
construction of village, mess and
workshops
earth works & civils for
processing facility
Construction process plant
82
Operations
Distance to Lae: 90 km
Road travel time to Lae: 4 hr
Hidden Valley pit at 2,700m ASL
Treatment plant at 2,040m ASL
Overland pipe conveyor:
11m SAG mill (2 x 5Mw)
Initial power from 19 on-site
diesel generator sets
Permanent power from Ramu
river hydro-generators
83
84
85
86
87
88
Opportunity to grow
Large existing resource and high
prospectively
Hamanta
HamantaPit
Pit
Processing
Yafo
Yafo
East
EastMine
Mine Site
Site
Power
Hidden
Hidden
Valley
ValleyPit
Pit
Phema
Phema
Bulldog
Bulldog
Nosave
Nosave
Tailings
Additional sites identified
Puruwang
Puruwang
Big
Big Wau
Wau
Awei
Awei Tuwe
Tuwe
Apu
Apu
Upper
Upper Bulolo
Bulolo
Tais
Tais Ck
Ck
Salemba
Salemba
89