|
|
|
|
|
Filed by First Quantum Minerals Limited pursuant to
Rule 425 under the Securities Act of 1933
Subject Company: Inmet Mining Corporation
Commission file no.: 333-185937
|
An
Opportunity to Create a
New Leader in Global Copper
A Combination of First Quantum and Inmet
January 2013
Global
Diversified
FIRST QUANTUM
MINERALS LTD.
TSX: FM; LSE: FQM
Cautionary
Statement
Certain statements and information contained in this presentation, including all statements that are
not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such forward-looking statements or information include but are not limited to statements or information with
respect to the anticipated commencement, completion and terms of the proposed offer and the anticipated strategic and operational benefits of the offer. Often, but not always, forward-looking statements or information can be identified by the use of
words such as plans, expects or does not expect, is expected, budget, scheduled, estimates, forecasts, intends, projects,
anticipates or does not anticipate or believes or variations of such words and phrases or statements that certain actions, events or results may, could, would, might
or will be taken, occur or be achieved.
With respect to forward-looking statements and information
contained in this presentation, First Quantum has made numerous assumptions including among other things, assumptions about the price of copper, gold, cobalt, nickel, PGE, and sulphuric acid, anticipated costs and expenditures, and First
Quantums ability to achieve its goals. Although management of First Quantum believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that a forward-looking
statement or information herein will prove to be accurate. Forward-looking statements and information by their nature involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements,
or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. These risks, uncertainties and other factors include, but are not limited
to, uncertainties surrounding the ability to realize operational synergies following completion of the offer, reliance on Inmets publicly available information which may not fully identify all risks related to its performance, success in
integrating the retail distribution systems, and the integration of supply chain management processes, future production volumes and costs, costs for inputs such as oil, power and sulphur, political stability in Zambia, Peru, Mauritania, Finland,
Turkey, Spain, Panama and Australia, adverse weather conditions in any of the foregoing countries, labor disruptions, mechanical failures, water supply, procurement and delivery of parts and supplies to the operations and the production of off-spec
material.
See First Quantums annual information form for additional information on risks, uncertainties
and other factors relating to the forward-looking statements and information. Although we have attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in the forward-looking
statements or information, there may be other factors, many of which are beyond the control of First Quantum, that might cause actual results, performances, achievements or events not to be anticipated, estimated or intended. Accordingly, readers
should not place undue reliance on forward-looking statements or information.
While First Quantum may elect to
update the forward-looking statements at any time, First Quantum does not undertake to update them at any particular time or in response to any particular event, other than as may be required by applicable securities laws. Investors and others
should not assume that any forward-looking statement contained in this presentation represents managements estimate as of any date other than the date of this presentation.
Neither First Quantum nor any of its directors or officers has verified the accuracy or completeness of information or
statements contained herein which are made by or derived from third-party sources (including any projections or estimates made by third-party research analysts). Such third-party sources may have failed to identify events or facts which may have
occurred or which may affect the significance or accuracy of any such information or statements. First Quantum has no means of verifying the accuracy or completeness of such information or statements made by or derived from third-party sources or
whether there has been any failure by such sources to identify events that may have occurred or may affect the significance or accuracy of any information or statements.
This presentation does not constitute an offer to buy or an invitation to sell, or the solicitation of an offer to buy or invitation to sell, any securities of First Quantum or Inmet. Such
an offer may only be made pursuant to the offer and takeover bid circular First Quantum has filed with the Canadian securities regulators and pursuant to registration or qualification under the securities laws of any other such jurisdiction.
First Quantum has also filed with the U.S. Securities and Exchange Commission (SEC) a Registration
Statement, which includes the offer and take-over bid circular relating to its offer to Inmet shareholders. FIRST QUANTUM URGES INVESTORS AND SECURITY HOLDERS TO READ THE REGISTRATION STATEMENT, THE OFFER AND TAKE-OVER BID CIRCULAR AND ANY OTHER
RELEVANT DOCUMENTS TO BE FILED WITH THE SEC AND CANADIAN SECURITIES REGULATORY AUTHORITIES, BECAUSE THEY CONTAIN IMPORTANT INFORMATION. Investors may obtain a free copy of the offer and take-over bid circular and other documents filed by First
Quantum with the Canadian securities regulators at www.sedar.com and with the SEC at the SECs website at www.sec.gov. The offer and take-over bid circular and other documents may also be obtained free of charge from First Quantums
website at www.first-quantum.com or upon request made to First Quantum at 8th Floor, 543 Granville Street, Vancouver, British Columbia V6C 1X8.
In accordance with applicable Canadian securities regulatory requirements, all mineral reserve and mineral resource estimates disclosed herein have been prepared in accordance with
Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects (NI 43-101), classified in accordance with Canadian Institute of Mining Metallurgy and Petroleums CIM Standards on Mineral Resources and
Reserves Definitions and Guidelines (the CIM Guidelines). The terms mineral resources, measured mineral resources, indicated mineral resources and inferred mineral resources are
recognized by Canadian securities regulatory authorities, however, they may not be recognized by the securities regulatory authorities of other jurisdictions. Pursuant to the CIM Guidelines, mineral resources have a higher degree of uncertainty than
mineral reserves as to their existence as well as their economic and legal feasibility. Inferred mineral resources, when compared with measured or indicated mineral resources, have the least certainty as to their existence, and it cannot be assumed
that all or any part of an inferred mineral resource will be upgraded to an indicated or measured mineral resource as a result of continued exploration. Pursuant to NI 43-101, inferred mineral resources may not form the basis of any economic
analysis, including any feasibility study. Accordingly, readers are cautioned not to assume that all or any part of a mineral resource exists, will ever be converted into a mineral reserve, or is or will ever be economically or legally mineable or
recovered.
Note: all dollar amounts in US dollars unless otherwise indicated; C$ indicates Canadian dollars
FIRST QUANTUM
MINERALS LTD.
2
A
Significant Premium Today with Considerable Upside in the Future
The Offer
C$72.00 per Inmet share, implying a total equity purchase consideration of approximately 5.1 billion1
Each Inmet shareholder will have the option to elect to receive consideration per Inmet share of:
C$ 72.00 in cash, or
3.2967 First Quantum shares, or
A
mix of 36.00 in cash plus 1.6484 First Quantum shares
Aggregate consideration mix of approximately 50% in cash
and 50% in First Quantum shares, subject to a maximum cash consideration of approximately C$2.5 billion and a maximum number of First Quantum shares issued of approximately 115.9 million
Premiums
A premium of 65% to Inmets underlying equity value as of 23 November 2012, the last trading day before First Quantums most recent friendly approach to Inmet Management2
A premium of 73% to Inmets underlying equity value as of 27 November 2012, the last trading day before
Inmets public announcement of First Quantums friendly approach to Inmet Management2
Key Conditions
Offer will not be subject to First Quantum shareholder approval or any financing condition
Minimum tender of 66-2/3% of Inmets shares outstanding (on a fully diluted basis)
No due diligence condition; additional benefits can be identified to the advantage of all shareholders if given access to
Cobre Panama
Recently-adopted Inmet shareholder rights plan not adversely affecting the Offer
Other customary conditions for a transaction of this nature
Timing
The offer and circular was mailed to Inmet shareholders and filed with the Canadian Securities Regulators on 9 January 2013 and the offer will be open to Inmet shareholders until 5 pm on
14 February unless extended or withdrawn
(1) Calculated based on First Quantums closing share price as
of 23 November 2012, the last trading day before the most recent friendly approach to Inmet management
(2)
Excluding net cash of C$1.9 billion (or C$26 per share) on Inmets balance sheet
FIRST QUANTUM
MINERALS LTD.
3
A
Compelling Combination
FIRST QUANTUM
MINERALS LTD.
4
A Vision
to Create a Global Copper Leader
The combination of First Quantum and Inmet will be the largest pure copper
player in the sector, with a portfolio of operating and development assets across four continents
First
Quantum and Inmet are complementary and bringing together the best talents of each will create significant value for both shareholders
The combined entity will be positioned to deliver Cobre Panama more effectively by leveraging First Quantums global project development expertise
First Quantums unique capabilities allow in-house project development with prudent use of consultants and
third party contractors
Pro forma entity with substantially improved liquidity and balance sheet
strength, to drive development of future large scale projects with cost efficiency and discipline
A
combination of the two companies will also eliminate significant value leakage that comes with selling further equity in projects to fund development
Investors in the combined group will be exposed to multiple re-rating events over the next five years as each new development project comes on stream
It is a combination of two companies with a deep and long standing commitment to social and environmental excellence
This is a vision Inmets largest shareholder has embraced
FIRST QUANTUM
MINERALS LTD.
5
On the
Cusp of a Substantial Re-Rating
P / NAV1
1.2x
1.1x
1.0x
0.9x
0.8x
0.7x
0.6x
0.5x
- 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0
Mid-Cap Copper Producers
Pro-forma
First Quantum3
PanAust Oz Minerals
Lundin
Hudbay
Copper Mountain
Inmet2
Taseko
Capstone
First Quantum
Large-Cap Copper Producers
Antofagasta
Teck
Southern Copper
Freeport4
Market Capitalization US$ Bn1
Source: CapitalIQ,
Company information, Broker research
(1) As of 25 January 2013 unless otherwise indicated, NAVs based on
broker consensus estimates
(2) Prior to First Quantum takeover bid on 23 November 2012
(3) Based on First Quantum and Inmet combined broker consensus NAV at the average trading P/NAV multiple for large cap
copper producers (Antofagasta, Teck, Freeport and Southern Copper)
(4) Prior to takeover bids for McMoran
Exploration Co. and Plains Exploration & Production Co. on 4 December 2012
FIRST QUANTUM
MINERALS LTD.
6
First
Quantum Has Delivered and Continues to Deliver
FIRST QUANTUM
MINERALS LTD.
7
We Build
Projects Efficiently and Well Below Industry Norms
Capital Intensity
(US$ / t)
Cobre Panama (Inmet)
Galeno (Minmetals)
Las Bambas (Xstrata)
Tampakan (Xstrata)
Toromocho (Chinalco)
Sierra Gorda (KGHM)
Ministro Mina Hales (Codelco)
Oyu Tolgoi (Rio
Tinto)
Los Bronces (Anglo American)
Las Cruces (Inmet)
Canariaco (Candente)
Guelb Moghrein (First Quantum)
Antamina (BHP)
Antapaccay (Xstrata)
Buenavista DC (Southern Copper)
Sentinel (First Quantum)
Kansanshi Expansion
(First Quantum)
Kansanshi (First Quantum)
Potential for significant capital cost savings by adopting First Quantums approach to project development
0 5,000 10,000 15,000 20,000 25,000 30,000
Source: Company Information, Broker Research
Represents a currently producing First Quantum asset
FIRST QUANTUM
MINERALS LTD.
8
We Deliver
Value to Shareholders
Total Annualized Shareholder Return1
Jan-2000 23-Nov-2012
First Quantum
Southern Copper
Antofagasta
Inmet
BHP
Teck
Freeport
Rio Tinto
Xstrata2
Norilsk3
Anglo American
Kazakhmys4
35%
31%
29%
27%
18%
15%
13%
10%
8%
7%
6%
5%
Source: S&P Capital IQ
(1) Based on local
currency basis
(2) Based on 7-Oct-2002 23-Nov-2012 period (period since listing) (3) Based on
10-Feb-2010 23-Nov-2012 period (period since listing) (4) Based on 7-Oct-2005 23-Nov-2012 period (period since listing)
FIRST QUANTUM
MINERALS LTD.
9
And
Specifically Deliver On Each Project We Take On
US$ Bn
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
Kansanshi 2001
Guelb Moghrein 2004
Kevitsa1 2008
Trident (Sentinel / Enterprise)2 2010
Ravensthorpe 2010
Haquira3 2010
99%
3.8
1.9
115%
0.7
0.3
150%
1.8
0.7
375%
2.5
0.5
26%
0.9
0.7
67%
1.0
0.6
Cost plus Capex
Broker Consensus NAV
Source: Company Information,
Broker Research (1) Acquisition of Scandinavian Minerals (2) Acquisition of Kiwara plc (3) Acquisition of Antares Minerals
FIRST QUANTUM
MINERALS LTD.
10
And Exceed Expectations
Project
Kansanshi
Guelb
Moghrein
Production
Ravensthorpe
Kevitsa
Announced
February 2004
June 2004
February 2010
November 2009
Target Parameter
Peak Production
Peak Production
Commissioning
Commercial Production
Minimum Copper
Production
Minimum Gold
Commercial Production
Commercial Production
Promised
130,000 tonnes of copper
35,000 ounces of gold
Late 2004
Early 2005
30,000 tonnes of
copper
50,000 ounces of gold
H2 2011
Mid 2012
Delivered
244,979 tonnes of copper1
112,286 ounces of gold
Q4 2004
April 19, 2005
First full-year production:
28,755 tonnes of copper
Peak production to date:
36,969 tonnes of copper
First full-year production:
54,161 ounces of gold
Peak production to date:
93,352 ounces of gold
December 28, 2011
August 18, 2012
Delivered Target?
Exceeded Expectations?
Source: Company Information
(1) Delivered Phase 1 production of 130 Ktpa on time and budget, reaching 245 Ktpa in 2009
FIRST QUANTUM
MINERALS LTD.
11
First Quantum and Inmet Together
Can Deliver
Cobre Panama
FIRST QUANTUM
MINERALS LTD.
12
First Quantums Project Philosophy
Core
First Quantum Criteria
Set ambitious targets for schedule, cost and performance
Finished project must perform to expectation
Adherence to time schedule
Adherence to capital cost budget
Core
First Quantum Attributes
Industry leading performance (e.g. capital cost per tonne of output)
Strong track record
Our project team background unique
Our execution approach developed over years and now unique
A FINISHED PROJECT MUST PERFORM WELL
FIRST QUANTUM
MINERALS LTD.
13
Traditional Project
Owner
EPCM
Engineer
FIRST QUANTUM
MINERALS LTD.
14
First Quantum Target Project Model
Engineering
& Design
By FQM
FIRST QUANTUM
MINERALS LTD.
15
Typical First Quantum Project
Transport &
Logistics 8%
Contracts 2%
Earthworks 5%
Concrete 8%
Piping 7%
E & I 10%
Construction Management 4%
Pre-commissioning & Commissioning 1%
Engineering & Design 5%
Procurement 3%
Structure/Mechanical/Plate 47%
FIRST QUANTUM
MINERALS LTD.
16
Our Core Project Development Criteria
FINISHED
PROJECT MUST PERFORM TO EXPECTATION
Kevitsa achieving throughput above design
Ravensthorpe steady state and reliable operation
FIRST QUANTUM
MINERALS LTD.
17
Our Core Project Development Criteria
ADHERENCE
TO TIME SCHEDULE
Kevitsa
First Quantum news release Nov 30, 2009 : Commercial production target mid 2012
Actual achievement August 2012
Ravensthorpe
First Quantum news release February 10, 2010 : Approx. 18 months construction and ramp up
(i.e. August 2011)
Actual achievement
- First water commissioning: March 2011
- PAL 2
Hot Cycle: May 2011
- First introduction of ore: June 2011
- First MHP bagged: October 2011
- First shipload of MHP: November 2011
FIRST
QUANTUM
MINERALS LTD.
18
Our Core Project Development Criteria
ADHERENCE
TO CAPITAL COST BUDGET
Since 2003
Over $2.3B of projects delivered within 6% of capex budget Different countries, different technologies, different contracting requirements, different conditions
FIRST QUANTUM
MINERALS LTD.
19
Others?
Cost overrun is common in
infrastructure, building and technology projects. One of the most comprehensive studies of cost overrun that exists found that 9 out of 10 projects had overrun; overruns of 50 to 100 percent were common; overrun was found in each of 20 nations and
five continents covered by the study and overrun had been constant for the 70 years for which data were available.
FIRST QUANTUM
MINERALS LTD.
20
First
Quantum Key Project Staff Have Worked in Latin America and Globally
Latin America
Chile
Africa
Zambia
Europe
France
Argentina
Mauritania
Spain
Peru
DRC
Finland
Brazil
Zimbabwe
United Kingdom
Mexico
Ghana
Germany
Namibia
Norway
Australasia
Australia
Botswana
Italy
Mozambique
Bulgaria
New Zealand
Tanzania
New Guinea
Malawi
Middle East Egypt
South Africa
Asia
Mongolia
Saudi Arabia
China
North America
Canada
Turkey
Japan
USA
Iran
Korea
Indonesia
FIRST QUANTUM
MINERALS LTD.
21
Country,
Logistical and Technical Challenges
January 24 News Release:
First Quantum has built mines around the world, applying its development expertise to some of the industrys
most challenging projects, in the hottest and coldest, driest and wettest climates, spanning sophisticated first-world locations to developing economies.
FIRST QUANTUM
MINERALS LTD.
22
The
Diverse Environment in Which We Operate
FIRST QUANTUM
MINERALS LTD.
23
The
Diverse Environment in Which We Operate
FIRST QUANTUM
MINERALS LTD.
24
The
Diverse Environment in Which We Operate
FIRST QUANTUM
MINERALS LTD.
25
The
Diverse Environment in Which We Operate
FIRST QUANTUM
MINERALS LTD.
26
The
Diverse Environment in Which We Operate
FIRST QUANTUM
MINERALS LTD.
27
The
Diverse Environment in Which We Operate
FIRST QUANTUM
MINERALS LTD.
28
The
Diverse Environment in Which We Operate
FIRST QUANTUM
MINERALS LTD.
29
The
Diverse Environment in Which We Operate
FIRST QUANTUM
MINERALS LTD.
30
The
Diverse Environment in Which We Operate
FIRST QUANTUM
MINERALS LTD.
31
The
Diverse Environment in Which We Operate
FIRST QUANTUM
MINERALS LTD.
32
The
Diverse Environment in Which We Operate
FIRST QUANTUM
MINERALS LTD.
33
Development Expertise Technical
FIRST QUANTUM
MINERALS LTD.
34
Development Expertise Technical
FIRST QUANTUM
MINERALS LTD.
35
Development Expertise Technical
FIRST QUANTUM
MINERALS LTD.
36
Development Expertise Technical
FIRST QUANTUM
MINERALS LTD.
37
Development Expertise Technical
FIRST QUANTUM
MINERALS LTD.
38
Development Expertise Technical
FIRST QUANTUM
MINERALS LTD.
39
Development Expertise Technical
FIRST QUANTUM
MINERALS LTD.
40
Development Expertise Technical
FIRST QUANTUM
MINERALS LTD.
41
A
Flexible, Efficient and Transferable Approach to Projects
Define and plan, set contracting strategy
early
Identify risks, and identify opportunities
Copy existing designs, duplication, standardization, brainstorm
Maximize commonality of equipment
Maximize in house work and leverage off our strengths:
Project management
Technical
involvement
Procurement, expediting, logistics, shipping
Self perform construction
Own tools and equipment
First
Quantum construction supervision
Efficient use of construction labour against tight metrics
FIRST QUANTUM
MINERALS LTD.
42
Over the
Last ~12 Months
RAVENSTHORPE
Commissioning and commercial production achieved on December 28, 2011
KEVITSA
Completion of construction, commissioning
and commercial production achieved on August 18, 2012
KANSANSHI
Numerous improvement projects
1,000tpd Acid Plant 5 commissioned and operational Staged Oxide Expansions
7.2 Mtpa Oxide Upgrade commissioned and operational
14.5 Mtpa Oxide Upgrade construction proceeding
KANSANSHI SMELTER
Completing detailed design and
construction in progress
SENTINEL
Completing detailed design and construction in progress
FIRST QUANTUM
MINERALS LTD.
43
Sentinel
Project
FIRST QUANTUM
MINERALS LTD.
44
Sentinel
Copper Concentrator Simplified Flowsheet
Crushing and Conveying
Stockpile and Reclaim
Milling
Flotation
Filtration and Copper Concentrate Product
FIRST QUANTUM
MINERALS LTD.
45
Key Recent
Accomplishments
Total Sentinel project progress to date is 19.2% cumulative
Record construction progress in earthworks and concrete
50% concrete poured (36,600m3)
Over 6,600t of structural steel issued Approved For Construction (>50%), over 2,000t fabricated, over 1,000t erected
Approx 70 containers of mill components on site
First mill shells arriving on site
FIRST QUANTUM
MINERALS LTD.
46
Key Recent
Accomplishments
Merged all execution areas to common project schedule
Completed quarry mining balance of project concrete requirements
Increased to 74% Zambian project content (+6% from December 2012)
First houses ready for occupation
FIRST QUANTUM
MINERALS LTD.
47
Efficient
Site Manning
FQML Plant Local 16%
FQML Plant Filipinos / Indonesians 14%
Infra
Filipinos 8%
Infra Expat 1%
FQML Expat 1%
FQM Roads Expat 1%
Operations & Support Expat 1%
Infra Local 27%
FQMO Roads Local 11%
Operations & Support Local 19%
Department Local Expat Filipinos / Indonesians TOTAL
Infrastructure 394 12 122 528
FQML Plant 231 10
185 / 25 451
Operations and Support 271 18 - 289
FQMO Roads 164 21 - 185
Overall Manpower 1,060 61 332 1,453
Percentage
(%) 72.95% 4.20% 22.85% 100%
FIRST QUANTUM
MINERALS LTD.
48
Rapid
Ramp-up of Site Manpower
700000
600000
500000
400000
300000
200000
100000
0
Man-Hours Worked
Data Date
(28 Jan 13)
DESCRIPTION TOTAL to DATE Jan12 Feb12
Mar12 Apr12 May12 Jun12 Jul12 Aug12 Sep12 Oct12 Nov12 Dec12 Jan13
Man-Hours Worked 3,181,915 70,704 71,578
53,024 53,818 63,810 92,525 126,970 233,310 332,260 459,826 563,912 493,887 566,291
LTI Rate 0.0629 0.00 0.00
0.00 0.00 0.00 2.16 0.00 0.00 0.00 0.00 0.00 0.00 0.00
FIRST QUANTUM
MINERALS LTD.
49
Sentinel
On Schedule and On Budget
% Progress
110%
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Plan
Actual
Data Date
(28 Jan 13)
Overall Progress:
Actual = 19.18% Plan = 19.07%
May12
Jun12
Jul12
Aug12
Sep12
Oct12
Nov12
Dec12
Jan13
Feb13
Mar13
Apr13
May13
Jun13
Jul13
Aug13
Sep13
Oct13
Nov13
Dec13
Jan14
Feb14
Mar14
Apr14
May14
Jun14
Jul14
Aug14
Sep14
Commitments Budget
Sentinel Capex $950M $1,885M
FIRST QUANTUM
MINERALS LTD.
50
The
Planning (2011)
FIRST QUANTUM
MINERALS LTD.
51
Sentinel
Mill Area (June 2012)
FIRST QUANTUM
MINERALS LTD.
52
Sentinel
Mill Area (July 2012)
FIRST QUANTUM
MINERALS LTD.
53
Sentinel
Mill Area (August 2012)
FIRST QUANTUM
MINERALS LTD.
54
Sentinel
Mill Area (September 2012)
FIRST QUANTUM
MINERALS LTD.
55
Sentinel
Mill Area (October 2012)
FIRST QUANTUM
MINERALS LTD.
56
Sentinel
Mill Area (November 2012)
FIRST QUANTUM
MINERALS LTD.
57
Sentinel
Mill Area (December 2012)
FIRST QUANTUM
MINERALS LTD.
58
Sentinel
Mill Area (January 2013)
FIRST QUANTUM
MINERALS LTD.
59
Sentinel
Mill Area (January 2013)
FIRST QUANTUM
MINERALS LTD.
60
Sentinel
Mill Area (January 2013)
FIRST QUANTUM
MINERALS LTD.
61
First Mill
Shell Delivery
FIRST QUANTUM
MINERALS LTD.
62
First Mill
Shell Delivery
FIRST QUANTUM
MINERALS LTD.
63
1,000 Man
Construction Site
FIRST QUANTUM
MINERALS LTD.
64
River
Diversion
FIRST QUANTUM
MINERALS LTD.
65
River
Diversion
FIRST QUANTUM
MINERALS LTD.
66
Arial
Plant Site (November 2012)
FIRST QUANTUM
MINERALS LTD.
67
Arial
Plant Site (November 2012)
FIRST QUANTUM
MINERALS LTD.
68
Arial Plant Site (November 2012)
FIRST QUANTUM
MINERALS LTD.
69
Arial Plant Site (November 2012)
FIRST QUANTUM
MINERALS LTD.
70
Arial Plant Site (November 2012)
FIRST QUANTUM
MINERALS LTD.
71
Sentinel Tails Thickening (January 2013)
FIRST
QUANTUM
MINERALS LTD.
72
Sentinel Main Warehouse (January 2013)
FIRST
QUANTUM
MINERALS LTD.
73
Concrete Bench Plant
FIRST QUANTUM
MINERALS LTD.
74
Quarry for Concrete Aggregates
FIRST QUANTUM
MINERALS LTD.
75
Block Making Machine for Housing
FIRST QUANTUM
MINERALS LTD.
76
Block Making Machine for Housing
FIRST QUANTUM
MINERALS LTD.
77
Truss Making Machine for Housing
FIRST QUANTUM
MINERALS LTD.
78
Truss Making Machine for Housing
FIRST QUANTUM
MINERALS LTD.
79
Senior Housing and Golf Course
FIRST QUANTUM
MINERALS LTD.
80
Accommodation and Messing
FIRST QUANTUM
MINERALS LTD.
81
Senior Housing
FIRST QUANTUM
MINERALS LTD.
82
Senior Housing
FIRST QUANTUM
MINERALS LTD.
83
Senior Housing
FIRST QUANTUM
MINERALS LTD.
84
Senior Housing
FIRST QUANTUM
MINERALS LTD.
85
Senior Housing
FIRST QUANTUM
MINERALS LTD.
86
Senior Housing
FIRST QUANTUM
MINERALS LTD.
87
Senior Housing
FIRST QUANTUM
MINERALS LTD.
88
Senior Housing
FIRST QUANTUM
MINERALS LTD.
89
Sentinel is Not Cobre Panama But it is Comparable
A projects size is defined not by how much you spend on it
|
|
|
|
|
Main Project Elements Throughput Output (LOM Average) Year of First Production Process Plant Site and
Services Mine Equipment Mining Other Owners Costs Construction Indirects EPCM Power Supply Port Contingency Total Committed by End 2012 Cost of capacity (US$/ t Cu) Construction Schedule From Board Approval Current Field Progress Construction
Manning Expected Manning Peak
|
|
Sentinel (excl. Enterprise) 55 Mtpa 270 300 ktpa 2014 $713 $199 $433 $91 $146 Included in owners
costs $82 $147 N/A $74 $1,885 50% ~6,600 25 Months 50% Concrete poured ca. 2,000
|
|
Cobre Panama 60 Mtpa 266 ktpa 2016 $1,184 $550 $347 $413 $885 $844 $355 $646 $543 $415 $6,182 65%
~23,000 44 Months Concrete works yet to start? In excess of 9,000
|
FIRST QUANTUM
MINERALS LTD.
90
Sentinel is Not Cobre Panama But it is Comparable
|
|
|
|
|
|
|
|
|
|
|
|
|
Throughput (Mtpa) Copper Production (ktpa) Total Capex Process Plant and Mining Equipment Mine other,
Dewatering, Pre-strip Infrastructure Site & Services EPCM Other Indirects & Contingency
|
|
Sentinel $ m 1,885 1,146 91 147 199 82 220
|
|
55 270-300 % 100% 61% 5% 8% 11% 4% 12%
|
|
Frontier 10 96 $ m 226 156 17 14 10 29
|
|
Cobre Panama 60 266 % 100% 69% 8% 6% 4% 13%
|
|
$ m 6,182 1,531 413 1,189 550 355 2,144
|
|
% 100% 25% 7% 19% 9% 6% 35%
|
FIRST QUANTUM
MINERALS LTD.
91
A Highly Attractive Offer
FIRST QUANTUM
MINERALS LTD.
92
A Vision to Create a Global Copper Leader
Combination of First Quantum and Inmet expected to be the new go-to copper producer
Combination creates
significant value
Combination expected to be re-rated upwards
Combination with a long standing commitment to social and environmental excellence
Cobre Panama will benefit from First Quantums project expertise
A vision Inmets largest shareholder has embraced
SUPPORT THIS VISION
FIRST QUANTUM
MINERALS LTD.
93
First Quantum Minerals (PK) (USOTC:FQVLF)
과거 데이터 주식 차트
부터 12월(12) 2024 으로 1월(1) 2025
First Quantum Minerals (PK) (USOTC:FQVLF)
과거 데이터 주식 차트
부터 1월(1) 2024 으로 1월(1) 2025