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forward looking &…FOCUSSING
ON THE FUTURE
Strategic overview of Wesizwe Platinum Limited November 2011
Introduction
• Wesizwe is in the process of building a PGM mine on the bushveld complex.
• Project was given approval to proceed on 4 July 2011.
• It is intended that at full production stage, the mine will deliver up to 350koz per annum over a 35 year life of mine.
• The introduction of a Chinese Consortium as the strategic equity partner and funder, ensures that the project is fully funded through to full production:
– With no shareholder dilution until production commences.
• Wesizwe also owns a fully funded 26% stake in the adjacent PTM‐owned Maseve Project.
2003Company is incorporated.
2004Name changes to Wesizwe PlatinumWesizwe purchases mineral rightsExploration programme begins.
2005Wesizwe lists on the JSEPermission to convert to new order mining rights granted.
2006Drilling programme accelerated.
2007Successful capital raisingResults of pre‐feasibility study released.Takeover of Africa Wide Minerals.
2008Bankable feasibility study completed.
2009Feasibility study reviewed shows PGM resource of over 13moz and 35 year LOM.
2010Project Delta concluded to consolidate project shareholding.Terms of agreement signed with Chinese consortium.
2011Financing transaction concluded.New management team in place.4 July – Mine development begins officially.
The Wesizwe Journey
Global financial crisis – impacts on project development
The journey
Clean ownership structure
* In 2010, Wesizwe received R408 million to be applied towards its (26%) capital contribution to the Maseve development.
• Current BEE shareholding of approximately 17%.• Key shareholder has committed to sell its interest to a BEE entity before 2014.
26%*
74%
100%
100%
Bakubung Africa Wide
PTM SA
MaseveProject 2
Frisch‐LedigProject 1 & 3
WBJV
100%
100%
Chinese ConsortiumAnglo Platinum, institutional, BEE and retail shareholders
Platinum Group Metals (TSX listed)
45% 55%
Management and Board
Board of Directors
• Ms Dawn Mokhobo Chairman
• Mr Dexin Chen Deputy Chairman
• Mr Jianke Gao Chief Executive Officer
• MrWenliang Ma Financial Director
• Mr Mike Eksteen Independent Non‐executive Director
• Mr Bob Garnett Independent Non‐executive Director
• Prof Wiseman Nkuhlu Independent Non‐executive Director
• Mr Jikang Li Non‐executive Director
• Mr Mlibo Mgudlwa Non‐executive Director
• Mr James Ngculu Non‐executive Director
• Mr Liliang Teng Non‐executive Director
• Mr Barrie van der Merwe Non‐executive Director
• Mr James Zhang Executive Director
Management Jianke GAO (CEO) Bachelor of Mining; Professor Level Senior Engineer Mr Gao was previously a mining engineer with Jinchuan and he has 28 years mining technical and management experience. He has operated, developed and commissioned mining operations in different parts of the world. Wenliang MA (Michael) (Financial Director) Bachelor of Economics, Minor in Law and Philosophy; Master of Art (Economics)Mr Ma first joined CAD Fund, as a senior manager, in October 2009. During his 17 year career, he has worked in various financial and administrative positions.Jacques de Wet (Financial Advisor) Bachelor of Commerce (Hons); CA (SA)Mr de Wet has spent more than 16 years in the financial, corporate and project finance sectors in the mining industry.Lester GP Napier (Advisor to Wesizwe) Electrical and Mechanical Engineer; Post Graduate Mining Engineering (Wits); BCom (South Africa); FSAIMM and PMPMr Napier has 38 years experience in various technical and senior management positions. He was previously the Group Consulting Engineer at JCI and General Manager Projects, Anglo Platinum. He has also spent time as a company executive, including a CEO, for various mining companies.
About Jinchuan – Pride of China
• Formed 51 years ago in China.
• Non ferrous metallurgical and chemical conglomerate with integrated mining, concentrating, smelting and refining assets.
• Today Jinchuan is recognised as a leader in smelting and refining technologies that continues to grow processing capacity and auxiliary business opportunities thereby extending the value chain.
• Innovation and application oriented research has been a key success factor.
• Sustainable development and zero harm are key values of the business model.
• Jinchuan is established in 30 countries globally.
• Revenue of 100 billion Yuan (US$16 billion).
High quality resource…at the center of platinum gravity of the Western Bushveld
Western Limb provides 67% of the world’s platinum
The project is now at the centre of a fully explored, quality new mining area
Flat lying, thick reef • Easier, more efficient mining• Amenability to mechanisation
• Fewer mining levels• Lower cost mining regime
Styldrift
Koedoesfontein JQ
Frisch 11
Frisch 4
WBJV Project 1 Area Boschkoppie
North ShaftSouth Shaft
D‐Section
Impala 20#
Frisch‐Ledig
Wesizwe has graduated from explorer…
…..to one of the best to‐be mined PGM ore bodies
An impressive mining platform, flat lying and structurally stable
Key asset differentiators
• Relatively shallow in relation to industry producers – MMD 850mbc.
• High mining extraction – 74%.
• Thick Reef widths ‐ 1.4 to 1.7 m ‐ higher operating efficiency and yields.
• Favourable Prill Split – high Pt tenor therefore improved basket value.
• Head grades amongst the best in the industry:
• Combined resource of 82Mt at 5.1g/t (4E) or 13,47Moz (CPR – June 2008) over 1.42m,
• Merensky reserve grade 4.84g/t and the UG2 reserve grade of 3.36g/t.
• Merensky dominates production for the first 18 years.
• Flexible mine design based on flat dipping reef.
Resources (4E Moz)
After PTM exercised the Maseve option
Project 1 26%
Project 3 26%
Project 2 100%
War Spring 15%
Inferred 0.022 0.494 3.473 0.251
Indicated 1.571 0.000 8.436 0.000
Measured 0.842 0.000 1.351 0.000
Total 2.436 0.494 13.260 0.251
Total attributable resource ounces 16.441
12
Highly favourable prill split
13
Pt g/t, 64.7%
Pd g/t, 26.9%
Rh g/t, 4.6% Au g/t, 3.8%
Merensky prill split, without Ruthenium (Frisch‐Ledig)
Pt g/t, 59.7%
Pd g/t, 29.2%
Rh g/t, 10.6%
Au g/t, 0.4%
UG2 prill split (Frisch‐Ledig)
MERENSKYPt to Pd Ratio: 2,42Ratio is one of the highest in the industry
Shallow in comparison with existing underground mines
Juniors vs majors – accessible mine depth (m.b.s.)
0
500
1 000
1 500
2 000
2 500
Marikana
Smokey Hills
Pilane
sberg
Everest S
outh
PPRu
st
Kroo
ndal
Two Rivers
Mototolo
Elandsfontein
Crocod
ile River
Limpo
po
Mod
ikwa
BRPM
Lebo
wa
Karee
Ga‐Ph
asha
WBJV
Lonm
in (W
P)
Marula
Blue
Ridge
Wesizw
e
Impala Le
ase
Rusten
burg
Tjate
Union
Akanani
Leeu
wkop
Impala 16 shaft
Amande
lbult
Northam
Frisch Ledig working depth 650‐850 m
Impala 17 shaft
Them
balani
Styldrift
Total cash costs per tonne
15Source: SFA (Oxford), company reports
ZAR/
tonn
e to
tal c
ash
cost
s, 2
011
0
400
800
1200
1600
Site view: mid‐2010
16
BakubungSubstation
Ventilation ShaftBox‐cut
Main Shaft Box‐cut
Planned ConcentratorPlant
Main Shaft WinderBuilding
R556 (Sun City Road)
Temporary SiteOffices
Site view: August 2011
First Blast: July 2011
Production profile
18
-
500 000
1 000 000
1 500 000
2 000 000
2 500 000
3 000 000
3 500 000 Forecast Annual Production tonnages (t) Waste
UG2Merensky
LOM2049
Start of pre‐sink2012
Full Production
2023
Start of Production
2018
Merensky depleted2039
Production profile
19
-
50 000
100 000
150 000
200 000
250 000
300 000
350 000
400 000
450 000
-
2 000
4 000
6 000
8 000
10 000
12 000
14 000
16 000
18 000
20 000 Forecast Annual 3PGE + Au Production content
UG2 3PGE + Au Content (kg)
Mer 3PGE + Au Content (kg)
UG2 3PGE + Au Content (oz)
Mer 3PGE + Au Content (oz)
ozKg
R 0
R 200
R 400
R 600
R 800
R 1 000
R 1 200
R 1 400
R 1 600
Common Surface
Infrastructure
Shaft Surface Complex
Infrastructure
Main Shaft Sinking &
Development
Vent Shaft Sinking &
Development
EPCM Capital Footprint
Development
Concentrator Plant
External Bulk Power & Water
Supply
Community Projects
Indirect Costs
Millions
Capital per area
20
Capital being approvedR3.26 Bn (July 2011)
Capital under reviewR 4.12 Bn (July 2011)
Total Capital (Real ‐ July 2011): CIRCA R7.38 Bn ( +15% / ‐10%)
Platinum demand forecast by sector
Source: SFA (Oxford)
Shaft fully commissioned: 2016
Long‐term platinum price forecast
Source: SFA (Oxford)
Formal stakeholder processes are in place:
• Community • Shareholding issue being dealt with by community in a separate process.• Perception survey done that has informed ongoing engagement strategy and help to
prioritise social investment. • Stakeholder Engagement Forum launched (pen Day – held on 4 November 2011; and
community Office in Ledig and Community Liaison Officer appointed).• Complaints and suggestions procedure – walk‐in/phone‐in service.• Farmers Association Engagement – relocation of cattle.• Community Newsletter.
• Government• Regular interface with DMR, representative Mayors (Moses Kotane Municipality as
well as the Rustenburg Local Municipality)• Programme of communication with all tiers of government in place. • Quarterly interactions either underway, or being planned (Provincial MECs, Local
government as well as Traditional Affairs)
Stakeholder engagement
Deal package
Chinese Consortium investment:
• JNMC and CADFund subscribed for 732.5 million ordinary shares in Wesizwe (45% of the Company) for US$200 million.
• Micawber 809 (BEE vehicle) subscribed for 97.4 million shares for US$26.6 million.
• JNMC/CADFund will underwrite project finance of US$650 million (from CDB) and guarantee project funding to production.
• Debt funding agreed at competitive cost and rate (Libor plus 3.5%)
• Any resultant shortfall in funding – JNMC shall provide the required funding shortfall required to reach capital completion stage on terms similar to the project finance package.
The project is fully funded
A very unique proposition:
• Dilution Immunity: no further equity dilution for shareholders.
• Wesizwe shareholders have upside exposure to one of the best PGM development projects in the country.
• The project is effectively de‐risked.
• Wesizwe has acquired a balance‐sheet partner with the financial muscle to be able to grow the company.
Opportunities
• Regional synergies with other producers (e.g. infrastructure) being evaluated.
• Consolidation with neighbours.
• Group growth strategy being developed.
• Wesizwe offers excellent value at current levels:
- Current cash holding accounts for 70 cents on the share price; and
- Maseve investment accounts for 40 cents on the share price (based on PTM Group listed price on TSX).
Conclusion
• Exceptionally good deposit with above‐average grades.
• Project is fully funded, shaft sinking contract to be awarded in January 2012.
• First mine production at Frisch‐Ledig will start 2018
• 35 year life, mining down to a depth of 850m at a competitive mining cost.
• Wesizwe’s total annual platinum production places the company at the top‐end of the smaller PGM groups.
• Experienced management team.
• Technically and financially backed by Jinchuan and the CAD Fund.
• Strategic re‐alignment underway.
• Aligned to the Asian funding market.
• Commitment to shareholders and all stakeholders.