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Uranium Exploration (2004-2014): New Discoveries, New Resources
June 2014 IAEA-URAM Vienna
Christian POLAK, AREVA MINES/DDP
Areva Mines /DDP-CP 062014
From Exploration to MiningCost
~ 15 years
Mining Lease
Time scale
3
Prospect
Showing
(Resources)
Exploration Licence6 9 12
Airbone surveyGeochemistry Geology
Reconnaissancedrilling
Delineation drilling
Ground geophysicsDetailed geology
Detailed ExplorationGrass root
Exploration
Deposit
Feasibility
(Reserves)
Pre Feasibility
Deposit
0
Areva Mines /DDP-CP 062014
Junior Mining Rush 2005-2013
0
500
1000
1500
2000
2500
2005 2006 2007 2008 2009 2010 2011 2012 20130,0
20,0
40,0
60,0
80,0
100,0
120,0
Fund Raising in MUS$ Juniors as off 31/12 Average Price USD/lbs
Areva Mines /DDP-CP 062014
World Uranium Exploration Budget (2003-2013)
0
200
400
600
800
1000
1200
1400
2003e 2004e 2005e 2006 2007 2008 2009 2010 2011 2012 2013
Source SLN & Areva
MUS
$
Areva Mines /DDP-CP 062014
Junior Rush 2004-2014, where ?
15%
10%
22%
6%
21%
3%
6%
13%
4%
USAAthabaskaRest of CanadaSouth AmericaAustraliaEuropeAsiaNamibia + South AfricaRest of Africa
Areva Mines /DDP-CP 062014
Junior Rush: 3 main areas
2005-2013 Junior Mining involved Compliant Resources
Australia 203314 ktU
(816 Mlbs)
Canada401
273 ktU (710 Mlbs)
Namibia36
477 ktU (1240 Mlbs U3O8)
Areva Mines /DDP-CP 062014
Exploration - Compliant Resources Definition 1/3: Australia
Australia - Resources Compliance
-50
0
50
100
150
200
2005 2006 2007 2008 2009 2010 2011 2012 2013
in Mlbs U3O8
Compliance Resources Added Ressources Retrenched Resources
Nb of Deposits
0
2
4
6
8
10
12
14
2005 2006 2007 2008 2009 2010 2011 2012 2013
+ 314 ktU
Areva Mines /DDP-CP 062014
Exploration - Compliant Resources Definition 2/3: CanadaCanada - Resources Compliance
-20
0
20
40
60
80
100
120
140
160
2005 2006 2007 2008 2009 2010 2011 2012 2013
in Mlbs
Compliance Resources Added Ressources Retrenched Resources
Nb of Deposits
0
2
4
6
8
10
12
14
2005 2006 2007 2008 2009 2010 2011 2012 2013
+ 273 ktU
Areva Mines /DDP-CP 062014
Exploration Compliant Resources Definition 3/3: Namibia
Namibia - Resources Compliance
-150
-100
-50
0
50
100
150
200
250
300
350
400
2005 2006 2007 2008 2009 2010 2011 2012 2013
in Mlbs
Compliance Resources Added Ressources Retrenched Resources
Nb of Deposits
0
1
2
3
4
5
6
2005 2006 2007 2008 2009 2010 2011 2012 2013
+ 477 ktU
Areva Mines /DDP-CP 062014
Resources Defined 2005-2013
Resources Compliant: 1.8 millions tU (> 100 Mlbs U3O8) Namibia: Husab (Extract@187 ktU), Etango (Bannerman@65ktU), Langer
Heinrich(Paladin@71ktU) Botswana: Lethlakane (A-Cap@135ktU) Sweden: Viken (CMP@403ktU), Haggan (Aura@308ktU) Tanzania: Mkuju (Mantra@52ktU) Greenland: Kvanefjeld (GGG@221ktU) South Africa: Ezulwini (First U@75ktU), Potchefstroom (Wits@63ktU),
Springbok (Holgoun@82ktU) Canada: Michelin (Aurora@ 52ktU) USA: Coles Hill (Virginia U@46ktU) Niger: Madaouela (Goviex@39ktU)
Other interesting development in: Spain (Salamanca@11ktU), Slovakia (Kuriskova@16ktU), Mali (Falea@17 ktU)
Areva Mines /DDP-CP 062014
Development Studies 2005-2013
0
2
4
6
8
10
12
14
2005 2006 2007 2008 2009 2010 2011 2012 2013
SCOPPFSFS
SCOP: Scoping Study or Preliminary Economic Assessment
PFS: Prefeasibility Study
FS: Feasibility StudySource: Areva
Areva Mines /DDP-CP 062014
# 850Junior Mining
Companies
160 Juniors produced new Resources data
73 Scoping Studies
21 Prefeasibility Studies
16 Feasibility Studies
Success Story Pathway 2004-2013
Areva Mines /DDP-CP 062014
Consolidation
South America (Argentina, Paraguay, Peru (Macusani # 37 ktU))
USA (ISR)
Western Australia (Grand Wiluna # 29 ktU)
Witswatersrand (Tailings # 125 ktU, Underground # 345 ktU)
Areva Mines /DDP-CP 062014ME
Uranium Players on the Rand 2011
DRD MintailsMintails Harmony First U Gold Fields U One Anglo
Wits Gold
Areva Mines /DDP-CP 062014ME
Uranium Players on the Rand 2014
DRD Shiva Sibanye GoldAngloGold
Areva Mines /DDP-CP 062014
Junior Mining in Production 2004-2014
Paladin (3,225 tU - 2013)
USA « ISR Co » - (UEC, Mestena, Ur-Energy, Uranerz, URI, Peninsula) (1000-1500 tU/yr),
Australia: Four Mile 725 tU/yr
Trekkopje (2,500 tU/yr – postponed), Husab (5,800 tU/yr > 2015)
Juniors discoveries under construction/production
Areva Mines /DDP-CP 062014
New Processes: a leverage for new resources
Low Grades ores (calcretes, sandstones, alaskites) Heap-Leaching (alkaline or acid) Chlorine resistant Resin Upgrading process (Schoenburg, U-pgrade, Ablation)
Blackshales: Columbia (8.2 ktU): Acetic leaching (P2O5, Ni, V, Y) Sweden (711 ktU), Finland 350tU/yr: Bio-heap Leaching (Ni, Mo, Co)
Phosphates: Resins (PhosEnergy, K-tech) New molecules for extraction
REE: Greenland: Acid stages leaching
Areva Mines /DDP-CP 062014
Conclusion: 10 years of discovery ?
Large effort of exploration Large amount of compliant resources discovered or confirmedNew process development for low cost and for low grade
New production from this effort still limited < 10%Feasibilty studies must confirm viability of economic exploitation and therefore resources qualityConsolidation to set up critical mass deposits
To be ready for the coming decades 2020 +
Areva Mines /DDP-CP 062014
Merci