Miheevskoye
From IntFX
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[edit] Brief Overview
The Miheevskoye porphyry Copper/Gold deposit has a JORC resource of 426.6 Mt at 0.37% copper, containing 1.58 million tonnes of copper and 1.32 million ounces of gold. In January 2007, Celtic entered into a joint venture agreement with AGL Ltd, part of the Russian ICT Group to develop the Miheevskoye deposit. AGL have the right to earn up to 50%. Polymetal Engineering was awarded a contract to prepare a bankable feasibility study (“BFS”) by 2008. Meanwhile, AGL will undertake the work and pay all costs to bring the project to BFS stage.
[edit] Location
The Miheevskoye copper project comprises part of the Chelyabinsk copper/gold project, located in the large South Urals copper/gold belt. The project is located 250km south of the town of Chelyabinsk,Russia.[1]
[edit] Ownership
In January 2007, Celtic announced a second a 50:50 joint venture agreement with Aime Global Limited (AGL), a company associated with the ICT Group of companies, for the development of the Miheevskoye project.[2]
[edit] Production per annum
Eureka is undertaking a feasibility study for a 20Mt per annum mine. [3]
[edit] Production Start Date
commencing in earnest in 4Q 08. [4]
[edit] Deposit size
High grade starter pit of 45 Mt of ore, with greater than 0.7% copper equivalent, which can be mined in the initial years based on a copper price of US$0.90c/lb and a gold price of US$425/oz. Metallurgical test work positive, concentrate grades of 24-25% copper and 6-10g/t gold. [5]
[edit] Operating cost per pound
Mine cash operating cost of US$0.39c/lb copper before credits. [6]
[edit] Capital Cost
Capital cost estimated at US$342 for 26 Mt per annum concentrator. [7]
[edit] Notes
The open pit is expanded from the starter pit to the final pit design. [8]
[edit] External Analysis
[edit] Risks
Since all our modelling is in US dollars, the first risk is that the dollar will depreciate against the Tenge, the Kazakh currency. This would have a negative impact on profits. Secondly, there is the risk inherent with the Fox-Davies Capital commodity price assumptions. Our forecasts have assumed the expansion of the Shorskoye molybdenum mine, and the development of both the Miheevskoye and Tominskoye copper porphyries. Neither of these mines has been committed to yet, so our assumptions on size, costs and timing could differ significantly from reality. [9]
[edit] Political Segment
Political pressure groups and leaders is not applicable in the country. [10]
Russia ended 2007 with its ninth straight year of growth, averaging 7% annually since the financial crisis of 1998. Although high oil prices and a relatively cheap ruble initially drove this growth, since 2003 consumer demand and, more recently, investment have played a significant role. Over the last six years, fixed capital investments have averaged real gains greater than 10% per year and personal incomes have achieved real gains more than 12% per year. During this time, poverty has declined steadily and the middle class has continued to expand. Russia has also improved its international financial position since the 1998 financial crisis. The federal budget has run surpluses since 2001 and ended 2007 with a surplus of about 3% of GDP.
Complete range of mining and extractive industries producing coal, oil, gas, chemicals, and metals; all forms of machine building from rolling mills to high-performance aircraft and space vehicles; defense industries including radar, missile production, and advanced electronic components, shipbuilding; road and rail transportation equipment; communications equipment; agricultural machinery, tractors, and construction equipment; electric power generating and transmitting equipment; medical and scientific instruments; consumer durables, textiles, foodstuffs, handicrafts
[edit] Disputes – international
China and Russia have demarcated the once disputed islands at the Amur and Ussuri confluence and in the Argun River in accordance with the 2004 Agreement, ending their centuries-long border disputes; the sovereignty dispute over the islands of Etorofu, Kunashiri, Shikotan, and the Habomai group, known in Japan as the "Northern Territories" and in Russia as the "Southern Kurils," occupied by the Soviet Union in 1945, now administered by Russia, and claimed by Japan, remains the primary sticking point to signing a peace treaty formally ending World War II hostilities. Kazakhstan and Russia boundary delimitation was ratified on November 2005 and field demarcation should commence in 2007; Russian Duma has not yet ratified 1990 Bering Sea Maritime Boundary Agreement with the US. [11]
[edit] Some Facts & Figures
| Industrialproductiongrowthrate: | 6% (2007 est.) |
| Electricity - production: | 1 trillion kWh (2007 est.) |
| Electricity - consumption: | 985.2 billion kWh (2007 est.) |
| Electricity - exports: | 18 billion kWh (2007) |
| Electricity - imports: | 2.9 billion kWh (2007 est.) |
| Oil - production: | 9.87 million bbl/day (2007) |
| Oil - consumption: | 2.916 million bbl/day (2006) |
| Oil - exports: | 5.08 million bbl/day (2007) |
| Oil - imports: | 100,000 bbl/day (2005) |
| Oil - proved reserves: | 60 billion bbl (1 January 2006 est.) |
| Natural gas - production: | 656.2 billion cu m (2007 est.) |
| Natural gas - consumption: | 610 billion cu m (2007 est.) |
| Natural gas - exports: | 182 billion cu m (2007 est.) |
| Natural gas - imports: | 37.5 billion cu m (2005) |
| Natural gas - proved reserves: | 47.57 trillion cu m (1 January 2006) |
| Current account balance: | $74 billion (2007 est.) |
| Exports: | $365 billion (2007 est.) |
| Exports - commodities: | petroleum and petroleum products, natural gas, wood and wood products, metals, chemicals, and a wide variety of civilian and military manufactures |
| Exports - partners: | Netherlands 12.3%, Italy 8.6%, Germany 8.4%, China 5.4%, Ukraine 5.1%, Turkey 4.9%, Switzerland 4.1% (2006) |
| Imports: | $260.4 billion (2007 est.) |
| Imports - commodities: | machinery and equipment, consumer goods, medicines, meat, sugar, semifinished metal products |
| Imports - partners: | |
| Germany 13.9%, China 9.7%, Ukraine 7%, Japan 5.9%, South Korea 5.1%, US 4.8%, France 4.4%, Italy 4.3% (2006) | |
| Economic aid - recipient: | $982.7 million in FY06 from US, including $847 million in non-proliferation subsidies |
| Reserves of foreign exchange and gold: | $470 billion (31 December 2007 est.) |
| Debt - external: | $384.8 billion (30 June 2007) |
| Stock of direct foreign investment - at home: | $271.6 billion (2006) |
| Stock of direct foreign investment - abroad: | $209.6 billion (2006) |
| Market value of publicly traded shares: | $1.322 trillion (2006) |
| Currency (code): | Russian ruble (RUB) |
| Exchange rates: | Russian rubles per US dollar - 25.659 (2007), 27.19 (2006), 28.284 (2005), 28.814 (2004), 30.692 (2003) |
[edit] External References
- ↑ http://www.minesite.com/fileadmin/content/pdfs/Brokers_Reports_5/Celtic_Resources_-_Initiating_Coverage_-_July_9_2007.pdf
- ↑ http://www.minesite.com/fileadmin/content/pdfs/Brokers_Reports_5/Celtic_Resources_-_Initiating_Coverage_-_July_9_2007.pdf
- ↑ http://www.fox-davies.com/FDC_Eureka_Report_220605.pdf mine.
- ↑ http://www.minesite.com/fileadmin/content/pdfs/Brokers_Reports_5/Celtic_Resources_-_Initiating_Coverage_-_July_9_2007.pdf
- ↑ http://www.celticresources.com/resources/upload/236/PDF/2005Annualreportandaccounts.pdf
- ↑ http://www.celticresources.com/resources/upload/236/PDF/2005Annualreportandaccounts.pdf
- ↑ http://www.celticresources.com/resources/upload/236/PDF/2005Annualreportandaccounts.pdf
- ↑ http://www.minesite.com/fileadmin/content/pdfs/Brokers_Reports_5/Celtic_Resources_-_Initiating_Coverage_-_July_9_2007.pdf
- ↑ http://www.minesite.com/fileadmin/content/pdfs/Brokers_Reports_5/Celtic_Resources_-_Initiating_Coverage_-_July_9_2007.pdf
- ↑ https://www.cia.gov/library/publications/the-world-factbook/geos/rs.html
- ↑ https://www.cia.gov/library/publications/the-world-factbook/geos/rs.html
