NorthMet comprises 254.7 million tons of proven and probable reserves grading 0.294 percent copper and 0.084 percent nickel. It has Measured and Indicated mineral resources of 649.3 million tons grading 0.245 percent copper and 0.07 percent nickel and 508.9 million tons of Inferred material at 0.240 percent copper and 0.070 percent nickel.
For assumptions and explanations, see “Cautionary note to U.S. investors” regarding disclosure on Measured and Indicated Mineral Resources here.
Tonnage (x 1,000)
M + I
Source: Hard Rock Consulting, LLC, January 2018
Mineral resources are not mineral reserves and do not have demonstrated economic viability.
All resources are stated above a $7.35 NSR cut-off. Cut-off is based on estimated mining, processing and G&A costs. Metal Prices and metallurgical recoveries used for the development of cut-off grade are presented in Table 14-33 of the 2018 Technical Report.
Mineral resource tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding.
Cu-Eq (copper equivalent grade) is based on the mill recovery to concentrates and metal prices presented in Table 14-33 of the 2018 Technical Report.
The Measured and Indicated mineral resources are inclusive of the mineral reserves.
Mineral reserve tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding.
All reserves are stated above a $7.98 NSR cutoff and bound within the final pit design.
Tonnage and grade estimates are in imperial units.
Total tonnage within the pit is 628,499 ktons; average waste: ore ratio = 1.47.
Cu-Eq values are based on the metal prices in Table 15-2 and total mill recoveries in Table 15-3 of the 2018 Technical Report and diluted mill feed.
Copper equivalent (CuEq) = ((Cu head grade x recovery x Cu Price) + (Ni head grade x recovery x Ni Price) + (Pt head grade x recovery x Pt Price) + (Pd head grade x recovery x Pd Price) + (Au head grade x recovery x Au Price) + (Co head grade x recovery x Co Price) + (Ag head grade x recovery x Ag Price)) / (Cu head grade x recovery x Cu Price).
NSR values include post property concentrate transportation, smelting and refining costs and payable metal calculations.
Life of mine average annual production
Phase I & II*
Average annual production (First 5 full years)
Phase I & II*
*Phase I involves development of an operating mine processing 32,000 tons of ore per day and rehabilitating the former LTV Steel Mining Company processing plant. Phase II involves construction and operation of a hydrometallurgical plant to treat nickel sulfide concentrates into upgraded nickel-cobalt hydroxide and recover additional copper and platinum-group metals.