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Reserves & Resources

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Mineral Resources

The Mineral Resources, inclusive of the Mineral Reserves inventory are shown in the following table and reflect the position as at June 30, 2020

Kansanshi Mineral Resource statement, excluding stockpiles, at a 0.2% Total Copper cut-off and depleted of mining as at 30th June 2020

Classification

Tonnes (millions)

TCu
(%)

ASCu

(%)

 Au
(g/t)

Measured

306.6

0.71

0.13

0.12

Indicated

633.0

0.65

0.07

0.12

Total Measured & Indicated

939.6

0.67

0.09

0.12

Inferred

166.5

0.58

0.04

0.11

The Mineral Resource estimate update was completed by Carmelo Gomez of FQM, with the assistance of Kansanshi mine geologists, and under the supervision of the Qualified Person David Gray of FQM.

The estimate is reported at a 0.2% total copper cut-off grade, which is consistent with the applicable cut-off grade that applies to the Mineral Reserve estimate. Mineral Resources are inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

Kansanshi Mineral Reserve statement, at 30th June 2020

MINERAL RESERVE AT 30th JUNE 2020 (AT $3.00/lb Cu and $1200/ounce Au)

Oxide Ore

Class

MTonnes

TCu (%)

ASCu (%)

Au (g/t)

MAIN &

Proven

51.4

0.87

0.47

0.13

NW

Probable

55.4

0.68

0.37

0.11

 

Total P+P

106.8

0.77

0.42

0.12

SE DOME

Proven

2.7

0.55

0.26

0.06

 

Probable

4.8

0.65

0.32

0.11

 

Total P+P

7.4

0.61

0.30

0.09

TOTAL

Proven

54.1

0.86

0.46

0.13

 

Probable

60.2

0.68

0.37

0.11

 

Total P+P

114.2

0.76

0.41

0.12

Mixed Ore

Class

MTonnes

TCu (%)

ASCu (%)

Au (g/t)

MAIN &

Proven

59.3

0.57

0.16

0.10

NW

Probable

55.6

0.56

0.15

0.09

 

Total P+P

114.9

0.56

0.16

0.09

SE DOME

Proven

7.7

0.48

0.14

0.06

 

Probable

16.3

0.57

0.16

0.08

 

Total P+P

24.0

0.54

0.15

0.07

TOTAL

Proven

67.0

0.56

0.16

0.10

 

Probable

71.9

0.56

0.15

0.08

 

Total P+P

138.9

0.56

0.16

0.09

Sulphide Ore

Class

MTonnes

TCu (%)

ASCu (%)

Au (g/t)

MAIN &

Proven

135.7

0.74

0.02

0.13

NW

Probable

337.0

0.62

0.02

0.12

 

Total P+P

472.7

0.65

0.02

0.13

SE DOME

Proven

47.0

0.51

0.01

0.09

 

Probable

69.9

0.59

0.01

0.11

 

Total P+P

116.9

0.56

0.01

0.10

TOTAL

Proven

182.7

0.68

0.02

0.12

 

Probable

406.8

0.62

0.02

0.12

 

Total P+P

589.5

0.64

0.02

0.12

Total Ore

Class

Mtonnes

TCu (%)

ASCu (%)

Au (g/t)

MAIN &

Proven

246.4

0.73

0.15

0.13

NW

Probable

448.0

0.62

0.08

0.12

 

Total P+P

694.4

0.66

0.10

0.12

SE DOME

Proven

57.4

0.51

0.04

0.09

 

Probable

90.9

0.59

0.05

0.10

 

Total P+P

148.3

0.56

0.05

0.10

TOTAL PIT

Proven

303.7

0.68

0.13

0.12

 

Probable

538.9

0.62

0.07

0.11

 

Total P+P

842.7

0.64

0.09

0.12

The detailed mine planning for the Technical Report, that supports the Mineral Reserve estimate, including conventional optimisation processes, open pit designs and life of mine (LOM) production scheduling, was completed by FQM staff under the supervision of Qualified Person Michael Lawlor of FQM.

Kansanshi Stockpile Mineral Reserve statement, at 30th June 2020

The total Mineral Reserve for the Kansanshi Operations, inclusive of existing stockpiles, is 970.8 Mt at an average grade of 0.62 %TCu. The reported Mineral Reserve is based on an economic copper equivalent cut-off grade which accounts for longer-term copper and gold price projections of $3.00/lb ($6,614/t) and $1,200/oz, respectively. 

For additional detail see the National Instrument 43-101 – Standards of Disclosure for Mineral Projects Report for Kansanshi dated June 30, 2020 available at SEDAR.