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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 December 31, 2020

Combined Main, NW and SE Dome deposits – as at December 31, 2020, and reported using a 0.2% TCu cut-off grade.

Classification Tonnes (mt) TCu (%) ASCu (%) Au (g/t)
Measured 287.1 0.70 0.13 0.12
Indicated 632.9 0.65 0.07 0.12
Total Measured and Indicated 920.1 0.67 0.09 0.12
Inferred 166.5 0.58 0.04 0.11

The current depleted Mineral Resource as at December 31, 2020, was estimated and verified by David Gray of the Company who is a qualified person and holds the following valid qualifications: BSc Hons(Geo), MAusIMM, FAIG,(#7323)

The 0.2% TCu cut-off grade for this estimate provides a Mineral Resource inventory which encloses the Mineral Reserve estimate, and is consistent with the cut-off grade adopted for the last reported estimate in the Kansanshi Technical Report.

Current surface stockpiles at the end of 2020 are given in the table below.

Mineral Resource Statement for Kansanshi stockpiles - as at December 31, 2020

Classification/Stockpile Leach (float/leach feed) Mixed (float/leach feed) Sulphide (float feed)
Ore (Mt) TCu (%) AsCu (%) Au (g/t) Ore (Mt) TCu (%) AsCu (%) Au (g/t) Ore (Mt) TCu (%) AsCu (%) Au (g/t)
Total Measured - - - - - - - - - - - -
Total Indicated 33.4 0.34 0.14 0.10 48.9 0.58 0.20 0.10 51.8 0.39 0.02 0.10
Total Meas. Plus Ind. 33.4 0.34 0.14 0.10 48.9 0.58 0.20 0.10 51.8 0.39 0.02 0.10

The current stockpile Mineral Resource inventory as at December 31, 2020, was verified by David Gray of the Company who is a qualified person and holds the following valid qualifications: BSc Hons(Geo), MAusIMM, FAIG,(#7323)

The classification of the Mineral Resource is based on drill grid spacing, estimate confidences and improved models of the copper mineralization. The increased quantity of the gold assays contained within the Kansanshi drillhole database, together with mine reconciliation data, allows for the classification of gold mineralization to be aligned with the copper mineralization.

Apart from mining depletions, there has been no change to the Mineral Resource inventory reported in the Kansanshi Technical Report.

Mineral Reserves

The following Mineral Reserve estimate for the Main, NW and SE Dome open pits at Kansanshi existed as at December 31, 2020. This estimate is derived from conventional optimization processes, detailed stage and ultimate pit designs and life of mine production scheduling completed for the Kansanshi Technical Report, and subsequently adjusted to account for mining depletion and stockpile movements to date.

The mine operating cost inputs to the optimization were determined from forward looking ore and waste haulage simulations taking account of trolley-assisted haulage, in pit crushing and conveying and waste backfill where applicable. Other operating costs and metal costs (e.g., processing costs, transport charges, refining charges) are based on a review of actual costs, adjusted for future production levels and efficiencies.

The Mineral Reserves have been defined using the long-term consensus copper price of $3.00/lb and a gold price of $1,200/oz, and reflect a 7.5% GRZ royalty. By virtue of variable processing recovery relationships, the marginal cut-off grade applicable to the above metal prices varies throughout.

Kansanshi Mineral Reserve statement, at December 31, 2020

The following Mineral Reserve estimate for the Main, NW and SE Dome open pits at Kansanshi existed as at December 31, 2020. This estimate is derived from conventional optimization processes, detailed stage and ultimate pit designs and life of mine production scheduling completed for the Kansanshi Technical Report, and subsequently adjusted to account for mining depletion and stockpile movements to date.

The Mineral Reserves have been defined using the long-term consensus copper price of $3.00/lb and a gold price of $1,200/oz, and reflect a 7.5% GRZ royalty. By virtue of variable processing recovery relationships, the marginal cut-off grade applicable to the above metal prices varies throughout.

Combined Main, NW and SE Dome pits – as at December 31, 2020, and reported based on a $3.00/lb long-term copper price

Classification/Pit Leach Ore (float/leach feed) Mixed Ore (float/leach feed) Sulphide Ore (float feed) Total Ore (all feed)
Ore (Mt) TCu (%) AsCu (%) Au (g/t) Ore (Mt) TCu (%) AsCu (%) Au (g/t) Ore (Mt) TCu (%) AsCu (%) Au (g/t) Ore (Mt) TCu (%) AsCu (%) Au (g/t)
Main and North West Pits
Total Proven 47.9 0.86 0.46 0.13 57.4 0.56 0.16 0.10 120.9 0.73 0.02 0.13 226.3 0.72 0.15 0.12
Total Probable 55.4 0.68 0.37 0.11 55.6 0.56 0.15 0.09 337.0 0.62 0.02 0.12 448.0 0.62 0.08 0.12
Total Mineral Reserves 103.3 0.76 0.41 0.12 113.0 0.56 0.16 0.09 457.9 0.65 0.02 0.13 674.3 0.65 0.10 0.12
South East Dome Pits
Total Proven - - - - 7.68 0.48 0.14 0.06 47.00 0.51 0.01 0.09 57.36 0.51 0.04 0.09
Total Probable 4.8 0.65 0.32 0.11 16.3 0.57 0.16 0.08 69.9 0.59 0.01 0.11 90.9 0.59 0.05 0.10
Total Mineral Reserves 7.4 0.61 0.30 0.09 24.0 0.54 0.15 0.07 116.9 0.57 0.01 0.10 148.3 0.56 0.05 0.10
Combined Pits
Total Proven 50.6 0.84 0.45 0.12 65.1 0.55 0.16 0.10 167.9 0.67 0.02 0.12 283.6 0.67 0.13 0.12
Total Probable 60.2 0.68 0.37 0.11 71.9 0.56 0.15 0.08 406.8 0.62 0.02 0.12 538.9 0.62 0.07 0.11
Total Mineral Reserves 110.8 0.75 0.40 0.12 137.0 0.56 0.16 0.09 574.8 0.63 0.02 0.12 822.5 0.64 0.09 0.12

The current depleted in-pit Mineral Reserve as at December 31, 2020, has been estimated and verified by the Company personnel under the supervision of Michael Lawlor of the Company, who is a qualified person and holds the following valid qualifications: BEng (Mining)(Hons), MEngSc, FAusIMM.

The additional Mineral Reserve stockpile inventory is presented in the table below.

Mineral Reserve Statement for Kansanshi stockpiles - as at December 31, 2020

Classification/Pit Leach Ore (float/leach feed) Mixed Ore (float/leach feed) Sulphide Ore (float feed) Total Ore (all feed)
Ore (Mt) TCu (%) AsCu (%) Au (g/t) Ore (Mt) TCu (%) AsCu (%) Au (g/t) Ore (Mt) TCu (%) AsCu (%) Au (g/t) Ore (Mt) TCu (%) AsCu (%) Au (g/t)
Total Proven - - - - - - - - - - - - - - - -
Total Probable 33.4 0.34 0.14 0.05 48.9 0.58 0.20 0.08 51.8 0.39 0.02 0.08 134.0 0.44 0.11 0.07
Total Reserve 33.4 0.34 0.14 0.05 48.9 0.58 0.20 0.08 51.8 0.39 0.01 0.08 134.0 0.44 0.11 0.07

The current stockpile Mineral Reserve inventory as at December 31, 2020, has been verified by the Company personnel under the supervision of Michael Lawlor of the Company, who is a qualified person and holds the following valid qualifications: BEng (Mining)(Hons), MEngSc, FAusIMM.

At $3.00/lb copper price, the total Mineral Reserve at Kansanshi, including stockpiles, is 956.5 Mt at average grades of 0.61%TCu and 0.09%ASCu.

At the current throughput rate the remaining life of mine is 24 years.