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Reserves & Resources

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Home  >  Our Operations  >  Operating Mines  >  Kansanshi  >  Reserves & Resources

Mineral Resources

The Mineral Resource estimate, inclusive of the Mineral Reserves inventory is shown in the following table and reflect the position as at December 31, 2024

Combined Main, NW and SE Dome deposits – as at December 31, 2024, and reported using a 0.2% TCu cut-off grade.

Classification Tonnes (mt) TCu (%) ASCu (%) Au (g/t)
Measured389.8  0.67 0.12 0.12
Indicated735.6  0.57 0.06 0.12
Total Measured and Indicated 1,125.4 0.61 0.08 0.12
Inferred49.3  0.41 0.02 0.09

The current depleted Mineral Resource as at December 31, 2024, was estimated and verified by Carmelo Gomez of the Company who is a qualified person and holds the following valid qualifications: BSc Hons(Geology), EuroGeol

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 2024 are given in the table below.

Mineral Resource Statement for Kansanshi stockpiles - as at December 31, 2024

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 62.2 0.28 0.10 0.05 40.7 0.52 0.18 0.07 69.2 0.34 0.01 0.06
Total Meas. Plus Ind.62.2 0.28 0.10 0.05 40.7 0.52 0.18 0.07 69.2 0.34 0.01 0.06

The current stockpile Mineral Resource inventory as at December 31, 2024, was verified by Carmelo Gomez of the Company who is a qualified person and holds the following valid qualifications: BSc Hons(Geology), EuroGeol 

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, 2024. 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.

Mining dilution and recovery factors were applied using a routine to account for practical dilution and losses from the mining operations. An algorithm was used to estimate variable planned dilution and losses into the resource model reflecting the different styles of mineralization, mining in different cutback benches and mining in the different deposits. Additional factors for unplanned dilution and losses were applied based upon detailed review of production tracking records.

The Mineral Reserves have been defined using the long-term consensus copper price of $3.50/lb and a gold price of $1,805/oz, and reflect a 6.0% 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, 2024, and reported based on a $3.50/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 109.6 0.52 0.24 0.09 35.4 0.81 0.21 0.16 160.2 0.59 0.02 0.12 305.2 0.59 0.12 0.11
Total Probable 59.3 0.51 0.23 0.11 28.5 0.81 0.21 0.15 296.6 0.51 0.02 0.12 384.4 0.53 0.06 0.12
Total Mineral Reserves 168.9 0.71 0.24 0.10 63.8 0.81 0.21 0.16 456.8 0.54 0.02 0.12 689.6 0.56 0.09 0.12
South East Dome Pits
Total Proven - - - - 2.68 0.55 0.15 0.10 86.06 0.62 0.02 0.02 101.7 0.59 0.04 0.11
Total Probable15.3 0.36 0.12 0.07 7.9 0.67 0.17 0.10 84.4 0.51 0.01 0.09 107.5 0.50 0.04 0.09
Total Mineral Reserves 27.7 0.38 0.13 0.07 10.6 0.64 0.16 0.10 170.4 0.57 0.02 0.12 208.7 0.55 0.04 0.10
Combined Pits
Total Proven122.0 0.51 0.23 0.09 38.1 0.79 0.20 0.16 246.2 0.60 0.02 0.12 406.3 0.59 0.10 0.11
Total Probable 74.6 0.48 .20 0.10 36.4 0.78 .20 0.14 381.0 0.51 0.02 0.11 491.9 0.52 0.06 0.11
Total Mineral Reserves 196.6 0.50 .0.22 0.09 74.4 0.79 0.20 0.15 627.3 0.55 0.02 0.11 898.3 0.56 0.08 0.11

The current depleted in-pit Mineral Reserve as at December 31, 2024, 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, 2024

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 62.2 0.28 0.10 0.05 40.7 0.52 0.18 0.07 69.2 0.34 0.01 0.06 172.1 0.36 0.08 0.06
Total Reserve62.2  0.28 0.10 0.05 40.7 0.52 0.18 0.07 69.2 0.34 0.01 0.06 172.1 0.36 0.08 0.06

The current stockpile Mineral Reserve inventory as at December 31, 2023, 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 the current throughput rate the remaining life of mine is 22 years with an additional 3 years of stockpile processing after completion of ex-pit mining activities.