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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, 2019

Combined Main, NW and SE Dome deposits – as at December 31, 2019, and reported using a 0.2% TCu cut-off grade

Classification Tonnes (Mt) TCu (%) ASCu (%) Au (g/t)
Total Measured 55.3 0.57 0.08 0.11
Total Indicated 627.4 0.67 0.11 0.11
Total Measured and Indicated 682.7 0.67 0.11 0.11
Total Inferred 660.8 0.59 0.04 0.09

The current depleted Mineral Resource as at December 31, 2019, 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 2019 total 119.3 Mt @ 0.46%TCu and 0.13%ASCu, as presented in the table over the page.

Mineral Resource Statement for Kansanshi stockpiles - as at December 31, 2019

Classification/Stockpile Leach Ore (float/leach feed) Mixed Ore (float/leach feed) Sulphide Ore (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 - - - - 80.0 0.52 0.19 - 39.3 0.35 0.01 -
Total Meas. Plus Ind. - - - - 80.0 0.52 0.19 - 39.3 0.35 0.01 -

The current stockpile Mineral Resource inventory as at December 31, 2019, 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, 2019. 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 are based on depth incremented estimates provided by First Quantum Mining and Operations and account for indicative ore haul profiles to in pit crushing and conveying positions and waste hauls under trolley assist. 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 9% GRZ royalty. By virtue of variable processing recovery relationships, the marginal cut-off grade applicable to the above metal prices varies throughout.

As presented in the table below, the total in-pit Mineral Reserve inventory is 508 Mt at the average grades of 0.64%TCu, 0.11%ASCu and 0.11 g/tAu.

Combined Main, NW and SE Dome pits – as at December 31, 2019, and reported based on a $3.00/lb long-term copper price

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 6.0 0.81 0.47 0.11 5.4 0.51 0.12 0.09 48.3 0.47 0.01 0.10 59.8 0.51 0.07 0.10
Total Probable 56.0 1.05 0.64 0.13 52.3 0.69 0.15 0.12 283.9 0.56 0.02 0.11 392.2 0.64 0.13 0.11
Total Mineral Reserves 62.0 1.03 0.62 0.12 57.7 0.68 0.15 0.11 332.2 0.54 0.02 0.11 452.0 0.63 0.12 0.11
South East Dome Pits
Total Proven - - - - - - - - - - - - - - - -
Total Probable 3.8 0.89 0.40 0.14 5.5 0.65 0.15 0.12 46.8 0.80 0.03 0.13 56.0 0.79 0.06 0.13
Total Mineral Reserves 3.8 0.89 0.40 0.14 5.5 0.65 0.15 0.12 46.8 0.80 0.03 0.13 56.0 0.79 0.06 0.13
Combined Pits
Total Proven 6.0 0.81 0.47 0.11 5.4 0.51 0.12 0.09 48.3 0.47 0.01 0.10 59.8 0.51 0.07 0.10
Total Probable 59.7 1.03 0.61 0.13 57.8 0.69 0.15 0.12 330.7 0.59 0.02 0.11 448.2 0.66 0.12 0.12
Total Mineral Reserves 65.7 1.01 0.60 0.13 63.2 0.67 0.15 0.12 379.0 0.57 0.02 0.11 508.0 0.64 0.11 0.11

The current depleted in-pit Mineral Reserve as at December 31, 2019, 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.

Additional Mineral Reserve stockpile inventory, totalling 119.3 Mt at the average grades of 0.46%TCu and 0.13%ASCu as presented in the table below.

Mineral Reserve Statement for Kansanshi stockpiles - as at December 31, 2019

Classification/Stockpile 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 - - - - 80.0 0.52 0.19 - 39.3 0.35 0.01 - 119.3 0.46 0.13 -
Total Reserve - - - - 80.0 0.52 0.19 - 39.3 0.35 0.01 - 119.3 0.46 0.13 -

The current stockpile Mineral Reserve inventory as at December 31, 2019, 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 627.3 Mt at average grades of 0.61%TCu and 0.12%ASCu.

At the current throughput rate the remaining life of mine is 23 years.