Operations

MINERAL RESERVES & RESOURCES | Boa Esperanҫa

Ore Classification

Ore

(000 tonnes)

Grade

(%Cu)

Contained Copper

(000 tonnes)

Mineral Reserves

   

Proven

18,528

0.96%

178.1

Probable

975

0.72%

7.0

Proven & Probable

19,503

0.95%

185.1

Mineral Resources (including Reserves)

  

Measured

41,000

0.81%

332.1

Indicated

26,170

0.62%

162.3

Measured & Indicated

67,170

0.73%

490.3

 

Mineral Reserves Notes:

  1. Effective Date of June 1, 2017.
  2. Mineral Reserves included within stated Mineral Resources.
  3. Open pit reserves assume full mine recovery.
  4. Open pit reserves are diluted along lithological boundaries and assume selective mining unit of 2.5 m x 2.5 m x 5 m.
  5. The strip ratio was calculated to be 1.93 (waste to ore).
  6. Reserves are based on a price of US$7,000/t LME Cu throughout the life of the mine.
  7. Reserves are based on a cut-off grade of 0.28% Cu.
  8. Mineral Reserve tonnage and contained metal have been rounded to reflect the accuracy of the estimate. As a result of this rounding, the numbers may not add up.
  9. Contained copper is reported as in-situ and does not include process recovery.
  10. The Mineral Reserves estimate was calculated by Rubens Mendonça, BSc, MBA, Chartered Professional Member of the AusIMM, Mining Manager of SRK Consultores do Brasil, an independent qualified person, in accordance with the standards set out in CSA, NI 43-101 and generally accepted CIM “Estimation of Mineral Resource and Mineral Reserves Best Practices” guidelines.

Mineral Resources Notes:

  1. Effective Date of June 1, 2017.
  2. Presented Mineral Resources inclusive of Mineral Reserves.
  3. Mineral Resource tonnage and contained metal have been rounded to reflect the accuracy of the estimate. As a result of this rounding, the numbers may not add up.
  4. Resources are stated at a cut-off grade of 0.2% Cu and are fully contained within an optimized pit shell.
  5. Resources are based on a copper price of US$4.00/lb.
  6. The Mineral Resources estimate was calculated by Rafael Russo Sposito, Senior Geologist of SRK Consultores do Brasil, supervised by SRK Principal Resource Geologist Carlos César Barbosa, an independent qualified person, in accordance with the standards set out in CSA, NI 43-101 and generally accepted CIM “Estimation of Mineral Resource and Mineral Reserves Best Practices” guidelines.

Please refer to the Boa Esperança Technical Report, dated September 7, 2017, with an effective date of June 1, 2017 for additional technical information related to the Mineral Reserve and Mineral Resource estimates.

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