技术尽职调查的风险和机遇

第1节（共3节）

Technical Due Diligence Risks and Opportunities

技术尽职调查的风险和机遇

Content: Resource Project reality check

内容：资源项目现状核实

1	Background背景  –What can go wrong? 什么可能出错？
2	Reporting context 报告背景  –Mining value chain 开采价值链  –Exploration Results and Exploration Targets    勘探结果 和勘探靶区  –Mineral Resources and Ore Reserves     矿产资源和矿石储量   –Technical-economic studies 技术经济研究  –Confidence (accuracy and risk) in study types      研究的可信度（准确性和风险）
3	Technical Due diligence 技术尽职调查  –Mining context 采矿背景  –Study types and levels of detail 研究类型和详细程度
4	Summary 总结

Understanding Mining Risk

了解矿业风险

1

Managing internal and external stakeholder expectations with increasingly complexity in exploration and mining projects  在勘探和采矿项目中，管理内部和外部利益相关方的期望日益复杂

2

Correctly understanding and reporting the context and confidence for:  对以下背景和可信度进行正确的理解和报告： –Exploration and discovery - Deposit characteristics    勘探及发现-矿床特征  –Mineral Resource & Ore Reserve estimates    矿产资源和矿石储量估算  –Project development timeframes and stages   项目开发时间表和阶段  –Production and financial forecasts   生产和财务预测  –Environmental, social and governance    环境、社会及监管  –Knowledge, innovation and technology requirements    知识、创新和技术要求

A risky business?

一个有风险的行业？

1

A study of new gold mining projects in Australia showed that capital cost overruns occurred in 57% of projects. 一项对澳大利亚新的金矿开采项目的研究表明，超过57% 的项目发生了资本成本超支。

2

In the first year of operation, compared to their Feasibility Study: 与其可行性研究相比，运营的第一年： –Operating costs in 43% of projects were above            forecast, 29% by more than 10%.  43%的项目的运营成本高于预期，29％的项目的成本超出10％。  –Recovered grade was below forecast in 68% of projects, by more than 10% in 56% of cases.  68%的项目的回采品位低于预期，56%的项目情况下，低于预期超过10%。  –Gold production targets were not met in 66% of projects, by more than 10% in 56% of projects.  66%的项目未达到金矿生产目标，56%的项目低于预期超过10%。

What could go wrong?

什么可能出错？

1	Others had geotechnics, etc.  其他有岩土工程等。
2	However 20% of projects did better than forecast 但是， 20% 的项目好于预期
3	55% of projects performed similar to expectations 55%的项目接近预期

Oops – head grade!  and more

哎哟-原矿品位！甚至更多

1	The most serious problem confronting any new gold mining venture … is the accurate assessment of recovered grade … it is thus the head grade, which is directly related to ore reserves grades, which must remain the most critical parameter in project evaluation and planning.”  任何一家新的金矿企业所面临的最严重的问题…是对回采品位的精确评估…因此，在项目评估和规划中，与矿石储量品位直接相关的原矿品位是最关键的参数。
2	The  major  reasons  for  mining  project  failures  were:  采矿项目失败的主要原因是：  –Lack  of reserves  (63%),  lower  reserves  (8%),  储量不足（63%），储量较少（8%）； –operational  problems (15%) and low margins (10%).  运营问题（15%）和利润低（10%）；  –The first three causes make up 86%. 前三个原因占86%。

No exception for big mining companies

大型矿业公司也不例外

Experienced large companies don’t necessarily reduce the risk. Losses  were  recorded  by  Rio Tinto, BP  Canada,  Western  Mining  and Echo  Bay.

经验丰富的大公司不一定能降低风险。力拓集团、 BP  Canada、西部矿业和Echo  Bay均有亏损。

Have you done proper due diligence?

您是否进行了适当的尽职调查？

未完待续

CHRISTMAS