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UNEARTHINGTHE FUTURE
THE 28TH ANNUAL GOLD FORUM The Broadmoor, Colorado Springs, Colorado | 24-27 September 2017
This presentation contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results and future events
could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. Forward-looking statements include
words or expressions such as “growth”, “strategy”, “targeted”, "expected", "guidance", “during the first three years”, “projected”, “payback period”, "continues", "on time and on budget", “aiming”,
“highest ever”, “next step”, “potential”, “targets”, “promising” and other similar words or expressions. Factors that could cause future results or events to differ materially from current expectations
expressed or implied by the forward-looking statements include the ability to execute our growth strategy, the ability to begin production at Boungou in Q3 2018, the ability to produce 52,000 oz in Q3
2017, the ability to mine Zone 9 as planned through December 2017, the ability to reach the upper end of our 2017 production guidance of between 190,000 and 205,000 ounces of gold at a total
cash cost of between $685 and $715 per ounce and all-in sustaining cost of between $920 and $960 per ounce, the ability to meet the various highlights of the positive feasibility study of Boungou,
including with respect to the (i) project economics at $1,100/oz, (ii) anticipated average annual production, total cash cost, AISC and head grade during the first three years, (iii) ability to produce
some 1.2 million ounces over a projected LOM in excess of 7 years, and (iv) projected LOM total cash cost and AISC, the ability to complete the construction of Boungou on time and on budget, the
ability to meet our expected consolidated production in 2018 and 2019, the ability to convert inferred resources in the West and East Boungou flanks to indicated resources, the ability to execute our
2017 Mana exploration strategy, the ability to complete a Mana PFS in Q1 2018, the ability to develop an underground at Siou, the accuracy of our assumptions, fluctuation in the price of currencies,
gold prices and operating costs, mining industry risks, uncertainty as to calculation of mineral reserves and resources, delays, political and social stability in Africa (including our ability to maintain or
renew licenses and permits) and other risks described in SEMAFO’s documents filed with Canadian securities regulatory authorities. You can find further information with respect to these and other
risks in SEMAFO’s 2016 Annual MD&A, as updated in SEMAFO’s 2017 First Quarter MD&A, 2017 Second Quarter MD&A, and other filings made with Canadian securities regulatory authorities and
available at www.sedar.com. These documents are also available on our website at www.semafo.com. SEMAFO disclaims any obligation to update or revise these forward- looking statements,
except as required by applicable law.
We also advise you that the terms “Inferred Resources” and “Indicated Resources”, although recognized and required by the Canadian Securities Administrators, are not recognized by the US
Securities and Exchange Commission. There is no certainty that Inferred Resources or Indicated Resources will be economically mineable.
All mineral resources are exclusive of mineral reserves. All amounts are in US dollars unless otherwise indicated. 2
FORWARD-LOOKING STATEMENTS
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3
OUR ASSETS
STRONG IN-HOUSE TECHNICAL TEAM
TRACK RECORD OF OPERATING SUCCESS IN WEST AFRICA
HIGH-GRADE DEPOSITS
FINANCIAL STRENGTH
LARGE EXPLORATION PACKAGE
DISCIPLINEDGROWTH STRATEGY
RESPECTED CSR PROGRAMS
Unearthing the future
4Côte d’Ivoire
MANA MINE in Burkina Faso
Ouagadougou(Capital)
KORHOGO
NABANGA
BANTOU
BOUNGOU
GhanaBenin
Togo
Niger
Mana
BANFORA
LONG-STANDING PRESENCE IN WEST AFRICA
Commissioned3 mines in West Africa over
20 YEARS5,000 km2in Burkina Faso over three prospective belts
BOUNGOUConstruction under wayTargeted Production Q3 2018
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5% Others126,000 oz
23% Siou5.0 Mt @ 4.3 g/t Au689,000 oz
30% Wona12.4 Mt @ 2.3 g/t Au913,000 oz
42% Boungou9.6 Mt @ 4.15 g/t Au1,276,000 oz0.9 0.8
2.2 2.0 1.9 2.3 2.2 3.3 3.01.0 1.6
1.12.8 3.0 2.4 2.8
2.9 3.0
0.5
0.9
2.7
2.1 1.91.4 1.2
2.1 2.6
2008 2009 2010 2011 2012 2013 2014 2015 2016
Proven and Probable Reserves
Measured and Indicated Resources
Inferred Resources
5
EXPLORATION AND ACQUISITION SUCCESS
- Reserves estimate using a gold price of $1,100/oz - Resources estimate using a gold price of $1,400/oz* All mineral resources are exclusive of mineral reserves.
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Exploration at Mana Acquisition of Boungou
Discovery of West Flank
MANA PRODUCTION AND COST PROFILE
6
GUIDANCE 2017 H1 2017 2016
Total gold ounces produced (K) 190-205 103 240
Total cash cost /ounce sold1 ($) 685-715 701 548
All-in sustaining cost /ounce2 ($) 920-960 976 720
1Total cash cost is a non-IFRS financial performance measure with no standard definition under IFRS and represents the mining operation expenses and government royalties per ounce sold.2 All-in sustaining cost is a non-IFRS financial performance measure with no standard definition under IFRS and represents the total cash cost, plus sustainable capital expenditures and stripping costs per ounce.
► 52,000 oz expected in Q3 2017 to reach the upper end of guidance
7
UPPER PORTION OF SIOU’S ZONE 9 CHALLENGING
We changed grade control method to RC drilling
We drilled 200 holes• over 7,500 meters to a vertical
depth of 30 meters• over a grid of 12.5 meters by
6.25 meters• over 500 meters on strike of
mineralization Thus covering what is to be mined
from May through December 2017 on Zone 9
Geological interpretation issues Complex geometry Junction of 3 different zones
Caused by:
Action plan:
8
ZONE 9 BACK ON TRACK
Grade control drilling on the test zone resulted in:
668,000 tonnes at 4.52 g/t for 97,000 ozcompared to reserves of
633,500 tonnes at 4.82 g/t for 98,100 oz
As expected, the zone is simpler and more rectilinear at depth
Ore mined between May and August is in line with reserves
Q3 production includes 240,000 tonnes at 5 g/t from Zone 9
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| NEAR -TERM GROWTH: BOUNGOU |
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BOUNGOU: A HIGH QUALITY PROJECT
A $155M ACQUISITION IN 2015
FROM SCOPING STUDY TO PRODUCTION IN THREE YEARS
During the first three years • Average annual production of more than 226,000 ounces
• Average total cash cost of $283/oz and AISC of $374/oz
• Average head grade 5.72 g/t at a gold recovery rate of 93.8%
Projected LOM total cash cost of $408/oz and AISC of $518/oz
Maiden open pit mineral reserves of 9.6 million tonnes at a grade of 4.15 g/t Au for 1,276,000 ounces of gold
Feasibility study at $1,100/oz:• CAPEX $231M
• After-tax NPV 5%: $262 million
• After-tax IRR: 48%
• Payback period: 1.5 years
Production of some 1.2 million ounces over a projected LOM in excess of 7 years
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11
ROBUST PROJECT ECONOMICS
GOLD PRICE SENSITIVITY ANALYSISBase Case
Gold Price ($/oz) $1,100 $1,200 $1,300
After-tax NPV5% ($M) $262 $334 $400
After-tax IRR (%) 48 58 68
Payback period (years) 1.5 1.3 1.2
2016 2017 2018
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Mining Permit AwardDetailed Engineering
EarthworksAccommodation Construction
Water Storage Facility & DamsTailing Storage Facility
MillingFeed Preparation
Leaching & CIP CircuitGold Room
Plant ServicesPower PlantFuel Depot
Pre-StrippingMining Ore
1st Gold Pour
Process Plant
The water storage facility is already functional
%complete100%
100%
41%
88%
71%
12%
17%
23%
70%
0%
22%
55%
30%
24%
0%
0%12
CONSTRUCTION CONTINUES ON TIME AND ON BUDGET
51% complete
$94M out of $231M spent
All major long-lead items on site
On time for first gold pour in Q3 2018
1,900 workers on site
2.1 M man-hours without lost time injury
*Schedule milestones as at August 31, 2017 Unearthing the future
14
PROCESS PLANT PROGRESSAS AT AUGUST 31, 2017
Surge Bin VertimillCrusherSAG mill
ROM Pad Leach Tanks
13
14
Water Storage Facility holds currently 500k m3 water
Pre-stripping Boungou Pit:3.7 Mt moved
Installation of Vertimill
Delivery of SAG Mill
15
BOUNGOU: NEXT STEP FOR GROWTH2018-2019 AIMING FOR HIGHEST CONSOLIDATED
PRODUCTION EVER
0
100 000
200 000
300 000
400 000
2013 2014 2015 2016 2017 2018(E) 2019(E)
oz
TargetGuidance
Mana
CREATING VALUE THROUGH EXPLORATION
Initial exploration budget of $23M ► Mana $5M
► Boungou $15M
► Other properties $3M
► H1 2017: $14M Mostly in-fill drilling to complete studies on Siou and Boungou
► H2 2017: $9M Regional exploration programs
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NEAR-TERM UPSIDE AT BOUNGOUWEST AND EAST FLANKS
WEST FLANK
EAST FLANK
Unearthing the future
Discovery of West and East Flanks in 2016 Our objectives: To convert inferred to indicated resources To complete a PFS in Q1 2018 To improve production and economics as of
year 4
NEXT STEP IN OUR GROWTH STORYREGIONAL EXPLORATION AT BOUNGOU
Boungou4,000m
Pambourou 3,000m
Porphyre 3,000m
Dangou Nord 2,000m
Bossoari1,600m
Pambourou Nord1,500m
Scheduled RC drilling15,000m in H2 2017
18Unearthing the future
Boungou Mine
2017 budget of $5M
Siou─ To expand resources
─ To convert inferred into indicated resources
─ To evaluate the underground potential
Regional exploration─ To find satellite deposits within trucking distance of the
mine
19
2017 MANA EXPLORATION STRATEGY
Unearthing the future
Yama
20
SIOU UNDERGROUND POTENTIAL
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2,565,000 t @ 2.40 g/t for 197,900 ounces Au
5,834,000 t @ 3.70 g/t for 693,200 ounces Au
From To Length Au cut (40 g/t Au)1 MMP17-008 379.5 390.7 11.2 11.32 MMP17-018 349 353.7 4.7 6.983 MMP17-019 401.9 406.6 4.7 6.104 WDC928 286 310.95 24.95 2.385 WDC931 337 348.9 11.9 7.456 WDC933 301 346.7 45.7 3.907 WDC934 338 346.7 8.7 5.268 WDC938 351 355.3 4.3 21.779 WDC939 376.6 386.7 10.1 5.5010 WDC940 340.5 351.5 11.0 5.04
RC DRILL TARGETS IN H2 2017 FOLLOW-UP OF PROSPECTIVE AUGER RESULTS
Mouni 1,800mFobiri Sud 1,200mWona SO 2,000m
Scheduled RC 20,000m
Pompoi2,000m
Datomo2,000m
Kokoi1,500m
Bara8,000m
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22Côte d’Ivoire
MANA MINE in Burkina Faso
Ouagadougou(Capital)
KORHOGO
NABANGA
BANTOU
BOUNGOU
GhanaBenin
Togo
Niger
Mana
BANFORA
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OTHER PROSPECTIVE PROPERTIES
Korhogo - Côte d’Ivoire Trenching program completed
RC drilling program of 6,000 m on best targets
Kongolokoro Sector Four exploration permits on the Houndé Belt
Drilling program completed
Evaluation underway
Nabanga - Inferred resources of 1.84 Mt @ 10 g/t Au for 590,000 ounces Next step: investigate the mineralized structure at depth
23
KORHOGO: PROMISING GOLD ANOMALIES IN CÔTE D’IVOIRE
Permit located south of Tongon Mine
H1 2017: 11 trenches completed─ 7 returned anomalous gold values
H2 2017 ─ Ongoing RC program on Chigata Zone─ Significant gold values obtained
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FINANCIAL FLEXIBILITY
24
Cash as at June 30, 2017 - $304M
Credit facility (LIBOR +4.75%) of $120M as at June 30, 2017
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25
SOCIAL INVESTMENT AT THE HEARTOF OUR VALUE CREATION
National Workforce Development Program –Training of promising national employees for management or trainer positions
SEMAFO Foundation –Seven years of activities generated revenues ofto the benefit of communities
Training –5,270 HOURS of training were dispensed in 2016 to our Burkinabe employees
Strong Safety Record –Accident frequency rate of 1.85 per 200,000 HOURS worked as of December 31, 2016
C$5.5M
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