tms arctic mining petroleum prospects helsinki feb 2015
TRANSCRIPT
Informa Arc$c Shipping Forum Arc$c Mining and Petroleum Prospects
2 Applied Knowledge
Dermot Loughnane Tactical Marine Solutions Ltd.
Introduc$on
• Objec(ve • Sources • Mood • Regions
– Mining Canada – O&G Canada – O&G Greenland – Mining Greenland
• Ques(ons
3 Applied Knowledge
Canadian/American Arc$c
5 Applied Knowledge
Eka$ (diamonds)
Meadowbank (gold)
CanTung (tungsten)
Diavik (diamonds)
Snap Lake (diamonds)
Mary River (iron)
Canadian/American Arc$c
6 Applied Knowledge
Hope Bay (gold)
High Lake (base metals)
Meliadine (gold)
Roche Bay (iron)
HackeL River (base metals)
Kiggavik (uranium)
Ulu (gold)
Selwyn (base metals)
Prairie Creek (base metals, silver)
Gahcho Kue (diamonds)
Nechalacho (rare earths)
YK Gold (gold)
NICO (gold,cobalt, bismuth)
Pine Point (base metals)
Courageous (gold)
Back River (gold)
Izok (base metals)
Lupin (gold)
Jericho (diamonds)
Baffinland/Mary River
• Development – Mine
• Type – Iron ore
• Name – Mary River
• Area – Qikiqtaaluk/Baffin
• Shipping – Suezmax export, resupply, July/October
• Status – Progressing in early revenue phase
• Commencement – September 2014, shipping May 2015
• Source – Company/company site/CoM
7 Applied Knowledge
• Ini(al mining, trucking and shipping of 3.5m tonnes
• Goal to eventually increase to 18m tonnes • Supramax, Panamax and post Panamax
Baffinland/Mary River
• Phase 2 – Delaying full
implementa(on – In order to demonstrate
“quality and demand” Phase 2 will increase output to 7.8mtpa
– Longer season with transhipping in Eclipse Sound July/October and Greenland June/July and October/March
8 Applied Knowledge
Westar/CSCC
9 Applied Knowledge
• Development – Mine
• Type – Coal
• Name
• Area – Qikiqtaaluk/Baffin
• Shipping – Unknown
• Status – Early development
• Commencement – Not found
• Source – h`p://www.weststarresources.com/s/
NunavutCoal.asp
• A very long shot given the shipping required and the commodity being shipped.
Advanced Ex./Roche Bay
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• Development – Mine
• Type – Iron ore
• Name – Roche Bay
• Area – Qikiqtaaluk/Baffin
• Shipping – Arc(c Class 3 Panamax export – 8-‐9 month window – Transhipment op(ons
• Status – Signed agreement with Logistec on shipping
• Commencement – Not found
• Source – Company – www.advanced-‐explora(on.com
• Signed agreement with Parkson Star (HK) to advance development
• New en(ty will be 20% AEI/80%PS
Canadian Royal$es/Nunavik Nickel
11 Applied Knowledge
• Development – Mine
• Type – Nickel
• Name – Nunavik Nickel
• Area – Nunavik
• Shipping – Fednav opera(ng their new vessel
“Nunavik”and through the NWP 2014 • Status
– Shipment via NWP Sept 2014 to China • Commencement
– Mine commissioned September 2014 • Source
– h`p://www.canadianroyal(es.com/
• Taken over by Jilin Jien Nickel Industry Co. Ltd. in 2010
• Financial difficul(es, Toronto merchant bank brought in to manage
MMG/Izok Corridor Project
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• Development – Mine
• Type – Lead/zinc/copper
• Name – Izok Lake
• Area – Ki(kmeot
• Shipping – Panamax export, resupply – Open water/shoulder scenario
• Status – Feasibility review
• Commencement – Not found
• Source – Company/web/CoM
• Review halted to revisit economics • Will now be Izok, High Lake and Hood river • All hangs on road construc(on, who pays and
who takes it out?
Corona$on Gulf Ports
14 Applied Knowledge
Project Owner(s) Commodity Status Hackett River Glencore Canada Zinc, Silver,
Copper, Lead
Seems to have gone quiet of late.
Back River Sabina Gold & Silver Corp.
Gold Final EIS in 2015
ULU & Lupin Elgin Mining Inc.ManderlayWPC Resources
Gold “In transition”.
TMAC/Doris/Hope Bay
15 Applied Knowledge
• Development – Mine
• Type – Gold
• Name – Doris/Hope Bay
• Area – Ki(kmeot
• Shipping – Resupply likely
• Status – Produc(on decision in 2015
• Commencement – End of 2016?
• Source – Company/CoM
• Raised es(mate of gold ore • Feasibility study should be
completed by March 2015
ASRC/Coal
16 Applied Knowledge
• Development – Mine
• Type – Coal
• Name
• Area – Pt Lay/Pt Hope
• Shipping – Export
• Status – “ASRC seeks a development company to
explore and develop its coal deposits located on its lands in the western Arc(c.”
• Commencement – Unknown
• Source – h`p://www.asrc.com/Lands/Pages/Coal.aspx
• 2 billion tons of ultra low sulfur coal within 6 miles of (dewater
Shell/Chukchi
18 Applied Knowledge
• Development – O&G
• Type – Petroleum
• Name – Burger
• Area – Chukchi
• Shipping – Too early to tell
• Status – If all approvals obtained returning to drill
summer 2015 • Commencement
– Unknown • Source
– Company
• “We are minded to drill this year in the Chukchi,” he told reporters on an earnings call Thursday morning. “We have retained a very significant capability to be ready for this year to go ahead.”
Shell/Beaufort
19 Applied Knowledge
• Development – O&G
• Type – Petroleum
• Name – Sivullik
• Area – US Beaufort
• Shipping – Unknown
• Status – If all approvals obtained returning to drill
summer 2015 • Commencement
– Unknown • Source
– Company
• Shell must secure drilling permits for individual wells and its contracted drilling rigs must clear a Coast Guard review.
Statoil/Chukchi
20 Applied Knowledge
• Development – O&G
• Type – Petroleum
• Name – Amundsen
• Area – Chukchi
• Shipping
• Status – Seismic and seabed surveys completed
• Commencement – Not before 2015
• Source – Company
• “Whether that means we drill in 2015, or maybe not un(l 2016 or whether we’d drill at all, I think maybe the jury’s s(ll a li`le bit out on that.”
Conoco Phillips/Chukchi
21 Applied Knowledge
• Development – O&G
• Type – Petroleum
• Name – Devils Paw
• Area – Chukchi
• Shipping
• Status – Paused un(l amer 2014
• Commencement
• Source – Company
• “Wai(ng for the regulatory environment to gain some clarity”
• Nothing announced yet for 2015
Conoco Phillips/Beaufort
22 Applied Knowledge
• Development – O&G
• Type – Petroleum
• Name – Amauligak
• Area – Canadian Beaufort
• Shipping – Likely to be high ice class tankers
• Status – Midst of first 3 year study
• Commencement – 15+ years
• Source – Company
• Largest oil discovery in the Canadian Arc(c (235 mmbbl and 1.6 tcf)
Imperial Oil/BP/Beaufort
24 Applied Knowledge
• Development – O&G
• Type – Petroleum
• Name – Ajurak/Pokak
• Area – Canadian Beaufort
• Shipping
• Status – Ini(al planning/regulatory assessment
• Commencement – 20+ years
• Source – Preliminary informa(on package – Google and interviews
• S(ll proceeding with aim to drill in 2020
Chevron/Beaufort
25 Applied Knowledge
• Development – O&G
• Type – Petroleum
• Name – EL-‐481
• Area – Canadian Beaufort
• Shipping – Likely to be high ice class tankers
• Status – 3D seismic acquired in 2012
• Commencement – 20+ years
• Source – Company and interviews
• In December, Chevron Canada Ltd. told the Na(onal Energy Board it was puong its Arc(c drilling plans "on hold indefinitely," ci(ng "uneconomic certainty" as one of the reasons
Shell/Greenland Oil
• Shell – 2012 Program
• 3D seismic acquisi(on • Shallow coring
– Statoil, Dong and GDF Suez have all handed back licenses in the same area
26 Applied Knowledge
Cairn/Greenland Oil
• Cairn Energy – Ini(al wells completed -‐ no
major discovery announced – No further drilling
announced, company is focusing on other assets
27 Applied Knowledge
Greenland Mining
• Greenland mining – Nuna Minerals
• Financing difficul(es
– Ironbark • Turnkey arrangement with NFC for lead/zinc/copper
– London Mining • Transferred to General Nice Development of HK
– True North Gems • Construc(on September 2014
28 Applied Knowledge
NAN/Maniitsoq
29 Applied Knowledge
• Development – Mine
• Type – Nickel
• Name – Imiak
• Area – SW Greenland
• Shipping – Export and resupply likely
• Status – Ongoing feasibility
• Commencement – Unknown
• Source – www.northamericannickel.com/projects/
greenland/maniitsoq/default.aspx
• On September 12 2013, the Company announced a new discovery with drill hole MQ-‐13-‐029.
GME/KvaneZeld
30 Applied Knowledge
• Development – Mine
• Type – Rare earths (uranium)
• Name – Kvaneqeld
• Area – SW Greenland
• Shipping – Export and resupply likely
• Status – Feasibility study Q1 2015
• Commencement – Unknown
• Source – www.ggg.gl/projects/kvaneqeld-‐rees-‐
uranium-‐zinc/feasibility-‐program/
• Project overall resource inventory: 956 Mt • Largest repository of rare earths outside of
China • Formed j/v with China NFC
Contact Us
31 Applied Knowledge
Tactical Marine Solutions Ltd. 4906 Alamida Crescent Victoria, B.C. V8T 2C1 Canada Phone: +1 (250) 388-7882 +61 (2) 8014-7216
Fax: +1 (604) 909-4675 Email: [email protected] Website: www.tactmarine.com