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Sherritt International Corp.
Summary
| Project: | Ambatovy | |
|---|---|---|
| Deposit: | Ambatovy, Analamay | |
| Location: | Madagascar | |
| Commodities: | Nickel-Cobalt-Aluminium-Magnesium | |
| Date: | 2/13/2019 | |
| Report Code: | NI43-101 | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 13-2-2019: Sherritt International Corp. announces a Resource Estimation report for its Ambatovy, Analamay deposit at the Ambatovy project. Updated mineral resource and ore reserve estimate at the project. The Ambatovy Project is a producing nickel and cob | |
| Resources: | (Reserve, Total): 154.3Mt @ 0.93% Ni, 0.08% Co, 4.48% Al, 0.94% Mg | |
| CP/QP: | [Resources]: Adrian Martinez (CSA Global Pty Ltd.) | |
| ABSTRACT: | The Ambatovy Project is a producing nickel and cobalt project designed for an annual production capacity of 60,000 tonnes (t) of nickel and 5,600 t of cobalt and approximately 210,000 t of ammonium sulphate, with an estimated life of approximately 26 years. Annual production rates are projected to vary over the life of the mine, largely dependent on ore grades. Ambatovy Minerals Société Anonyme (AMSA) and Dynatec Madagascar Société Anonyme (DMSA) (known together as the Ambatovy Joint Venture) are operators of the mine and the plant respectively. Sherritt International Corp. (Sherritt) indirectly holds a 12% interest in each of AMSA and DMSA. Sumitomo Corporation (Sumitomo) and Korea Resources Corporation (KORES) indirectly hold the remaining interest in the Ambatovy Joint Venture. Sherritt acts as the operator of the Ambatovy Joint Venture. This Technical Report provides the scientific and technical information concerning the update of the development and production activities, updated Mineral Resources and Mineral Reserves estimates and updated life of mine (LOM) and production schedule for the Ambatovy Project. The Ambatovy Project’s mine site (“the Property”) is located in Madagascar, 80 km east of the capital city of Antananarivo and 11 km north of the town of Moramanga. The Property covers 143.7 km2 and consists of 368 contiguous 625 m x 625 m blocks. All necessary titles and permits for the Property are held by AMSA. AMSA was granted Exploitation Permit No. 459 (Exploitation Permit 459) effective 7 September 2006 by the Ministère de l’Energie et des Mines. Exploitation Permit 459 grants AMSA the right to extract nickel, cobalt, copper, chrome and platinum from the Property for a period of 40 years dating from 7 September 2006. In order to maintain Exploitation Permit 459 in good standing, AMSA must file an annual report, pay certain annual administration fees of approximately US$46,300 (107,345,600 MGA) payable under the Mining Code, and remain in compliance with its obligations under the Environmental and Social Management Plan (ESMP), which is attached as an appendix to its environmental permit. Under Malagasy law, the Ambatovy Joint Venture is considered a foreign company and therefore is not entitled to purchase land in Madagascar. The surface rights of the Property consist of a 50-year lease with the Malagasy State. The contract for the lease is registered with the Malagasy fiscal authority and the lease is registered at the appropriate local land titles registry. The lease is conditional on the payment of annual fees of US$250,000 and compliance with land usage, which is mining and the establishment of a forest conservation area according to the Ambatovy Joint Venture’s environmental commitment. | |
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