BIND Completion of competent persons report.pdf
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Transcript of BIND Completion of competent persons report.pdf
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7/27/2019 BIND Completion of competent persons report.pdf
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BINDURA NICKEL CORPORATION LIMITED
(Incorporated and registered in Zimbabwe with limited liability under Certificate of Registration
number 552/66 and Certificates of Change of Name dated 22 June 1979)
Directors: K.K. Mpinga (Chairman) (DRC), D.E.H. Murangari (Managing Director), J.P. Arthur,
O.M. Chidawu, N.Kudenga, B. Manhando, T. Mashungupa, M.A. Masunda,
Alternate Director: I.S. Cochrane
Address: Trojan Nickel Mine, Trojan Mine Road, Bindura, Zimbabwe
COMPLETION OF COMPETENT PERSONS REPORT AND 28%
INCREASE IN ORE RESERVES AT TROJAN NICKEL MINE
Bindura Nickel Corporation Limited (BNC or the Company) is pleased to announce the
completion of a competent persons review by SRK Consulting (UK) Limited (SRK) of its
Business Plan for the re-start of operations at Trojan Mine. SRK reviewed the updated mine
plan targeting the higher grade ore zones in the early years of production at Trojan. The
report is independent confirmation that the plan is realistic and achievable and enables BNC
to update its Ore Reserves statement to total reserves of 3.168Mt at an average grade of
1.04% for 32,975 tonnes of nickel, a 28% increase to the previously reported Trojan
reserves as at 31 March 2010 of 25,810 tonnes of contained nickel.
The table below presents BNCs latest Mineral Resource and Ore Reserve Statements for
Trojan as at 30 June 2013, audited by SRK and reported in accordance with the JORC Code.
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7/27/2019 BIND Completion of competent persons report.pdf
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Table 1: SRK Audited Mineral Resource and Ore Reserve Statement at 30 June
2013
Ore Reserve Mineral Resource
Tonnage Grade Nickel Tonnage Grade Nickel
Category (kt) (%) (t) Category (kt) (%) (t)
Proved 2,166 0.89 19,254 Measured 2,235 1.01 22,572
Probable 1,002 1.37 13,721 Indicated 1,946 1.52 29,583
Total 3,168 1.04 32,975 Sub-total 4,181 1.25 52,155
Inferred 4,038 1.63 65,817
Total 8,219 1.44 117,971
(1) Ore Reserves are reported as delivered to the concentrator and exclude all metallurgical recoveries.(2) Mineral Resources are stated inclusive of Ore Reserves.(3) Ore Reserves are restricted to 37L and above.(4) Mineral Resource and Ore Reserve depleted for actual mining during April to June 2013.
BNCs Business Plan is based on the exploitation of the Measured, Indicated and Inferred
Resources on and above 49L which are projected to support mining for some 10 years. The
construction of the infrastructure required to access deeper levels has already commenced.
SRK has reviewed the Business Plan for the re-start of operations at Trojan and considers
the plan to be both realistic and achievable. SRK has also reviewed the production schedule
on which the Trojan Business Plan is based and while this incorporates a portion of Inferred
material, and therefore has a higher element of risk than if this was not the case, considers
this to have been appropriately derived from the Mineral Resource model.
An off-take agreement has been signed with Glencore which gives clarity on the revenue
assumptions made going forward. SRK is satisfied that the terms of this have been
appropriately reflected in the BNC Business Plan.
BNC has developed operating costs from first principles and using experience from previous
operating history at the mine, processing and administration facilities. SRK has reviewed the
operating and capital cost assumptions and considers these to have been developed in a
thorough manner and to be reasonable for the purposes of the Trojan Business Plan.
By Order of the Board
C.F. Mukanganga
Company Secretary
7 October 2013