Swy august 2012 chinese

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Presentation for NAI being given at their offices August 9, 2012 by Matt Manson. Postponed from August 2, 2012.

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Swy august 2012 chinese

  1. 1. 2012 8 2 NAIMatt Manson
  2. 2. 2 “ ” 1995 “ ” “ ”(i) (ii) (iii) (iv) (v) (vi) (vii) (viii) (ix) “ ” “ ” “ ” “ ” “ ” “ ” “ ” “ ” “ ” “ ” “ ” “ ” “ ” “ ” “ ” Stornoway Stornoway (i) (ii) (iii) (iv) (v) (vi) (vii) 167 Renard (viii) (ix) Renard (x) Stornoway www.sedar.com Stornoway Stornoway
  3. 3. 4• Ekati (BHPB)• Diavik ( /Harry Winston)• Victor, Snap Lake, Gahcho Kue (De Beers) • Arkhangelsk District (Alrosa)• Renard (Stornoway) • Yakutia District (Alrosa)• Star (Shore Gold/Newmont) • Grib (LUKOIL) • Bundar ( • Argyle ( ) • Koidu, (Steinmetz Group) • Ellendale (Gem Diamonds) • Mbuyi-Mayi • Williamson (Petra Diamonds) • Catoca (Alrosa) • Letseng (Gem Diamonds) • Jwaneng, Orapa (De Beers) • Venetia (De Beers) • Kao (Namakwa Diamonds) • Gope (Gem Diamonds) • Finsch, Premier (Petra Diamonds) • Liqhobong (Firestone) • AK6 (Lucara Diamonds) • Lace (DiamondCorp) • Mothai (Lucara)
  4. 4. 52011 1/8 160 140 120 100 2008 80 2009 2010 60 2011 40 20 0 Diamond Pt-Pd Ni Al Au Cu USGS, LME, Kimberly Process
  5. 5. 6Stornoway 2011 2011 27.2% 22.7% Zimbabwe HW 2.5% Zimbabwe 1.9% 7.1% HWGem 2.1%1.8% Petra Gem De Beers De Beers 0.2% 24.4% 1.4% 34.7% Petra 4.9% 1.1% BHPB 9.1% 5.1% BHPB Alrosa Alrosa 2.0% 26.9% 25.2% SWY 2010 SWY Kimberly Process
  6. 6. 7 De Beers Alrosa SWY 78% (mCarats) ( $) $2776 1,800 1,000 950 1,600 900 850 800 $731 1,400 750 700 1,200 650 600 1,000 550 500Mcts 800 450 400 $360 $335 $US 600 350 300 250 400 ` 200 $182 $155 150 $137 $121 $120 200 100 50 $34 0 0 : . De Beers100% : Stornoway , FY2011 .
  7. 7. 8Alrosa 2010 2020 23% RBC 15-17% 2008 20 90 EKATI Diavik AK6 (LUC) Renard (SWY) Star-Orion (SGF) Koidu (Steinmetz) Gahcho Kue (MPV, De G lo b a l R o u g h D ia m o n d Zimbabwe P r o d u c tio n ( M M c t) 200 Beers) 180 160 140 120 Ct MM 100 80 60 40 20 0 2011E 2012E 2013E 2014E 2015E 2016E 2018E 2019E 2007A 2008A 2009A 2010A 2017E 2006A A n g o la A u s t r a li a Botsw ana C anada D RC N a m ib ia R u s s ia S o u t h A f r ic a Zim b a b w e O ther RBC Capital Markets
  8. 8. 9 Alrosa 2011 10 2010 2020 80,000 CAGR 10-20 136,959 60,000 26,112 +9.8% 101,845 $billions Alrosa Global Insight 2011 10 40,000 76,047 16,769 11,175 +10.4% 5.6% 2020 10,260 6,756 5,756 +2.9% 20,000 4,168 5,097 1,280 2020 4,322 22,087 +4.3% 17,770 10.4% 408 2010 0 14,527 151 2010 2015F 2020F United States Japan India China World Global insights Alrosa 2011 10 50 CAGR 73.8 97.4 127.8 120 10-20 45 40.8 28.2% 40 100 35 26.0 +12.5% $billions 80 24.5% 30 21.5%$billions 25.4 15.1 20.5 25 60 12.5 +11.0% 8.0 10.0 20 40 7.2 8.8 15.1 +2.4% 15 7.9 20 44.5 35.7 +4.7% 10 28.2 5 0 2010 2015F 2020F 0 2010 2015F 2020F United States Japan India China % of India to China World Alrosa 2011 10 Global insights Alrosa 2011 10
  9. 9. 10 2003-2012 4WWW International Diamond Consultants Limited 2003 10 LME IMF
  10. 10. 11 De Beers , 2000-2011 $8 2000 $7 De BeersSales (Billion USD) $6 $5 $4 $3 $2 De Beers 2009- $1 $- 2010 29% 2010- 2011 29% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Source: Company Reports , 2000-2011 $16 $14Debt (Billion USD) $12 $10 $8 $6 $4 $2 $- 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Source: RBC Capital Markets
  11. 11. 12 Stornoway Production and Demand in Rough Terms (Q1 2012 values) WWW 2011 2014 $60bn 2011 Production $50bn Demand2025 7.5% $40bnWWW $30bn $20bn $10bn De Beers Alrosa 2020 10% $0bn 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 source:WWW Forecasts Ltd WWW 2011 2 WWW Stornoway 2025Renard 2.5% 0% De Beers 2011 11
  12. 12. Stornoway Renard
  13. 13. 14 Stornoway? Renard 100%RenardStornoway
  14. 14. 15Stornoway StornowayMatt Manson Pat Godin Zara Boldt Michel Blouin John LeBoutillier Monique MercierTony Walsh / Yves Harvey / / Peter Nixon Ebe Scherkus Serge Vézina IQ Designate IQ Designate IQ Designate JohnGhislain Yves Peron Robin Dave Skelton Brian Glover Martin Boucher Guy Bourque Helene Patrick Houle Armstrong Poirier Hopkins Robitaille
  15. 15. 16 8 2011 11 2011 12 2012 2 2012 3(Mecheshoo ) 2012 3-5 50/50 / $4,000 2012 5 $2,840 2012 2012 5 2012 7 Chibougamau Chapais
  16. 16. 17Renard 0 1 2 Kilometers N 60 0 60 120 Kilometers Laforge 2 Laforge 1 R10 Brisay LG4 LG2 R7 LG3 Foxtrot Property Hibou R1 Eleonore Wemindji Renard R65 Western Troy Eastmain Mine R4 Strateco R8 R9 R3 Troilus Mine R2 Temiscamie Lynx Mistissini Matagami Chibougamau Legend LEGEND: Stornoway HydroQuébec HydroQuébec Renard 167 /
  17. 17. 18Renard NI 43-101 2011 1 24 2011 11 16 Renard 65 29cpht Renard 3 / Renard 2 106/118cpht 103/118cpht 1,800 Renard 4 53/44cpht Renard 9 47cpht 1,700 2,400-4,900 +1DTC “CIM ” “
  18. 18. 193.1 (PKC) R65 R2-R3 167
  19. 19. 20Renard 2 & 3 ( 1-2 ) Renard 65Renard 2 3&4 ( 3-11 ) REBOP6,000 / 220 /Renard 65 Renard 3 Renard 4 Renard 2 Renard 3 Renard 2
  20. 20. 212011 11 16 7% 6.72 18.7% 3.76 14.9% 11 210 170 180 / 27 8.02 68% 54.71 / 70.27 / 1 1,800 (2,310 78 / ) 1,750 (3,110 56 / ) 1 =1 90 / 2011 2025 2.5% 83.5% 19.4% 0 / 2012 1 1 1 “CIM ”
  21. 21. 22 Renard 65Stornoway 700 Renard 3 LTBP • Renard 2 600-700 610 • Renard 65 290 370 NI 43-101 Renard 4 Renard 2 Renard 9
  22. 22. 500 1,000 1,500 2,000 2,500 500 1,000 1,500 2,000 2,5002013 20132014 20142015 20152016 20162017 2017 ( 2018 (20182019 20192020 20202021 2021 )2022 2022 )2023 20232024 20242025 20252026 2026 R2 R3 R4 R2 Pit R3 Pit R2 UG R3 UG R4 UG 1,000 1,500 2,000 2,500 500 100.0 200.0 300.0 400.0 500.0 600.02013 20132014 20142015 20152016 2016 2017 (20172018 2018 (2019 20192020 2020 )2021 20212022 20222023 20232024 2024 )2025 2025 20262026 R2 R3 R4 R2 R3 R4 23
  23. 23. 24Renard 652012 7 23 Stornoway Renard 65 5,000 2012 R65 R65 7 Renard 65 1,000 Renard 65 10 / 5,000 Stornoway Renard 65 7,000 / 260 / A4 Renard 65
  24. 24. 25Renard WWW International Diamond Consultants Ltd. 2011 5 8 13 Renard Lynx Hibou / 99% 1% “ ” 3 6 50-100 1 2 100 100,000 15%-38% Renard 3 2 “ ” 2011 5 ( / ( ) ( ) ( ) )1 Renard 2 1,580 15.46, 8.80, 8.42 $163 to $236 Renard 3 2,753 10.15, 7.78, 6.36 $182 $153 to $205 Renard 4 2,674 5.92, 5.74, 3.99 $1122 $105 to $185 Lynx 535 21.53, 5.36, 5.34 $119 $99 to $144 Hibou 772 3.14, 3.07, 2.72 $118 $88 to $1361 2011 5 9 13 WWW International Diamond Consultants Limited2 Renard 2011 1 NI 43-101 2011 11 $164/ Renard 4 +0.85mm +1 DTC
  25. 25. 26 2011 2012 2013 2014 2015 ( ) ( )COMEX CEAA (50)
  26. 26. 27 “ 167 ”70 / 2 167 Caniapiscau $3.32 Stornoway Stornoway 2015 10 / $4,400 Laforge 2 Brisay Laforge 1 2012 1 LG4 Renard 2013 LG2 LG3 Mirage Renard Laforge-1 165 161 Eleonore Renard (Goldcorp) McLeod Lake $1.74 (Western Troy) Eastmain $9/ Eastmain 1 (Eastmain) 167 Matoush (268 ) (Strateco) Stornoway Troilus Temiscamie (Inmet) Mistissini 60 0 60 120 Kilometers Chibougamau Scale : 1:3,000,000
  27. 27. 28Stornoway Investissement Québec• IQ 25% 34% 25%• IQ $1 “ ”• 5 12 167• Stornoway 167 “ ” Jean Charest Stornoway Matt Manson 8 1 Chibougamau 167 Charest 4 Renard 65
  28. 28. 29Stornoway * 1.19 ( RBC : - 1.61 Des Kilalea, $2.05 ( 2012 5 11 : 3,100 Paradigm David Davidson $3.15 2011 11 17 4,700 ( 2012 4 30 5 4 ) BMO Ed Sterck $1.00 : 2012 6 7 2,000 IQ $1 ) Desjardins * Brian Christie $1.70 2012 5 8 ( ) 25.0% Laurentian IQ** 33.7% ( ) -------- Eric Lemieux $2.75 2012 7 5 Agnico-Eagle 10.6% 8.9% National Bank Caisse de dépôt et placement du - 9.0% 7.5% Eldon Brown $2.00 Québec 2012 5 4 3.1% 2.4% Float 52.3% 47.5% 2010 12 Stornoway Société générale de financement du Québec Investissment Québec $1 175* 2012 7 12 $0.74**IQ Investissement Québec
  29. 29. 30Aber Diamond Corporation, 1995-2007 1999 7
  30. 30. 31Renard:•••••• 6-12• $2,840 EPCM• 2012• Renard 65• 2013• Investissement Québec $1 25% .• -•
  31. 31. !
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