A ground breaking year for Beacon Hill Resources
 

A ground breaking year for Beacon Hill Resources

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Rowan Karstel, CEO, Beacon Hill Resources gave this presentation at the 4th annual Mozambique Coal conference, the very first event to focus on the coal industry in the Mozambican region and has had ...

Rowan Karstel, CEO, Beacon Hill Resources gave this presentation at the 4th annual Mozambique Coal conference, the very first event to focus on the coal industry in the Mozambican region and has had the support from the Mozambique Government since the inaugural event in 2010.

With 300+ attendees each year, this event sees geographical delegate representation as diversed as Australia, South Africa, India, Bostwana, Canada, United-Kingdom, Egypt, Indonesia, Pakistan, United Arab Emirates USA, Singapore, Thailand, Japan, and of course Mozambique.

For more information about the annual event, please visit www.immevents.com/mining-conference/mozambique-coal-conference

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A ground breaking year for Beacon Hill Resources A ground breaking year for Beacon Hill Resources Presentation Transcript

  • Beacon Hill Resources Plc Minas Moatize – The Junior Coal Miner in Tete “A ground-breaking year for Beacon Hill Resources” 15 July 2013 Mozambique Coal 2013 Conference
  • Disclaimer BEACON HILL RESOURCES | MOZAMBIQUE COAL CONFERENCE – MAPUTO | JULY 2013 These presentation slides (‘the Slides’) do not comprise an admission document, listing particulars, a prospectus, disclosure statement or product disclosure statement under the Corporations Act 2001 (Cth) relating to Beacon Hill Resources Plc (‘the Company’) or any subsidiary of the Company. The Slides and accompanying verbal presentation is not investment advice or financial product advice. This presentation does not constitute an offer or invitation to purchase or subscribe for any securities of the Company (‘the Securities’) and should not be relied on in connection with a decision to purchase or subscribe for any such Securities. The Slides and the accompanying verbal presentation do not constitute an offer, invitation or recommendation regarding any decision to sell or purchase Securities in the Company in any jurisdiction and does not and will not form part of any contract for the acquisition of Securities. The Slides and the accompanying verbal presentation are confidential and the Slides are being supplied to you solely for your information and may not be reproduced or distributed to any other person or published, in whole or in part, for any purpose. No reliance may be placed for any purpose whatsoever on the information or opinions contained in the Slides and the accompanying verbal presentation or the completeness, accuracy or fairness of such information or opinions. No undertaking, representation, warranty or other assurance, express or implied, is made or given by or on behalf of the Company, its advisers or their respective shareholders, directors, officers, employees, agents or advisers or any other person as to the accuracy or completeness of the information or opinions contained in the Slides and the accompanying verbal presentation, and no liability is accepted for any such information or opinions (including in the case of negligence, but excluding any liability for fraud). The information contained in the Slides is selective and subject to updating, expansion, completion, revision, amendment and verification. It does not purport to contain all the information that a prospective investor or their professional advisors would reasonably require to make an informed assessment of the rights attaching to any securities of the Company or its related bodies corporate and associates and the assets and liabilities, financial position and performance, profits and losses and prospects of the Company. Prospective investors should conduct their own independent investigation and analysis of the Company and of the information contained in these Slides and they are advised to seek their own professional advice on the legal, financial and taxation consequences of making an investment in the Company. The Company has not independently verified any of the information contained in Slides. Nothing in these Slides constitutes the giving of investment advice by the Company or its advisers or any of their respective directors, offices, partners, employees, agents or advisers. If a recipient seeks to make an investment in the Company, it shall make and rely solely upon its own investigations and enquiries, independently of the information contained and statements made in the Slides and accompanying verbal presentation. The Slides contain forward-looking statements, which relate, inter alia, to the Company’s proposed strategy, plans and objectives. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such forward-looking statements. Accordingly, you should not rely on any forward-looking statements and the Company accepts no obligation to disseminate any updates or revisions to such forward-looking statements. The Slides and their contents are directed only at persons: (i) if in the United Kingdom, who fall within the exemptions contained in Articles 19 and 49 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (such as persons who are authorised or exempt persons within the meaning of the Financial Services and Markets Act 2000 (as amended) and certain other persons having professional experience relating to investments, high net worth companies, unincorporated associations or partnerships and the trustees of high value trusts) and persons who are “qualified investors” (within the meaning of section 86(7) of the Financial Services and Markets Act 2000 (as amended)); (ii) if elsewhere in the European Union, only to “qualified investors” (as defined in Article 2(1)(e) of the Prospective Directive 2003/71 EC) to whom this Presentation may be delivered without breach by the Company or its advisers of applicable laws; and (iii) in any other jurisdiction, only to whom such direction may lawfully be made without breach of applicable laws. Any investment, investment activity or controlled activity to which the Slides relate is available only to such persons and will be engaged in only with such persons. No offer of Securities is being or will be made in circumstances which would require a prospectus (or similar document) to be approved. Persons of any other description, including those that do not have professional experience in matters relating to investments, should not rely or act upon the Slides. The Slides should not be distributed, published, reproduced or otherwise made available in whole or in part by recipients to any other person and, in particular, should not be distributed to persons in the United States of America, the Republic of South Africa, the Republic of Ireland, Japan or Canada or in any other country outside the United Kingdom where such distribution may lead to a breach of any legal or regulatory requirement. No securities commission or similar authority in Canada has in any way passed on the merits of the Securities offered hereunder and any representation to the contrary is an offence. Nothing in the Slides and accompanying verbal presentation constitutes an offer of securities for sale in any jurisdiction in which, or to any person to whom, it is unlawful to do so. The Securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended ‘the US Securities Act’) or with any securities regulatory authority of any state or other jurisdiction of the United States and may not be offered or sold within the United States or to, or for the account or benefit of, any US Person as that term is defined in Regulation S under the US Securities Act. The Company has not been registered and will not register under the United States Investment Company Act of 1940, as amended. 2
  • Beacon Hill Resources Plc Key Data Market AIM (BHR) & ASX (BHU) Share Price (as at 10.07.13) 2.38p per Share Total Ordinary Shares 1,578,593,484 Options & Warrants 89,460,499 Market Capitalisation £37.5m Chairman Justin Farr-Jones Chief Executive Officer Rowan Karstel Non-Executive Director Cristian Ramirez Non-Executive Director David Premraj Independent Non-Executive Director Murray d’Almeida 3 Board of Directors BHR Historical Share Price GBp per share Market Data Shareholders 15% 15% 9% 8% 53% Latitude Zero Pelham Investments Consolidated BlackRock All Other Investors 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 BEACON HILL RESOURCES | MOZAMBIQUE COAL CONFERENCE – MAPUTO | JULY 2013
  • Minas Moatize Location History New Expansion Strategy 3km from the mine 4 BEACON HILL RESOURCES | MOZAMBIQUE COAL CONFERENCE – MAPUTO | JULY 2013
  • Minas Moatize Coal Project Tete Province, Mozambique 5 (Anglo American) BEACON HILL RESOURCES | MOZAMBIQUE COAL CONFERENCE – MAPUTO | JULY 2013
  • Minas Moatize History  12 operating underground mines in the Moatize area in the late 1970s / early 1980s – known as Chipanga I to Chipanga XII  Operated by Carbomoc (Mozambique Government) in partnership with the East Germans  Present Minas Moatize was formally known as Chipanga XI and was established in 1980  The mine was developed for two years, but had not been brought into production when all mining activities in the area were suspended as a result of the civil war 6 BEACON HILL RESOURCES | MOZAMBIQUE COAL CONFERENCE – MAPUTO | JULY 2013
  • Phase I, II and III Expansion Original plan  Commenced open pit mining of thermal coal in Q2 2011 from an initial open pit mine  Mining has commenced from a second open pit, the Upper Chipanga Pit, where coking coal will be produced  Coal processed at Phase I CHPP which has a feed capacity of 0.6Mtpa –thermal only  Phase II plant was due to be completed in Nov 2012 with a plant feed of 1.8Mtpa  DFS study completed Feb 2012 to build a 4 Mtpa operation with 10 year life  Capital expenditure of $150 million and full production anticipated after three years 7 BEACON HILL RESOURCES | MOZAMBIQUE COAL CONFERENCE – MAPUTO | JULY 2013
  • New Expansion Strategy “A lean and mean philosophy – assets must sweat”  Align mine production to rail capacity: 0.5Mt of rail capacity at 20% coking coal yield gives you 2.8Mtpa ROM production profile – LOM increased from 10 to 16 years  Optimise capital: revised process plant design and cut capital by US$80m (80% saving in plant capital expenditure)  Phased plant expansion programme: enabling effective management of cash flow and spreading the risk  Phase 2 A – 1.8Mtpa capacity  Phase 2 B – 2.8Mtpa (additional crusher station and second primary wash)  Phase 2 C – Flotation unit and thickener  Coking coal focus: mining activities focused on high value coking coal shipments maximising Net Present value 8 BEACON HILL RESOURCES | MOZAMBIQUE COAL CONFERENCE – MAPUTO | JULY 2013
  • New Expansion Strategy “A lean and mean philosophy – assets must sweat”  Overhead cost reduction programme: implementation of a cost cutting plan • targeting senior management ($2 million) • closing Melbourne office • employment contracts performance and KPI driven • weekly cash flow approvals • improve financial controls: implementation of Pastel  Skilled management team: Appointed an experienced EXCO team with strong coal backgrounds  Vertical integration: introduction of Met Coke plant to increase margins and help de-risk the rail in the short term  Need to increase resource base: evaluating potential of surrounding reserves 9 BEACON HILL RESOURCES | MOZAMBIQUE COAL CONFERENCE – MAPUTO | JULY 2013
  • Critical Milestones to date 10 | BEACON HILL RESOURCES | 4th QUARTER UPDATE | FEBRUARY 2013 MINAS MOATIZE: 2013 OBJECTIVES DELIVERED / DUE ROLLING STOCK: Operating Lease Signed DELIVERED JAN 2013 RAIL ALLOCATION: 0.5 Mt Allocation Received on Sena Line DELIVERED FEB 2013 JORC RESOURCE: 31% JORC Resource Upgrade to 86.8 Mt DELIVERED FEB 2013 EQUITY FUNDING: $21 million Equity Raise DELIVERED MAR 2013 MINING CONTRACT: Govt. Participation 5% Carried/10% Paid DELIVERED APR 2013 COMMISIONING OF WASHPLANT: Phase 2 A of process plant TARGET JULY/AUG 2013
  • Minas Moatize Coking Coal Mine 11 BEACON HILL RESOURCES | MOZAMBIQUE COAL CONFERENCE – MAPUTO | JULY 2013
  • 12 This represents an increase of 31% on the previous JORC resource statement JORC RESOURCE Upgraded JORC Resource Previous JORC Resource Measured 41.4Mt 35.9Mt Indicated 35.2Mt 30.5Mt Inferred 10.6Mt - Less Historical Underground Extraction 0.4Mt Total JORC Resource 86.8Mt 66.4Mt Coal Resource Statement BEACON HILL RESOURCES | MOZAMBIQUE COAL CONFERENCE – MAPUTO | JULY 2013
  • Production 13 Run of Mine 2.8Mtpa Saleable Products per annum 540,000 tons of coking coal 620,000 tons per annum of export thermal (5,400 Kcal) On mine cash cost US$30 / saleable ton FOB cash cost in Beira US$90 /saleable ton Capital US$21 million for 2013 Life of Mine 16 years BEACON HILL RESOURCES | MOZAMBIQUE COAL CONFERENCE – MAPUTO | JULY 2013
  • Plan view of Mining Area | BEACON HILL RESOURCES | Carbon - Beijing | JUNE 2013
  • Overview – old underground mine | BEACON HILL RESOURCES | Carbon - Beijing | JUNE 2013
  • Life of Mine sequence | BEACON HILL RESOURCES | Carbon - Beijing | JUNE 2013
  • Life of Mine sequence | BEACON HILL RESOURCES | Carbon - Beijing | JUNE 2013
  • Life of Mine sequence | BEACON HILL RESOURCES | Carbon - Beijing | JUNE 2013
  • Life of Mine sequence | BEACON HILL RESOURCES | Carbon - Beijing | JUNE 2013
  • Minas Moatize Wash Plant and Lab 20 Laboratory BEACON HILL RESOURCES | MOZAMBIQUE COAL CONFERENCE – MAPUTO | JULY 2013
  • Saleable Coal Qualities 21 Sample ID Proximate % Inherent Moisture Content (ad) % Ash Content (ad) % Volatile Matter (ad) % Fix C (ad) Total S (%) CV (MJ/Kg) P in Coal (%) FSI Coking product 09/05/2013 0.6 9.6 19.8 70.0 0.59 32.75 0.059 9.00 Coking Product 09/05/2013 0.6 8.0 20.6 70.8 0.97 32.19 0.047 8.50 As sampled and analysed by BV Laboratory Hard Coking Coal Thermal Coal A export thermal Coal product has been produced with an Ash content of ~ 23-25% and a CV content of ~ 25 MJ/kg. BEACON HILL RESOURCES | MOZAMBIQUE COAL CONFERENCE – MAPUTO | JULY 2013
  • Minas Moatize Wash Plant phase 2B and 2C 22 Laboratory Phase 2 B Crusher station Second Primary wash Floatation plant and thickener BEACON HILL RESOURCES | MOZAMBIQUE COAL CONFERENCE – MAPUTO | JULY 2013
  • 23 LIMN Simulations Without Flotation With Flotation Seam CL CM CU CL CM CU Coking Yield 18.02 8.28 23.30 25.76 15.36 31.86 Coking Ash 10.50 10.50 10.50 10.50 10.79 10.50 Thermal Yield 27.16 11.27 20.45 31.71 19.01 23.88 Thermal CV 24.00 23.23 24.00 24.00 24.00 24.00 CM target for Export Thermal only Average coking coal yield 25% BEACON HILL RESOURCES | MOZAMBIQUE COAL CONFERENCE – MAPUTO | JULY 2013
  • Sena Rolling Stock BHR signs operating lease for new rolling stock for Sena Railway  Minas Moatize Limitada (‘MML’) has signed an operating lease agreement with Thelo Rolling Stock Leasing  Thelo is 50% owned by Thelo Rolling Stock Partnership and 50% owned by the Industrial Development Corporation (IDC), a South African government-owned institution.  Thelo will lease to MML five ‘new’ Grindrod locomotives for 10 years  Thelo will also lease to MML 90 new Gondola-type coal wagons fitted with Sheffield bogey system for a term of 10 years  Grindrod Locomotives has been appointed as the rail services operator, and will assume day–to–day responsibility for MML’s train operations on the Sena Line 24 BEACON HILL RESOURCES | MOZAMBIQUE COAL CONFERENCE – MAPUTO | JULY 2013
  • Rail Allocation BHR receives 0.5 Mt Sena Rail Line Allocation in 2013  Interim Rail Access Agreement signed with Portos e Caminhos de Ferro de Moçambique (‘CFM’) on the Sena Rail Line for an allocation of 0.5 Mtpa or 7.7% of line capacity commencing in April 2013  MML will pay CFM a monthly line access fee  The Interim Rail Access Agreement automatically renews itself each year until MML and CFM enter into a long term take or pay agreement  MML shall initially operate two train sets each consisting of two locomotives with 42 wagons (each wagon of up to 63 tonnes load capacity) 25 BEACON HILL RESOURCES | MOZAMBIQUE COAL CONFERENCE – MAPUTO | JULY 2013
  • Plan of Carbonoc Siding 26 BEACON HILL RESOURCES | MOZAMBIQUE COAL CONFERENCE – MAPUTO | JULY 2013
  • Carbonoc Siding in Moatize 3km from the mine 27 BEACON HILL RESOURCES | MOZAMBIQUE COAL CONFERENCE – MAPUTO | JULY 2013
  • Beira – Rail Off Loading Siding 28 BEACON HILL RESOURCES | MOZAMBIQUE COAL CONFERENCE – MAPUTO | JULY 2013
  • Port of Beira MINAS MOATIZE LAYDOWN AREA QUAY 9 (2MTPA CAPACITY) BHR IS USING QUAY 9 VALE / RIO FACILITY QUAY 8 (6MTPA CAPACITY) VALE / RIO ARE USING NEW COAL TERMINAL (20MTPA) 29 BEACON HILL RESOURCES | MOZAMBIQUE COAL CONFERENCE – MAPUTO | JULY 2013
  • Beira – Quay 13 30 TERMINAL 13 PORT OF BEIRA BEACON HILL RESOURCES | MOZAMBIQUE COAL CONFERENCE – MAPUTO | JULY 2013
  • Quay 13 – Proposed layout 31 BEACON HILL RESOURCES | MOZAMBIQUE COAL CONFERENCE – MAPUTO | JULY 2013
  • 32 Signing of the Mining Contract in Maputo Mining Contract allows the Government a 5% stake in MML which aligns Governments interests with that of the Company. The signing of this contract represents a milestone in the process of stabilising the BHR subsidiary by providing following advantages:  Security of tenure through this 25 years contract and a predictable long term legal frame work of investment  Ability to transfer the attained contractual position  Fiscal incentives and exemption from custom duties  Ability to employ sufficient skilled foreign professionals required to implement planned development and if required hire international contractors for the term of the contract BEACON HILL RESOURCES | MOZAMBIQUE COAL CONFERENCE – MAPUTO | JULY 2013
  • Community Development Programme 33 BEACON HILL RESOURCES | MOZAMBIQUE COAL CONFERENCE – MAPUTO | JULY 2013 School next to Minas Moatize in Tete • Building of three schools • Houses for re-located employees • Commitment to spend $1 million on community development over the next five years
  • • Over 220 employees on the mine (excluding contractors) • Re-skill U/G operators • Mentoring and coaching programme 34 School next to Minas Moatize in Tete Training and Employment Programme BEACON HILL RESOURCES | MOZAMBIQUE COAL CONFERENCE – MAPUTO | JULY 2013
  • New Management Team (MML) Rowan Karstel CEO John Daly COO Altus Cloete Manager: HS & E Nathan Culkin GM: Process Stefanie Cronje CFO & HR Rikus van Rensburg Financial Controller Mac vd Merwe Operations Manager: Rail Lynette Kruger Marketing & Logistic Manager Vacancy Beira Port Manager Ric Jose Mozambique: Country Manager Peet Meyer Consultant: Geology MAPTEK Mine Planning 35 BEACON HILL RESOURCES | MOZAMBIQUE COAL CONFERENCE – MAPUTO | JULY 2013 Daleen Scholtz R & H Rail Consultant AURECON Rail Consultants BHRBoardMMLBoard
  • Funding 36 EXPANSION COSTS NON-DISCRETIONARY AMOUNT STATUS Upgrade the Beira Siding and Carbonoc Siding $10.0m Beira (SGS in Feasibility) / Carbonoc Commenced Security deposit for CFM for Rail Allocation and for Thelo Rolling Stock (Leasing Finance) $1.4m Approved to pay in Q213 DISCRETIONARY Capital Plant Phase 2B (flotation cells and thickener) $3.5m Planned not approved Capital Plant Phase 2C (upgrade plant to 2.8Mtpa) $6.5m Planned not approved Feasibility study on the relocation of cut-off canal $0.3m Approved Total Capital Expenditure (Planned Approved / Not Approved) $21.7m Debt Funding  Management are in discussions with leading financial institutions with respect to arranging a debt facility for on-going working capital funding and to refinance the senior secured US$10m debt facility with Vitol. Key milestones to close the facility include the demonstration of the upgraded wash plant and the receipt of a rail allocation (recently attained) Cash  Cash /Cash equivalents as at 14 June 2013 is US$9m (excl. US$6m contractor prepayments) BEACON HILL RESOURCES | MOZAMBIQUE COAL CONFERENCE – MAPUTO | JULY 2013
  • Beacon Hill Resources Plc Capital Structure and Major Shareholders 37 CAPITAL STRUCTURE ORDINARY SHARES 1,578,593,484 OPTIONS 69,185,499 WARRANTS 20,275,000 CONVERTIBLE LOAN NOTES Approx. US$10.25M* - convertible into c.136,056,454 ordinary shares SECURED DEBT US$10M** *The convertible loan notes were issued in GBP, AUD and USD. The total amount of the convertible loan notes is approximately US$10.25m (subject to changes in the exchange rate) **Vitol Coal S.A. provided the Company with secured debt of US$20m in 2 tranches of $10m BEACON HILL RESOURCES | MOZAMBIQUE COAL CONFERENCE – MAPUTO | JULY 2013
  • 4. Coal Marketing Marketing and Off-Take Agreements  Entered into a coal marketing agreement with Vitol Coal S.A. – one of the world’s largest energy trading companies  Vitol acts as agent to market export coal produced at Minas Moatize  As part of the agreement, Global Coke Limited, an Indian metallurgical coke producer, will be offered up to 600,000 tonnes of coking coal per annum (pursuant to a separate off-take agreement)  Export coal is delivered for sale FOB Port of Beira  First two trial export shipments have been sold through the marketing agreement with Vitol Coal S.A  The marketing and off-take agreements have change of control clauses that allow the contracts to be bought-out in the event of change of control 38 BEACON HILL RESOURCES | MOZAMBIQUE COAL CONFERENCE – MAPUTO | JULY 2013
  • Beacon Hill Resources’ Growth Strategy 39 BEACON HILL RESOURCES | MOZAMBIQUE COAL CONFERENCE – MAPUTO | JULY 2013
  • Vertical Integration 40 Beacon Hill Resources Steel Group Growth Pillars Metallurgical Coke Plant Coking and Thermal Coal Co- Power Generation 15MW Pig Iron Magnetite Magnesite (MgO) Caustic Calcined Magnesia Mozambique Tasmania VerticalIntegration BEACON HILL RESOURCES | MOZAMBIQUE COAL CONFERENCE – MAPUTO | JULY 2013
  • Metallurgical Coke Plant (plus co-generation 15 MW)  BHR, in conjunction with key stakeholders (including Global Coke), are in discussions with regards to building a Metallurgical Coke Plant in Tete  Key outcome would be the potential of a mine gate coking coal off-take, which would increase overall margins 41 BEACON HILL RESOURCES | MOZAMBIQUE COAL CONFERENCE – MAPUTO | JULY 2013
  • Position of Metallurgical Coke Plant 42 BEACON HILL RESOURCES | MOZAMBIQUE COAL CONFERENCE – MAPUTO | JULY 2013
  • Expanding from a 2.8 to 4Mpta Operation 43 BEACON HILL RESOURCES | MOZAMBIQUE COAL CONFERENCE – MAPUTO | JULY 2013
  • Location of Pig Iron Opportunity 44 BEACON HILL RESOURCES | MOZAMBIQUE COAL CONFERENCE – MAPUTO | JULY 2013 The existence of magmatic injection titanomagnetite iron ore deposits in the Tete Suite has been known since the 1960s. Among the most important of these deposits are the Antiga Caldas Xavier and Machédua deposits. These deposits are located approximately 35km east of Tete, and are accessible via the road that links Tete and Malawi.
  • Conclusion 45 BEACON HILL RESOURCES | MOZAMBIQUE COAL CONFERENCE – MAPUTO | JULY 2013
  • 46 Coal in a Nuclear Winter • With the development of shale gas the world energy market has changed • Mozambique a low mining cash cost producer • Challenge for Mozambique lies in the logistics (rail and port) BEACON HILL RESOURCES | MOZAMBIQUE COAL CONFERENCE – MAPUTO | JULY 2013
  • 47 High Road for Mozambique Coal Coking coal in Tete Province (short to medium term) • SENA line capacity to 20Mtpa • Development of Quay 13 in Beira • CFM to control both assets • Tax regime to follow commodity cycle • Mining Contract • Skills Development “Mozambique has got the potential to become a role model for mining across Africa” BEACON HILL RESOURCES | MOZAMBIQUE COAL CONFERENCE – MAPUTO | JULY 2013
  • Contacts Rowan Karstel CEO rowan.karstel@bhrplc.com Justin Farr-Jones Chairman jfarr-jones@bhrplc.com www.bhrplc.com info@bhrplc.com 48 BEACON HILL RESOURCES | MOZAMBIQUE COAL CONFERENCE – MAPUTO | JULY 2013