Rowan Karstel, Beacon Hill Resources - Operational logistic routes as a key to mining investment – Examining Beacon Hill Resources rail access agreement for the Sena line and the value created through securing rail allocation
 

Rowan Karstel, Beacon Hill Resources - Operational logistic routes as a key to mining investment – Examining Beacon Hill Resources rail access agreement for the Sena line and the value created through securing rail allocation

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Rowan Karstel, Chief Executive, Beacon Hill Resources delivered the presentation at the 2014 Heavy Haul Rail Africa Conference. ...

Rowan Karstel, Chief Executive, Beacon Hill Resources delivered the presentation at the 2014 Heavy Haul Rail Africa Conference.

The Heavy Haul Rail Africa Conference 2014 covers all the relevant issues including government and resource sector perspectives on future developments in heavy haul rail infrastructure, opportunities to source relevant funding, regulatory progress, challenges in planning and construction, rolling stock requirements, maintenance and capacity enhancement.

For more information about the event, please visit: http://www.railconferences.com/hhrafricaconference

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Rowan Karstel, Beacon Hill Resources - Operational logistic routes as a key to mining investment – Examining Beacon Hill Resources rail access agreement for the Sena line and the value created through securing rail allocation Rowan Karstel, Beacon Hill Resources - Operational logistic routes as a key to mining investment – Examining Beacon Hill Resources rail access agreement for the Sena line and the value created through securing rail allocation Presentation Transcript

  • Disclaimer | BEACON HILL RESOURCES | Heavy Haul Rail Africa | JHB |Presentation| March 2014 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
  • CONTENTS 3 1.  Introduction 2.  Minas Moatize Coal Mine 3.  Logistics 4.1 Alternative Solutions 4.2 Ncala Line 4.3 SENA Line 4.3 Ports 4.  Infrastructure: Power supply 5.  Legal and fiscal framework 6.  Marketing 7.  Cash Cost 8.  The Future 9.  Conclusion Strategic Focus Areas for Africa •  Infrastructure •  Logistics •  Skilled People | BEACON HILL RESOURCES | Heavy Haul Rail Africa | JHB |Presentation| March 2014
  • STRATEGIC CORRIDORS 4 Trans-Kalahari | BEACON HILL RESOURCES | Heavy Haul Rail Africa | JHB |Presentation| March 2014
  • Mozambique •  23 million people •  2500km of coastline •  On of the poorest countries in the world •  8% GDP growth rate | BEACON HILL RESOURCES | Heavy Haul Rail Africa | JHB |Presentation| March 2014
  • Minas Moatize Coal Project Tete Province, Mozambique (located in the highest coking coal yield area) 6 (Anglo American) | BEACON HILL RESOURCES | Heavy Haul Rail Africa | JHB |Presentation| March 2014
  • MINING COMPANIES IN TETE 7 | BEACON HILL RESOURCES | Heavy Haul Rail Africa | JHB |Presentation| March 2014
  • MINAS MOATIZE COAL MINE 8 | BEACON HILL RESOURCES | Heavy Haul Rail Africa | JHB |Presentation| March 2014
  • Geology in Tete Province | BEACON HILL RESOURCES | Heavy Haul Rail Africa | JHB |Presentation| March 2014
  • Phase 2A 1.8Mtpa Process Plant and Lab 10 Laboratory | BEACON HILL RESOURCES | Heavy Haul Rail Africa | JHB |Presentation| March 2014
  • Coking Coal Properties in Tete “Tier 2 Hard Coking Coal” 11 Positive •  High CSN (8-9) •  Very High CSR (60-64) •  Low CRI (22 -24) Negative •  High Sulphur ( >0.8%) •  High Phosphorous (> 0.055%) •  Lower Fluidity •  Mozambique coke cell at a slight discount to HCC (+- 8%) • “Making Coke is a blending game and there are some natural advantages to coke manufacturers sourcing Chipanga Coking Coal. It is Ideal for making good quality coke” – Dr D Ojha from Global Coke, India Notes: CSN – Coke Strength Reactivity CSR – Crucible Swelling Number CRI - Coke Reactivity Index | BEACON HILL RESOURCES | Heavy Haul Rail Africa | JHB |Presentation| March 2014
  • Production (steady state) 12 Run of Mine 2.8 Mtpa Saleable Products per annum 588 000 tons of Coking Coal 627 000 tons per annum of export Thermal (5400 Kcal) On mine cash cost US$ 22 / saleable ton Strip ratio 0.55 BCM: ton FOB cash cost in Beira (all-in) US$108 /saleable ton Capital US$ 22.9 mil for 2014 Life of Mine 15.4 years | BEACON HILL RESOURCES | Heavy Haul Rail Africa | JHB |Presentation| March 2014
  • Sena Rolling Stock- Grindrod Loco’s New rolling stock to be delivered to the Company in Q1 2014   Five ‘new’ Grindrod RL30SCC-3   Power 2 461 kW gross (3 300 hp)   Power 2 240 kW traction (3000 hp)   Traction effort - continuous 300 kN @ 18km/h   Total mass 108 tonnes   Axle load 18 tonnes 13 Specifications On-board Computers | BEACON HILL RESOURCES | Heavy Haul Rail Africa | JHB |Presentation| March 2014
  • Sena Rolling Stock – TE Wagons New rolling stock to be delivered to the Company in Q1 2014   90 new Gondola-type coal wagons fitted with the patented Sheffield bogey system  Tare mass 20,4 tonnes  Payload 61,6 tonnes  Wagon length over couplers 13,2 m  Axle load 20 tonnes 14 Specifications | BEACON HILL RESOURCES | Heavy Haul Rail Africa | JHB |Presentation| March 2014
  • Carbomoc Coal Loading Site CCLS a joint development between MML and JSPL  Land jointly owned by MML and Jindal  JPSL overseeing and carrying out construction of the works  Development to allow for storing, loading and transporting of coal  Three storage areas - JSPL Sites 1 & 2, MML Site  Rail lines to handle 42 wagons consists   Weighbridge to be provided   T e r m s a n d c o n d i t i o n s o f C o - Development agreed between parties  MML to pay $1,8 m (incl. tax) for 1/3 of throughput capacity – practical capacity of facility seen as ±2,7Mtpa. 15 | BEACON HILL RESOURCES | Heavy Haul Rail Africa | JHB |Presentation| March 2014
  • Warehouse Nr. 4 Off-loading Site Layout Development on CFM land 16   Rail line for 42 wagons with take-off from warehouse spur wagons that will not affect main line operations   Coal to be off-loaded from rail wagons, loaded onto road trucks and taken to a 40 000 tonne stockpile area on land be- longing to the port   From there the coal will be loaded onto skips and taken to the quay side for loading onto vessels   Construction of new port community road.   Costs ($) 8.5 million | BEACON HILL RESOURCES | Heavy Haul Rail Africa | JHB |Presentation| March 2014
  • Indicative MML Process Cost US$ 108 / ton FOB Beira (2.8 Mtpa) 17 Laboratory 16%   7%   12%   30%   22%   13%   Mining  Cost   Process  Cost   Transport   Rail   Port   Other   64% | BEACON HILL RESOURCES | Heavy Haul Rail Africa | JHB |Presentation| March 2014
  • ALTERNATIVE LOGISTIC SOLUTIONS 18 | BEACON HILL RESOURCES | Heavy Haul Rail Africa | JHB |Presentation| March 2014
  • Barging down of the Zambezi Dredging data: •  Approximately 180km (from the total 540km) will require dredging •  Capital dredging estimated volume : 19 million m3 •  Maintenance dredging: 25% of capital dredging per year •  Dredging will effect 7.1 to 11.7 % of the active channel •  The Zambezi is a very dynamic river: main channel is known to shift over time and the flood episodes can quickly modify the position of the navigable channel •  After capital dredging you will need permanent maintenance dredging | BEACON HILL RESOURCES | Heavy Haul Rail Africa | JHB |Presentation| March 2014
  • Coal slurry Pipeline Features of a proposed Coal Slurry Pipeline (ARUP) •  Use fresh water from Zambezi river or sea water from the ocean •  Closing loop system, minimise water loss •  Particle size of at least 4 to 7 mm for fresh water transport and up to 50mm for seawater (dense medium) transport •  Pipeline slurry of 50 to 60% solid by weight •  One main pump station and one booster pump station to overcome friction •  Dual pipeline principle can be followed large pipeline for coal slurry , small pipe line for water return •  70% of water recycled •  Capital Cost per km : US$ 9. 2 million •  Operational cost: Assume 35 MW power Fixed Cost (pa) US$ 30 Million Variable Cost (per ton) US$ 0.5 •  Expected Transportation tariff : US$ 20/ton | BEACON HILL RESOURCES | Heavy Haul Rail Africa | JHB |Presentation| March 2014
  • | BEACON HILL RESOURCES | Heavy Haul Rail Africa | JHB |Presentation| March 2014
  • CFM Plan to increase the SENA capacity 5Mtpa 2013 20Mtpa 2017 22 6.5 Mtpa 12 Mtpa ($100 mil funding) Vale 4 Mtpa Rio Tinto 2 Mtpa Minas Moatize 0.5 Mtpa | BEACON HILL RESOURCES | Heavy Haul Rail Africa | JHB |Presentation| March 2014
  • Macuse Project Mozambique reappraises rail costs •  Mozambique’s transport ministry lifted the estimated cost of a railway and port project to boost coal exports to $5bn, almost twice as much as its initial projection, Reuters reports. •  The Mozambique government chose Bangkok-based Italian-Thai Development as preferred developer to: •  construct the 525km rail line from Tete province to Macuse in Mozambique’s Zambezia province and •  a port able to handle 25mtpa of coal. •  The project was initially penciled in at $3bn but the figure has been revised. •  The total value of both contracts is estimated at $5bn, with the construction planned for 2016,” Ministry of Transport spokesman Verlopes 23 | BEACON HILL RESOURCES | Heavy Haul Rail Africa | JHB |Presentation| March 2014
  • 24 Hauling the coal from Tete to Beira •  Distance 570km •  Road in some areas in poor condition •  Not sustainable option in the long term •  Cost $58 / ton | BEACON HILL RESOURCES | Heavy Haul Rail Africa | JHB |Presentation| March 2014
  • NACALA LINE 25 | BEACON HILL RESOURCES | Heavy Haul Rail Africa | JHB |Presentation| March 2014
  • NACALA CORRIDOR Length : 912 Km Capex: $ 4.4 Billion $3.4 Billion Railway $1.0 Billion Port Terminal 26 | BEACON HILL RESOURCES | Heavy Haul Rail Africa | JHB |Presentation| March 2014
  • Motaize-Nacala Railway Line: •  230km Greenfield •  670km upgrade of existing •  237 km through Malawi & 675 km in Moz Moatize-Nacala Railway Line | BEACON HILL RESOURCES | Heavy Haul Rail Africa | JHB |Presentation| March 2014
  • Moatize-Nacala Railway Line Existing line: •  Rehabilitation / strengthening of substructure •  Replacement of superstructure | BEACON HILL RESOURCES | Heavy Haul Rail Africa | JHB |Presentation| March 2014
  • •  33 bridges rehabilitated and or strengthened •  65 new bridges Moatize-Nacala Railway Line | BEACON HILL RESOURCES | Heavy Haul Rail Africa | JHB |Presentation| March 2014
  • SENA LINE 30 | BEACON HILL RESOURCES | Heavy Haul Rail Africa | JHB |Presentation| March 2014
  • SENA LINE 570km | BEACON HILL RESOURCES | Heavy Haul Rail Africa | JHB |Presentation| March 2014
  • THE WAY FORWARD ON THE SENA LINE 32 Technical • Minimise the speed constraints on the line ( especially section that flooded early 2013) • Break up critical sections with by-pass loops • Once a homogeneous system is in place increase the length of the by-pass loop. • Introduce on-board computers with Telecom system Funding •  Creative funding options with private investors | BEACON HILL RESOURCES | Heavy Haul Rail Africa | JHB |Presentation| March 2014
  • Rail Allocation BHR receives 0.5 Mt Sena Rail Line Allocation in 2013   MML has entered into an Interim Rail Access Agreement with Portos e Caminhos de Ferro de Moçambique (‘CFM’) on the Sena Rail Line for an allocation of 0.5 Mtpa commencing in April 2013 (7.7% of line capacity)   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 for a minimum term of 10 years   It is the Company’s intention to use the Sena Line capacity to commence exports of coking coal   Increases to 1.5mtpa in 3 years 33 | BEACON HILL RESOURCES | Heavy Haul Rail Africa | JHB |Presentation| March 2014
  • PORTS 34 | BEACON HILL RESOURCES | Heavy Haul Rail Africa | JHB |Presentation| March 2014
  • | BEACON HILL RESOURCES | Heavy Haul Rail Africa | JHB |Presentation| March 2014
  • 36 Berth with 20m draft Cape Size vessels Installed capacity 18 Mtpa (Opportunity to expand) NACALA PORT CIA | BEACON HILL RESOURCES | Heavy Haul Rail Africa | JHB |Presentation| March 2014
  • Port of Beira 37 QUAY  11A  &B     2014/15   Maximum 20 Mtpa capacity Draft only 9m Only Handymax Ships ( max 33 000t ) | BEACON HILL RESOURCES | Heavy Haul Rail Africa | JHB |Presentation| March 2014
  • Port of Beira (Cornelder) MINAS  MOATIZE   LAYDOWN  AREA   QUAY  9   (2MTPA  CAPACITY)   BHR  IS  USING  QUAY  9   VALE  /  RIO   FACILITY   QUAY  8   (6MTPA  CAPACITY)   VALE  /  RIO  ARE  USING     38 QUAY  11A  &B     2014/15   | BEACON HILL RESOURCES | Heavy Haul Rail Africa | JHB |Presentation| March 2014
  • BEIRA QUAY 13 TERMINAL 13 PORT OF BEIRA 39 | BEACON HILL RESOURCES | Heavy Haul Rail Africa | JHB |Presentation| March 2014
  • QUAY 13 – PROPOSED LAYOUT 40 | BEACON HILL RESOURCES | Heavy Haul Rail Africa | JHB |Presentation| March 2014
  • Transhipment solution | BEACON HILL RESOURCES | Heavy Haul Rail Africa | JHB |Presentation| March 2014
  • INFRATRUCTURE: POWER SUPPLY 42 | BEACON HILL RESOURCES | Heavy Haul Rail Africa | JHB |Presentation| March 2014
  • 43 Power Supply Projects EDM/SASOL 160 MW | BEACON HILL RESOURCES | Heavy Haul Rail Africa | JHB |Presentation| March 2014
  • LEGAL AND FISCAL FRAMEWORK 44 | BEACON HILL RESOURCES | Heavy Haul Rail Africa | JHB |Presentation| March 2014
  • | BEACON HILL RESOURCES | Heavy Haul Rail Africa | JHB |Presentation| March 2014
  • Gabriel Muthisse Structure of Government Departments | BEACON HILL RESOURCES | Heavy Haul Rail Africa | JHB |Presentation| March 2014
  • MINING CONTRACT 47 Government Participation: The initial phase of the 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. •  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. (Ex-pats : 30% project , 20% operations 5yrs , 10% steady state ) •  Training and Employment Programme : Challenge is the Skills shortage •  Community development programme: MML needs to spend $1 mil in next 5 years and $4mil over life of mine BEE (SA) SOCIAL AND LABOUR PLAN / EMP / H & S Strategy School next to Minas Moatize in Tete | BEACON HILL RESOURCES | Heavy Haul Rail Africa | JHB |Presentation| March 2014
  • MARKETING 48 | BEACON HILL RESOURCES | Heavy Haul Rail Africa | JHB |Presentation| March 2014
  • 49 Mozambique Coking Coal – an opportunity •  Latest forecast 10Mt (coking exports) by 2020 •  Major potential: Brazil and India (making up nearly 50% of the global coking coal growth) •  India’s steel output up 6% (April – Sept 2013) •  Brazil steel output around 40 Mt in 2014 Source: Argus – Coal Trans Maputo | BEACON HILL RESOURCES | Heavy Haul Rail Africa | JHB |Presentation| March 2014
  • 50 Mozambique Thermal Coal •  India chronically short of power, 25% of populations has no access to power •  Indian domestic coal reserves in the North East and new power capacity being built in the South and West, will be better serviced by imported coal •  Indian domestic coal production has increased at CAGR 4% since 2008 •  Indian coal imports have increased at CAGR 21% over the same period •  Ultra Mega Power Projects (UMPP) in the Government 11th five year plan (2007-2012) envisages the creation of an additional 62 000 MW generating capacity, not just coal. Each UMMP will have a capacity of +- 10 Mt/a copal Source: World bank, World Coal Institute, Coal Issues Portal, Salva Report on India’s Thermal Coal Imports and Hatch | BEACON HILL RESOURCES | Heavy Haul Rail Africa | JHB |Presentation| March 2014
  • CASH COSTS 51 | BEACON HILL RESOURCES | Heavy Haul Rail Africa | JHB |Presentation| March 2014
  • MML Process Breakdown (FOB all-in $108/t) 52 $20 /t 0r 18% Quay 13 Transhipping | BEACON HILL RESOURCES | Heavy Haul Rail Africa | JHB |Presentation| March 2014
  • 53 Plant Phase 2B and  50.00      70.00      90.00      110.00      130.00      150.00      170.00      190.00      210.00     Cost  /  USd  /  ton     Business  Costs   Corporate  Costs   Long Run Marginal Cost Curve BHR will be a Tier 1 FOB cash cost producer after CAPEX Source: report from CRU London TIER 1 Effect of no rail | BEACON HILL RESOURCES | Heavy Haul Rail Africa | JHB |Presentation| March 2014
  • 54 Rail Capacity on SENA line- A factor of where the Commodity Cycle is Assumptions: 1) Mine ROM Capacity 2) 21% coking coal practical yield 3) 24% thermal coal practical yield “Why build Macuze if SENA goes up to 20Mtpa” Bearish Commodity Cycle Bullish Commodity Cycle | BEACON HILL RESOURCES | Heavy Haul Rail Africa | JHB |Presentation| March 2014
  • THE FUTURE 55 | BEACON HILL RESOURCES | Heavy Haul Rail Africa | JHB |Presentation| March 2014
  • 56 High Road for Mozambique Coal Coking Coal in Tete Province (short to medium term) •  SENA line capacity to 20 Mtpa ( outsource operator, CFM control) •  Development of Quay 13 in Beira •  Professional dredging company in Beira •  Tax regime to follow commodity cycle •  Mining Contract •  Skills Development “Mozambique has got the potential to become a role model for Mining in AFRICA” | BEACON HILL RESOURCES | Heavy Haul Rail Africa | JHB |Presentation| March 2014
  • 57 Rovuma Hydrocarbon Basin “If the Government manages the process wisely, Mozambique can become a second Qatar in the future” “Rovuma has got major potential for LNG , GTL and Power. Why do the Grand INGA project in the Congo if there is all the gas reserves in Mozambique” | BEACON HILL RESOURCES | Heavy Haul Rail Africa | JHB |Presentation| March 2014
  • 58 | BEACON HILL RESOURCES | Heavy Haul Rail Africa | JHB |Presentation| March 2014
  • Contacts Rowan Karstel CEO rowan.karstel@bhrplc.com Justin Farr-Jones Chairman jfarr-jones@bhrplc.com www.bhrplc.com info@bhrplc.com 59 | BEACON HILL RESOURCES | Heavy Haul Rail Africa | JHB |Presentation| March 2014