Cobre del Mayo operates the Piedras Verdes copper mine in Mexico which began production in 2006. It produces copper cathode and sells ore for processing. Since being acquired in 2009, management has implemented initiatives to stabilize operations, including converting to owner operation and installing crushing and conveying systems. Safety, environmental, and community relations are key focuses. The mine has over 17 years of remaining mine life based on increased mineral resource estimates to over 685 million tons through exploration programs.
Cobre del Mayo operates the Piedras Verdes open-pit copper mine in Sonora, Mexico. It produces copper cathode and sells ore for processing. The mine has mineral resources of 1.7 million tons and an estimated remaining mine life of over 17 years. Cobre del Mayo has a track record of stable, low-risk operations and focuses on safety, environmental compliance, and community and labor relations. It has increased total mineral resources by 110% since acquisition and extended its mine life from less than 9 years to over 17 years.
IMPACT Silver owns 357 square kilometers of mineral concessions in central Mexico containing numerous historic silver mines. The company operates two processing plants fed by three producing silver mines - San Ramon, Cuchara-Oscar, and Mirasol. Exploration continues across the large land package with the aim of discovering additional resources near existing infrastructure. Recent drilling has expanded high-grade silver mineralization at depth below the San Ramon mine.
Cobre del Mayo operates the Piedras Verdes open-pit copper mine in Sonora, Mexico. It produces copper cathode and sells refractory and vein type ore. Since being acquired in 2009, production has increased from 543 tons per month to over 5,000 tons through optimization initiatives. With 1.7 million tons of mineral resources and a mine life of over 17 years, Cobre del Mayo has been transformed into a stable, low-cost copper producer with long-term potential for further expansion.
Cobre del Mayo is a Mexican mining company that operates the Piedras Verdes copper mine. The presentation provides an overview of Cobre del Mayo, including its operations, historical financial performance, and opportunities to reduce costs. It notes that the company has implemented initiatives to diversify processing methods and increase production. Upcoming low-cost projects are expected to further increase copper cathode and concentrate production while reducing cash costs to an estimated $1.65 per pound on average over the mine life.
Cobre del Mayo is a Mexican mining company that operates the Piedras Verdes copper mine in Sonora, Mexico. The mine produces copper cathode and sells higher grade ore to Kupari Metals for processing. In the first quarter of 2017, Cobre del Mayo's copper cathode sales increased 44.1% compared to the same period in 2016. It also paid its May 2017 interest payment on senior secured notes, with 50% paid through a PIK payment and 50% in cash. Cobre del Mayo entered a hedge agreement in March 2017 to sell fixed-price copper cathode through December 2017.
Cobre del Mayo operates the Piedras Verdes open-pit copper mine in Mexico. It produces copper cathode through leaching and sells ore to Kupari Metals, which operates a flotation plant. In the fourth quarter of 2016, Cobre del Mayo's cathode sales increased 11.3% compared to the previous year due to a 10% increase in copper prices. Its C1 cash cost increased 4.6% to $2.35 per pound of copper, remaining below the realized copper price of $2.44 per pound. An updated reserve report estimates the mine life is 14 years with proven and probable reserves of 846,000 tons of copper.
IMPACT Silver is a junior silver producer with two production centers in Mexico. It has four producing silver mines currently feeding its centers. IMPACT aims to grow through continued exploration of its large land package, with the goal of developing multiple mines to feed multiple processing centers and become a mid-tier precious metals producer. Key targets for further exploration and potential development include Mirasol, La Condesa, Santa Efigenia, and others across its Zacualpan and Capire districts.
1. IMPACT Silver provides a cautionary statement regarding forward-looking information in its presentations to account for uncertainties in exploration results and estimates.
2. The company owns a large portfolio of silver-focused assets in Mexico with a goal of building a mid-tier precious metals producer through continued exploration, mine development, and production from multiple centers.
3. IMPACT has two existing production centers and four producing mines currently contributing to cash flow, with plans to increase throughput and pursue additional exploration targets to drive future production growth.
Cobre del Mayo operates the Piedras Verdes open-pit copper mine in Sonora, Mexico. It produces copper cathode and sells ore for processing. The mine has mineral resources of 1.7 million tons and an estimated remaining mine life of over 17 years. Cobre del Mayo has a track record of stable, low-risk operations and focuses on safety, environmental compliance, and community and labor relations. It has increased total mineral resources by 110% since acquisition and extended its mine life from less than 9 years to over 17 years.
IMPACT Silver owns 357 square kilometers of mineral concessions in central Mexico containing numerous historic silver mines. The company operates two processing plants fed by three producing silver mines - San Ramon, Cuchara-Oscar, and Mirasol. Exploration continues across the large land package with the aim of discovering additional resources near existing infrastructure. Recent drilling has expanded high-grade silver mineralization at depth below the San Ramon mine.
Cobre del Mayo operates the Piedras Verdes open-pit copper mine in Sonora, Mexico. It produces copper cathode and sells refractory and vein type ore. Since being acquired in 2009, production has increased from 543 tons per month to over 5,000 tons through optimization initiatives. With 1.7 million tons of mineral resources and a mine life of over 17 years, Cobre del Mayo has been transformed into a stable, low-cost copper producer with long-term potential for further expansion.
Cobre del Mayo is a Mexican mining company that operates the Piedras Verdes copper mine. The presentation provides an overview of Cobre del Mayo, including its operations, historical financial performance, and opportunities to reduce costs. It notes that the company has implemented initiatives to diversify processing methods and increase production. Upcoming low-cost projects are expected to further increase copper cathode and concentrate production while reducing cash costs to an estimated $1.65 per pound on average over the mine life.
Cobre del Mayo is a Mexican mining company that operates the Piedras Verdes copper mine in Sonora, Mexico. The mine produces copper cathode and sells higher grade ore to Kupari Metals for processing. In the first quarter of 2017, Cobre del Mayo's copper cathode sales increased 44.1% compared to the same period in 2016. It also paid its May 2017 interest payment on senior secured notes, with 50% paid through a PIK payment and 50% in cash. Cobre del Mayo entered a hedge agreement in March 2017 to sell fixed-price copper cathode through December 2017.
Cobre del Mayo operates the Piedras Verdes open-pit copper mine in Mexico. It produces copper cathode through leaching and sells ore to Kupari Metals, which operates a flotation plant. In the fourth quarter of 2016, Cobre del Mayo's cathode sales increased 11.3% compared to the previous year due to a 10% increase in copper prices. Its C1 cash cost increased 4.6% to $2.35 per pound of copper, remaining below the realized copper price of $2.44 per pound. An updated reserve report estimates the mine life is 14 years with proven and probable reserves of 846,000 tons of copper.
IMPACT Silver is a junior silver producer with two production centers in Mexico. It has four producing silver mines currently feeding its centers. IMPACT aims to grow through continued exploration of its large land package, with the goal of developing multiple mines to feed multiple processing centers and become a mid-tier precious metals producer. Key targets for further exploration and potential development include Mirasol, La Condesa, Santa Efigenia, and others across its Zacualpan and Capire districts.
1. IMPACT Silver provides a cautionary statement regarding forward-looking information in its presentations to account for uncertainties in exploration results and estimates.
2. The company owns a large portfolio of silver-focused assets in Mexico with a goal of building a mid-tier precious metals producer through continued exploration, mine development, and production from multiple centers.
3. IMPACT has two existing production centers and four producing mines currently contributing to cash flow, with plans to increase throughput and pursue additional exploration targets to drive future production growth.
This presentation provides an overview of Energold Drilling Group and its business segments. Energold is a global drilling solutions provider operating 260+ rigs across 24 countries. It has four business segments: mining, energy, manufacturing, and water. The presentation contains forward-looking statements and notes the qualifications of the technical persons responsible for the technical content. It provides details on Energold's operations, technology, customers, financial performance, social and environmental practices, and investment in IMPACT Silver Corp. The overall purpose is to summarize Energold's business for investors.
IMPACT Silver is a Canadian silver producer with operations based in Zacualpan, Mexico. The company operates two processing plants on its large land package that has a history of silver mining dating back 500 years. IMPACT is transitioning mining operations to focus on higher grade silver veins and is also exploring gold and copper zones on the property. Exploration potential remains high given the extensive historic mining across IMPACT's large land holdings.
- Purest Silver Publicly Listed Company +90% Revenues from Silver focuses on silver production and exploration in Mexico with over 16 years of success.
- IMPACT operates multiple underground mines and a processing plant, producing over 11 million ounces of silver since 2006. Production is primarily from high grade silver-lead-zinc epithermal veins.
- IMPACT is leveraged to rising silver prices, with its share price historically generating significantly higher returns than silver in bull markets due to high silver production and ounces in the ground.
IMPACT Silver provides a quarterly report on its operations for Q1 2015. It summarizes production highlights including 220,961 ounces of silver produced. It also discusses its two production centers, expansion plans, exploration targets, and financial results. IMPACT is a silver-focused junior mining company with operations in Mexico and plans for continued growth through exploration and development of multiple mines.
Cobre del Mayo operates the Piedras Verdes open-pit copper mine in Sonora, Mexico. It has invested $288M in upgrades since 2009 to transform the mine into a high-quality copper producing asset with competitive cash costs. Current initiatives aim to further reduce costs to a LOM target of $1.65/lb through low-capex projects to increase production without significantly increasing mining rates. These projects are expected to increase copper cathode production to over 100tpd and be completed by mid-2015.
- Orvana Minerals Corp. presented its fourth quarter and fiscal 2013 results, reporting increased production and sales over the previous year.
- Production guidance for fiscal 2014 forecasts total gold production of 80-93k oz, copper production of 18-20M lbs, and silver production of 875-950k oz.
- The EVBC mines in Spain achieved record gold production in the last two quarters of 2013 and exceeded guidance for the year. The UMZ mine in Bolivia also exceeded guidance with improved recoveries and higher head grades.
- Orvana has growth plans focused on expanding resources through drilling and exploration at its current operations in Spain and Bolivia, and continues to evaluate development options for its Copperwood
- Purest Silver Publicly Listed Company +90% Revenues from Silver is a corporate presentation for IMPACT Silver Corp, a silver mining production and exploration company based in Mexico.
- IMPACT owns two contiguous mining districts covering 211 square kilometers in Mexico, with over 16 years of exploration and production success. Over 90% of revenues come from silver.
- Operations include the 535 tonne per day Guadalupe processing plant and three underground mines (Guadalupe, San Ramon, and Cuchara), as well as the open pit Veta Negra mine. Exploration continues across the large land package with potential for new discoveries.
Enduro Metals holds one of the largest junior land positions in the heart of British Columbia’s Golden Triangle, a world-class mineral district hosting multiple successful mines. Enduro’s 648km2 Newmont Lake Property contains at least four large, distinct mineralized systems with district-scale potential—all starting from surface. The project’s geology, mineralization, exploration results and proximity align with some of the Golden Triangle’s richest known deposits.
Work to date has produced exceptional results in drilling, while sampling, mapping and geophysics have identified large areas of high-grade and highly-prospective showings. The Company is fully funded for aggressive exploration in 2021.
IMPACT Silver is a Canadian silver producer with operations based in Zacualpan, Mexico. It operates two processing plants that produce silver concentrate from four underground mines on its large land package with significant exploration upside. IMPACT has made discoveries of gold and copper prospects and continues exploration to evaluate over 5,000 historic mine workings indicative of a large mineralizing system. The company is also advancing brownfields targets near existing infrastructure and early-stage exploration elsewhere on the property.
The document provides an overview and cautionary statement about IMPACT Silver Corp. It notes that except for historical information, statements in the presentation regarding IMPACT's plans and expectations are forward-looking and subject to various risks and uncertainties. A qualified person is responsible for the technical information. The document also provides highlights about IMPACT's operations, including its two production centers and four producing silver mines, as well as exploration targets and plans for growth.
The document provides an overview and cautionary statement about IMPACT Silver Corp. It notes that except for historical information, statements in the presentation regarding IMPACT's plans and expectations are forward-looking and subject to various risks and uncertainties. A qualified person is responsible for the technical information. The document also provides highlights about IMPACT's operations, including its two production centers and four producing silver mines, and discusses its exploration targets and plans for growth.
Cobre del Mayo operates the Piedras Verdes copper mine in Mexico, the third largest copper mine in the country. It produces copper cathode through heap leaching and SX/EW processes, and sells ore to a nearby flotation plant for copper concentrate production. Since being acquired in 2009, the company has invested over $300 million to transform the mine into a low-cost, high-quality copper producer. Recent financial performance has shown improving production volumes, sales, and profitability. Cobre del Mayo also recently acquired a 40% stake in the adjacent flotation plant to further optimize operations across both sites.
Cobre del Mayo operates the Piedras Verdes copper mine in Mexico, which produces both copper cathode and copper concentrate. Recent initiatives have increased production and cash flow. The mine has over 15 years of reserves remaining and low sustaining capital costs. While the company has debt, strong operating performance has improved credit metrics and positions Cobre del Mayo for continued stable copper production.
Colossus Minerals is developing the Serra Pelada gold-platinum-palladium project in Brazil. Historical mining at Serra Pelada in the 1980s extracted over 2 million ounces of gold through open pit mining. Current drilling is expanding known mineralized zones and defining reserves. Underground development is underway with 850 meters completed so far. Commercial production is expected to begin in 2013 through an underground cut and fill mining method. Significant exploration potential also exists to expand resources along strike and at depth.
This presentation discusses Temas Resources Corp., a mining company focused on developing environmentally friendly extraction technologies. It owns 50% of ORF Technologies, which has a portfolio of greener extraction processes for metals like iron, titanium, vanadium, nickel, and gold. These technologies could reduce processing costs by 30-50% while improving recoveries. Temas also has an exclusive agreement to license MetaLeach, ammonia-based extraction technologies, in North America and Europe. The company's projects include the La Blache iron-titanium-vanadium project in Quebec and the high-grade Piskanja boron project in Serbia.
Cobre del Mayo operates the Piedras Verdes open-pit copper mine in Sonora, Mexico. It produces copper cathode through heap leaching and sells ore to Kupari Metals, which operates a flotation plant. The declining copper price since 2014 has significantly impacted Cobre del Mayo's sales, declining over 55% between Q2 2014 and Q4 2015. However, Cobre del Mayo has reduced its C1 cash costs through cost cutting measures. An updated 43-101 reserve report in November 2015 estimated reserves of 846kt of copper contained in ore, supporting a 14-year mine life.
IMPACT Silver provides a summary of its operations in Mexico. It operates the 500 tpd Guadalupe Production Centre, processing ore from three underground mines. It also operates a 200 tpd pilot plant at the Capire Production Centre, with plans to expand. IMPACT explores its over 623 km2 land package for additional targets to develop organically. Recent drill results at Capire showed high grades of silver, gold, lead, zinc and copper over significant intervals.
IMPACT Silver has been a steady silver producer in Mexico for 10 years from its large land package with a history of silver mining. Exploration continues to evaluate over 4,500 historic mine workings indicative of extensive mineralization. Recent drilling has expanded a new high-grade silver zone at the San Ramon Mine, with assays up to 610 g/t silver over 9.95 meters. Exploration is also targeting high potential areas such as Alacran North and San Pablo North to develop new mines within trucking distance of existing facilities.
This presentation provides an overview of Sage Gold's path to production and exploration potential. It summarizes the Clavos gold project which has permits to mine and an existing resource estimated in a PEA. The presentation also describes the Lynx copper-silver deposit which has an NI 43-101 resource estimated and blue sky exploration potential. Finally, it outlines why Sage Gold represents a good investment opportunity due to its two potential low capex deposits and very low market capitalization.
Sage Gold is a junior mining company focused on developing its Clavos gold and Lynx copper-silver-gold projects in Ontario, Canada into production to generate cash flow. Key points:
1) Sage plans to initially generate cash flow through developing production at its permitted Clavos gold project, which has an existing resource and positive
Investor Presentation - September 2014CobreDelMayo
Cobre del Mayo operates the Piedras Verdes open-pit copper mine in Sonora, Mexico. Since being acquired in 2009, the company has transformed the mine into a stable, low-cost operation with an estimated 17+ year mine life. Cobre del Mayo produces copper cathode and sells ore to generate $236.9 million in annual sales, with $77.2 million in EBITDA. Key agreements with off-takers and concessions reduce operating risks at the long-life asset.
Cobre del Mayo operates the Piedras Verdes copper mine in Mexico, the 3rd largest copper mine in the country. The mine has over 17 years of remaining mine life based on estimated reserves of 1.7 million metric tons of copper. Cobre del Mayo has agreements in place to sell all of its copper cathode production and supply copper ore to a third party for processing into concentrate. The company benefits from low-cost infrastructure and a stable operating environment in Mexico.
This presentation provides an overview of Energold Drilling Group and its business segments. Energold is a global drilling solutions provider operating 260+ rigs across 24 countries. It has four business segments: mining, energy, manufacturing, and water. The presentation contains forward-looking statements and notes the qualifications of the technical persons responsible for the technical content. It provides details on Energold's operations, technology, customers, financial performance, social and environmental practices, and investment in IMPACT Silver Corp. The overall purpose is to summarize Energold's business for investors.
IMPACT Silver is a Canadian silver producer with operations based in Zacualpan, Mexico. The company operates two processing plants on its large land package that has a history of silver mining dating back 500 years. IMPACT is transitioning mining operations to focus on higher grade silver veins and is also exploring gold and copper zones on the property. Exploration potential remains high given the extensive historic mining across IMPACT's large land holdings.
- Purest Silver Publicly Listed Company +90% Revenues from Silver focuses on silver production and exploration in Mexico with over 16 years of success.
- IMPACT operates multiple underground mines and a processing plant, producing over 11 million ounces of silver since 2006. Production is primarily from high grade silver-lead-zinc epithermal veins.
- IMPACT is leveraged to rising silver prices, with its share price historically generating significantly higher returns than silver in bull markets due to high silver production and ounces in the ground.
IMPACT Silver provides a quarterly report on its operations for Q1 2015. It summarizes production highlights including 220,961 ounces of silver produced. It also discusses its two production centers, expansion plans, exploration targets, and financial results. IMPACT is a silver-focused junior mining company with operations in Mexico and plans for continued growth through exploration and development of multiple mines.
Cobre del Mayo operates the Piedras Verdes open-pit copper mine in Sonora, Mexico. It has invested $288M in upgrades since 2009 to transform the mine into a high-quality copper producing asset with competitive cash costs. Current initiatives aim to further reduce costs to a LOM target of $1.65/lb through low-capex projects to increase production without significantly increasing mining rates. These projects are expected to increase copper cathode production to over 100tpd and be completed by mid-2015.
- Orvana Minerals Corp. presented its fourth quarter and fiscal 2013 results, reporting increased production and sales over the previous year.
- Production guidance for fiscal 2014 forecasts total gold production of 80-93k oz, copper production of 18-20M lbs, and silver production of 875-950k oz.
- The EVBC mines in Spain achieved record gold production in the last two quarters of 2013 and exceeded guidance for the year. The UMZ mine in Bolivia also exceeded guidance with improved recoveries and higher head grades.
- Orvana has growth plans focused on expanding resources through drilling and exploration at its current operations in Spain and Bolivia, and continues to evaluate development options for its Copperwood
- Purest Silver Publicly Listed Company +90% Revenues from Silver is a corporate presentation for IMPACT Silver Corp, a silver mining production and exploration company based in Mexico.
- IMPACT owns two contiguous mining districts covering 211 square kilometers in Mexico, with over 16 years of exploration and production success. Over 90% of revenues come from silver.
- Operations include the 535 tonne per day Guadalupe processing plant and three underground mines (Guadalupe, San Ramon, and Cuchara), as well as the open pit Veta Negra mine. Exploration continues across the large land package with potential for new discoveries.
Enduro Metals holds one of the largest junior land positions in the heart of British Columbia’s Golden Triangle, a world-class mineral district hosting multiple successful mines. Enduro’s 648km2 Newmont Lake Property contains at least four large, distinct mineralized systems with district-scale potential—all starting from surface. The project’s geology, mineralization, exploration results and proximity align with some of the Golden Triangle’s richest known deposits.
Work to date has produced exceptional results in drilling, while sampling, mapping and geophysics have identified large areas of high-grade and highly-prospective showings. The Company is fully funded for aggressive exploration in 2021.
IMPACT Silver is a Canadian silver producer with operations based in Zacualpan, Mexico. It operates two processing plants that produce silver concentrate from four underground mines on its large land package with significant exploration upside. IMPACT has made discoveries of gold and copper prospects and continues exploration to evaluate over 5,000 historic mine workings indicative of a large mineralizing system. The company is also advancing brownfields targets near existing infrastructure and early-stage exploration elsewhere on the property.
The document provides an overview and cautionary statement about IMPACT Silver Corp. It notes that except for historical information, statements in the presentation regarding IMPACT's plans and expectations are forward-looking and subject to various risks and uncertainties. A qualified person is responsible for the technical information. The document also provides highlights about IMPACT's operations, including its two production centers and four producing silver mines, as well as exploration targets and plans for growth.
The document provides an overview and cautionary statement about IMPACT Silver Corp. It notes that except for historical information, statements in the presentation regarding IMPACT's plans and expectations are forward-looking and subject to various risks and uncertainties. A qualified person is responsible for the technical information. The document also provides highlights about IMPACT's operations, including its two production centers and four producing silver mines, and discusses its exploration targets and plans for growth.
Cobre del Mayo operates the Piedras Verdes copper mine in Mexico, the third largest copper mine in the country. It produces copper cathode through heap leaching and SX/EW processes, and sells ore to a nearby flotation plant for copper concentrate production. Since being acquired in 2009, the company has invested over $300 million to transform the mine into a low-cost, high-quality copper producer. Recent financial performance has shown improving production volumes, sales, and profitability. Cobre del Mayo also recently acquired a 40% stake in the adjacent flotation plant to further optimize operations across both sites.
Cobre del Mayo operates the Piedras Verdes copper mine in Mexico, which produces both copper cathode and copper concentrate. Recent initiatives have increased production and cash flow. The mine has over 15 years of reserves remaining and low sustaining capital costs. While the company has debt, strong operating performance has improved credit metrics and positions Cobre del Mayo for continued stable copper production.
Colossus Minerals is developing the Serra Pelada gold-platinum-palladium project in Brazil. Historical mining at Serra Pelada in the 1980s extracted over 2 million ounces of gold through open pit mining. Current drilling is expanding known mineralized zones and defining reserves. Underground development is underway with 850 meters completed so far. Commercial production is expected to begin in 2013 through an underground cut and fill mining method. Significant exploration potential also exists to expand resources along strike and at depth.
This presentation discusses Temas Resources Corp., a mining company focused on developing environmentally friendly extraction technologies. It owns 50% of ORF Technologies, which has a portfolio of greener extraction processes for metals like iron, titanium, vanadium, nickel, and gold. These technologies could reduce processing costs by 30-50% while improving recoveries. Temas also has an exclusive agreement to license MetaLeach, ammonia-based extraction technologies, in North America and Europe. The company's projects include the La Blache iron-titanium-vanadium project in Quebec and the high-grade Piskanja boron project in Serbia.
Cobre del Mayo operates the Piedras Verdes open-pit copper mine in Sonora, Mexico. It produces copper cathode through heap leaching and sells ore to Kupari Metals, which operates a flotation plant. The declining copper price since 2014 has significantly impacted Cobre del Mayo's sales, declining over 55% between Q2 2014 and Q4 2015. However, Cobre del Mayo has reduced its C1 cash costs through cost cutting measures. An updated 43-101 reserve report in November 2015 estimated reserves of 846kt of copper contained in ore, supporting a 14-year mine life.
IMPACT Silver provides a summary of its operations in Mexico. It operates the 500 tpd Guadalupe Production Centre, processing ore from three underground mines. It also operates a 200 tpd pilot plant at the Capire Production Centre, with plans to expand. IMPACT explores its over 623 km2 land package for additional targets to develop organically. Recent drill results at Capire showed high grades of silver, gold, lead, zinc and copper over significant intervals.
IMPACT Silver has been a steady silver producer in Mexico for 10 years from its large land package with a history of silver mining. Exploration continues to evaluate over 4,500 historic mine workings indicative of extensive mineralization. Recent drilling has expanded a new high-grade silver zone at the San Ramon Mine, with assays up to 610 g/t silver over 9.95 meters. Exploration is also targeting high potential areas such as Alacran North and San Pablo North to develop new mines within trucking distance of existing facilities.
This presentation provides an overview of Sage Gold's path to production and exploration potential. It summarizes the Clavos gold project which has permits to mine and an existing resource estimated in a PEA. The presentation also describes the Lynx copper-silver deposit which has an NI 43-101 resource estimated and blue sky exploration potential. Finally, it outlines why Sage Gold represents a good investment opportunity due to its two potential low capex deposits and very low market capitalization.
Sage Gold is a junior mining company focused on developing its Clavos gold and Lynx copper-silver-gold projects in Ontario, Canada into production to generate cash flow. Key points:
1) Sage plans to initially generate cash flow through developing production at its permitted Clavos gold project, which has an existing resource and positive
Investor Presentation - September 2014CobreDelMayo
Cobre del Mayo operates the Piedras Verdes open-pit copper mine in Sonora, Mexico. Since being acquired in 2009, the company has transformed the mine into a stable, low-cost operation with an estimated 17+ year mine life. Cobre del Mayo produces copper cathode and sells ore to generate $236.9 million in annual sales, with $77.2 million in EBITDA. Key agreements with off-takers and concessions reduce operating risks at the long-life asset.
Cobre del Mayo operates the Piedras Verdes copper mine in Mexico, the 3rd largest copper mine in the country. The mine has over 17 years of remaining mine life based on estimated reserves of 1.7 million metric tons of copper. Cobre del Mayo has agreements in place to sell all of its copper cathode production and supply copper ore to a third party for processing into concentrate. The company benefits from low-cost infrastructure and a stable operating environment in Mexico.
Cobre del Mayo operates the Piedras Verdes open-pit copper mine in Sonora, Mexico. It has mineral resources of 1.7 million tons and an estimated remaining mine life of over 17 years. Since being acquired in 2009, Cobre del Mayo has implemented initiatives to reduce costs and increase production, transforming the mine into a stable, low-cost operation. Cobre del Mayo produces copper cathode on site and sells refractory and vein-type ore to generate revenue over its long mine life.
Cobre del Mayo operates the Piedras Verdes copper mine in Mexico, the third largest copper mine in the country. It produces copper cathode through heap leaching and sells ore to a nearby flotation plant. Recent initiatives like installing a fines classification system and acquiring a stake in the flotation plant have increased production and reduced costs. Further projects are planned that could significantly reduce cash costs through increased recovery and production without major capital expenditures.
Cobre Del Mayo - Investor Presentation - August 2014CobreDelMayo
Cobre del Mayo operates the Piedras Verdes open-pit copper mine in Sonora, Mexico. It produces copper cathode and sells refractory and vein type ore. Since being acquired in 2009, production has increased from 543 tons per month to over 5,000 tons through optimization initiatives. With 1.7 million tons of mineral resources and a mine life of over 17 years, Cobre del Mayo has been transformed into a stable, low-cost copper producer with long-term potential. Key agreements with off-takers and a $100 million credit facility help ensure continued operations.
The Reserve Bank of India released a report on financial and market analysis. The report provided details on the management and organizational structure of the Reserve Bank of India. It outlined how the central bank is governed and organized to oversee India's financial system and markets.
The poem is about two lovers who have been through ups and downs in their relationship but ultimately keep coming back to each other. It describes how despite the stops and starts, their love is resilient and they are meant to be together forever. The poem uses imagery of two angels rescued from falling to represent the narrator and their partner finding their way back to each other through all of life's challenges.
The poem is about two lovers who have been through ups and downs in their relationship but ultimately keep coming back to each other. It describes how despite the stops and starts, their love is resilient and they are meant to be together forever. The poem uses imagery of two angels rescued from falling to represent the narrator and their partner finding their way back to each other through all of life's challenges.
El documento lista diferentes categorías de películas populares e influyentes, incluyendo películas de amor como Moulin Rouge y Titanic, películas de miedo como Saw y The Ring, y películas de Disney. Finaliza indicando el fin de la lista de películas.
PASEOS PASA DÍA A FINCAS CAMPESTRES DEL VALLE DEL CAUCA CON TODO INCLUIDO A UNA TARIFA PLENA DE $40.000 POR PERSONA, VALIDO PARA GRUPOS A PARTIR DE 35 PERSONAS.
Cobre del Mayo operates the Piedras Verdes open-pit copper mine in Sonora, Mexico. It produces copper cathode through heap leaching and sells ore to Kupari Metals' flotation plant for processing into copper concentrate. Falling copper prices in recent years have significantly impacted Cobre del Mayo's sales. Despite cost cutting measures, its C1 cash costs have risen slightly due to higher processing costs. An updated 43-101 report estimates reserves of 846 thousand tonnes of contained copper over a 14 year mine life by optimizing production of both copper cathode and concentrate.
GoldQuest Mining Corp presents information on its Romero discovery project in the Dominican Republic. Key points include:
- A preliminary economic assessment shows an after-tax NPV of $219 million, IRR of 34%, payback of 2.7 years, and AISC of $572/oz for the Romero project.
- The project envisions a 2,500 tpd operation with bulk long-hole and cut-and-fill mining of a high-grade copper-gold deposit.
- Pre-production capital is estimated at $143.1 million. The management team has experience developing mines in the Dominican Republic.
Guyana Goldfields Inc. is a Canadian gold mining company that owns the Aurora gold mine in Guyana. The document discusses Guyana Goldfields' forward-looking statements about drilling, exploration, and resource estimates that involve risks and uncertainties. It also notes the company achieved 2017 production guidance and provides an overview of its 2017 performance. The document indicates Guyana Goldfields will provide an updated life of mine plan, 2018 production guidance, and Q4 2017 financial results in Q1 2018, which is expected to reduce costs and accelerate cash flow through optimization efforts.
Guyana Goldfields Inc. provides a presentation on its operations in Guyana. It discusses its Aurora Gold Mine which has over 15 years of reserve life. It is forecasting strong cash flow generation from being a high-grade gold producer. The company also discusses its large land package which provides exploration potential. Upcoming catalysts include an optimization of the life of mine plan and mill expansion expected in Q1 2018 along with exploration at targets near the mine and elsewhere on its lands.
Guyana Goldfields Inc. presented information on its Aurora Gold Mine in Guyana. The presentation discussed Guyana Goldfields' 2017 performance which met guidance, upcoming catalysts in 2018 including mill expansion and exploration, and the district potential around the mine. The Aurora mine has over 15 years of reserves remaining and the company has a large land package in an underexplored greenstone belt prospective for new discoveries.
Tamino Minerals Inc. is a junior mining exploration company focused on gold projects in Mexico. It owns the El Volcan gold project, which has potential for gold and silver mineralization. The company plans to conduct mapping, sampling, trenching, geophysics and a 2500 meter drill program at El Volcan in 2020. Tamino Minerals' management team has extensive experience operating mining projects and exploration companies in Mexico. The company aims to become a leading gold project developer and miner in Mexico by acquiring and developing early stage properties.
This document provides an investor presentation for Cobre del Mayo, a Mexican mining company that operates the Piedras Verdes open-pit copper mine. It summarizes Cobre del Mayo's operations, financial performance, cost reduction strategies, mineral reserves, and an outlook for future copper prices. Declining copper prices since 2014 have significantly impacted Cobre del Mayo's sales, though cost reductions have lowered cash costs. An updated resource report estimates reserves sufficient for a 14-year mine life. Analysis of future copper demand and the incentive price needed for new production suggests prices will rise to incentivize supply.
RMM is a Canadian copper and gold producer operating the Ming copper-gold mine in Newfoundland. The presentation provides an overview of RMM's operations including:
- Forecasts of 200,000-220,000 tonnes milled at 3.98% copper grade for fiscal 2014.
- A NI43-101 resource estimate at Ming totalling 20.4 million tonnes at 1.51% copper.
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1. 1
COBRE DEL MAYO
Investor Presentation
June 2014
All amounts in USD million ($M) unless otherwise noted
2. 2
Disclaimer and Forward Looking Statements
COBRE DEL MAYO 2
The information contained herein has been prepared to assist interested parties in making their own evaluation of the Piedras Verdes Project and does not purport
to be all inclusive or to contain all of the information that a prospective purchaser may desire.
Forward Looking Statements
This Investor Presentation and other communication with investors include forward-looking statements. These forward- looking statements include, without
limitation, statements regarding our future financial position and results of operations, our strategy, plans, objectives, goals and targets, future developments in the
markets in which we participate or are seeking to participate or anticipated regulatory changes in the markets in which we operate or intend to operate. In some
cases, forward-looking statements can be identified by terminology such as “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,”
“guidance,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should” or “will” or the negative of such terms or other comparable terminology.
By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur
in the future. We caution potential investors that forward-looking statements are not guarantees of future performance and are based on numerous assumptions
and that our actual results of operations, financial condition and liquidity may differ materially from (and be more negative than) those made in, or suggested by, the
forward-looking statements contained in the Offering Memorandum for the Cobre del Mayo notes. In addition, even if our results of operations, financial condition
and liquidity and the development of the industry in which we operate, are consistent with the forward-looking statements contained in this Management Discussion
and Analysis Report, those results or developments may not be indicative of results or developments in subsequent periods. Important factors that could cause
these differences include, but are not limited to:
We undertake no obligation to update or revise any forward-looking statement, whether as a result of new information or future events or developments.
• risks related to our competitive position;
• risks related to our strategy and expectations about growth in demand for
copper and business operations, financial condition and results of
operations;
• risks related to the revocation, expropriation or termination of our mining
concessions or our water concessions or of the agreements pursuant to
which we explore or exploit mining concessions belonging to third parties;
• the inability to be compensated fairly in the event of termination of our
mining concessions or our water concessions;
• the impact of fluctuations in the market price for copper;
• the impact of changes in the prices of raw materials, labor and our products;
• our relationship with unions and our ability to negotiate collective bargaining
agreements;
• the availability of materials and equipment;
• our access to funding sources, and the cost of the funding;
• changes in regulatory, administrative or economic conditions affecting the
mining industry, including government interpretations and policies;
• the application and enforcement of environmental laws and regulations;
• risks related to Mexico’s social, political or economic environment;
• the impact of changes in the end uses of our products;
• fluctuations in the value of the U.S. dollar against the Mexican peso;
• risks associated with market demand for and liquidity of the notes; and
• changes in the taxation of our business.
3. 3
Index
I. Company Overview
II. Operational Environment
III. Industry and Commodity Overview
IV. Historical Financial Performance
V. Conclusion
VI. Annexes
4
16
19
24
27
29
COBRE DEL MAYO 3
5. 5
Cobre del Mayo Snapshot
§ Cobre del Mayo is a Mexican mining company that operates the Piedras Verdes (PV) open-pit copper mine in
Sonora, Mexico
§ Began commercial production in 2006 and operations stopped during 4Q08 due to low copper prices
§ Purchased by Invecture in mid 2009
§ Produces LME Grade A copper cathode and sells refractory and vein type ore for processing into concentrate
§ Third largest copper mine in Mexico as measured by production
§ Mineral resources of 1.7 M tons with estimated remaining mine life of 17+ years
COBRE DEL MAYO 5
13
Piedras Verdes Advantaged Location and Access:
Huatabampo
Chihuahua
Sinaloa
Piedras
Verdes Alamos
Navojoa
Sonora
Ciudad
Obregon
Guaymas
Baja
California
P
C
Deep Water Port
Commercial Airport
Railway
Rail Station
Major Highway
Private Airport
C
P
§ All infrastructure is in place
§ Easily accessible by air, road, rail and ports
§ Extremely competitive transportation costs for off-
takers given PV’s location and nearby infrastructure
§ Power: Connected to CFE grid to the mine owned
and maintained substation with continuous capacity
of 25 MW; CDM is CFE’s single largest customer in
the area
§ Water: CDM holds 7 titled water concessions for ~3.9
Mm³/yr while the requirement for the operation of the
PV Mine is ~2.0 Mm³/yr
6. 6
Cobre del Mayo Highlights
COBRE DEL MAYO 6
10
Reasonable leverage, very strong credit metrics by comparison with other B/B3 rated
companies
Very attractive yield/risk relationship vs. similarly rated mining companies
Implementing low capex program to achieve a significant reduction in C1 cash
costs
Long life mine of over 17 years in favorable location with fully developed
infrastructure in attractive mining jurisdiction
Experienced management and operational team with a proven industry track record
8. 8
Ore for
Flotation
Stable Low Risk Operations and Processes
§ $270.0M in capex has been invested since 2009 with limited maintenance capex going forward, estimated at
$15M/yr LOM
§ Ore processing method is chosen according to grade, mineralization, and leaching and flotation characteristics
to provide the best overall economics using: (i) ROM heap leach (ii) Crushed ore heap leach (iii) Sale of ore for
concentration
COBRE DEL MAYO 8
16
9. 9
Strong Track Record of Safety, Environmental, Community and Labor Relations
COBRE DEL MAYO 9
§ Safety, environmental compliance and labor relations are key areas of focus of CDM
§ Since acquisition, Piedras Verdes has had a solid safety track record
— CDM pays the lowest premium for “Riesgo de Trabajo” (worker risk) as classified by IMSS, demonstrating
the safety standards at CDM
§ Piedras Verdes complies with all applicable environmental standards that are among the world’s most
advanced
§ Labor relations:
— Large pool of nearby qualified labor from Navojoa and Alamos
— Approx. 377 of our 874 employees are represented by the Confederación de Trabajadores de Mexico
(“CTM”) which is one of Mexico’s largest unions characterized by constructive and open approach towards
labor relations (unlike SNTMMSSRM)
— No work stoppages in the history of the Piedras Verdes Mine
§ Certified as a Socially Responsible company by the Mexican Center for Philanthropy (Centro Mexicano para la
Filantropía) and certified as a Clean Industry by the Mexican Federal Attorney for Environmental Protection
(Procuraduría Federal de Protección al Ambiente), the enforcement arm of the Mexican environmental ministry
28
10. 10
Ore (kt) Grade (%) Total Cu (t)
Ore to ROM 232,292 0.149 345,890
Ore to Crushing 190,487 0.307 584,180
Ore for Concentrate 54,999 0.567 311,587
Proven & Probable 477,778 0.260 1,241,657
Waste 418,540
Strip Ratio 0.90 x
Ore (kt) Grade (%) Total Cu (t)
Measured 210,738 0.264 557,000
Indicated 326,205 0.243 793,404
Total M + I 536,943 0.251 1,350,404
Inferred 147,658 0.246 362,368
Total Resource 684,601 0.250 1,731,042
Estimated Reserves
Resources
1,242
1,731
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
Mar. '08 Dec. '09 Dec. '11 Sep. '12 /
Current
Reserves Resources
17+ Year Mine Life
COBRE DEL MAYO 10
§ Since the acquisition of CDM by Invecture, Management has increased total mineral resources by 110% to
over 685 Mt and CDM’s mine life has extended from less than 9 years to over 17 years
§ Management has significantly increased mineral resource estimates based on successful exploration and
drilling programs
§ Overall pit shape used to define the minable resources is based on a $2.50/lb copper price
§ 157 additional drill holes will be included in a new model to be completed in Q3, with a new reserve estimate in
4Q. The following table will be updated at that time. Current expectations are that relative to the table below,
there will be a small decrease in ROM ore and an offsetting increase in Crush and Flotation Feed Ore
18
Mine Plan & Resource Evolution (Total Cu, Mt) Summary of Estimated Mineral Reserves and Resources
11. 11
$78.2 $197.7 $238.2 $225.2 $210.0
$26.8
$35.4
$3.28 $3.91
$3.57
$3.31 $3.22
$0.00
$1.00
$2.00
$3.00
$4.00
$0
$75
$150
$225
$300
FY 2010 FY 2011 FY 2012 FY 2013 1Q14 LTM
$/lb
$M
Cathode Sales ($M) Sales of Ore ($M) Cu Price ($/lb)
$26.0 $65.6 $105.7 $92.0 $83.3
33% 33%
44%
37%
34%
0%
10%
20%
30%
40%
50%
$0
$25
$50
$75
$100
$125
FY 2010 FY 2011 FY 2012 FY 2013 1Q14 LTM
%
$M
EBITDA ($M) EBITDA Margin (%)
Cobre del Mayo Today
§ The PV Mine has been transformed into a high quality copper producing asset
— PV has been operating at an average of 82 tpd of copper cathode for the past 28 months (as of 30May14)
— LTM 1Q14 sales totaled $245.4 M
• Cathode production of 29,177 t generating $210.0 M of sales
• Copper contained in ore totaled 17,654 t generating $35.4 M of sales
— LTM 1Q14 EBITDA of $83.3M
— Strong credit metrics1:
• Leverage is 2.68x Net Debt / LTM EBITDA (1Q14)
• Capitalization is 56.1% Debt / Total Capitalization (1Q14)
— Strip Ratio has declined from 3.2x in FY 2012 to 2.1x during 1Q14 due to increased ROM production
COBRE DEL MAYO 11
13
1. Considering total debt of $241.1M (weighted average interest rate of 10.34%) and $17.5M of Cash and Equivalents
2. Does not include copper contained in ore sold for concentrate
Cathode & Ore Sales2 EBITDA and EBITDA Margin
12. 12
Relevant Agreements and Risk Containment
COBRE DEL MAYO 12
Copper Cathode
§ Trafigura and CDM have entered into a 18-month agreement for 100% of CDM’s
cathode production (expires Dec14)
— Cathode sold FOB at the mine and paid twice per week against holding certificates
§ Future Bidding Process: Close to termination date CDM will conduct a competitive
process to select a purchaser for 100% of the copper cathode. In previous processes,
contracts usually have lengths of 6 to 18 months and we have received proposals
from 4 to 6 different trading companies
Ore for Concentrate
§ CDM committed to sell copper ore to KM and KM to purchase and process it
— Purchase Price of Ore: Purchase of the ore is a function of the copper recovered
and the current LME copper price with certain freight, handling and operating
charges
— Term: Initial fixed term of 10 years and provides for renewals
— Volume: Since April, 2013, CDM has sold an average of 4,826 tpd with 45.5 tpd of
copper contained
24
Mining Concessions
§ We have the exclusive right to explore and exploit 30 mining concessions with an
initial term of 50 years which terminate on various dates between 2043 and 2062
— 25 mining concessions owned by Minerales Frontera Cobre del Mayo (“MFCDM”)1
— 5 mining concessions owned by Grupo Rexgo. The right to exploit these
concessions is governed by a contract subject to arbitration
§ Royalties: MFCDM and Grupo Rexgo charge a 3.0% over net sales royalty to CDM for
the copper extracted from those concessions
§ Land Ownership: CDM owns all of the land at is mine in addition to a reserve for leach
pad expansion and waste dumps
Notes:
1. Minerales Frontera Cobre del Mayo SA de CV is a Restricted Company for purposes of the Indenture according to the Supplemental Indenture dated February 6, 2014.
13. 13
Relevant Agreements and Risk Containment (cont’d)
COBRE DEL MAYO 13
24
Insurance Policy
§ Insurance policy coverage for commercial loss / operational stoppage
— Policy underwritten by Allianz with general coverage of between $130 M to
$200 M for losses from business interruption / stoppage
$100 M Committed
Credit Line
§ $100 M undrawn, unsecured committed credit line with Banco Azteca to reduce
refinancing risk
§ Available through 2021, subject to financial ratio covenants
§ Rate: Libor + 6.50%
Mining Tax
§ Mexican government implemented a special duty on mining concessions roughly
equivalent to 7.5% of EBITDA starting January, 2014
§ As roughly 95% of CDM ore is derived from Grupo Rexgo mining concessions, tax
is payable by the concession holder in respect to its EBITDA
Hedging
Arrangement
§ 12 month forward sale agreement from July 2013 to June 2014
— 2,400 t per month @ a fixed price of $7,089/t (approximately $3.22/lb)
— Cash settlement, no margin
§ 12 month forward sale agreement from July 2014 to June 2015
— 600 t per month @ a fixed price of $6,870/t (approx. $3.12/lb)
— Cash settlement, no margin
14. 14
$0.00$
$1.00$
$2.00$
$3.00$
$4.00$
$/lb$
Paid Metal (Mlbs)
<$1.28 <$1.67 <$1.97 <=$3.50
CDM 1Q14 LTM
$1.91/lb
8,400 16,800 25,200 33,700
$3.63 $2.69 $2.08 $1.99 $1.91
$0.00
$1.00
$2.00
$3.00
$4.00
FY 2010 FY 2011 FY 2012 FY 2013 1Q14 LTM
$/lb
Competitive and Stable Cash Cost
COBRE DEL MAYO 14
16
Cobre del Mayo Historical C1 Cash Cost
4Q 2013 Estimated Global Copper C1 Cash Cost Curve1
§ Cobre del Mayo C1 cash costs are currently in the industry’s third quartile
1. Source: Wood Mackenzie
15. 15
4Q14
Low Capex Path to Achieve a Significant Reduction in C1 Cash Costs
COBRE DEL MAYO 15
16
§ Cu production and recovery improvement projects will reduce unit cost by increasing Cu production and
lowering opex without major capex/opex commitment:
- The 400 Ha of
adjacent land east of
PV property will
enable significant
reduction in haul
distance
Purchase of land for
waste dumps
Benefit
When
Capex
Crusher fines
processing system to
recover coarse to
leach
Installation of titanium
anodes in EW tank
$2.0 M
- Improved recovery
in high clay fines
- Improved ROM
recovery
- Increase Cu
production by 3.5
tpd
3Q14 - 4Q14
$2.0 M
- Reduce electricity
consumption by
12%
- Increase in effective
nameplate capacity
to 100 tpd
From 4Q14 to 1Q16
$6.0 M
Fine Crushing of
Higher grade ore with
portable crusher
- Crushing 3.5ktpd of
finer ore will
increase Cu
production by 2.5
tpd
3Q14
$0.5 M
The above data reflect preliminary estimates which will vary when the respective projects are in stable operation
17. 17
Stable Operating Environment in Mexico
COBRE DEL MAYO 17
§ Mexico is an economic leader in Latin America and is the world’s 14th largest economy by GDP
— 2014E and 2015E real GDP growth of 3.4% and 3.8%, respectively
— High degree of political stability
— OECD/WTO country and member of 12 free trade agreements, including NAFTA
— Mexican Peso has long history of one of the ten most traded global currencies
§ Mexico is recognized as a mining friendly jurisdiction
— Largest producer of silver globally (18% of global production)
— 2nd largest producer of zinc in Latin America (2013E production of 600kt)
— 3rd largest producer of copper in Latin America (2013E production of 480kt)
§ As a result of mining-supportive governmental policies, stability, OECD tax regime and abundance of
resources, Mexico has attracted extensive investment from international mining companies
— Over 850 mining companies operate in Mexico; 287 of which have foreign investment, and currently
operate 82 producing projects within Mexico
— ~40% of mine production and ~70% of investments in exploration are undertaken by foreign investors
Sources: IMF, Brook Hunt, World Bank, U.S. Geological Survey
26
18. 18
Sonora,'76%'
Zacatecas,'
12%'
San'Luis'
Potosí,'5%'
Others,'8%'
Sonora,'27%'
Zacatecas,'
24%'
Chihuahua,'
13%'
Coahuila,'8%'
Others,'27%'
Sonora is Among the Most Prolific Mining Areas in Mexico
COBRE DEL MAYO 18
§ Sonora represents Mexico’s most important state in terms of mining production
§ Sonora is one of Mexico’s safest states and the only U.S. border state that has not been significantly affected
by recent violence associated with the war on drugs
27
2013 Total Mining Production in Mexico1 2013 Copper Production in Mexico2
Sources:
1 Secretariat of the Economy
2 National Institute of Statistics & Geography
20. Jefferies LLC August 2013/
Actual'
2008'
2009'
2010'
2011'
2012' 2013'
2014'
LT''00' LT''01' LT''02' LT''03' LT''04' LT''05'
LT''06'
LT''07'
LT''08'
LT''09'
LT''10'
LT''11'
LT''12' LT''13'
$0.00'
$0.50'
$1.00'
$1.50'
$2.00'
$2.50'
$3.00'
$3.50'
$4.00'
$4.50'
2000' 2001' 2002' 2003' 2004' 2005' 2006' 2007' 2008' 2009' 2010' 2011' 2012' 2013' 2014' 2015' 2016' 2017' 2018' 2019' 2020'
$/lb'
Actual' 2008' LT''00'Actual'Cu'Price'($/lb)' Consensus'Cu'Price'($/lb)''
(as'forecast'during'Q4'of'indicated'year)'
Long'term'price'($/lb)'
'(as'forecast'during'Q4'of'indicated'year)'1'
LT''14'
$2.74'
(1)$
(1) Except 2013, where forecasts are as of 19 August 2013
i
COBRE DEL MAYO 32
Copper Price Forecasts Over Time
§ The market has consistently underestimated the copper price when forecasting long term prices
§ Actual copper prices have been much higher due to continuing shortfalls in supply. Delays in new projects,
supply interruption and declining production from existing mines have been the main drivers
20
Copper Historical Price vs. Forecasts
Source: Broker Research
1. With the exception of 2014’s forecast which is as of 22 May 2014
21. Jefferies LLC August 2013/
21
Incentive Price Drives the Value of Copper
COBRE DEL MAYO 21
§ Investment in large projects is extremely capital intensive
§ The incentive price required to justify investments in the expansion of existing mines and the construction of
new ones is estimated at $3.50/lb ($7,716/t)
— Incentive price considers required Cu price to achieve specified rate of return on expansion capex1
§ Although short term copper prices are unpredictable, the following graph shows that long term copper must
trade above $3.50/lb for global mine copper supply to be maintained
Incentive Prices for Major Projects
Source: Wood Mackenzie
1. Analysis based on long term price required to give a 12.0% risk adjusted IRR on a pre-tax 100% equity basis.
c/lb
Paid Metal (M lbs)
22. Jefferies LLC August 2013/
22
$1.11 $1.62 $2.57 $2.55 $2.39 $2.69
$1.67
$3.42
$4.00
$3.61
$3.32 $3.22
$0.00
$1.00
$2.00
$3.00
$4.00
$5.00
2005 2010 2011 2012 2013 1Q14 LTM
$/lb
C1 Cash Cost 90th Percentile ($/lb) Average Cu Price ($/lb)
Cu Pricing Considerations
COBRE DEL MAYO 22
§ Copper has traded in the market at a premium to the 90th percentile of the C1 cash cost curve
— C1 cash cost as estimated by Wood Mackenzie
Source: Wood Mackenzie, LME
1. 90th percentile as estimated by Wood Mackenzie. LME prices for 2013 4Q. May, 2014.
C1 90th Percentile Costs vs. Cu Price1
23. 23
Realized(Cu(Price 1Q14(Sales 1Q14(EBITDA
($/lb) ($M) ($M)
+)$0.50 $64.2 $26.9
+)$0.40 $62.2 $25.0
+)$0.30 $60.3 $23.0
+)$0.20 $58.3 $21.0
+)$0.10 $56.3 $19.0
$3.22 $54.3 $17.0
4)$0.10 $52.3 $15.0
4)$0.20 $50.3 $13.0
4)$0.30 $48.3 $11.0
4)$0.40 $46.3 $9.1
4)$0.50 $44.4 $7.1
Changes(in(Copper(Price
2(
Cobre del Mayo Sensitivity to Variations in Copper Price
COBRE DEL MAYO 23
24
§ We expect the PV Mine to continue to generate positive EBITDA should there be a commodity price disruption
1. Assumes historical 1Q14 performance and excludes hedging
2. Base average sale price of CDM Copper product
Sales / EBITDA Sensitivity to Changes in Copper Price1
28. 28
Comparable Issuers:
Hudbay HBMCN 9½
(1Oct20)
B3/B 7.6%
Taseko Mines TKOCN 7¾
(15Apr19)
B3/B 7.1%
Thompson Creek TCMCN 9¾
(1Dec17)
B1/B 5.5%
Conclusion
COBRE DEL MAYO 28
16
Company Ticker Rating YTM1
Cobre del Mayo COBREM 10¾
(15Nov18)
B3/B 10.7%
Thompson Creek TCMCN 7⅜
(1Jun18)
Caa2/CCC- 8.9%
Thompson Creek TCMCN 12½
(1May19)
Caa2/CCC- 9.1%
Source:
Bloomberg
1.
As
of
June
16,
2014
§ Operating mine without new project development risk
§ Favorable logistics and infrastructure
§ Good labour relations
§ Long life of mine of 17+ years
§ Implementing low capex program to achieve a significant reduction in C1 cash costs
§ $100M undrawn, unsecured committed line with Banco Azteca substantially reduces refinancing risk
§ Reasonable leverage, very strong credit metrics by comparison with other B/B3 rated companies
Attractive Yield/Risk Profile vs. Peers: COBREM bonds yield substantially wide of any
reasonable comparable
30. 30
Annex 1: Corporate Structure
COBRE DEL MAYO 30
8
Represents the guarantors of the notes offered hereby
Invecture Group,
S.A. de C.V.
(Mexico)
Lawrie Associates
(United Kingdom)
Frontera Cobre del
Mayo, S.A. de C.V.
(Mexico)
Servicios
Corporativos del
Mayo, S.A. de C.V.
(Mexico)
Mayoson, S.A. de
C.V.
(Mexico)
Compañía Minera
Frontera Cobre del
Mayo, S.A. de C.V.
(Mexico)
Minerales Frontera
Cobre del Mayo,
S.A. de C.V.
(Mexico)
Servicios Frontera
Cobre del Mayo,
S.A. de C.V.
(Mexico)
Cobre del Mayo,
S.A. de C.V.
(Mexico)
Frontera Copper
Corporation
(Mexico)
100%
100%
100%
71.2%
28.8%
Preferred Shares $11.7 million
ISSUER