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@DanO Mill design. You can only go that big with oversizing processing equipment. But you can add more ball mills, flotation cells, etc to suit your needs. The thing with these large low grade mines is the cost of running all that extra equipment. Electricity costs. It costs you more to produce the same amount of metal that a regular mine (decent grades) would produce. And don't forget that you'd produce more waste rock and more tailings. The footprint gets larger. Most likely ARD generating rock and tailings. Who would permit that?
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@DanO Later.
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@BenjaminCox The .49% copper eqv is the funny one, most times it just does not work.
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@BenjaminCox Decided to stir up the index for the fun of it
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@MartinTurenne on the topic of ~0.4%ish Cu projects, tidbit from $TECK investor day yesterday, when it announced a new initiative to unlock ~$3B of value through divestments and/or IPOs over the next 3-5 years from its controlling interests in 5 projects (Zafranal, San Nicholas, Galore Creek, Shaft Creek, and Mesaba). slides 12-13 http://www.teck.com/media/20170330_Investor-and-Analyst-Day.pdf
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@MiningBookGuy interesting, thanks for that @MartinTurenne! i need to research Teck more closely
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@BenjaminCox thanks for that
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@BenjaminCox useful
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@ocotilloredux I would think Hudbay's Constancia mine would be able to provide you with all the data you need wrt capital and operating costs for low grade copper open pits in SA. Grade there will settle down to 0.3-0.4% Cu range. Not sure how explicit the NI-43-101's were with mill flowsheets etc.
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@DanO @BenjaminCox Why is 0.1% Cu reporting to the tailings in most cases? Shouldn't be head grade & recovery dependent? If that's the case then a low grade op would not only produce a lower grade conc but will also have less Cu reporting to tails.
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@DanO If I am not near a computer I would also be doing the simple math 0.3% Cu + 0.2 g/t Au = 0.5% CuEq . I ran my calculator and it is 0.44% CuEq. Totally agree with your conclusions. Recovery and credits for each commodity that makes up this XEq index depend upon the commodity, flow sheet, metallurgy etc.
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@drilltracker @Dano. Not necessarily lower Cu going to tails. I will use the example of a nickle deposit with 0.1% silicate nickel. (nickel tied up in silicate minerals and thus not recoverable) If you had a higher grade section of a nickel deposit and a lower grade section they often will have the same amount of silica encapsulated Ni in both parts of the deposit. Thus the amount of Ni going to tails does not necessarily differ. I have seen the same in the Congo where some tails have 1% Cu tied up in mica. Nothing you will do will recover that Cu.
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@PamplonaTrader e.g. Cape Lambert $CFE.AX and their Kipushi tailings project
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@DanO @drilltracker @pamp Agree but that is metal encapsulated in another mineral. Ben's line of thought was along the lines of they lose part of the recoverable copper to the tails. Btw if the guys in your examples report total copper w/o telling the public the real recovery that would be really wrong
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@jhm Common issue with tin skarns also, when part of the reported tin grade is not recoverable in malayaite or garnet.
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@drilltracker The Cu project in the Congo (can't remember the name) is an old pile that the mica content is well known. I, like I am sure many before me, was impressed until I found out the story. At the time we were looking at the potential of the old dumps and wondered why it was just sitting there. The old timers knew.
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@DanO Same goes for #lithium pegmatites as well.
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@BenjaminCox $30m for a call option on a road, if the road is built the option is worth 10x, if it not built, the company got $30m of free exploration. Interesting deal structure. $TMQ
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@BenjaminCox That is assuming of course that the road card is flipped in year 3.
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@DanO $lmc 's 0.71 g/t gold in reserves/resources is the equivalent of 0.5% copper (or $28.53 per tonne of ore).
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@Brandon Hey everyone, I'm back from Hong Kong. Reasonably buoyant spirits at Mines & Money there, although still a small show compared to previous years. I'd note that a few of the money people walking the floors remarked that they had capital to allocate but were struggling to find good companies present. Perhaps an indication to us juniors that it's time to step up our marketing budgets again, particularly those dollars that might target institutional capital.
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@Brandon From the "future of mining" department, I had a great discussion with Lockheed Martin's "Hybrid Enterprises". They're making airships that could really change the game for remote site mining operations. Much to my surprise they had expected $/tonne-km costs within striking distance of trucking for the larger airships they are planning. If you factor in the fact that an airship would go as the crow flies, I think they'd potentially come in lower cost than trucking over unpaved surfaces, especially over long distances.
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@TheGalvanizer Welcome back @Brandon looking forward to grabbing a bite and hearing about the trip when you have cleaned up your desk!
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@Brandon Lunch soon would be good, @TheGalvanizer. Right now my desk is a giant pile of cards and literature "organized" into piles starting as "urgent priority" and descending down to "someone I likely met while drinking in LKF"
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@tim_oliver @Brandon @TheGalvanizer - either or both of you going to upcoming MILF. I imagine @TheGalvanizer will since his company is presenting.
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@TheGalvanizer I will be @tim_oliver. Hope to see you there.
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@Brandon I will be there, @tim_oliver. TBD if I present.
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@90bigpicture Has there even been an auto company that produced 500k+ vehicles per year, and had a consistent double digit EBIT margin? Has there ever been a car that sold over 500,000 units per year with an ASP of $60k?
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@90bigpicture I don't know the answer for sure (but I feel confident my expected answer is right)
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@90bigpicture
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@Brandon @90bigpicture: what are you discussing?
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@TheGalvanizer Tesla?
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@Brandon Presumably. I was commenting on $TSLA on LinkedIn and saying how i thought their valuation was ridiculous. GM sells more electric cars than they do and has a much broader offering.
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@Brandon Having said that, after a week in Hong Kong I'm bullish on Tesla's long term chances. They're f'ing everywhere there.
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@MartinTurenne "Rio Tinto ponders future in Indonesia's Grasberg copper mine -- 'There is no doubt that Grasberg is a world-class resource. However, there's a difference between a world-class resource and a world-class business,' Rio Tinto CEO Jean-Sebastien Jacques said on Wednesday." http://www.reuters.com/article/rio-tinto-agm-grasberg-idUSL3N1HK45L Amen
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@MiningBookGuy $RIO.L - Pioneering the future: copper and its critical role in creating value http://www.riotinto.com/documents/170404_speech_Pioneering_the_future_copper_and_its_critical_role_in_creating_value.pdf #copper #WorldCopperConference #CESCO Not sure if anyone saw this yet. Worth a look--interesting comments by Rio on #water, with some specifics relating to #OyuTolgoi. Seems to be similar discussion to @BenjaminCox's interests & article series
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@BenjaminCox @MiningBookGuy same basic issues, just Rio Tinto's view vs my own views
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@cooperquinn_wy @tim_oliver, I'll also be at MIF. When do you get in town?
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@CriticalInvestor Too bad I can't afford to go to every MIF, strong lineup. Going to the symposium in London though, looking forward to see Friedland and Lundin in action
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@TheGalvanizer They aren't too shabby @CriticalInvestor
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@drilltracker Like him or not, never pass an op to see Robert Friedland
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@Brandon Friedland talked in HK when I was there recently. Great speaker, but a whole lot of nonsense in there
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@Brandon I particularly like how he's given a 30 minute slot, then spends 35 minutes talking about air pollution, about how kids are addicted to mobile phones, and how about how great *he* is, before getting on to his projects. Then he'll talk about how they're the best and all other projects are awful
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@drilltracker My classic Friedland moment was when he showed a photo of a stainless steel toilet in China. "one you have had this you are never going back to a hole in the ground" You have to admit, there is some truth to that.
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@Brandon Yup. I do like his bit about air pollution, and whether or not you believe in climate change you can't deny that air pollution kills a lot of people (like 7M a year). The Chinese will want to move towards clean power, catalysts, electric cars, etc, if for no other reason than to prevent totally avoidable deaths to air pollution.
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@MartinTurenne Reuters: "Glencore has tapped the Bank of Nova Scotia to offload a portfolio of royalty assets across the world. The package includes the royalty on the Antamina copper-zinc mine in Peru, which could fetch up to US$250 million, and royalties from various smaller mines and exploration assets" http://uk.reuters.com/article/uk-glencore-royalties-idUKKBN17Z1ZL
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@Brandon I heard Robert Friedland today say he has found the technology to convince rock it isn't rock and make it just dissolve with electromagnetic waves and very little energy. He says it's going to totally disrupt the mining world. Discuss.
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@DanO Wow. Think of the military applications. Then Trump could give the go ahead to NASA to arm a spaceship and start conquering the Universe and vaporize any rebel ETs. Sci fi.
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@cooperquinn_wy @Brandon, give me a call when this tech makes it out of the lab?
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