Modern Mining July 2018

COUNTRY FOCUS: BOTSWANA

903 koz if the Expansion Case were to be adopted. The PFS estimated the capex for the Base Case mine at US$154,8 million and for the Expansion Case at US$191,6 million. Under either scenario, the economics are robust with the Base Case having an NPV (8 %, real, pre-tax) of US$281 million and a pre-tax IRR of 39 % with the equivalent figures for the Expansion Case being US$402 million and 38 %. The pay- back period for the Base Case is 2,7 years and for the Expansion Case 3,3 years. In the Base Case the ore reserves would be

low-cost, long-life, open-pit mine (although it should be mentioned that the deposit also has considerable underground potential). The PFS presented two cases, with the nine-year Base Case being based on proved and probable ore reserves at a production rate of 2,5 Mt/a and the 12-year Expansion Case, with a 4 Mt/a production rate, on the reserves plus existing inferred, measured and indicated resources. The estimated average annual pro- duction of the Base Case would be 23 kt Cu and 690 koz Ag. These figures would rise to 28 kt and

This map (taken from a presentation by Kopore Metals) shows not only Kopore’s licence areas but also those of Khoemacau and MOD/Metal Tiger.

Core yard at Khoemacau’s Zone 5 site (photo: Arthur Tassell).

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July 2018  MODERN MINING  35