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Papua New Guinea
Solwara 1 Project

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 Location:
48 N from Rabaul, Papua New Guinea

  Project Contacts:
Level 1 Deloitte Tower
Port Moresby
Papua New Guinea
1161
Phone  ...  Subscription required
Fax321-1685
WebsiteWeb
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  • Overview
  • Owners
  • Geology
  • Mining
  • Processing
  • Production
  • Reserves
  • Costs & Financials
  • Personnel
  • Filings & News

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Overview

StagePermitting
Mine TypeSeabed
Commodities
  • Copper
  • Gold
  • Silver
  • Zinc
Mining Method
  • Surface miner
Mine Life2.4 years (as of Jan 1, 2018)
Solwara 1 is the world’s first and only subsea deposit with fully approved mining and environmental licenses.


Owners

Source: p. 1
CompanyInterestOwnership
Deep Sea Mining Finance Ltd. 100 % Indirect
The Solwara 1 Project and related subsidiaries have now been acquired by Deep Sea Mining Finance Limited (DSMF) from Nautilus Minerals Inc. in the course of 2019. DSMF now has full ownership of interests and rights to Solwara 1, key assets, intellectual property, and subsidiaries and is well-positioned to progress Solwara 1 into commercial production.

Contractors

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Deposit Type

  • Stratabound


Summary:

The Solwara 1 deposit is a stratabound Seafloor Massive Sulfide located on the flank and crest of a sub-sea volcanic mound that extends approximately 150-200 m above the surrounding seafloor. The average depth of the deposit is about 1,550 m below sea leval (BSL). The slopes of the mound are relatively steep and interrogation of a coarse digital terrain model (DTM) indicates slopes are generally in the range of 15° to 30° but can be locally steeper. There are some flatter areas near the crests of the ridges where much of the deposit is located.

The Solwara 1 deposit is located on the crest and slopes of the Suzette volcanic edifice at an average depth of 1,520 mbsl. Suzette is the northernmost edifice of the Su Su knolls, which also includes North Su and South Su, at 1,150 and 1,320 mbsl respectively.

Su Su knolls are part of a NNW trending volcanic ridge that is about 7 km long and comprises basalt to dacite lavas and breccias. At Suzette, hydrothermal mineralisation is found along the top and flanks of the ridge including chimneys and clay-altered volcanics. Coherent volcanic facies including pillow lavas, sheet and block-jointed lavas are exposed. Volcaniclastic facies include breccias, talus and fine grained volcanic sediments. The Solwara 5, Solwara 9 and South Su prospects are also located on this ridge.

Solwara 12 is located on the SE edge of the Desmos Caldera on a distinctive knoll at around 1,850 mbsl to 1,900 mbsl. The mapped chimne ........


Mining Methods

  • Surface miner


Summary:

The selected mining method is based on a common surface mining method, open pit benching. The process of mining is the same as terrestrial mines: to expose mineralised material, achieve fragmentation, load and haul. Fragmentation at Solwara 1 will be achieved by mechanical cutting rather than drill-and-blast.

The three main mining tasks (sediment removal, rock cutting, and transfer of fragmented cuttings to surface) are performed by three seafloor production tools and a positive displacement pump, which are the four machines listed below and known collectively as the seafloor production equipment: Auxiliary cutter; Bulk cutter; Collection machine; Subsea slurry lift pump.

The seafloor production equipment will be remotely controlled by operators located on board the production support vessel.

The production process is broken down into the following tasks:
1. Remove the unconsolidated sediments.
2. Level the chimneys.
3. Establish the site and prepare a bench for bulk cutter operations.
4. Bulk cutter production – mineralised material pumped to stockpile:
a. ramp-down to the toe of the bench to be cut
b. cut a bench (bulk cutter production cut), bench may vary from 1 m to 4 m in height.
5. Auxiliary cutter production – mineralised material pumped to stockpile:
a. cut 4 m benches when auxiliary cutter available (auxiliary cutter production), or in locations where
the bulk cutter cannot o ........


Crushing and Grinding


Processing

Flow Sheet: Subscription required

Summary:

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Projected Production:

CommodityUnitsLOM
Copper t 130,000
Gold oz  ......  Subscription required
Silver oz  ......  Subscription required
All production numbers are expressed as payable metal.

Operational Metrics:

Metrics
Daily mining capacity 6,000 t *
Daily ore mining rate 3,200 t *
Waste tonnes, LOM 76 kt *
Daily processing capacity 9,480 t *
Tonnes processed, LOM 2,200 kt *
Annual processing capacity 1.8 Mt *
* According to 2018 study.

Reserves at January 1, 2018:
Mineral Resource estimate for Solwara 1 and 1 North at 2.6% Cu equivalent cut off.

CategoryTonnage CommodityGrade
Indicated 1,030 kt Copper 7.2 %
Indicated 1,030 kt Gold 5 g/t
Indicated 1,030 kt Silver 23 g/t
Indicated 1,030 kt Zinc 0.4 %
Inferred 1,540 kt Copper 8.1 %
Inferred 1,540 kt Gold 6.4 g/t
Inferred 1,540 kt Silver 34 g/t
Inferred 1,540 kt Zinc 0.9 %

Commodity Production Costs:

CommodityUnitsAverage
C1 cash costs Copper USD 1.36 / lb *†  
Assumed price Copper USD 3.32 / lb *  
Assumed price Silver USD 18 / oz *  
Assumed price Gold USD 1,200 / oz *  
* According to 2018 study / presentation.
† Net of By-Product.

Operating Costs:

Units2018
Total operating costs ($/t mined) USD 274 *
* According to 2018 study.

2018 Study Costs and Valuation Metrics :

MetricsUnitsLOM Total
Closure costs $M USD  ......  Subscription required
Total CapEx $M USD  ......  Subscription required
Refining costs $M USD  ......  Subscription required
Transportation (haulage) costs $M USD 44.2
Total OpEx $M USD  ......  Subscription required
Income Taxes $M USD  ......  Subscription required
Royalty payments $M USD  ......  Subscription required
Gross revenue (LOM) $M USD  ......  Subscription required
Net revenue (LOM) $M USD  ......  Subscription required
EBITDA (LOM) $M USD  ......  Subscription required
After-tax Cash Flow (LOM) $M USD  ......  Subscription required
After-tax NPV @ 15% $M USD  ......  Subscription required
After-tax IRR, %  ......  Subscription required
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Heavy Mobile Equipment:

Mine Management:

Job TitleNamePhoneEmailProfileRef. Date
....................... Subscription required ....................... Subscription required ....................... Subscription required ....................... Subscription required Subscription required Feb 27, 2018
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Corporate Filings & Presentations:

DocumentYear
Other 2018
Preliminary Economic Assessment 2018
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