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© 2005 David M. Abbott, Jr. Beryllium Deposits or Beryllium Ore? An Important Distinction for Financing David M. Abbott, Jr. Behre Dolbear & Company, Inc. August Beryllium Symposium, Fairplay, Colorado
© 2005 David M. Abbott, Jr. The Goal of Mining is to Make Money ♦Having a beryl and/or bertrandite deposit is only the beginning. ♦You have to cover your costs plus make a profit to make mining worthwhile. ♦Only those deposits that can be profitably mined contain reserves. Otherwise, the deposits are geologic curiosities.
© 2005 David M. Abbott, Jr. SEC Definition of Reserves A reserve is that portion of a mineral deposit which could be economically and legally extracted or produced at the time of the reserve determination. SEC: Industry Guide 7
© 2005 David M. Abbott, Jr. Key Concepts in Reserve Definition the part of a deposit that can be recovered and sold (geology and mining & process engineering) economically (profitably) extractable (market) legally extractable (permits) at the time of determination If you can’t make money mining a deposit, it’s simply a deposit, not a mine.
© 2005 David M. Abbott, Jr. Geology The size of the deposit is computed from dimensions revealed in outcrops, trenches, workings or drill holes, grade and/or quality are computed from the results of detailed sampling and the sites for inspection, sampling and measurement are spaced so closely and the geologic character is so well defined that size, shape, depth and mineral content of reserves are assured.
© 2005 David M. Abbott, Jr. Mining & Process Engineering The valuable minerals can be extracted and processed into a saleable product. open pit or underground equipment type and size the type and size of processing plant required to produce (a) saleable product(s) financing—capital and operating costs
© 2005 David M. Abbott, Jr. Mining and Process Recovery: what’s available for sale Mining and processing losses include: ♦ ♦waste: barren, low quality, & weathered zones ♦ ♦physical losses from belts, trucks, loading, pillars, etc. ♦ ♦contaminants, and ♦ ♦final product reject.
© 2005 David M. Abbott, Jr. The Industrial Mineral Catch 22 applies to beryllium and other minerals
© 2005 David M. Abbott, Jr. Geology is important, but Marketing is Paramount
© 2005 David M. Abbott, Jr. Legal Ability to Extract NIMBYism BANANAism Can you obtain the permits needed to conduct planned operations?
© 2005 David M. Abbott, Jr. Beryllium Market Structure ♦Brush Resources is currently the sole US producer of beryllium concentrates. ♦Spor Mountain & Hogs Back Mines produce bertrandite. ♦Processing plant at Delta, UT produces beryllium hydroxide from bertrandite and beryl for sale to beryllium markets. ♦Can Park County economically support a beryllium processing plant? Process plant for other minerals? ♦Can you afford to ship product to Delta, UT at the price Brush will pay?
© 2005 David M. Abbott, Jr. Supply/Demand ♦ ♦The uses for beryllium and thus the market is expanding. ♦ ♦The Brush Resources operation has reserves sufficient to meet its needs for many years to come. ♦ ♦Mine production is based on the amount of beryllium hydroxide that can be sold and thus varies from year to year.
© 2005 David M. Abbott, Jr. Price/Transportation Prices are typically quoted on a FOB plant or CIF shipping location basis. However, the negotiated price is almost always on a delivered basis. The cost of transportation can be a significant factor in the economics of a project. This is why the aggregate resources of Park County have not been exploited by the Front Range corridor in a significant way.
© 2005 David M. Abbott, Jr. Mineral Deposits versus Ore Bodies = ore body = mineral deposit = ore body reserves ± reserves + unmineable + uneconomic mineral deposit
© 2005 David M. Abbott, Jr. Geology is important, but Marketing is Paramount
© 2005 David M. Abbott, Jr. Each beryllium mining venture must answer the following questions: ♦Deposit Delineation: does the project have adequate geologic information to estimate tons and quality sufficient to meet specifications? ♦Processing Feasibility: can the project make saleable product(s) on a sustained basis? ♦Transportation: can the product(s) get to market on a price competitive basis? ♦Profitability: will the project make a profit selling into one or more markets?
© 2005 David M. Abbott, Jr. This is a test: What is Paramount?
© 2005 David M. Abbott, Jr. David Abbott
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