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Forward Looking Statements

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1 Forward Looking Statements
This presentation is strictly confidential, may not be distributed to the press or any other person, and may not be reproduced in any form, in whole or in part. Failure to comply with this restriction may constitute a violation of applicable securities laws. This presentation contains both historical facts and statements relating to Oxus Gold plc’s (“Oxus”) current plans, estimates, objectives and strategies which are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond Oxus' control that could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Accordingly, any reliance you place on such forward-looking statements will be at your sole risk. The information contained in this document is being supplied only to persons who fall within Article 11(3) of the Financial Services Act 1986 (Investment Advertisements) (Exemptions) Order 1996 (as amended). The information contained in this presentation has not been independently or legally verified and is subject to change without notice. No representation or warranty, express or implied, is given to the accuracy, completeness or fairness of the information or opinions contained in this document and no liability is accepted by Oxus or any of its directors, members, officers, employees, agents or advisers for any such information or opinions. This information is being supplied to you, in whole or in part, for information purposes only and not for any other purpose. In particular, this presentation is not intended for publication outside of the United Kingdom and the distribution of this document in jurisdictions other than the United Kingdom may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of laws of any such other jurisdiction. This document and the information contained in it do not constitute a prospectus and do not form any part of an offer of, or invitation to apply for, securities. Neither this presentation, nor any part of it, nor the fact of its use, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. Oxus Gold Plc - London - January 2008

2 Oxus: An Introduction Producing precious metals company
Produced over 500,000 oz of gold since January 2004 and 1.2 Moz of silver since June 2007 Focused on Uzbekistan through Amantaytau Goldfields JV (AGF) AGF– 50% JV with Uzbek State, with Oxus as Manager: 2.44 Moz of gold reserves; 6.7 Moz of silver reserves (JORC) Within 7.2 Moz of gold resources and 54.1 Moz of silver resources (JORC) Significant exploration potential Increasing production from 75,000 oz pa currently to over 300,000 oz pa from mid 2010 New underground sulphide mine in addition to existing oxide production All figures 50% attributable to Oxus Admitted to London Stock Exchange AIM: 2001 (OXS.L) Oxus Gold Plc - London - January 2008

3 Oxus: Board of Directors
Richard Wilkins Chief Executive Officer Jonathan Kipps Chief Financial Officer / Secretary John Donald Chief Operating Officer Oliver Prior (Non-Executive) Douglas Sutherland (Non-Executive/Chairman) Gordon Wylie (Non-Executive) Miradil S. Djalalov (Non-Executive) Richard Shead (Non-Executive) Oxus Gold Plc - London - January 2008

4 Oxus: Streamlined – Uzbek Focused
Approval to proceed with Sulphides Underground Mining Project received from Cabinet of Ministers in December 2007 To be developed by 50% owned Amantaytau Goldfields $167 million project – Royal Bank of Scotland mandated to arrange project finance Bankable feasibility study completed June 2008 First gold production scheduled for Q3 2009 Strategic alliance with Zeromax, Uzbekistan’s largest private sector employer Zeromax currently owns 18% of Oxus and is represented on both the AGF Directorate and Supervisory Board, as well as Oxus Board Kyrgyz, Romanian & Turkish assets sold to KazakhGold in June 2007 Oxus received 3.5m KazakhGold shares $73m Distributed $66m in KazakhGold shares as dividend in July 2007 Additional payment of up to $80m in cash if KazakhGold obtains license to develop Jerooy gold deposit in Kyrgyzstan Note: All references to $ are US$ Oxus Gold Plc - London - January 2008

5 RAB Capital Special Situations Fund 27%
Oxus: Ownership – June 2008 381m 1p shares in issue (429m fully diluted) Capital Group 9% RAB Capital Special Situations Fund 27% Alfa Group 7% L-R Global 8% Directors and Management 2% Free Float 29% Zeromax Strategic Partner 18% Strategic alliance with Zeromax plus strong institutional support Oxus Gold Plc - London - January 2008

6 Oxus Market Statistics @ 4th July 2008
Market Capitalization $133 Million Current share price: 17.5p / share 52 Week Share Price Low/High: 14.0p – 60.5p 2007 Dividend Paid Equivalent of 9p/share Shareholder loans due from AGF (earning LIBOR +3%): $33m Corporate loan due to Nedbank: $7.5m Cash Position $17m Convertible Loan Notes Placed in May 2008 (37p / 8% coupon) $18.5m Hedge Position: None IFRS compliant: 2006 and 2007 accounts Note: Statistics according to June 2007 Financial Statements Oxus Gold Plc - London - January 2008

7 Why Uzbekistan? Established mining & investment environment
World class mineral assets Uzbekistan ranked as fourth largest gold resources in the world (estimated 170 Moz) Ninth largest gold producer – 80 t per year (2.6 Moz pa) 60 t from Muruntau mine; only 25 kms from AGF Politically stable Skilled, educated workforce Established infrastructure – Central Asia’s transport hub, with energy self-sufficiency and good IT infrastructure Recognized foreign investment climate: Nestlé, BAT, Case Corp., ABN Amro Bank (RBS), AIG, Coca Cola General Motors entry in October 2007 (former UzDaewoo car plant) Strategic alliance with Zeromax Additional projects expected Established mining & investment environment Oxus Gold Plc - London - January 2008

8 The Tien Shan Gold Belt Second largest gold province in the world after the Witwatersrand Basin Massive potential Underexploited Oxus Gold Plc - London - January 2008

9 Oxus on the Tien Shan Gold Belt
192 km² license area in Central Kyzylkum on Tien Shan Access to established mining infrastructure Road / rail / power / water / airport Experienced human resource base 25 km from one of world’s largest open pit gold mines - Muruntau Muruntau has produced over 50 Moz (1,600 t) of gold to date 1.8 Moz (60 t) of gold produced annually Expected to be in production for at least another 25 years Owned by NMMC = 8th largest gold producer in the world Central Kyzylkum holds estimated 3,200 t in potential mineralization Access to 2 London bullion market accredited gold and silver refineries Located in a world class mining environment Oxus Gold Plc - London - January 2008

10 Oxus in Uzbekistan A Proven Track Record in Uzbekistan
Investing since 1996 Oxus owns 50% of AGF (50% owned by Uzbek State) Total investment to date is approximately $100m Presently employing over 650 local workers with an additional 800 to be employed for the sulphides / additional heap leach projects Gold and silver doré refined in Uzbekistan (LBMA accredited) Produced and exported over 500,000 oz gold equivalent bullion $35m original project finance repaid $5m (Uzbek Soum 5bn) local corporate bond repaid Strong supporter of the local economy A Proven Track Record in Uzbekistan Oxus Gold Plc - London - January 2008

11 AGF: Reserves and Resources
Sulphide reserves of 2.01 Moz Au; balance in oxides 58 explored gold deposits and occurrences within 192 km² license area Only 3 deposits exploited to date Potential Total: 24 Moz Au; 487 Moz Ag Oxus Gold Plc - London - January 2008

12 AGF Project Pipeline Target: 300,000oz + producer from mid 2010
OXIDES: Further 1.2 mtpa from CIP plant until Q – 60,000 oz gold in total Ongoing 1mtpa Vysokovoltnoye gold / silver heap leach – 40,000 oz pa¹ Additional heap leach (Asaukak, etc.) – 1 mtpa, 30,000 oz pa, end 2008 onwards Approx 70,000 oz per year for foreseeable future At least 1Moz expected to be mined over 15+ years including resources and blue sky SULPHIDES: CIP plant modification – to treat sulphide ores through flotation and biological oxidation and cyanide leaching of concentrates (operating Q onwards) 200,000 oz in 2010, 230,000 oz pa thereafter At least 5 Moz expected to be mined over 20+ years including resources and blue sky ONGOING EXPLORATION: $3m budgeted annually from 2008 Target: 300,000oz + producer from mid 2010 (1) Includes Vysokovoltnoye silver heap leach production as gold equivalent ounces (approx 58:1) Note: 50% attributable to Oxus Oxus Gold Plc - London - January 2008

13 Open Pit Excavator CIP Plant Centralny Open Pit CIP Conveyor Belt
Oxus Gold Plc - London - January 2008 13

14 AGF Project Timeline CIP conversion to sulphide plant Oxus earns a management fee equivalent to 5% of operating costs; Uzbek state geology committee earns 2% fee Oxus Gold Plc - London - January 2008

15 AGF Sulphides: Bankable Feasibility Study
(7 year mine life: Severny + part Centralny reserves) Mining Strategy: Underground mine (decline access, trackless mining, cut and fill mining method), ongoing exploration Projected Tonnage: 750,000 tpa commencing Q3 2009, increasing to 1.2 mtpa from mid 7.75 g/t Process Technology: Biological Oxidation (BIOX) Recovery: 88% Output: 33,000 oz in 2009; 202,000 oz in 2010; 230,000 oz pa thereafter Pre-production Capex: $167 million Project finance: RBS mandated Cash costs : $403/oz (including taxes and management fee) Feasibility study initially completed by Wardell Armstrong (WAI) in Sept. 2005 Bankable Feasibility Study completed June 2008 by WAI 20+ year mine life assuming ongoing mining of resources / blue sky Oxus Gold Plc - London - January 2008

16 AGF Sulphides; BFS Project Economics
NPV $331m at 7% discount rate per annum IRR 51% PAYBACK 24 months from start of production COSTS $403 per oz (including taxes and management fee) Potential to improve economics more cost effective mining methods additional reserves Mine life will extend beyond initial 7 years 16

Shaft sunk to 360m depth; 5m diameter 27 km of underground exploration tunnels on five different levels AGF UPKEEP AND MAINTENANCE Winder and shaft steelwork refurbished and in daily operation Shaft to be used as part of ventilation and escape system Recently re-opened, equipped and ventilated 723m of tunnels Existing tunnels to be used for extensive drilling programme with new Atlas Copco drill Oxus Gold Plc - London - January 2008 17

18 AGF - Section through ore-body Significant potential for expansion
Sea Level Oxus Gold Plc - London - January 2008

19 AGF: Further Exploration Potential
At 500 Metres below existing workings Soviet Exploration Data Huge down dip gold potential g/t Au g/t Au Base of Existing Resources Drillhole 1767a From 871m to 879m Length Gold 3m g/t 2m g/t 3m g/t 8m g/t = Total Sea Level What we have here is a very exciting story on what preliminary deep test results have shown. Oxus Gold Plc - London - January 2008

20 Vysokovoltnoye Heap Leach First Gold Pour
Headgear for underground sulphides Heap Leach Pad Oxus Gold Plc - London - January 2008

21 Forecast includes gold and silver as gold equivalent from 2008-2013
Includes mining of oxide resources Sulphides enter full production in 2010 Oxus attributable ounces at 50% Oxus Gold Plc - London - January 2008 21

22 AGF: A Sustainable Investment
AGF expects to employ 1,450 local workers by 2010 Investment of more than $190m over the next three years Expected 20+ year mine life from the total resource base Estimated $1bn in tax revenues for Uzbekistan Approx 17% of gross revenue Includes 10% profits tax Includes >$200m in social development taxes Operating in accordance with World Bank environmental standards Oxus Gold Plc - London - January 2008

23 Gold Producers Market Cap per Attributable Resource Ounce (ARO)
Oxus has significant value to be unlocked, through a near term projected production rate of 150,000 attributable ounces per annum Severstal bid Celtic at approximately $282 per attributable resource ounce Oxus Gold Plc - London - January 2008 Source: Canaccord Adams, London June

24 Why invest in Oxus Gold? Undervalued compared to peer group
Strong fundamentals from existing projects 40,000 oz pa attributable producer currently 150,000 + oz pa attributable producer within 3 years¹ Reducing operating costs per oz Significant upside potential for new reserves Key operating personnel already in place Zeromax strategic alliance Further growth potential via new projects Looking to become world class precious metals producer and Uzbekistan’s flagship mining company on international capital markets (1) Subject to financing of pre-production Capex Oxus Gold Plc - London - January 2008

25 Oxus Gold plc: A significant investment opportunity
Oxus Gold Plc - London - January 2008

26 Appendices Oxus Gold Plc - London - January 2008

27 Oxus: Corporate Structure
Oxus Gold plc Oxus Holdings (Malta) Ltd (Malta) Oxus Resources Corp (BVI) Amantaytau Goldfields (Uzbekistan JV) 50% 100% Streamlined Uzbekistan-focused business model Oxus Gold Plc - London - January 2008

28 Nominated Adviser & Broker: Auditors: Registrars: Solicitors:
Canaccord Adams, London Auditors: Deloitte & Touche LLP Registrars: Capita Registrars, London Solicitors: English Law: Norton Rose, London Uzbek Law: Denton Wilde Sapte, Tashkent Bankers: Nedbank (Corporate loan facility) HSBC Barclays, London (AGF Gold Sales Depository) ABN Amro, Tashkent Ipoteka Bank, Tashkent / Zarafshan Oxus Gold Plc - London - January 2008 28

29 Oxus: Financial Extracts ($000)
1 Six months ended 31 December 2007 Year ended June 07 Year ended June 06 Revenue 1,065 2,387 3,383 Share of Profit from JV (1,970) (3,213) 10,169 (Loss)/Profit after tax (43,013) (18,966) 2,398 Total Assets 78,378 186,291 176,373 Source: Oxus Gold Plc annual reports, more financial information available at (1) In accordance with IFRS Oxus Gold Plc - London - January 2008

30 AGF Open Pit CIP Oxides Year to 12/2007 Year to 12/2006
Ore Processed (Tonnes) 845,177 1,225,400 1,567,529 1,062,101 Average Grade (g/t) 2.7 3.0 4.5 5.8 Recovery % 67 73.4 77.1 82.6 Gold Produced (oz) 48,379 98,053 161,615 148,511 Cash Cost ($/oz) ¹ 656 392 202 160 Total Cost ($/oz) ¹ 759 445 230 182 Net Profits ($ Millions) (11.05) 8.85 13.26 16.13 First 3 ½ years production from oxide ores, processed through CIP plant Oxide grades and recoveries have declined, as expected Vysokovoltnoye heap leach project sold first gold and silver in July 2007 Vysokovoltnoye earned $ 3m profit in H2 2007 Longer term oxide production from heap leach, not CIP Oxus Gold Plc - London - January 2008 (1) Calculated in accordance with Gold Institute’s production cost standard

31 AGF Geological Overview
AGF deposits discovered in 1976 Located in Zarafshan-Turkestan formation of Southern Tien Shan (as per Muruntau) Lower Palaeozoic Besapan siltstones and sandstones host Ore bodies formed during Caledonian, Hercynian and Alpine deformation Sulphide deposits formed in steeply dipping fractures and breccia zones up to 20m in width Primary sulphide mineralization oxidised within 50m of surface Oxus Gold Plc - London - January 2008

32 Oxus / AGF Reserves

33 Oxus / AGF Resources

34 Projected Oxide Production Statistics
CIP PLANT: 1.2 mtpa until Q2 1.8 g/t 80% recovery 60,000 oz in total $640/oz – total cash cost VYSOKOVOLTNOYE: 1 mtpa 1.2 g/t Au / 28 g/t Ag Au 68% recovery / Ag 62% recovery 40,000 oz eq pa $361/oz – average total cash cost over next 7 years, excluding inflation 3:1 average stripping ratio OTHER HEAP LEACH: 1 mtpa late g/t 69% recovery 30,000 oz pa $454 /oz - average total cash cost over next 7 years, excluding inflation 5:1 average stripping ratio Estimated pre-production Capex: $5m Oxus Gold Plc - London - January 2008

35 AGF: Environmental & Safety
Mine constructed and operated to World Bank and Uzbek standards Strict regular monitoring by local agencies have revealed no negative impacts Full time environmental control staff on site SAFETY: No fatal accidents No loss time injury for over 18 months 4 full time safety officers on site Oxus Gold Plc - London - January 2008

36 AGF: Training & Social TRAINING:
Ongoing training programmes for employees in technical and financial departments Senior management positions now staffed by locals SOCIAL: Oxus and AGF recently established University of Westminster Scholarship Program to sponsor scholarships and English language learning centre in Zarafshan in conjunction with Westminster International University in Tashkent. Significant contributions made to local social programmes Refurbished two local clinics Installed two heating systems in two local schools Local labour, suppliers and contractors used where possible Oxus Gold Plc - London - January 2008

37 AGF License Area

38 Muruntau: World’s Largest Single Open Pit Gold Mines
Approximately 6 kilometres Oxus mine is 25 km southwest of Muruntau Oxus Gold Plc - London - January 2008

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