Kansanshi Operations Technical Report May 2015

Kansanshi Operations Technical Report May 2015

Kansanshi Operations Technical Report May 2015 Kansanshi Operations North West Province, Zambia NI 43-101 Technical Report 31st May 2015 David Gray (QP) BSc(Geology), MAusIMM, PrSciNat(SACNASP), Group Mine and Resource Geologist, FQM (Australia) Pty Ltd Michael Lawlor (QP) BEng Hons (Mining), MEngSc, FAusIMM, Consultant Mining Engineer, FQM (Australia) Pty Ltd Robert Stone (QP) BSc(Hons), CEng, ACSM, Technical Manager, FQM (Australia) Pty Ltd 1 Kansanshi Operations Technical Report May 2015 TABLE OF CONTENTS ITEM 1 SUMMARY .............................................................................................................. 11 1.1 Property location and ownership ................................................................................. 11 1.2 Project background ...................................................................................................... 11 1.3 Project approvals .......................................................................................................... 12 1.4 Geology and mineralisation ......................................................................................... 12 1.5 Metallurgical summary ................................................................................................. 13 1.6 Exploration status ......................................................................................................... 13 1.7 Operations status ......................................................................................................... 14 1.8 Environmental status ................................................................................................... 14 1.9 Mineral Resource summary ......................................................................................... 15 1.10 Mineral Reserve summary............................................................................................ 16 1.11 Production schedule ..................................................................................................... 18 1.12 Capital and operating costs .......................................................................................... 19 1.13 Economic analysis ......................................................................................................... 22 1.14 Conclusions and recommendations ............................................................................. 24 ITEM 2 INTRODUCTION ....................................................................................................... 26 2.1 Purpose of this report .................................................................................................. 26 2.2 Terms of reference ....................................................................................................... 26 2.3 Qualified Persons and authors ..................................................................................... 26 2.4 Sources of information ................................................................................................. 27 2.5 Personal inspections ..................................................................................................... 27 ITEM 3 RELIANCE ON OTHER EXPERTS ................................................................................. 28 ITEM 4 PROPERTY LOCATION, DESCRIPTION AND TENURE ................................................... 29 4.1 Property location and area ........................................................................................... 29 4.2 Tenure .......................................................................................................................... 29 4.3 Royalties, rights, payments, agreements ..................................................................... 31 4.4 Environmental liabilities ............................................................................................... 32 4.5 Potential access and exploitation risks......................................................................... 32 ITEM 5 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE & PHYSIOGRAPHY .. 33 5.1 Accessibility .................................................................................................................. 33 5.2 Climate .......................................................................................................................... 33 5.3 Physiography ................................................................................................................ 33 5.4 Vegetation .................................................................................................................... 33 5.5 Local resources ............................................................................................................. 33 2 Kansanshi Operations Technical Report May 2015 5.6 Infrastructure ............................................................................................................... 34 5.7 Sufficiency of surface rights ......................................................................................... 34 ITEM 6 HISTORY .................................................................................................................. 35 6.1 Prior ownership ............................................................................................................ 35 6.2 Exploration and development work ............................................................................. 35 6.3 Previous Mineral Resource estimates .......................................................................... 35 6.4 Previous Mineral Reserve estimates ............................................................................ 36 6.5 Production history ........................................................................................................ 38 ITEM 7 GEOLOGICAL SETTING AND MINERALISATION .......................................................... 40 7.1 Regional, local and property geology ........................................................................... 40 7.2 Alteration types ............................................................................................................ 43 7.3 Structure ....................................................................................................................... 44 7.4 Mineralisation .............................................................................................................. 45 7.5 Material types .............................................................................................................. 47 7.6 Residual ........................................................................................................................ 48 ITEM 8 DEPOSIT TYPE ......................................................................................................... 49 8.1 Mineral deposit types ................................................................................................... 49 ITEM 9 EXPLORATION ......................................................................................................... 51 9.1 Introduction .................................................................................................................. 51 9.2 Airborne Electromagnetic survey (EM) ........................................................................ 52 9.3 Controlled-Source Audio Magnetotellurics (CSAMT) survey ....................................... 52 9.4 Airborne Magnetic and Radiometrics survey ............................................................... 52 9.5 Induced Polarization survey (IP) ................................................................................... 52 9.6 Downhole geophysics surveying .................................................................................. 53 9.7 Sub-Audio Magnetic (SAM) survey ............................................................................... 53 9.8 Audio Magnetotellurics (AMT) survey.......................................................................... 53 ITEM 10 DRILLING ................................................................................................................. 55 10.1 Diamond drilling ........................................................................................................... 55 10.2 Grade control drilling ................................................................................................... 57 10.3 Collar surveys ............................................................................................................... 58 10.4 Down hole surveys ....................................................................................................... 59 10.5 Core orientation ........................................................................................................... 59 ITEM 11 SAMPLE PREPARATION, ANALYSES AND SECURITY ................................................... 60 11.1 Core and chip logging ................................................................................................... 60 11.2 Core and RC chip sampling ........................................................................................... 60 3 Kansanshi Operations Technical Report May 2015 11.3 QAQC insertion ............................................................................................................. 60 11.4 Laboratory sample preparation .................................................................................... 61 11.5 Laboratory analysis ......................................................................................................

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