Pulacayo Project Feasibility Study - Apogee Silver

More documents

Recommendations

Info

Pulacayo 1 000 t/d Phase I Feasibility Study - NI 43-101 Technical Report 090644-3-0000-20-IFI-100 Although further detailed discussions of lead supply-demand projections will not be undertaken for this report, Credit Suisse shows a four-year outlook for lead per Table 19.3, which is consistent with views generally shared by most market analysts. Table 19.3: Lead Market Outlook (‘000 Mt Contained Pb) Source: Credit Suisse Accordingly, while the market is forecast to remain in a balanced to surplus position in 2012 and 2013, it is forecast to trend towards deficit starting in 2014 and widen thereafter as demand growth continues to outpace supply. As with zinc, in an effort to attain lead price projections independent of individual views and opinions, lead price forecasts were drawn from different sources to form a consensus outlook. Detailed data is set out in Appendix II of this report however, year by year projected consensus lead prices can be summarized as set out in Table 19.4 above. TWP Sudamérica S.A. Av. Encalada 1257 Of. 801, Santiago de Surco Lima 33, Perú (51-1) 4377473 Page 217
Pulacayo 1 000 t/d Phase I Feasibility Study - NI 43-101 Technical Report 090644-3-0000-20-IFI-100 Table 19.4: Lead Price Outlook Year 2011 2012 2013 2014 2015 2016 Price, USD 1.09 1.00 1.07 1.08 1.12 1.05 These projections compare with a forward curve (as of 19 July 2012) in contango through to December 2015 which shows a spot price of USD 1,920.50/mt Pb (USD 0.87 per pound) and a forward price of USD 2,060/mt (USD 0.93/lb) which, although higher than zinc prices, still remains well below most analysts’ projections (see Figure 19.11). Source: LME, July 20, 2012 Figure 19.11: Lead Forward Curve Nonetheless, nearby lead prices, as noted above, are forecast to rebound and remain well above the long-term average lead price, which, for the purposes of this report, is projected at USD 1,962 per mt, or approximately USD 0.89/lb. 19.2.2.3 Silver Price Outlook No detailed analysis of the silver market was undertaken for this study and available analyst projections were deemed to be limited to be considered as representative of a consensus outlook. However, a review of London Bullion Market Association (LBMA) silver prices since January 2009 (see Figure 19.12) shows a 3 year trailing average price of USD 25.44/oz. Accordingly, for purposes of the Feasibility Study, it has been recommended that a silver price of USD 25.00/oz be used. TWP Sudamérica S.A. Av. Encalada 1257 Of. 801, Santiago de Surco Lima 33, Perú (51-1) 4377473 Page 218
Page 1 and 2:
NI 43 — 101 TECHNICAL REPORT PULA
Page 3 and 4:
Pulacayo 1 000 t/d Phase I Feasibil
Page 5 and 6:
Page 7 and 8:
Page 9 and 10:
Page 11 and 12:
Page 13 and 14:
Page 15 and 16:
Page 17 and 18:
Page 19 and 20:
Page 21 and 22:
Page 23 and 24:
Page 25 and 26:
Page 27 and 28:
Page 29 and 30:
Page 31 and 32:
Page 33 and 34:
Page 35 and 36:
Page 37 and 38:
Page 39 and 40:
Page 41 and 42:
Page 43 and 44:
Page 45 and 46:
Page 47 and 48:
Page 49 and 50:
Page 51 and 52:
Page 53 and 54:
Page 55 and 56:
Page 57 and 58:
Page 59 and 60:
Page 61 and 62:
Page 63 and 64:
Page 65 and 66:
Page 67 and 68:
Page 69 and 70:
Page 71 and 72:
Page 73 and 74:
Page 75 and 76:
Page 77 and 78:
Page 79 and 80:
Page 81 and 82:
Page 83 and 84:
Page 85 and 86:
Page 87 and 88:
Page 89 and 90:
Page 91 and 92:
Page 93 and 94:
Page 95 and 96:
Page 97 and 98:
Page 99 and 100:
Page 101 and 102:
Page 103 and 104:
Page 105 and 106:
Page 107 and 108:
Page 109 and 110:
Page 111 and 112:
Page 113 and 114:
Page 115 and 116:
Page 117 and 118:
Page 119 and 120:
Page 121 and 122:
Page 123 and 124:
Page 125 and 126:
Page 127 and 128:
Page 129 and 130:
Page 131 and 132:
Page 133 and 134:
Page 135 and 136:
Page 137 and 138:
Page 139 and 140:
Page 141 and 142:
Page 143 and 144:
Page 145 and 146:
Page 147 and 148:
Page 149 and 150:
Page 151 and 152:
Page 153 and 154:
Page 155 and 156:
Page 157 and 158:
Page 159 and 160:
Page 161 and 162:
Page 163 and 164:
Page 165 and 166:
Page 167 and 168:
Page 169 and 170:
Page 171 and 172:
Page 173 and 174:
Page 175 and 176:
Page 177 and 178:
Page 179 and 180: Pulacayo 1 000 t/d Phase I Feasibil
Page 229: Pulacayo 1 000 t/d Phase I Feasibil
Page 281 and 282:
Page 283 and 284:
Page 285 and 286:
Page 287 and 288:
Page 289 and 290:
Page 291 and 292:
Page 293 and 294:
Page 295 and 296:
Page 297 and 298:
Page 299 and 300:
Page 301 and 302:
Page 303 and 304:
Page 305 and 306:
Page 307 and 308:
Page 309 and 310:
show all

Pulacayo Project Feasibility Study - Apogee Silver

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?