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Sintering of Laterite ores

Confidential. GITS Sintering Services Inc. Sintering of Laterite ores. The technology & economics of Reduction Sintering. 19 th June 2010. The issue facing most Nickel Laterite producers in the Philippines is…. How to Add Value to a large resource of low grade laterite?.

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Sintering of Laterite ores

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  1. Confidential GITS Sintering Services Inc. Sintering of Laterite ores The technology & economics of Reduction Sintering 19th June 2010

  2. The issue facing most Nickel Laterite producers in the Philippines is… How to Add Value to a large resource of low grade laterite?

  3. The Philippines has a large resource base of laterite nickel… GITS Ore Coke Flux

  4. The majority of nickel laterites is exported to China for processing… GITS • Approx. 16Mt laterite imported into • China in 2009 • Imports are equivalent to > 110,000 t • Ni metal • For higher grade Ni ores, Indonesian • ore is preferred over Philippine ores • Philippine exports are mainly lower • Ni grade ores 4

  5. Direct shipping of Nickel laterite ore is of low intrinsic value… GITS Ore Coke Flux Laterite Nickel Grade, % Ni Chinese Purchase Price, US$/t 1.0% US$12/t 1.5% US$20/t 1.75% US$30/t 2.0% US$50/t • >30% “water” shipped to China with every tonne exported

  6. Traditionally, value added processing has been too expensive… GITS Ore Coke Flux

  7. Sintering is significantly cheaper & has significantly lower barriers to entry GITS Ore Coke Flux • Sintering is the intermediate step in producing either- • laterite nickel feed for an EAF/Blast Furnace [Ni PI], or • iron ore feed for the steel industry • Capital Costs for a sinter plant are low- • Approx. US$4M per 100,000 tpy production module • Sintered products command a higher price then DSO- • Laterite nickel sinter @ ~1.8% Ni = US$130/t FOB • Iron ore feed @ ~60% Fe = US$85 to US$100/t FOB

  8. What is Reduction Sintering? GITS Ore Coke Flux A process of heating laterites to 900oC – 1,200oC, under reducing conditions, to induce a phase change of hematite to magnetite resulting in a semi-fused metallic sinter which can be further upgraded by simple magnetic means. Nickel Laterites: Upgrades Ni content in sinter product & eliminates water Iron Laterites: Upgrades 40% to 50% Fe in limonite to >60% magnetite sinter & eliminates water

  9. Why is Reduction Sintering economic today? GITS Ore Coke Flux • Historical low iron ore prices (<US$30-US$40/t @ 60% Fe) have • prevented the industry from expanding, until recently. • As iron ore prices increase, the economics of sintering improves • The Chinese are a ‘test-bed’ and very innovative when it comes • to seeking alternatives to high grade iron ore prices

  10. (Nickel) Laterites& Processing Options

  11. Ferronickel technologies suitable for nickel laterite ores… [Pyrometallurgy] GITS Ore Coke Flux Chinese Blast Furnace Process 1% Ni to 1.5% Ni Ore  3% to 5% Ni Pig Iron Requires high Fe laterite Low Capital...but environmental issues Electric Arc Furnace Process >1.5% Ni to 2% Ni Ore  5% to 15% Ni Pig Iron Requires low Fe laterite High electrical consumption 1% Ni to 3% Ni Ore  3% to 50% Ni Pig Iron AlloyStream Process No constraints on Ni or Fe Low electrical consumption Untested – only ferromanganese

  12. Leaching technologies suitable for nickel laterite ores… [Hydrometallurgy] GITS Intermediate Product -Ni Hydroxide Autoclave High Pressure Acid Leach [HPAL] High Temp High Pressure $$$$ Recovery > 90% >75% Ni Pay Agitation Tanks Atmospheric Agitation Leach [AL] Low Temp Low Pressure $$$ Recovery 70%-85% Processing Plant – same for all Tech. Laterite Ore Heaps Low Temp Low Pressure $$ Recovery 60%-75% Heap Leach [HL] 100% Ni Pay Cathode Nickel

  13. The laterite ore types will dictate the processing routes… GITS Traditional Processing Routes New Processing Routes Schematic Laterite Profile • Heap • Leaching • Turkey [ENK] • Phil. [Rusina] • HPAL • Coral Bay • Goro • Revensthorpe Limonite Ni < 1.3% Fe > 30% • Agitation • Leaching • Toledo Mining (TMC) • Ferro-nickel • - Chinese Blast Furn. • Elect Arc Furnace • Reduction process Saprolite Ni > 1.8% Fe < 20% Bedrock

  14. Sintering is an intermediate step in the value-added chain… [Pyrometallurgy] GITS Intermediate Products Schematic Laterite Profile A Sintered Iron Ore >60% Fe A Sinter Reduction Ni < 0.9% Fe > 40% Limonite B B BF or EAF Feed >3% - 6% Ni PI Ni < 1.2% Fe > 30% C Saprolite C EAF Feed >10% Ni PI Ni > 1.8% Fe < 20% Bedrock

  15. Reduction Sintering is a proven technology and is widely used around the world? GITS Ore Coke Flux • Krupp Renn in Germany: 1930-1940 • Nippon Yakin in Japan: currently processing Ni laterites • Minnesota low grade iron ores (35% Fe – 50% Fe) • Chinese - today

  16. Sintering is a relatively simple process with basic inputs… GITS Product

  17. Plan view and layout of a typical Reduction Sintering plant… GITS Ore Coke Flux

  18. “The Size of the Prize”

  19. The economics of the sintering process are compelling… GITS

  20. Total cash operating costs are approx. US63/t sinter product… GITS ‘Margin’ over current SP of US$130/t = ~US$67/t

  21. Annual cash flow [US$M] is healthy in all years [500,000 tpy SP]… GITS P & L US$M Cash Flow US$M Assumes BOI income tax holiday for 6 years

  22. The modular nature of the plant allows for financial flexibility… GITS

  23. Sensitivities indicate a robust project is achievable… GITS

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