Xanadu专访（下）：“世界需要铜” 哈马戈泰将成全球下一超级铜金矿场 紫金矿业提供完美助力

ACB News《澳华财经在线》8月31日讯 “供应断崖”日渐迫近的情况下，全球铜矿行业正在发生久违的躁动。

今年4月中国矿企巨头紫金矿业（601899.SH）向在蒙古从事大型斑岩铜金矿床勘探的Xanadu仙乐都矿业（ASX澳交所股票代码：XAM，多伦多交易所股票代码：XAM）伸出橄榄枝，计划从公司和项目层面为XAM提供双重支持，共同推动十亿吨级的哈马戈泰项目尽速迈入开发阶段。

Xanadu执行董事会主席Colin Moorhead 先生，整个职业生涯一直投身铜金矿行业，有着极强的技术背景，曾长期担任纽克雷斯特技术部门主管，作为创始管理团队成员，全程推动著名的卡迪亚谷超级铜金矿场开发，而他曾任首席执行官的Merdeka铜金矿公司股价更是在过去五年上涨超过7倍。

Moorhead 先生近日接受ACB News《高管访谈》栏目视频采访时表示，哈马戈泰不仅仅是一个大规模资源项目，由于具有低ESG风险，相信它将成为全球开发进度领先、率先进入投建阶段的大型铜矿场之一。

（观看访谈上半部分，请点击：《Xanadu专访（上）：“世界需要铜” 哈马戈泰将成全球下一超级铜金矿场 紫金矿业提供完美助力》） 

对于像Xanadu这样的小公司而言，最大的挑战之一就是在获得像哈马戈泰这样一个大项目后，如何获取融资并开展矿场建设，“这就像抓着老虎尾巴”，而与紫金矿业的合作则成为需求和专业知识的完美结合。

哈马戈泰具有哪些独特优势，令作为行业资深专家的Moorhead另眼相看并全情投入？Xanadu与紫金矿业的合作将赋予哈马戈泰项目哪些新的优势？应如何从财务角度理解哈马戈泰概略研究？

哈马戈泰将如何应对矿产资源品位、开发环境和开发条件方面的挑战，技术革新会在这一过程中扮演怎样的关键角色？未来该项目又将在满足全球，尤其是中国市场需求方面发挥怎样的作用？

请点击顶部视频链接，观看本期《高管访谈》（下），同时您也可以阅读我们精心准备的访谈内容精编版（含中英文）：

Xanadu执行董事会主席Colin Moorhead 先生（图片来源：《澳华财经在线》）

——Xanadu执行董事会主席Colin Moorhead 访谈（下）——

ACB News《澳华财经在线》：Xanadu另一个项目——红山项目，根据公告披露已勘探到高品位铜和银，实验室分析发现的铜品位最高达28.9%，银品位高达114g/t。Xanadu对红山项目有着怎样的勘探规划？准备以100%控股形式开发该项目，还是类似哈马戈泰这样寻找合资伙伴共同开发？

Colin Moorhead：红山是一个值得关注的早期勘探项目，与东部的哈马戈泰类似，也是一个大型采矿租约地，它紧邻蒙古新建的东西向铁路线，有良好的基础设施支持。有证据表明红山存在斑岩和斑岩相关的矿化，目前我们的主要目标是矽卡岩和浅成热液矿床，也就是规模较小、品位较高的矿床类型。未来可以进行露天开采或选择性的地下开采，开发时资本投入较低。

由于还处于勘探和发现阶段，我目前无法评论具体的开发方式，因此第二个问题的答案是：视情况而定。如果这是资金投入少、内部可消化的项目，那么也许我们可以考虑自己做。但我们的核心技能是勘探，如果在那里发现可开采的矿床，我想我们可能会选择与一个有能力且值得信赖的合作伙伴建立合资企业来开发该项目。

ACB News《澳华财经在线》：2023财年Xanadu的主要关注点是什么？

Colin Moorhead：2023财年我们将寻求完成与紫金矿业的交易并启动预可研（PFS）。预可行性研究预计会花费18个月的时间，需要投入至少2000万美元，前方仍任重道远。

PFS完成后将会迎来做出重大决策的关键时刻。我们希望在该过程结束时，能够从项目的实际条件和财务参数方面提出一个具有充分可行性的方案，而我们也将努力从蒙古政府和当地社区获得法律审批和社会许可。

届时我们将和合作伙伴紫金矿业共同做出财务投资决策，着手矿场建设，理论上可以在2027年底实现精铜的商业化生产。在红山，我们将启动勘探，寻找和发现矿床，进而扩充我们的投资组合。

因此，2023财年将是激动人心、十分忙碌的一年。

（图片来源：《澳华财经在线》）

ACB News《澳华财经在线》：您刚才重点提到PFS，预计何时可以发布PFS？相对于概略研究阶段，哈马戈泰在哪些方面存在潜在的价值增长机会？

Colin Moorhead： 我们预估用时会是12到18个月，希望在2023日历年结束时能够完成PFS。我们将通过勘探作业寻找新的优势，包括沿走向并向纵深处进行勘探，看是否有机会在地下发现高品位矿石。猜测和疑惑是没有用的，应该做的是不断测试勘探模型，我们也将通过勘探寻找概略研究之外的额外优势。

正如我之前所说，有一类氧化物材料目前被认定为废物，我们将通过不同的工艺路线——甘氨酸浸出将其转化为矿石。如果能够通过甘氨酸浸出充分回收铜和金，这些废物就可以变废为宝。此举能够降本增收，尤其是在项目的早期阶段，会为项目带来真正的价值增长。

另外两个潜在优势因素主要受技术驱动。第一种类似于从凹坑中将矿石压碎后运出。目前大多是用卡车从很深的坑底把矿石一直运送地表，但现在有一些比较常见的技术，特别是在铁矿场和煤矿，只需要用卡车把岩石运到矿坑里的破碎机上，然后用输送带把破碎后的岩石从矿坑底部运上来，完成运输的同时降低成本，可谓一举两得。由于搬运岩石用的是电动输送机而非柴油卡车，还可以减少碳排放水平。

另一种是粗粒浮选技术，假设采用传统的150至180微米研磨设备，处理每吨矿石需要大量电力。现在有一种常见技术，将研磨直径提高到300微米或更高，也就是采用浮选工艺，通过粗粒研磨获取更高回收率，同时又能节省电力。现在矿石分选也出现各种技术，可以使用各类在线分析方法，进入工厂前对其进行分级，从矿石里去除低品位材料。所以，能够改进的地方有很多。

我曾深度参与纽克雷斯特的采矿技术部门，并始终关注相关技术应用进展。哈马戈泰概略研究没有把技术风险包含在内，因为我们希望将这些新机遇纳入项目之前能够做到心中有数。哈马戈泰是一个很扎实的项目，通过技术革新可以使它变得更好。我们将在2023年和2024年推动并落实这些举措。

（图片来源：《澳华财经在线》）

ACB News《澳华财经在线》：您对Xanadu五年之后的愿景是什么？

Colin Moorhead：我认为五年后，哈马戈泰矿场将完成建设并投入商业化运营，具体取决于融资状况。我们将与紫金矿业形成合伙关系，同时保留一定的持股比例，或者采取其他财务安排。我希望红山项目开发进程顺利推进，届时能够发现一座新矿藏。

我们正在积极布局南戈壁的第三个项目。目前我们在蒙古北部有一个叫做黄山的项目，蒙古北方地区大多用于开展娱乐、狩猎和捕鱼活动，南方用于采矿，政府要求我们考虑将其换成南方的一个项目。因此我们正考虑在投资组合中增加第三个项目。

展望前景，我希望与合作伙伴紫金矿业携手并肩，共同建设和运营矿山，并利用前期收入为未来勘探作业提供支持，以期在蒙古发现更多矿藏。

——附：访谈（下）英文版——

（Part 2）

ACB News《澳华财经在线》：Xanadu Mines's other project – Red Mountain, has delivered high grade copper and silver assays as per Xanadu’s announcement high grade copper up to 28.9% and high grade silver up to 114g/t. What is Xanadu’s exploration plans for Red Mountain Project? Will you develop this project 100% or will you seek a JV partner like Kharmagtai?

Colin Moorhead: Yeah, Red Mountain is an interesting one. It's a large mining lease similar to Kharmagtai further to the east. It's also located right next to the new eastwest railway line so it's well supported by infrastructure. It's an earlier stage project so it's an exploration discovery project. 

We have evidence there of porphyry and porphyry related mineralization and our primary target there at the moment is skarns and epithermal, so smaller scale, higher grade deposit styles that could be mined either by open pit or selective underground and will be lower capital development scenario.

I can't really comment on how we would develop something we haven't found yet. so I think the answer to the second part of the question is, it depends. If it's a small capital, digestible project then maybe we could think about doing it on our own. However, our core skill is exploration so I suggest if I was a betting man, I'd be betting on us doing a joint venture with a capable and trusted partner to develop that project should we discover a mineable deposit there.

ACB News《澳华财经在线》：What is Xanadu’s main focus in financial year 2023?

Colin Moorhead: 2023 will be looking to complete our deal with Zijin and get started on the PFS Study. We believe our pre-feasibility study will take 18 months and cost at least 20 million dollars so that's easier said than done. It's where all the big decisions are made. At the end of that process we would hope to have a single go forward case in terms of the physical and financial parameters of the project and we will be working hard towards obtaining the legal and social license to operate from the Government of Mongolia and our neighbouring communities.

So we get to that point, then it's time to make a financial investment decisionand with our partners-Zijin. We will either, you know get out ahead and build the mine which theoretically can be producing commercial copper by the end of 2027.

At Red Mountain, We will be looking to kick off our exploration and looking to make a discovery there and add to our portfolio. So it's going to be an exciting and busy year in Financial year 2023.

ACB News《澳华财经在线》：Regarding the PFS you just mentioned when do you expect to release completed PFS and what are key upside opportunities relative to Scoping Study?

Colin Moorhead: Yeah, so, as I said, 12 to 18 months. So I would hope towards the end of calendar year 2023 that we would have that PFS completed. The key upsides I'm looking for, you know, exploration. We will continue to explore both for along strike and at depth. To see if we can find, not more of the same. I'm really looking for that sort of high-grade underground opportunity and I think that you know you should never die wondering, You should always test your exploration model. So we will do that in terms of the upside to the scoping study.

As I said there’s the oxide material which is currently considered waste. We will be looking to turn that into ore through a different process route, in this case, glycine leaching. If we can get adequate recoveries of copper and gold from glycine leaching then that waste becomes ore and that adds serious value because it removes costs and adds revenue particularly in the early years of the project.

The other two, we are technologically driven. In-pit, crush and convey or versions of it. At the moment we are using, you know, trucks to haul all the way from the bottom of a very deep pit to the surface. There are technologies that are commonplace today, particularly in iron ore and coal where you only truck to a crusher that's in the pit and then you use a conveyor to lift your rock out of the bottom of the pit. That does two things that reduces costs and it reduces your carbon footprint in that you're using electric conveyors rather than diesel trucks to move your rock.

The other one is coarse particle flotation so we're assuming a traditional 150 to 180 micron grind so a lot of kilowatt-hours per tonne of ore treated. There’s commonplace technology out there now that can. You can take that out to 300 micron or beyond, so you're floating and getting decent recoveries from a much coarser, coarser grind which saves power again. There are also all sorts of technologies coming out now around ore sorting which allows you to use various methods of online analysis to take low-grade material out of your feed and beneficiate the feed grading to the plant So there's lots of things you can do.

I was heavily involved in the technology aspects that Newcrest are applying today in the real world and we will certainly look at those. We deliberately didn't include that technical risk in the scoping study because we wanted to be sure that before those opportunities are baked into the project. this is a solid project. We believe we have a solid project and we can make it better with those initiatives and we’ll be pursuing those during 2023 and 2024.

ACB News《澳华财经在线》：What's your vision for Xanadu in 5years? 

Colin Moorhead: Listen, I think in five years time we will have a producing mine at Kharmagtai that we should be in commercial production by then and that will and depending on how the financing works. We will either have a percentage of that operation in partnership with Zijin or some other financial arrangement.

I'm hoping that we will have a discovery at Red Mountain that we're putting through the development process, and we're currently actively pursuing a third project in the South Gobi. We did have a project called Yellow Mountain up in the North.

The north of the country is more for recreation and hunting and fishing and the south of the country is for mining. So the government have asked us to look at swapping that out for a project in the south. So we will look to get a third project into the portfolio.

So I would like to think with our partner Zijin, we are building and operating mines and we're using that to fund more discoveries in Mongolia.

（The End）

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