Baishiquan Nickel-Copper Mine

Baishiquan Nickel-Copper Mine is located in the Xinjiang Uygur Autonomous Region. It is about 170 km southeast of the Hami City and 650 km southeast of the Xinjiang capital, Urumqi. The extraction work in the phase one mining zone of the Baishiquan Nickel-copper Mine had been completed in 2021.

All the measured resources in the phase one mining zone had been extracted. The details of the resource estimates of the phase two mining zone as at 31 March 2021 are set out below:

Notes:

(1) The resource estimates are prepared by internal experts based on the production and exploration adjusted from the JORC resource and reserve estimates previously disclosed.

(2) Cut-off grade is 0.3%.

 

Phase two mining zone has mineral resources and the information gathering is being carried out to facilitate the qualified professional to prepare the detailed exploration report for phase two mining zone. After the detailed exploration report is approved by the regulatory authority, the group will prepare the feasibility study. 

The expected length of time from feasibility study to commercial production of the phase two mining zone is about 2.5 to 3 years.