Uranium Exploration (2004-2014): New Discoveries, New ... · Areva Mines /DDP-CP 062014 New Processes: a leverage for new resources Low Grades ores (calcretes, sandstones, alaskites)

Uranium Exploration (2004-2014): New Discoveries, New Resources

June 2014 IAEA-URAM Vienna

Christian POLAK, AREVA MINES/DDP

Areva Mines /DDP-CP 062014

From Exploration to MiningCost

~ 15 years

Mining Lease

Time scale

3

Prospect

Showing

(Resources)

Exploration Licence6 9 12

Airbone surveyGeochemistry Geology

Reconnaissancedrilling

Delineation drilling

Ground geophysicsDetailed geology

Detailed ExplorationGrass root

Exploration

Deposit

Feasibility

(Reserves)

Pre Feasibility

Deposit

0


Junior Mining Rush 2005-2013

0

500

1000

1500

2000

2500

2005 2006 2007 2008 2009 2010 2011 2012 20130,0

20,0

40,0

60,0

80,0

100,0

120,0

Fund Raising in MUS$ Juniors as off 31/12 Average Price USD/lbs


World Uranium Exploration Budget (2003-2013)

0

200

400

600

800

1000

1200

1400

2003e 2004e 2005e 2006 2007 2008 2009 2010 2011 2012 2013

Source SLN & Areva

MUS

$


Junior Rush 2004-2014, where ?

15%

10%

22%

6%

21%

3%

6%

13%

4%

USAAthabaskaRest of CanadaSouth AmericaAustraliaEuropeAsiaNamibia + South AfricaRest of Africa


Junior Rush: 3 main areas

2005-2013 Junior Mining involved Compliant Resources

Australia 203314 ktU

(816 Mlbs)

Canada401

273 ktU (710 Mlbs)

Namibia36

477 ktU (1240 Mlbs U3O8)


Exploration - Compliant Resources Definition 1/3: Australia

Australia - Resources Compliance

-50

0

50

100

150

200

2005 2006 2007 2008 2009 2010 2011 2012 2013

in Mlbs U3O8

Compliance Resources Added Ressources Retrenched Resources

Nb of Deposits

0

2

4

6

8

10

12

14

2005 2006 2007 2008 2009 2010 2011 2012 2013

+ 314 ktU


Exploration - Compliant Resources Definition 2/3: CanadaCanada - Resources Compliance

-20

0

20

40

60

80

100

120

140

160

2005 2006 2007 2008 2009 2010 2011 2012 2013

in Mlbs


Nb of Deposits

0

2

4

6

8

10

12

14

2005 2006 2007 2008 2009 2010 2011 2012 2013

+ 273 ktU


Exploration Compliant Resources Definition 3/3: Namibia

Namibia - Resources Compliance

-150

-100

-50

0

50

100

150

200

250

300

350

400

2005 2006 2007 2008 2009 2010 2011 2012 2013

in Mlbs


Nb of Deposits

0

1

2

3

4

5

6

2005 2006 2007 2008 2009 2010 2011 2012 2013

+ 477 ktU


Resources Defined 2005-2013

Resources Compliant: 1.8 millions tU (> 100 Mlbs U3O8) Namibia: Husab (Extract@187 ktU), Etango (Bannerman@65ktU), Langer

Heinrich(Paladin@71ktU) Botswana: Lethlakane (A-Cap@135ktU) Sweden: Viken (CMP@403ktU), Haggan (Aura@308ktU) Tanzania: Mkuju (Mantra@52ktU) Greenland: Kvanefjeld (GGG@221ktU) South Africa: Ezulwini (First U@75ktU), Potchefstroom (Wits@63ktU),

Springbok (Holgoun@82ktU) Canada: Michelin (Aurora@ 52ktU) USA: Coles Hill (Virginia U@46ktU) Niger: Madaouela (Goviex@39ktU)

Other interesting development in: Spain (Salamanca@11ktU), Slovakia (Kuriskova@16ktU), Mali (Falea@17 ktU)


Development Studies 2005-2013

0

2

4

6

8

10

12

14

2005 2006 2007 2008 2009 2010 2011 2012 2013

SCOPPFSFS

SCOP: Scoping Study or Preliminary Economic Assessment

PFS: Prefeasibility Study

FS: Feasibility StudySource: Areva


# 850Junior Mining

Companies

160 Juniors produced new Resources data

73 Scoping Studies

21 Prefeasibility Studies

16 Feasibility Studies

Success Story Pathway 2004-2013


Consolidation

South America (Argentina, Paraguay, Peru (Macusani # 37 ktU))

USA (ISR)

Western Australia (Grand Wiluna # 29 ktU)

Witswatersrand (Tailings # 125 ktU, Underground # 345 ktU)

Areva Mines /DDP-CP 062014ME

Uranium Players on the Rand 2011

DRD MintailsMintails Harmony First U Gold Fields U One Anglo

Wits Gold

Areva Mines /DDP-CP 062014ME

Uranium Players on the Rand 2014

DRD Shiva Sibanye GoldAngloGold


Junior Mining in Production 2004-2014

Paladin (3,225 tU - 2013)

USA « ISR Co » - (UEC, Mestena, Ur-Energy, Uranerz, URI, Peninsula) (1000-1500 tU/yr),

Australia: Four Mile 725 tU/yr

Trekkopje (2,500 tU/yr – postponed), Husab (5,800 tU/yr > 2015)

Juniors discoveries under construction/production


New Processes: a leverage for new resources

Low Grades ores (calcretes, sandstones, alaskites) Heap-Leaching (alkaline or acid) Chlorine resistant Resin Upgrading process (Schoenburg, U-pgrade, Ablation)

Blackshales: Columbia (8.2 ktU): Acetic leaching (P2O5, Ni, V, Y) Sweden (711 ktU), Finland 350tU/yr: Bio-heap Leaching (Ni, Mo, Co)

Phosphates: Resins (PhosEnergy, K-tech) New molecules for extraction

REE: Greenland: Acid stages leaching


Conclusion: 10 years of discovery ?

Large effort of exploration Large amount of compliant resources discovered or confirmedNew process development for low cost and for low grade

New production from this effort still limited < 10%Feasibilty studies must confirm viability of economic exploitation and therefore resources qualityConsolidation to set up critical mass deposits

To be ready for the coming decades 2020 +


Merci

Uranium Exploration (2004-2014): New Discoveries, New ... · Areva Mines /DDP-CP 062014 New Processes: a leverage for new resources Low Grades ores (calcretes, sandstones, alaskites)

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