——专访Xanadu Mines (ASX:XAM)董事会执行主席Colin Moorhead（访谈原文请点击视频播放器观看）

【背景.导读】

2024年即将走过，新的一年即将来临。

回首2024资本及大宗商品市场，黄金无疑是本年表现不俗的贵金属之一。

ASX澳交所上市矿业公司众多，其中不乏铜、金矿勘企业。然而当中拥有规模性资源量、且可以令全球矿业巨头对其资产感兴趣的公司，则凤毛麟角极为稀少。

本文访谈的公司——Xanadu Mines (ASX:XAM)，则是其中一家。

2021年4月20日，全球金铜矿勘探开发巨头之一 的中国紫金矿业（沪市：601899）与澳交所上市公司Xanadu Mines Ltd(ASX :XAM , 仙乐都矿业 )签署了股权认购协议，公司分阶段投资获得仙乐都矿业上市公司约19.9%股权，以及仙乐都矿业下属Khuiten Metals Pte.Ltd.（“辉腾金属”）50%股权，进而拥有蒙古哈马戈泰铜金矿项目（Kharmagtai）的权益。

被紫金矿业“法眼相中”的Xanadu Mines Ltd(ASX :XAM , 仙乐都矿业)，是怎样一家公司？

一个多月前的2024年10月中旬， Xanadu Mines Ltd (ASX: XAM, TSX: XAM)位于蒙古国的Kharmagtai铜金矿项目预可研（PFS）及项目初始资源量更新报告出炉。 通过采用PFS中的边际开采品位，Kharmagtai矿产资源量得到显著提升。铜含量增加至470万吨，黄金含量从930万盎司增至1100万盎司。详见《470万吨铜1100万盎司黄金 Xanadu Mines Ltd (ASX: XAM）项目预可研报告闪亮出炉》。

如此巨大的铜、金资源量，在ASX澳交所上市的初级勘探类公司中，堪称绝无仅有。也再次印证行业巨头紫金矿业独到的眼光——2022年和2023年间，通过两次定向增发，紫金矿业战略入股Xanadu Mines Ltd（ASX：XAM）并成为后者的最大股东。

紫金矿业方面早前曾公开表示，蒙古哈马戈泰铜金矿项目资源量大，投资总额不高，有较大的开发潜力和前景，紫金矿业在低品位资源开发利用方面具有的成功实践经验和领先的技术优势，将有助于该项目的开发。详见《市值不足4000万公司Xanadu曝光旗下铜金矿项目经济性评估报告 累计净现金流推算超过30亿美元 》

值得一提的是，哈马戈泰项目与力拓旗下的全球第4大铜金矿奥尤陶勒盖（Oyu Tolgoi）项目，均位于蒙古国南戈壁省斑岩铜矿带上，奥尤陶勒盖（Oyu Tolgoi）项目位于哈马戈泰（Kharmagtai）铜金矿项目以南120公里处，距离中国边界不足100公里，其初步探明的储量为铜3110万吨、黄金1328吨、白银7600吨，开采周期50年。

2022年年底，力拓斥资31亿美元，通过收购加拿大绿松石山资源有限公司49%的股权，拿下后者对应的奥尤陶勒盖铜金矿项目32.3%的股份权益，由此进行简单计算得出的推论是，力拓收购该部分股权时，给奥尤陶勒盖（Oyu Tolgoi）项目权益的估值约为96亿美元。

随着旗下Kharmagtai铜金项目预可行性（PFS）报告的发布，澳交所上市矿业公司Xanadu Mines Ltd（ASX：XAM），迎来从勘探向矿山建设开采转型的重要时间窗口期。

从《澳华财经在线》掌握的相关数据看，华人朋友对该股的关注度随着这一时间窗口期的到来持续上升。

市场目前普遍关注的是，资源量更新和PFS预可研报告出炉后的Xanadu Mines Ltd（ASX：XAM）公司，下一步如何和商业伙伴紫金矿业一道，推进Kharmagtai铜金矿项目向生产开采阶段迈进。

10月底，本网最新采访了Xanadu Mines董事局执行主席柯林·穆尔黑德（Colin Moorhead）。

(Xanadu董事局执行主席Colin Moorhead 先生（图片来源：《澳华财经在线》）

Colin Moorhead是澳大利亚矿业界资深老兵，也是澳大利亚冶金矿业协会（AUSIMM）特许专家和前任主席，在国际大型矿业项目开发、融资、矿山运营和并购方面，具有30余年丰富的行业经历，以出色的管理、谋略和执行力享誉业内。

希望读者朋友从本期访谈对话中，对该公司项目进展以及新年中可能对公司基本面带来重大影响的事件及对应的时间节点有所了解。

以下为基于视频访谈对话编发的中文报道，访谈原文请点击视频观看。 

ACB News《澳华财经在线》：Today we are very pleased to welcome Mr. Colin Moorehead , The Executive Chairman and Managing Director of Xanadu Mines ,ASX Code:XAM, Colin is here to share insights on Xanadu's recent PFS outcome and updates, Welcome Colin. Thank you for joining us.

今天我们很高兴再次约访Colin Moorhead先生, 澳交所上市公司Xanadu Mines( 澳交所代码：XAM)董事局执行主席兼董事总经理Colin在这里分享有关Xanadu铜金矿项目最新预可行报告计划的最新情况, 欢迎您Colin，感谢您接受我们今天的采访

Colin Moorhead：Hi Hannah. Thank you for having us.

很高兴接受今天的采访

ACB News《澳华财经在线》：Can you please summarize the key conclusion of the PFS and major changes to the updated MRE.

能否请您总结下预可行性研究报告的关键结论和更新后的矿产资源估算的主要变化？

Colin Moorhead：Sure, the PFS has recently been completed, which is a major milestone in our Joint Venture with Zijin.

预可行性研究最近已经完成，这是我们与项目伙伴紫金矿业的合作的又一个重要里程碑

It resulted in a much bigger mine than was described in our Scoping Study.

预可行性研究报告确认的资源量，较我们最初的概略研究的数量要大得多

It's a 29 years mine life that will produce 

整个矿山的开采周期为29年

on average 74,000 tonnes of Copper and 165,000 ounces of Gold over that entire period.

在整个开采生产期间，平均每年可产出74,000吨铜和165,000盎司黄金

That is underpinned by a Mineral Resource & Ore Reserve.

这是由矿产资源量和可采储量支撑的

The Mineral Resource grew to 2.2 billion tonnes, containing 4.7 million tonnes of Copper and 11 million ounces of Gold

矿产资源量增长至22亿吨，其中含有470万吨铜以及1100万盎司黄金

off the back of a lower cutoff grade as defined by the Pre-Feasibility Study.

这是基于预可行性研究所定义的较低的边界开采品位

Our mine plan has us producing, treating 1.2 billion tonnes of material over that 29 years, and it generates a very good outcome, financially and physically.

我们的矿山计划在29年内开采加工生产和处理12亿吨矿料,从产出和财务上来看，将有非常好的结果

ACB News《澳华财经在线》：Amazing! Amazing numbers！Seems like metallurgy is a big opportunity for the PFS, what will you recommend to Zijin as key items for further investigation? 

太棒了！这些数字都很令人兴奋！看起来冶金是预可行性计划中的一个重要机会

您会建议紫金矿业重点研究哪些关键项目？

Colin Moorhead：That's a very good question.

这是一个非常好的问题

Our copper recoveries are in the low 80%.

我们的铜回收率较低在80%左右

We believe that there is a real opportunity to improve copper recovery through more test work on pyrite suppression and other technologies.

我们认为，通过更多的工艺测试铜的回收率有很大的提升空间，譬如利用硫化物抑制及其他技术

I do know the Zijin research labs have a specialty in that area, and we will be looking to leverage off their capabilities, in the next stage,

我知道紫金的实验研究中心在这个技术领域很有专长，我们在下一阶段将寻求结合利用他们的技术优势

We also have Silver in our concentrate, which is currently not in our economics,

我们的精矿中也含有银，但目前我们的项目财务评估中目前尚未包含这部分

due to the fact that we don't have a JORC Resource to back up our Silver estimate;

因为我们还没有JORC标准的金属银的资源量这块

we'll be doing work on that.

我们也会在这方面面做一些工作

Now, we also have oxide material that we were hoping to bring into our base case as an uplift opportunity.

现在，我们也有氧化矿材料，希望将其纳入基础方案，这将是一个提升项目价值的机会

We were unable to source sufficient quality and price of Acid to put into that;

我们无法获得足够的高质量且价格合适的酸来投入其中

we left it out of our base case, but

所以我们把它排除在基础方案之外，但是

that's a real opportunity to add as well.

这也是一个可以增加项目价值的机会

There are some real other metallurgical opportunities still on the table for this project.

因此，该项目中仍有一些其它可行的冶金方案选项可供选用

ACB News《澳华财经在线》：Why are you only mining such a small part of the total Resource? What would it take to upgrade 27% of the open pit mine plan deemed as Inferred?

为什么只开采总资源的一小部分？要将露天矿规划中被视为推断资源的27%升级，需要哪些条件？

Colin Moorhead：We are mining 1.2 billion tonnes of a 2.2 billion tonne Resource， it's not a small amount.

我们正在准备开采22亿吨矿石资源中的12亿吨，这不是一个小数字

About 500 million tonnes of Inferred in our mine plan.

但在矿山规划中，大约有5亿吨属于推断资源

10,000 to 15,000 metres of drilling, which is two to three million dollars and maybe two or three months to complete, and that will be included in our scope for the next phase.

接下来额外10,000到15,000米的钻探，大约需要200到300万澳元的勘探预算，可能需要两到三个月完成，这将包括在我们下一阶段的范围中

ACB News《澳华财经在线》：Thank you, What are the biggest construction and operational risks? What have you learned from other mega mines in South Gobi, Mongolia?

谢谢 。项目建设和运营最大的风险是什么？您从蒙古南戈壁的其他大型矿山中学到了什么？

Colin Moorhead：We have learned a lot from watching Oyu Tolgoi, Rio Tinto’s Giant deposit, which is just down the road. There are lots of similarities between those two mines, so it's been a good benchmark for us.

我们从观察奥尤陶勒盖矿学到了很多, 从我们的矿区沿路而下便是力拓拥有的巨大的铜金矿床奥尤陶勒盖矿，这两个矿床之间有很多相似之处，所以这对我们来说是一个很好的参考基准。

Access to water, that's our biggest technical risk, and obtaining a competitive investment agreement with the Mongolian government.

获取水资源，这是我们最大的技术风险，以及与蒙古国政府达成具有竞争力的投资协议。

Both of those two things will be addressed in the next year. I've recently talked to the Minister. He's here in Sydney for IMARC. And we'll be certainly continuing that conversation with the government, And looking for their help with both of those two issues.

这两件事都将在明年得到解决。我最近与蒙古国矿业部长进行了交谈，他最近在悉尼参加国际矿业与资源大会（IMARC）。我们肯定会继续与政府进行沟通并寻求他们的帮助来解决这两个问题

ACB News《澳华财经在线》：What’s the embedded value of gold and potential silver by-products? Does this open the door to more external interest？

黄金和潜在白银副产品的内在价值是多少？

这是否为更多来自外部的投资兴趣打开一扇大门？

Colin Moorhead：Yeah, it does. Obviously, we're producing a very good copper concentrate.

是的，确实如此。显然，我们正在向生产优质的铜精矿方向迈进

It's a high-quality copper, very low impurities and very strong in silver and gold byproduct credits.

这是一种优质铜，杂质含量非常低，并且含有丰富的银和黄金等副产品

That creates a lot of interest from royalty and streaming companies, who like the precious metals.

这引起了产业链相关公司以及对贵金属采矿特许权使用费的浓厚兴趣

And we're talking to those parties.

目前我们正在与这些公司磋商

Ultimately, however, about 10% of our gold goes to doré and will be marketed in Mongolia through the bank system there， 90% of our gold and 100% of our copper will go as a concentrate down to smelters in China.

最终，我们大约10%的黄金产品将通过蒙古国的银行系统在蒙古进行销售，90%的黄金和100%的铜精矿将运往中国的冶炼厂

ACB News《澳华财经在线》：With Zijin as the operator, what's the budget and its split between exploration, early works, and studies? How will Xanadu fund its share?

在紫金矿业作为运营方的情况下，预算是多少，以及如何在项目勘探、早期工程和项目研究之间进行分配？Xanadu将如何为其份额提供资金？

Colin Moorhead：That’s a very good question.

这是一个非常好的问题

Zijin has taken over as operator,

紫金目前已接任项目运营商

We spent last week in Mongolia with them, working through the details on that.

上周（备注：以采访当日计），我们与他们一起在蒙古度过并讨论了相关的细节 

The budget for the next phase is not yet finalized.

下一阶段的预算尚未最终确定

It will include Bankable Feasibility Study on the technical aspects.

它将包括项目可行性研究的技术方面的预算

It will include exploration, 

它亦将包括钻探费用

particularly at depth, to see if we have a potential block cave underneath our open pits, to extend the mine life

特别是深部钻探，看看我们是否可能在露天矿下方进行区块崩落开采，以延长矿山寿命

even further, or to bring production forward.

甚至让开采更进一步，或者提前生产

It will be more work on water in terms of drilling water bores and establishing borefields.

在水资源方面将需要更多的工作，包括钻探水源井和建立蓄水区

As well as ongoing work with community and government to obtain the necessary social and legal, licensed to operate.

以及与社区和政府的持续合作，以获得必要的社会和法律、运营许可

I haven't seen the budget yet, but I would

我还没有看到预算，

anticipate that's roughly 50 million US dollars over eighteen months or so.

我预计在十八个月左右的时间里大约需要5000万美元

But the ball is in Zijin's court to put that budget, scope and schedule together,

现在决定权在紫金手中，他们将负责制定预算、范围和时间表

and we will work with them to get that approved.

我们将与他们合作将推进项目

In terms of funding, we're a little company with a big project;

就资金而言，我们是一家有大项目的小公司

we have a very good partner, Zijin,

我们有一个很好的合作伙伴 - 紫金矿业

and we are in discussions with them around our options.

我们正在与他们讨论我们的选择

We have, effectively, three options.

实际上，我们有三种选择

We have a put option which is at our discretion,

我们有一个由我们自行决定的期权

to sell them half of our half for 25 million USD,

我们可以将我们拥有的项目权益的一半以两千五百万美元转给他们

and to be loan-carried through to commercial production.

紫金将独自进行商业生产

That's one option.

这是一种选择

Another is for us to find funding to fund ourselves deeper into the project and

另一个是我们寻找资金来资助我们更深入地参与该项目，

we have appointed Bacchus Capital to look at all avenues for us to stay whole if we want.

我们已任命Bacchus Capital来为我们评估所有可能的选项和路径，确保我们希望的情况下可以保持在项目中的完整权益

And, of course, there's a third option where we could sell

当然还有第三种选择——选择项目权益出售

either the asset or the company to a third party, be it Zijin or someone else

将资产或者公司转让给第三方，无论是紫金还是其他公司

All of those are in front of us, and we're keeping all of those options live at this point in time.

所以所有这些选项都摆在我们面前，目前所有这些选项都有可能

ACB News《澳华财经在线》：Thank you for sharing. What’s Zijin’s end game？Their chairman mentioned that he regretted not buying all the Ivanhoe, and outside of Kharmagtai and Ivanhoe’s project, Zijin doesn’t seem to do Joint Ventures.

紫金矿业的最终目标是什么？紫金矿业董事长曾提到，当时没有对艾芬豪矿业进行全部收购是一个遗憾。

目前看，除了Kharmagtai和艾芬豪的项目外，紫金矿业似乎很少对外合资项目。

Colin Moorhead：You know, the joint venture was formed as an appropriate vehicle to take the project forward eighteen months ago,

蒙古国的这个合资企业，是在18个月前作为推进项目的合适平台设立的。

and I think we've got to the outcome of a Pre Feasibility Study.

通过我们的合作，目前我们如期完成并得到了项目预可行性报告的结果

I'm sure Zijin are not happy sitting on 38.25% beneficial ownership of the project and would like to take that up as high as they can.

我认为紫金矿业并不满足于仅持有项目38.25%的受益权并希望尽可能多的提高所有权

There are some minority parties outside of our joint venture that hold 24% of the project.

我们合资企业之外还有一些少数股东，占该项目24%的股份

I would expect Zijin to look to be establishing control and as greater beneficial ownership of the project as they can, as it develops, in the next phase.

随着下目进入下一发展阶段，我预计紫金矿业会寻求建立对项目的控制权，并尽可能获得更多的项目受益权

ACB News《澳华财经在线》：You have mentioned your social and legal license to operate in Mongolia. What are your expectations for the Investment Agreement, mining approvals, and royalties?

您提到了在蒙古国项目需要拿到运营营的社会和法律许可，您对投资协议、采矿审批和特许权使用费有何期望？

Colin Moorhead：Okay, so in Mongolia you need to complete a Mongolian feasibility study, which is referred to as a ТEZU 

在蒙古，你需要完成蒙古可行性研究，这被称为 ТEZU

We will be using our Pre-Feasibility Study to inform that TEZU and put that into the permitting and approvals process.

我们将使用我们的可行性研究来完善该ТEZU（技术经济可行性研究）并将其放入我们的项目许可申批流程

Along with that, you start a dialogue with the government about the project and its benefits to the community and to the country, and start the discussion around what an investment agreement would look like.

此外， 还需要开始与政府就该项目对社区的价值和好处进行对话，包括对蒙古国国家的好处，之后开始讨论投资协议的内容

I don't have any specific expectations, other than something that’s competitive and clear and consistent，that's good for all, for both investors, and for the people of Mongolia.

我没有任何具体的期望，只希望协议具有竞争力、清晰且一致。这对所有各方包括投资者和蒙古国的人民都有好处

Once you have that political support and agreement,

一旦你得到了政府的支持和同意

the permitting and approvals process is basically administrative.

许可和审批流程基本上是行政性的

It's prescriptive and detailed, but it's a well-trodden path towards permits and approvals.

这个流程具有具体的规范性的流程，获得政府支持是一条获得许可和审批的良好路径

I will say, however, that under Xanadu and our local teams, we have established, bottom-up a very good relationship with our local communities and our local government area,

然而我要说的是，我们Xanadu公司当地的团队，已经与当地社区建立了非常良好的关系，包括和项目所在辖区的当地政府

as well as in UB.  I think we're well placed, with a good reputation as a solid corporate citizen to take this project forward.

所以我认为我们处于很有利的位置 ，作为一个有良好声誉的稳健企业公民，能够推动该项目向前发展

ACB News《澳华财经在线》：That's great! Last question from me. How will Xanadu evolve over the next 12 to 24 months? What's your message to current and potential investors?

 我最后一个问题是未来12到24个月Xanadu公司将如何参与项目？您想对当前和潜在投资者说些什么？

Colin Moorhead：I would say to current and potential investors that Xanadu is a highly successful exploration company

我想对当前和潜在投资者说，Xanadu (ASX, TSX : XAM) 是一家非常成功的勘探公司

We have a controlling and substantial interest In Mongolia's next big Copper Mine.

我们拥有蒙古国下一个大型铜矿项目的控制权和实质性股份

If you believe in copper, and you believe in gold, this is a mine that will get built before 2030， it's going to get built in the twenties.

所以如果你认可铜和黄金，这是一个将在2030年前建成的矿山，预计会在20世纪20年代建成。

And, we are an excellent vehicle to full copper exposure.

我们是建立铜矿资产的一个极佳载体

Our partner has the balance sheet and capability to build and operate mines like these,

我们的合作伙伴紫金矿业拥有建设和运营此类矿山的专业能力和资产负债能力

and I'm confident that they will be looking to progress the project, as quickly as possible.

我相信他们将尽快推进该项目

ACB News《澳华财经在线》：Thank you so much, Colin. Thank you so much for your time today. We look forward to hearing more about the updates from Xanadu in the future. Thank you.

非常感谢Colin，感谢您今天抽时间接受访谈。我们期待将来听到更多Xanadu的更新，谢谢。

Colin Moorhead：Thank you very much, Hannah.

非常感谢 Hannah

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