CHAPTER ONE

1. O INTRODUCTION

The Gold deposit was discovered by Shmack in 2005. Shmack conducted extensive geological

mapping, geophysics and drilling programs from early 2005 to late 2009; over 33,000 metres of

diamond drilling for 143 holes were completed and four main prospects were identified (Dass,

Ningi, Misau and the Western Toro). Jonchen Company Limited acquired the Sidon Project in

early 2015 and in late 2017 completed an intensive sampling program of previously unassayed

Shmack drill core. Jonchen has since actively explored the Project from 2018 and has completed

166 holes for 32,240 metres, bringing the total drilling completed at Sidon to 313 holes for

67,069 metres. This has resulted in a significant resource upgrade in terms of tonnes and

confidence from the previous owners.

1.1 Geology & Mineral Resource

1
The study area is bounded by latitude 10° 77’ 61’’N and longitude 09° 99’92’’E and span an area

of about 36.5Km2. It is located in Toro Local Government area of Bauchi State and falls within

the Federal Survey map of Nigeria Sheet 97.

It forms part of one (Schist Belt) out of twelve Precambrian to Early Paleozoic Schist belts in

Nigerian Basement Complex. The schist belts are mainly within the western half of Nigeria and

are composed of low-medium grade deformed meta-sediments that are intruded by granites. The

study area is distinctive in composition and metamorphism. The meta-sediments are mainly

biotite schist. The metamorphism is of a higher temperature and lower pressure type than in other

schist belts.

Gold mineralization is present in alluvial placers and primary veins from several parts of

supracrustal (schist) belts in the northwest and southwest of Nigeria. Also, most of the NW

Nigeria schist belts that have been studied are polymetallic and are endowed with mineralization

such as gold, Banded Iron Formation, marble, manganese etc associated with them. The Schist

Belt will probably not be an exception; hence the need for its detailed study.

Gold grain morphology uses the weathering of gold as a means to classify gold grains and

narrow down their distance from source. Gold grains are classified into three categories: a.

pristine in which primary shapes and surface textures are preserved. Modified in which some

primary shapes and surface textures are preserved, however, the edges and protrusions have been

damaged during transport and reshaped in which primary textures are destroyed and original

grain shape is not discernible.

Hence, anomalous concentration of the indicator elements is precursors to discriminate presence

of gold in an area. This study have for the first time documented the occurrence of placer gold

2
around Toro, also, present work aim to discern the geology, structures and gold mineralization to

serve as a preliminary exploration guide for gold in the study area.

Gold Exploration Potential has not constrained sulphide mineralization within the prospect area.

Several geophysical, geochemical and structural targets within the project area which have the

potential to host further significant and Au mineralization are yet to be tested. On a local scale,

the deposit shows considerable exploration potential based on open-ended drill results and

geophysical survey data. Jonchen is progressively testing gravity anomalies identified by as part

of its current exploration work and there is strong exploration potential to the zones of current

resources and new zones of mineralization. On a regional scale, the deposit does not tend to

appear as single entity but is generally part of a larger scale ‘camp’ of deposits. There was

extensive permafrost in the region and specialized drilling techniques were required to ensure

productivity and avoiding loss of drilling equipment through freezing. Sampling Method and

Approach Sampling techniques will be discussed by company. Sampling Method was done by

taking Drill cores logged on-site by geologists and zones of sulphide mineralization were tested

using a portable x-ray fluorescence (XRF) apparatus. Intercepts deemed to be of economic

significance were split on-site and half-core samples were transported to assay laboratories in

plateau state. On a geological basis the sample lengths were between 0.15 m and 1.3 m and

these were selected for chemical analysis in Jos. Jonchen collected 1,534 samples for analysis

from drilling between 2016 and 2019. When sampling was conducted around zones of previously

sampled material, sample interval lengths were selected so as to round-off intervals to multiples

of 0.5 m. Samples were transported to ALS Chemex Laboratories Ltd (ALS Chemex) in Jos for

analysis, using inductively coupled plasma (ICP) and XRF techniques. The sampling procedure

followed by Jonchen involved:

3
• Drill core inspection by a geologist

• Analysis by XRF

• Samples selected, marked and then sawn in half with a diamond saw

• Half-core samples placed in a calico bag, which were individually numbered referencing the

drill hole identification and the sample number from that hole In addition to core sampling, 54

sample standards were used.

Three different standards were used. Quality assurance/quality control (QA/QC) sampling was

conducted to confirm the laboratory work and several zones of previously assayed material

(remaining half core) were assayed. A number of quality controls were undertaken during the

initial investigation of the deposit in order to correlate Jonchen’s new data (original assaying of

lab cores) to that of the historic data compiled by the lab. Jonchen took the remaining half core

for 15 of the lab samples and had it assayed by the same laboratory (now ALS Chemex of Jos).

Comparison of the Jonchen and the lab assay data showed a 0.98 correlation coefficient for the

Au deposit. Duplicate chemical assays were regularly performed with a total of 123 duplicate

analyses performed during 2016-2019. The correlation of these beta samples to the original alpha

sample was exceptional. Working with observed (mapping and drilling) geological information,

a robust geological model has been prepared to allow for statistical analysis, domaining and

resource estimation. Three geological models and resource estimates have been produced by

Jonchen since 2016. All compositing, data processing and statistical analyses were conducted in

Mine Site Compass software by geological consultants. It was determined the majority of

mineralised domains display relatively low composite population variances and low coefficients

4
of variation. The distribution of the deposit within the defined domains were observed to be

relatively predictable and mostly display low coefficients of variation.

1.2 Regulatory Status at August 2021

In December 2018, the Federal Government awarded Jonchen an Exploitation Licence 2020/45

(Mining Permit) for the Sidon Project. The licence provides Jonchen with the right to exploit for

a period of 25 years. Mining in Nigeria is regulated by the Mineral Resources Act, December

2009. The Act aims to ensure that activities under the Act are securely performed with regard to

safety, health, the environment, resource exploitation and social sustainability as well as

performed according to acknowledged best international practices under similar conditions. In

order to advance its exploration licence into an exploitation licence, Jonchen applied to the

Mines Cadastre Office (MCO) for the exploitation licence pursuant to the provisions given in

S.16 of the Act. The application for an exploitation licence was accompanied by a number of

documents, including:

• A declaration that the deposit at Sidon Valley is commercially viable and that Jonchen intends

to exploit the deposit.

• A Feasibility Study of the Sidon Valley deposit on which the declaration is based

• An Environmental Impact Assessment (EIA).

• A Social Impact Assessment (SIA), including an Impact Benefit Agreement with the public

authorities.

The SIA and EIA were submitted to the Federal Government in June 2016 and July 2016

respectively. Following that, negotiations were held between Jonchen and the four municipalities

5
 in Greenland to develop an Impact Benefit Agreement (IBA). The IBA will contribute to

developing the Toro mineral-resources sector in many different areas, and aims at ensuring more

job opportunities, involvement of Toro enterprises, and skills upgrades for the Toro workforce.

1.3 Organogram of Jonchen Gold Company

BOARD OF DIRECTORS

GENERAL MANAGER

MANAGEMENT TEAM

Mine and Mineral Processing Sales Manager Technical and

Administration
Engineering Team Team and Marketing Services

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 CHAPTER TWO

2.0 GOLD MARKETING

The metal is abundant enough to create coins but rare enough so that not everyone can produce

them. Gold doesn't corrode, providing a sustainable store of value, and humans are physically

and emotionally drawn to it. Societies and economies have placed value on gold, thus

perpetuating its worth. Its usefulness is derived from a diversity of special properties. Gold

conducts electricity, does not tarnish, is very easy to work, can be drawn into wire, can be

hammered into thin sheets, alloys with many other metals, can be melted and cast into highly

detailed shapes, has a wonderful color and a brilliant luster.

Gold is expected to trade at 1687.11 USD/t oz. by the end of this quarter, according to Trading

Economics global macro models and analysts’ expectations. Looking forward, we estimate it to

trade at 1585.50 in 12 months.

2.1 Gold Price Forecasting

Jonchen has assessed the work compiled by the Wood Mackenzie (WM), the owners of Brook

Hunt, an independent and globally recognized authority on commodities. The WM group has

forecast global gold stocks will stay at low levels for some time. WM predict to see gold prices

to run as high as US$1687.11/lbs and average US$1585.50 for the next 12 months. The gold

price can be influenced by some of the following factors:

• Difficulty to secure mine financing, particularly for larger operations: this factor has

compounded the effect of the current shortage in gold production due to limited new production

being built in the short to medium term.

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• Several large gold mines closed due to ore body depletion and other factors.

• While Shmack represents one of the largest scale gold discoveries of recent times, relatively

few new deposits have been recently discovered. Consequently, the depletion of higher grade

deposits is forcing the mining of lower grade deposits which will ultimately impact production

costs and gold prices.

• The global consumption of gold will continue its increasing trend in line with the forecast

global economy and population growth.

2.3 Marketing Strategy

Over the last decade the traditional role of marketing has diminished with the rise of artificial

intelligence driven algorithms that provides marketers an easy to measure tool based on

impression, clicks, and other behavioral aspects. But one thing that has been lost in this easy to

measure culture is the power of marketing functions to create new markets and customer

segments.

The five stages of Marketing Strategy Process of Gold are -

Step 1 - Marketing Research & Analysis

Step 2 - Segmentation, Targeting & Positioning Decisions

Step 3 - Marketing Plan

Step 4 - Designing a Marketing Mix using 4Ps Product, Price, Place & Promotion

Step 5 - Sustaining Value through Post Purchase Services

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Step 1 - Marketing Research and Analysis

The first stage of the marketing process at Gold is to do research and analysis to identify unmet

and even unknown customer needs. A good point to start for the research and development is to

conduct a 5C Marketing analysis. The 5C Marketing Analysis framework comprises:

 Customer’s needs– What are the needs that Ore Iron seek to satisfy. Who are the present

customers and who are the potential customers for the new product or service?

 Company – What are the resources and special skills that Gold needs to possess to create

products that can fulfill the needs of the prospective customers?

 Competitors – Who are the competitors in the target market and what value proposition

they are offering in the market place? Do they possess enough financial and knowledge

resources to develop new products to compete with Gold.

 Collaborators – What sort of supply chain and value chain partners Gold needs to develop

and deliver new product to final consumer. What are the respective bargaining powers of

value chain partners?

 Context – What are the macro and micro environment factors that impacts the business

environment in which gold operates in?

Step 2- Selecting Target Customer Segment

The second step of Marketing Process after completing the 5C analysis is – Selecting the Target

Market. It requires three steps:

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 Segmentation: Market segmentation is the process through which marketing managers at

gold can divide the large market into smaller segments based on distinct needs,

characteristics, or consumer behavior. Gold can do segmentation based on following

 Criteria – geographic, demographic, usage, user status, income, lifestyle, value

proposition priorities, benefits sought, loyalty status, gender, social class, self-perception,

psychographic factors, and other attitudes.

 Targeting: Once the overall market is divided into various segments then Gold needs to

choose a target segment or few target segments. The key is not to be everything to

everybody as the products can only deliver specific value proposition.

 Conducting a Segment Attractiveness Analysis: First step in the targeting process is to

conduct a Segment Attractiveness Analysis. Under the Segment Attractiveness Analysis

all the segments are evaluated based on the following criteria –

 Customer behavior and loyalty analysis – How customers are behaving in each segments

and are there opportunities of over lapping. Loyalty behavior analysis is also a critical

factor in analyzing the conversion rate if the Gold core strategy is based on attracting

existing players’ customers.

 Mode of competition and business models – Sometimes the way competitors compete

shape the whole landscape of an industry. For example email can easily be - paid

product- , but organizations chose to make it free products to increase customer base and

lure in advertisers. So if Gold is trying to enter a segment where revenue from other

division is financing the core service then it has to build a requisite business model where

revenue is driven by an adjacent or related product and service.

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  Maturity of the market – For example within the car industry the SUV category is more

mature than Electric Vehicle market, so the margins can be very limited in the SUV

category but the demand forecasting is easy. On the other hand EV division can have

higher margins because of lower competition but the demand forecasting can be a

difficult process.

 Profitability in various segments – Some segments often have higher margins compare to

another as explained in the automobile industry example above.

Differentiation and Positioning

Differentiation process involves how Ore Iron is differentiating its products and services in the

market place compare to its competitors. Positioning is the position of the brand or Ore Iron

products in minds of target customers – based on distinctive features, qualities and functions.

The differentiation and positioning task at Gold require marketing managers to do:

 Identify competitive advantage or unique value proposition on which position the brand

in the mind of the consumers.

 Choose competitive advantages that are most compatible with Gold marketing strategy.

Marketing managers at Gold can make perceptual maps to better understand competitive

positioning of various brands in the market place.

Finally positioning the brand as a deliverer of superior value to the target segment and

effectively communicating that position to consumers using marketing mix and promotion mix.

You can also check out EMBA Pro - 5C Marketing Analysis of in the Spotlight: The Market for

Gold

11
Step 3- Making a Marketing Plan

1. Objectives of the Marketing Plan: There are various objectives for which Ore Iron marketing

managers can make marketing plan – New product launch, repositioning of existing brand,

targeting new customer segment, entering international markets etc.

2. Marketing and financial goals and objectives: The second step is to correctly assess how much

financial resources will be required to execute the marketing plan. It involves resources spent

from product development to building a communication strategy mix.

3. Marketing mix: Building a marketing mix based on the marketing plan objectives and

limitations imposed upon it by the financial resources.

4. Marketing budget: Budget each prospective activity that will be under taken under marketing

mix strategy.

5. Monitoring and evaluating performance: Carefully monitor each marketing mix activity and

analyze the target performance with the actual performance. Which media vehicles are

performing better compare to others etc. This will help in making changes and adaptation as we

go along.

Step 4 – Four P's of Marketing Mix & Go-To Market Strategy – Capturing Value

Guided by marketing strategy, the company designs an integrated marketing mix made up of

factors under its control—product, price, place, and promotion (the four Ps of Marketing Mix).

To design the best marketing strategy and mix, Gold should closely adopt the Four Ps of

Marketing mix in accordance with trends and forces in Gold’s marketing environment.

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  Product - Understand the deep-seated drivers of perceptions and behavior of consumers

and develop a product that appeal to those drivers

 Place – Evaluate the buying behavior and distribution channel costs to make a channel

decision.

 Promotion - Engage with customers through use cases and benefits instead of

functionalities and features. Communication should be focused on experience rather than

product features.

 Price – Price is often determined by marketing strategy, cost structure of the company,

competitive positioning of firm, brand positioning, and various other factors. If the

business model is built on conversion of existing customers then Ore Iron needs to arrive

at a price through research at which the present customers are willing to switch to a new

brand.

Step 5 - Post Purchase Services – Sustaining Value

Even though the number varies, the efforts taken to gain new customers are far more and costly

than those to keep the present customers loyal. Post purchase services are critical to foster loyalty

among the customers. Various ways in which Ore Iron can improve the post purchase experience

of the existing customers:

 Providing installation and other related services.

 Providing product care tips.

 Building communities where customers can share experience and help other customers.

 Taking regular feedback from customers and asking them how certain features can be

enhanced.

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 Providing regular maintenance services and spare parts, if the customer needs them.

 Post purchase services are critical not only to foster loyalty among the customers but also

to get continuous feedback and improve the products.

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 CHAPTER THREE

3.0 MINING AND PROCESSING

3.1 Placer mining and Gold Recovery

After careful study of various methods employed for the recovery of gold, placer mining method

was adopted. Placer mining is an ancient method of using water to excavate, transport,

concentrate and recover heavy minerals from alluvial deposits. Gold is an alluvial deposit that is

extracted from creaks, rivers and streams. These gold deposits were formed over time where a

river runs or has previously run through a ground that is rich in gold. The erosive power of water

removes the surrounding rock due to its comparatively low density while heavier gold resists

being moved. Alluvial gold usually takes the form of dust, thin flakes or nuggets. Placer mining

makes use of the high density of gold which causes it to sink more rapidly from moving water

than siliceous materials with which it is found. In ancient times, hydraulic mining was the

method of extraction of gold by breaking down alluvial deposits with high pressure water jets.

Once the ore is mined, it can be treated by heap leaching.

The method of recovering gold by placer mining is gravity concentration. Gravity concentration

is a process of recovering minerals of interest by using the difference in specific gravity of gold

and the gangue. Gold has a specific gravity of 19.5. The most important factor for a successful

gravity concentration is the liberation of the gold particles from the gangue. Gravity

concentration works because gold settles faster than other minerals in water. The process works

even better when the particle sizes are close to the same. The advantages of gravity concentration

over the other mining methods are:

 The use of relatively simple equipment

15
  The use of little or no reagents

 Working well equally on coarse and fine particles

The Gravity concentration is carried out by using the following equipment:

 Riffles or sluices

 Jigs

3.1.1 Riffles or sluices

Sluices are flat-bottomed troughs that are lined at the bottom with a trapping mechanism that can

capture particles of gold. The trapping mechanism at its bottom is known as the riffles and they

are constructed perpendicular to the length of the sluice with variable spacing. Ore is mixed with

water and the pulp is washed down the trough along the length of the sluice. The gold particles

tend to fall into or collect at the riffles while the lighter coarser materials are displaced over the

top of the riffles. Periodically, the feed is deflected and the heavy concentrate dugout be hand to

clean the sluice. The use of sluices makes for efficient recovery of ore which increases income.

Particles suspended in a slurry stream settle when the intensity of the turbulence cannot support

them. The sluice box employed ensures that maximum amount of gold can settle near the bottom

of the slurry stream where it can be caught by these riffles. They work best when the slurry/water

is fed at a constant rate. The riffles shelter gold particles from being lifted back into the current

by the turbulence of water.

16
 Plate 1 picture of a sample sluice

3.1.2 Gold jig concentrators

Jig concentrators will be utilized as a separation medium used for separation according to

specific gravity between useful minerals and gangue. The raw materials will be fed into the jig

machine through the feeding device and the cam box of the jig drives the jig cone to do up and

down movements. Water will be fed such that it goes and down regularly forming an alternating

vertical water flow force. The heavy materials are to settle fast at the bottom of the space while

the lighter materials settle slower in the water. The materials in the jig are divided into light and

heavy two- layers. Due to difference in specific gravity, the lighter materials cannot enter the

lower space hence, they’ll be discharged with the tailings. Materials constantly enter into the jig

such that after layering and separation, they’re discharged into concentrate tanks. This forms a

continuous process. The jig machine was adopted for a backup recovery machine because:

 Large capacity, wide particle size range and high recovery

 Easy installation, operation and maintenance

 Low energy consumption

17
  Stable operation and low failure

Plate 2 Picture of a sample jig

3.2 Gold amalgamation

Mercury will be used for the amalgamation of gold after gravity concentration. This will be

carried out in order to further recover the gold from other associated minerals like the sulphide

minerals. The precious metal ie gold will then be separated from the mercury by retorting the

mercury. The retorting is done by distilling off the mercury from the amalgam and is done in a

cast iron retort or steel retort. Amalgamation is carried out on the tailings. This is because some

of the gold particles are contained in the tailings even after gravity separation for maximum

recovery.

3.3 Gold Refining

This is carried out by a gold refiner. The refiner takes the gold sample and mixes it in a crucible

with flux (soda or borax) and lead or silver. The flux lowers the melting temperature of gold,

making the process somewhat easier to complete and the lead helps to collect the pure gold from

18
the alloy. The mixture of gold and other additives will be heated to a temperature of roughly

1000-12000 degrees Celsius. When the mixture reaches this temperature, it melts. The metals in

the alloy separate from one another upon melting and the gold sinks to the bottom of the

crucible. At the bottom, it’s collected by lead where it forms hard compact “lead button”. The

other metals and impurities are left behind. Once everything has cooled down, the refiner

removes the lead buttons and places them in a porous cup known as a cupel. The refiner will then

heat this cupellation furnace. When the cupel is heated, the lead seeps out through the porous

holes in the cupel, leaving behind just the gold in a bead-like shape. This bead of gold is known

as the prill. To separate the gold from the silver, the refiner places the gold bead in nitric acid or

a combination of hydrochloric acid and nitric acid. The gold will then be sent to sodex chemical

and spectrographic laboratory for analytical assessment and also to determine the karat number

of the gold. After certifying the state of the gold, it will be molded into gold bars for easy storage

transportation.

CHAPTER FOUR

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4.0 EQUIPMENT SELECTION AND INFRASTRUCTURES

At Jonchen Company limited, there is no existing infrastructure at the site and consequently all

infrastructure and ancillary facilities need to be developed as part of the project. The facilities

and infrastructure to be developed are based on the original studies. The

Surface to underground infrastructure plan view Gold Mine

S/N Legends

1 Administrative

building
2 Mechanical

department
3 Electrical

department
4 Clinic
5 Power house
6 Assay lab
7 Accomodation
8 Kitchen
9 Store
10 Mine site
11 Security house

 Administrative

building: This is

the building that

comprises of office and department such as Mechanical department and electrical

department.

20
  Mechanical department: This is the department in charge of the maintenance and

repairs of all machines and equipment in the mine site.

 Electrical department: This department is the charge of power supply in the mine site

 Power house: This is the house whereby supply is been generated from and also where

the standby generator is kept.

 Assay lab: This is the lab where the gold assay analysis is done.

 Accommodation: This is the building where both workers and staff in the mine stay.

 Kitchen: This is the building where the food is been cooked for both workers and staff in

the mine.

 Storage housing for equipment: This is the house were all equipment are stored after

use.

 Clinic: This is the place where any injured worker is rushed to for treatment, incase of

mine accident.

 Underground mine site: This is the place where the gold deposit is located where the

mining is taking place.

 Security house: The security of the mine is very important, so that is the place where the

securities stay.

4.1 Logistics

Logistics Due to the isolated location of the site and the limited shipping windows available,

logistics management is a critical activity that will need to be closely monitored. Expediting of

materials and equipment is a critical activity for the success of the Project. Access to the Project

by sea requires the use of icebreaker tugs and ice-class vessels and is only available from late

July to beginning of August in the Citronen Fjord area. A permanent airstrip will also be

21
established in the project area.Ironbark Zinc Limited Feasibility Study 113 Factors such as the

remote location of the Project site, the limited shipping window, environmental and safety

concerns, together with the high cost to transport materials, equipment, fuel and personnel to the

site, will require detailed planning and close co-ordination of activities throughout the design and

construction phases of the Project. The scope of the logistics plan will encompass the services

necessary for the efficient expediting, transport, traffic, warehousing and marshalling of

personnel, materials and equipment, including living quarters, food, fuel and cement required to

construct the facilities. It is imperative that materials and equipment transported during the

shipping window arrive at the site according to the planned window sequences to enable all work

to be completed on schedule. The Project will require one main marshalling point close to the

site to take advantage of the limited shipping window. This will be a location suited to the

transfer of equipment and materials from normal ocean-going ships onto ice-classed vessels. The

Wardrop Feasibility study identified this location as being Akureyri in Iceland. Pre-assembly of

the process plant at Akureyri made this an attractive location for a marshalling point, however

other alternatives can be considered. It is estimated the project will have approximately 30,000 t

of process and mobile equipment, structural steel and other architectural materials, pipe, valves,

fittings, cement, ammonium nitrate and other equipment, materials and consumables together

with process plant equipment for its construction and development. The majority of the process

plant equipment and steelwork will come from China and other goods will originate from

Europe, North America, Asia and Australia. The shipping season can vary from year to year

depending on actual weather and ice conditions transiting to and from Cap Nordøstrungen and

Citronen Fjord. The average shipping window is from late July to early September for ice-class

PC 1 icebreaker/tugboats together with ice-classed PC 5 vessels. During the first mobilisation to

22
site, a vessel will be equipped with a 200 t capacity crawler crane to discharge equipment and

materials to site. This machine will later form part of the port mobile equipment. During the

operations phase all loading of concentrate and unloading of vessels will be done by the crawler

crane and shiploader. Load plans will be established based on the priority cargo to be shipped

and the configuration of the nominated vessel prior to vessel loading. The port facilities will not

be constructed during the first shipping season and special allowance will be made to handle

offloading at Citronen Fjord. A smaller temporary pier head will be constructed prior to the

landing by equipment brought to site by Hercules flights landing on the ice.

4.2 Machines and Specification

Machines Specification
Crawler drill Drill rod length=2200mm

Hydraulic tank cap=150l

Operating pressure=200bar

Weight=nearly 4000kg

Rotation speed=0 to 800rpm

payload(lbs)=22000

Dumper Operating weight(lbs)=29040

Model=AAbHI

Horse power=249/200kw

Shipping weight=1,261kg
Pay loader Bucket capacity= 0.402m3

Gross power=14-15660kw

Operating weight=79-271250kg

23
Sluice size= 2ftx6in(60x15cm)

Cone crusher Feed max size = 20in

Product size =15 to16 in

Impact strength =15

Maximum capacity1200t/h(Secondary)

Jaw Crusher power= 2.2kw

Shipping weight= 220kg

Max capacity=0.5tph

Max feed size= 2’’(50mm)

Mine Cart Body volume =4m3

Number of wheels = 4

Number of Axle =2

Loading capacity= 2000kg

Gold Jig Concentrator model = JT0.57-1

Shape =ladder

Area(m2) =0.57

Feed size = <6

Weight = 610kg

Processing capacity(t/hr)= 1-2.5

Submersible Pump Power cable = 4x35mm;

Length =360m

Power = 75kw

24
 Yield = 25l/s

Well casing dia =4x50mm2

CHAPTER FIVE

5.0 ENVIRONMENTAL & SOCIAL ASSESSMENT

Jonchen’s Gold Environmental and Social Impact Assessment (“ESIA”) for Toro was approved

in 2015 by the EPA, resulting in the issuing of an environmental permit. An ESIA was submitted

to the EPA in November 2019 and the environmental permit was granted in January 2020.

Detailed baseline studies were completed and this provided the required level of information for

development of the ESIA. Air quality, noise, surface water hydrology, groundwater

25
hydrogeology, water quality, soil, fauna and flora baseline studies were completed and reports

generated. Traffic, socio-economic and medical surveys were likewise completed. The Company

engages regularly with a number of stakeholder groups and committees as platforms through

which to provide project updates; address concerns and discuss matters of mutual interest. The

Company also engages with local government and village leaders, including:

• Toro District Assembly

• Ministry of Food and Agriculture

• Health Service

• Land Valuation Board

• Environmental Protection Agency

• Forestry Commission

• Minerals Commission

• Inspectorate Division of Minerals Commission

• Water Resources Commission

5.1 Environmental Assessment

The key environmental and social legislation in Nigeria is the Environmental Protection Agency

Act 1994 (Act 490) and the Environmental Assessment Regulations 1999 (LI 1652). The

Environmental Protection Agency (“EPA”) is the regulatory body that administers these laws.

26
The Environmental Protection Agency Act 1994 (Act 490) establishes Nigeria’s EPA and

defines the functions of the EPA, including, but not limited to the following:

• Prescribing standards and guidelines relating to the pollution of air, water and land

• Ensuring compliance with environmental impact assessment procedures in the planning and

execution of development projects

• Any undertaking that has the potential to have an adverse impact on the environment can be

required by the EPA to submit an Environmental Impact Statement (“EIS”) under Part II of the

Environmental Protection Agency Act 1994 (Act 490). The EIS covers both the biophysical and

the socio-economic aspects and impacts of the project.

The Environmental Assessment Regulations 1999 (LI 1652) support the Environmental

Protection Agency Act 1994 (Act 490) and describe the process of environmental assessment in

Nigeria. Submission of an EIS is mandatory for any mining project where the mining lease

covers a total area in excess of 10 hectares (25 acres). The regulations outline the environmental

and social aspects that must be addressed in an EIS. This includes addressing the possible direct

and indirect environmental impacts of the proposed undertaking during pre-construction,

construction, operation, decommissioning (i.e., mine closure) and post-decommissioning phases.

An Environmental Scoping Report must be prepared and approved by the EPA prior to

submitting an EIS. The purpose of the scoping document is to determine an agreed scope of

works for the EIS and must include a draft terms of reference. The regulations also prescribe a

number of activities that must be carried out once an Environmental Permit is obtained.

These include:

27
• Submit, and have approved, an Environmental Management Plan (“EMP”) within 18 months of

commencement of operations and thereafter every 3 years

• Submit an annual Environmental report 12 months after the commencement of operation and

every 12 months thereafter

• Obtain an Environmental Certificate from the EPA within 24 months of commencement of

operations

• Mining businesses are required to submit closure plans to the EPA and obliged to post

reclamation bonds. The Environmental Protection Agency Act, 1994 (Act 490) and the

Environmental Assessment Regulations, 1999 (LI 1652) also contain provisions for community

engagement.

• The Water Resources Commission Act, 1996 (Act 522) and the subsequent Water Use

Regulations, 2001 (LI 1692) govern the abstraction, impoundment, and discharge of water

The Development Agreement may contain provisions relating to:

• The mineral right or operations to be conducted under the mining lease • The circumstance or

manner in which the Minister will exercise discretion conferred by, or under, the Minerals and

Mining Act, 2006 (Act 703)

• Stability terms under a Stability Agreement

• Environmental management expectations and obligations of the holder to safeguard the

environment in accordance with the Minerals and Mining Act 2006, or another enactment

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 • Settlement of disputes The Development Agreement is also subject to the country’s

Parliamentary ratification in order to make it effective. The Minerals and Mining (Health Safety

and Technical) Regulations provide mining, health, safety and environmental requirements that

have to be met by a mining lease holder.

20.1.3 Compensation Acquisition and access to land in Nigeria for development activities,

including mining, may be undertaken either through the State’s power of eminent domain, or by

private treaty. The taking of land requires the payment of due compensation. The regulatory

oversight of private sector land acquisition and resettlement related to mining activities and

actions is governed by the Constitution of Nigeria and two legislative acts: The 1992

Constitution of Ghana ensures protection of private property and establishes requirements for

resettlement in the event of displacement from State acquisition (Article 20 [1, 2 and 3]) The

State Lands Act 1962 (Act 125) and its subsequent amendment, State Lands (Amendment) Act

2000 (Act 586), mandates compensation payment for displaced persons and sets procedures for

public land acquisitions The Minerals and Mining Act, 2006 (Act 703) vests all mineral rights in

land to the State and entitles landowners or occupiers to the right for compensation. In particular,

Section 74 [1] requires compensation for:

• Deprivation of the use or a particular use of the natural surface of the land, or part of the land •

Loss of, or damage to immovable property

• In the case of land under cultivation, loss of earnings, or sustenance suffered by the owner, or

lawful occupier, having due regard to the nature of their interest in the land

• Loss of expected income, depending on the nature of crops on the land and their life

expectancy

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Health, Safety and Labour The principal health, safety and labour laws applicable in the mining

industry include:

• The Minerals and Mining Act, 2006 (Act 703)

• Workmen’s Compensation Act, 1987 (PNDCL 187)

• Labour Act, 2003 (Act 651)

• Minerals and Mining (Health Safety and Technical) Regulations (LI 2182) Provisions in the

mining law state in part that a holder of a mineral right shall give preference in employment to

citizens of Nigeria “to the maximum extent possible and consistent with safety, efficiency and

economy.” As with other sectors, a foreign employee in the mining sector needs a work and

residence permit in order to work. However, under the mining laws of Nigeria, there are

immigration quotas in respect of the approved number of expatriate personnel mining companies

may employ.

5.2 Social Impact Assessment

The Social Impact Assessment (SIA) report has been prepared by Grontmij a Nigerian company

on behalf of Jonchen. The following areas have been the primary focus of the social impact

assessment:

• Recruitment of Nigerian labour

• Engaging Nigerian enterprises

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• Transfer of knowledge (e.g. education programs) to ensure long-term capacity-building of

Jonchen Limited Feasibility Study 126 local competence within the mining industry and mining

support industries

• Preservation of socio-cultural values and traditions

The guidelines issued by the MLSA outline five major goals of conducting the SIA process:

1. To engage all relevant stakeholders in consultations and public hearings.

2. To provide a detailed description and analysis of the social pre-project baseline situation as a

basis for development planning, sustainability initiatives and future monitoring.

3. To provide an assessment based on collected baseline data to identify both positive and

negative social impacts at both the local and national level.

4. To optimize positive impacts and minimize negative impacts from the mining activities

throughout the project lifetime.

5. To develop a Benefit and Impact Plan for implementation of the Impact Benefit Agreement.

CHAPTER SIX

6.0 ESTIMATING COST

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There are a number of different types of costs which are incurred in a mining operation. There

are also many ways in which they can be reported.

Three cost categories are;

– Capital cost;

– Operating cost;

– General and administrative cost (G&A).

6.1 Capital Cost

The capital cost refers to the investment required for the mine and mill plant. This also includes

the cost incurred the purchase of land, buildings, constructions and equipment to be used. The

mining lease will be obtained from the mining cadaster office which occupied 5000CU which is

equivalent to 50km2, the period of the lease is 25years.

S/ COST CENTER AMOUNT(naira)

N
1 MINING LEASE 2,500,000
2 ADMINISTRATIVE BUILDINGS 5,300,000

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3 EQUIPMENTS/MACHINES(xinhai

Mining equipment/machines 40,000,000

Crawler drill 35,000,000

Pay loader 28,000,000

dumper 17,000,000

Mine cart 4,500,000

Submersible pumps

Auxiliary equipment 52,000,000

Shaft and its compartment 2,000,000

Communication conduits 2,200,000

Water conduits 19,000,000

Industrial fans

Processing plants 78,160,000

Jaw crusher 60,000,000

Cone crusher 29,230,500

Ball mill 26,000,000

Rod mill 12,000,200

Gold jigger concentrator 6,500,000

Sluice

4 Mine development 120,000,000

TOTAL 513,390,700

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6.2 Operating Cost

The operating costs would reflect drilling, blasting, Loading, Hauling; etc. costs incurred on a

per ton basis. The ‘other category’ could be broken down to include dozing, grading, road

maintenance, dump maintenance, pumping, etc. Some mines include maintenance costs together

with the operating costs. Material cost can be further broken down into components.

At a given operation, the labor expense may include only the direct labor (driller, and driller

helper, for example). At another the indirect labor (supervision, repair, etc.) could be included as

well.

There are certain costs which are regarded as ‘fixed’, or independent of the production level.

Other costs are ‘variable’, depending directly on production level. Still other costs are

somewhere in between. Costs can be charged against the ore, against the waste, or against both.

For equipment the ownership cost is often broken down into depreciation and an average annual

investment cost. The average annual investment cost may include for example taxes, insurance

and interest (the cost of money).

The main categories of operating costs are (1) mining, (2) processing, and (3) G&A.

(1) Mining cost consists of all costs associated with excavating the ore (e.g. mine equipment

operator cost, fuel cost, maintenance cost, explosives cost, etc.). Expressed as Naira per ounce of

gold produced.

(2) Processing cost includes costs associated with the plant, where the ore is processed into gold

(e.g. equipment maintenance, plant labor including plant engineers, water treatment, power and

utilities, etc.). Expressed as Naira per tonne processed.

34
(3) G&A cost is comprised of salaries in corporate office, HR, security, environmental costs,

land patent tax, etc. Expressed as Naira per ounce of gold produced. This section attempts to

present a number of ways in which costs of various types might be estimated.

S/ COST CENTER AMOUNT(NAIRA)

N
Fuel 22,800,000
Explosives and its 19,500,000

accessories
Labour 21,200,000
Maintenance 150,800,520
Others 110,750,000
TOTAL 325,050,520

6.3 Administrative and General Cost

The general and administrative cost might be a yearly charge. The G&A cost include the

following:

S/N COST CENTER AMOUNT(Naira)

1 Mine supervision 2,200,000
2 Mine office expense 1,300,000
3 Mine surveying 9,120,000
4 Taxes 6,570,000
5 Royalties 7,100,000
6 Others 32,300,000
TOTAL 58,590,000

6.4 Cash Flow

Cost estimation Amount(Naira/month) Amount(Naira/year) Amount(Naira/25years)

35
Reserve value Nil Nil 9.784518069 x 1019

Capital cost 513,390,700 6160688400 1.5401721 x 1011

Operating cost 325,050,520 3900606240 9.7515156 x 1010

General and 58,590,000 703080000 1.7577 x 1010

administrative cost

CHAPTER SEVEN

7.0 MINERAL RESERVE ESTIMATION

A mineral reserve is the economically mineable of a measured and/or indicated mineral resource.

Estimation of Mineral Reserves should be a team effort involving a number of technical

disciplines, with geologists, mining engineers, metallurgists, and specialists dealing with

commodity pricing and marketing, environment, social, permitting, and economic modelling all

having roles. This section considers important factors in preparing a Mineral Reserve estimate

and documenting the estimation process.

Mineral Reserves are estimates of the tonnage and grade or quality of material contained in a

Mineral Resource that can be economically mined and processed. To be considered a Mineral

Reserve, modifying factors must be applied to the Mineral Resource estimate as part of the

preparation of a prefeasibility study (PFS) or a feasibility study (FS) as outlined in the CIM

Definition Standards. The estimated amount of saleable material contained in the final product

36
must demonstrate a positive Net Present Value (NPV) using an appropriate discount rate, and

must demonstrate that eventual extraction could be reasonably justified. The major categories of

modifying factors include. CIM Estimation of Mineral Resources and Mineral Reserves Best

Practice Guidelines November 29, 2019. A processing option for the production of a saleable

product is also required, along with product recovery estimate(s) and capital and operating costs

to mine and process the mineral/material of interest and deliver the product to a market that can

absorb the proposed volume without disruption. Because a Mineral Reserve estimate often

requires a collaborative effort by numerous professional disciplines, the Practitioners responsible

for producing the Mineral Reserve estimate must understand the significance of each discipline’s

contribution towards assessing the technical feasibility and economic viability of the project.

The test of economic viability should be well documented as part of the Mineral Reserve

estimation process. The demonstration of economic viability requires estimation of after-tax

annual cash flows and the project’s NPV and inclusion of all the parameters that have an

economic effect on the project. As a minimum, the NPV must be positive using a reasonable

discount rate appropriate for all project risks, in order for the grade and tonnage to qualify as a

7.1 Mineral Reserve Calculations

Area

From the mine lease of 5000CU (50km2) 73% is the actual area where the gold deposit lies.

Hence 0.73 of 50km2 =36.5km2 (36500000m2)

The estimated thickness was calculated to be 45m

Volume

Volume = Area x Thickness

= 36500000 x 45

37
 = 1642500000m3

Tonnage

Tonnage = Vol x Sp. g. of Gold

= 1642500000 x 2.9

= 4763250000Tonnes

Conversion to ounce

32,000 x 4763250000= 1.5242 x 1014 ounce

Cost of the reserve

Market Gold price per ounce= 641944.5Naira

Cost of reserve= (1.5242 x 1014) x 641944.5

= 9.784518069 x 1019 Naira

7.2 Net Present Value

We’ve now arrived at the valuation of the mine at 9.784518069 x 1019 Naira. Comparing this

value with the estimated cost it is observed that the value of the gold deposit is way higher than

the estimated cost, therefore mining of the gold deposit is economically viable. The operating,

general and administrative cost which are variable and subjected to changes due to either

inflation, change in government policy etc. the change in this cost can still be covered by the

income generated from the profit over the years since the value of the gold deposit is very high

Important to note is that in mining, operating costs are stated as cost per ounce of gold produced.

This is for 2 primary reasons:

 To be able to compare among other gold companies in the industry, and

38
  Since the gold price is an important economic indicator for the economy in general and

for mining specifically, one can easily assess the viability of a mine by netting the gold

price by the operating cost, which are both stated in per ounce.

CHAPTER EIGHT

8.0 SWOT ANALYSIS

SWOT analysis an immensely interactive process and requires effective coordination among

various departments within the company such as – marketing, finance, operations, management

information systems and strategic planning. The SWOT Analysis framework facilitates an

organization to identify the internal strategic factors such as -strengths and weaknesses, &

external strategic factors such as - opportunities and threats.

The Strengths-Weaknesses-Opportunities-Threats (SWOT) Analysis / Matrix helps the managers

of the Harmony Gold Mining Company Limited to develop four types of strategies:

SO (strengths-opportunities) Strategies

39
WO (weaknesses-opportunities) Strategies

ST (strengths-threats) Strategies

WT (weaknesses-threats) Strategies

The main purpose of SWOT matrix is to identify the strategies that an organization can use to

exploit external opportunities, counter threats, and build on & protect Harmony Gold Mining

Company Limited strengths, and eradicate its weaknesses.

8.1 Strength

Strengths of Harmony Gold Mining Company Limited – Internal Strategic Factors

As one of the leading companies in its industry, Harmony Gold Mining Company Limited has

numerous strengths that enable it to thrive in the market place. These strengths not only help it to

protect the market share in existing markets but also help in penetrating new markets. Based on

Fern Fort University extensive research – some of the strengths of Harmony Gold Mining

Company Limited are:

 Successful track record of integrating complimentary firms through mergers &

acquisition. It has successfully integrated number of technology companies in the past

few years to streamline its operations and to build a reliable supply chain.

 Good Returns on Capital Expenditure – Harmony Gold Mining Company Limited is

relatively successful at execution of new projects and generated good returns on capital

expenditure by building new revenue streams.

40
  Highly successful at Go to Market strategies for its products.

 Automation of activities brought consistency of quality to Harmony Gold Mining

Company Limited products and has enabled the company to scale up and scale down

based on the demand conditions in the market.

 Strong distribution network – Over the years Harmony Gold Mining Company Limited

has built a reliable distribution network that can reach majority of its potential market.

 Superb Performance in New Markets – Harmony Gold Mining Company Limited has

built expertise at entering new markets and making success of them. The expansion has

helped the organization to build new revenue stream and diversify the economic cycle

risk in the markets it operates in.

 Highly skilled workforce through successful training and learning programs. Harmony

Gold Mining Company Limited is investing huge resources in training and development

of its employees resulting in a workforce that is not only highly skilled but also motivated

to achieve more.

 Reliable suppliers – It has a strong base of reliable supplier of raw material thus enabling

the company to overcome any supply chain bottlenecks.

8.2 Weakness

Weakness are the areas where Harmony Gold Mining Company Limited can improve upon.

Strategy is about making choices and weakness are the areas where an organization can improve

using SWOT analysis and build on its competitive advantage and strategic positioning.

The company has not being able to tackle the challenges present by the new entrants in the

segment and has lost small market share in the niche categories. Harmony Gold Mining

41
Company Limited has to build internal feedback mechanism directly from sales team on ground

to counter these challenges.

Not very good at product demand forecasting leading to higher rate of missed opportunities

compare to its competitors. One of the reason why the days inventory is high compare to its

competitors is that Harmony Gold Mining Company Limited is not very good at demand

forecasting thus end up keeping higher inventory both in-house and in channel.

Not highly successful at integrating firms with different work culture. As mentioned earlier even

though Harmony Gold Mining Company Limited is successful at integrating small companies it

has its share of failure to merge firms that have different work culture.

Need more investment in new technologies. Given the scale of expansion and different

geographies the company is planning to expand into, Harmony Gold Mining Company Limited

needs to put more money in technology to integrate the processes across the board. Right now

the investment in technologies is not at par with the vision of the company.

High attrition rate in work force – compare to other organizations in the industry Harmony Gold

Mining Company Limited has a higher attrition rate and have to spend a lot more compare to its

competitors on training and development of its employees.

The profitability ratio and Net Contribution % of Harmony Gold Mining Company Limited are

below the industry average.

Organization structure is only compatible with present business model thus limiting expansion in

adjacent product segments.

8.3 Opportunities

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Opportunities for Harmony Gold Mining Company Limited – External Strategic Factors

Economic uptick and increase in customer spending, after years of recession and slow growth

rate in the industry, is an opportunity for Jonchen Mining Company Limited to capture new

customers and increase its market share.

The market development will lead to dilution of competitor’s advantage and enable Jonchen

Mining Company Limited to increase its competitiveness compare to the other competitors.

Decreasing cost of transportation because of lower shipping prices can also bring down the cost

of Jonchen Mining Company Limited’s products thus providing an opportunity to the company -

either to boost its profitability or pass on the benefits to the customers to gain market share.

The new technology provides an opportunity to Jonchen Mining Company Limited to practices

differentiated pricing strategy in the new market. It will enable the firm to maintain its loyal

customers with great service and lure new customers through other value oriented propositions.

Organization’s core competencies can be a success in similar other products field. A comparative

example could be - GE healthcare research helped it in developing better Oil drilling machines.

Lower inflation rate – The low inflation rate bring more stability in the market, enable credit at

lower interest rate to the customers of Jonchen Mining Company Limited.

Opening up of new markets because of government agreement – the adoption of new technology

standard and government free trade agreement has provided Jonchen Mining Company Limited

an opportunity to enter a new emerging market.

Government green drive also opens an opportunity for procurement of Jonchen Mining Company

Limited products by the state as well as federal government contractors.

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8.4 Threats

Rising raw material can pose a threat to the Jonchen Mining Company Limited profitability.

As the company is operating in numerous countries it is exposed to currency fluctuations

especially given the volatile political climate in number of markets across the world.

The demand of the highly profitable products is seasonal in nature and any unlikely event during

the peak season may impact the profitability of the company in short to medium term.

New technologies developed by the competitor or market disruptor could be a serious threat to

the industry in medium to long term future.

Liability laws in different countries are different and Jonchen Mining Company Limited may be

exposed to various liability claims given change in policies in those markets.

Changing consumer buying behavior from online channel could be a threat to the existing

physical infrastructure driven supply chain model.

The company can face lawsuits in various markets given - different laws and continuous

fluctuations regarding product standards in those markets.

Intense competition – Stable profitability has increased the number of players in the industry

over last two years which has put downward pressure on not only profitability but also on overall

sales.

8.5 Limitations of SWOT Analysis for Jonchen Company Limited

Although the SWOT analysis is widely used as a strategic planning tool, the analysis does have

its share of limitations.

44
Certain capabilities or factors of an organization can be both a strength and weakness at the same

time. This is one of the major limitations of SWOT analysis. For example changing

environmental regulations can be both a threat to company it can also be an opportunity in a

sense that it will enable the company to be on a level playing field or at advantage to competitors

if it able to develop the products faster than the competitors.

CHAPTER NINE

9.0 RECLAMATION AND CLOSURE

Once the end of mine life has been reached, it is Jonchen Mining Company’s goal to restore the

land to an environmentally acceptable state, managing the environment through a program of

post-closure care and maintenance. Jonchen’s plans to develop a reclamation and closure

strategy that allows life-of-mine closure planning that is responsive to Project planning decisions

and changing regulatory framework. The closure planning process Ironbark proposes to adopt for

Citronen is a phased approach permitting the development of a Conceptual Closure Plan which

will be updated and refined throughout the life of the mine. A Final Closure Plan will be

developed near the end of the mine life that takes into consideration the results of the testing and

monitoring as well as any changes to the environmental, regulatory and social environment that

may have occurred over the life of the mine.

45
The Jonchen’s Mine Conceptual Closure Plan describes the permanent closure of landfill, the

process plant and supporting facilities. Progressive reclamation and closure is expected to occur

throughout various stages of operations. Physical, chemical, biological and anthropogenic

stability of the site will be achieved by ensuring ground and slope stability, prevention of release

of pollutants, sustainable restoration of biota, and meaningful community engagement. This plan

is based on the best available information at the time of preparation; it will be reviewed every

three years and updated with new data obtained from ongoing operations.

CHAPTER TEN

10.0 SUMMARY AND RECOMMENDATION

10.1 Summary

This Technical Report on the feasibility study of Jonchen Mining Company summarizes the

exploration history, resource and reserves estimates, mine design, SWOT analysis, marketing

strategies, infrastructure design, environmental studies, cost and operating estimates, project

implementation planning, risk assessment and economic analyses performed for the Feasibility

Study.

10.2 Recommendations

The gold mine filed project is ready to proceed to feasibility study and designs, with concomitant

infill drilling, processing piloting, further geotechnical studies and economic analysis.

46
This phasing approach adopted in this study will help the mine with time to carry out more test

and address most of the highlighted risk and those that will arise in the future. The following is a

set of recommendations that if implemented can help to reduce long term risks of the project.

The project is a high -grade gold deposit which is highly sensitive to the price of the commodity

the gold price used in the study will require further thought and study. The current gold price

over the last decade has been very stable and favorable and conditions are predicted to continue.

The process design adopted in the prefeasibility study is preliminary and further optimization on

the plant layout and designs are recommended. The costs associated the processing will require

firming up in the next stage of feasibility study.

In view of the need to reduce the capital costs further, the project costs can be reduced further

through the purchase of second hand mining and processing equipment which is increasingly

becoming available. In considering this option, the company will have to weigh in the increased

costs of operation these second- hand units.

The gold mine project is a high tonnage operation and its viability is hinged on its ability at

recovery gold at low cost regime. This projects recommends further detailed study of the input

data into the operating costs for the project.

47
Reference

Shmack in 2005

Environmental Protection Agency Act 1994 (Act 490) and the Environmental Assessment

Regulations 1999 (LI 1652).

CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines November

29, 2019

Kotler & Armstrong (2017) "Principles of Marketing Management Management", Published by

Pearson Publications.

W. Chan Kim and Renée Mauborgne (2017) Blue Ocean Shift: Beyond Competing - Proven

Steps to Inspire Confidence and Seize New Growth, Sep 26, 2017

W. Chan Kim and Renée Mauborgne (2015) Blue Ocean Strategy, Expanded Edition: How to

Create Uncontested Market Space and Make the Competition Irrelevant, Jan 20, 2015

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49