Mine district exploration

While total exploration expenditure showed a slight decrease from 2012, exploration maintained momentum under the three-tiered strategy of mine district exploration, new discovery programs and project generation, focusing on copper, zinc and nickel.

In general, 2013 saw a shift of focus from mine district exploration centred on MMG’s operating assets with increasing exploration maturity, to new discovery exploration targeting transformational discovery. With an increased project turnover rate through effective exploration, project generation is responsible for a high-quality project portfolio with high growth exposure.

Total exploration expenditure in 2013 was US$71.9 million, including US$35.2 million on mine district exploration, US$32.5 million on new discovery programs and US$4.2 million on project generation and support. During 2013, mine district exploration conducted active programs at Sepon, Golden Grove, Rosebery and Kinsevere. Exploration also took place at a number of new discovery projects worldwide, including six projects in Australia, six in the Americas and four in the Southern Africa region. Exploration drilling totalled 132,490 metres, including 90,881 metres for mine district exploration and 41,609 metres for new discovery programs.

 

Rosebery

After the completion of drilling at Lake Rosebery and White Spur, and underground drilling into the Marionoak
domain, exploration drilling was suspended at Rosebery during the middle of the year. The focus of exploration
then shifted to regional structural interpretation and mineralisation and alteration studies.

 

Kinsevere

A seven-hole diamond drilling program was completed at Kinsevere Hill in the mining lease without intersecting
significant mineralisation. MMG continues to increase its tenement holdings within a 50 kilometre radius of the
Kinsevere mine. Reverse circulation drillings (and limited diamond) were carried out at Mukinga and Mukinga
North projects, targeting oxide copper mineralisation. MMG also completed a regional airborne geophysical survey over the Kinsevere tenements area.

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