SOCIETE NATIONALE INDUSTRIELLE ET MINIERE. Strategic Development Framework (CSD)

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1 SOCIETE NATIONALE INDUSTRIELLE ET MINIERE Strategic Development Framework (CSD) Mauritanides October 2012

2 1 Vision & CSD 2 Industrial strategy 3 Impacts 1

3 1.1 VISION : TOP Become amongst global top 5 exporters of iron ore by 2025 with the following objectives : Capacity : 40 Millions tons p.y + JVs Production cost : < 40 USD $/t 2

4 1.2 Strategic Development Framework (CSD) Axis 1 - Geological research To pass a sufficient budget to set up and carry out the slippery programs ( i.e systematically carried forward on the following year ) To Take advantage of all the new research techniques and data processing systems /data preservation To draw / train / develop / retain the critical skills in geology, hydrology, and boring Axis 4 - Promotion of skills Implement a dynamic and modern training system Establish a dynamic and inspiring motivation system Establish a modern system of compensation and classification Axis 6 - Development of the partnership Set models of partnerships Develop a code of partnership Encourage partnership creating added value Correct weaknesses in existing agreements Establish a mechanism to limit the negative impacts on SNIM business core Formalize the opportunities / risks of partnerships Axis 2 - Increasing capacity Succeed in Guelb 2 start TO14 / Rouessa facilities renovation Extra Production of 4MT of concentrated Prospecting for additional reserves of + 60Mt Feasibility study of iron ore processing centre in the northern side Preparing the port to accompany the growth Axis 3 operational efficiency Strengthening of the productivity through continuous improvement of exploitation conditions Formalize purchase / maintenance policy Equip the mine with necessary capacities to create flexibility and ensure the accomplishment of the programs of production Develop planning function Modernize,Revitalize infrastructure dedicated to maintenance and warehouse Acquire useful logistics to production and maintenance operations Outsource some tasks Make of SNIM a perennial and competitive company, and an important actor in iron ore. Axis 5 - positioning on the market Quality of products as the highest priority Offer SNIM around 3 products with possibly an opportunity product Target Markets in order of importance: Europe (60%), China (40%), Japan, Asia Alignment on the market prices Direct contracts with privileged iron and ore metallurgists Axis 7 Sustainable development valuation program / continuous improvement of environmental performance taking into account economically viable technological developments Comply with the national laws and regulations relating to the protection of the environment as well as environmental partners Implement good practices and strategies to prevent pollution Maintain certification of the system Axis 8 - Integration into the national economy Exploration of all niches of growth to develop added valuegenerating activities 3

5 The CSD is reframed around 4 key pillars, with industrial strategy at the core Development and performance goals III Pillar III: Partnership strategy Accelerating development through targeted partnerships I Pillar I: Business / portfolio strategy Orienting the long-term business development portfolio and program: Targeting of markets / products Pricing policy / contracting / client segmentation IV II Pillar II: Industrial strategy End-to-end industrial strategy (mine port) Developing / optimizing capacity Enhancing the competitiveness of the industrial system Pillar IV: Financial and organizational strategy Overhaul / adaptation of the group s main structures Organizational structure / HR / competencies Finance and management systems 4

6 1 Vision & CSD 2 Industrial strategy 3 Impacts 5

7 Industrial strategy consolidated by SNIM, ensuring competitive growth to ~40 Mt by major axes of SNIM s industrial strategy to deliver on capacity, on time, on cost, on quality SNIM s mineral deposits a Iron ore market demand Sufficient geological potential for an LT capacity of 40 Mt Growth focused on poor ores Wet processing generalized for low grades Water pipeline NDB => ZRTE Demand set to grow until 2020, then level off from 2025 Ore with a high concentration of iron Silica-rich products b Capacity of 40 Mt in Cost competitive: < 40 $/t Product quality (Fe > 65%, silica < 4~5) c Supply set to race for market position Quality (iron, silica) as critical positioning factor Consolidation of the industrial system Operational excellence Ore production complexes at scale ( Mt) Magnetites from Guelbs Nord, as best orientation (>1 bn tons) Operational standardization Maintenance strategy Planning/supply chain optimization Lean Capex Attractive option of downstream integration in DRI, through partnerships 6

8 Sufficient geological resources for 40-Mtpa growth scenario Inventory of SNIM s geological resources Millions of commercial tons ~xx Mt Resources in tons of crude ore ~750 ~200 ~3,750 ~40,000-80,000 ~17,000-32,000 ~15,000-30,000 Growth goals ~1, Mtpa (1,200 Mt of reserves required) ~300 ~200 Proven magnetite High-grade and mixed hematite Magnetite from other Guelbs BHQ from the Kedia 3 Total Reserves Potential 7

9 Global market requirements : Necessity to improve the process to maintain competitiveness Competitors - iron qualities in 2020 by region SNIM current qualities 68% Iron (%Fe) 62% Global average 65% Brazil 62% India 64% South Africa 60% Australia 66% 65% 63% TZFC GMAB TZF SNIM current portfolio GMAB (Guelbs 2) Iron rate in line with global Benchmarks. Improvement expected on Guelbs 2 8.8%! Silicate (%SiO2) 3.8% Global average 2.7% Brazil 3.3% India 4.5% South Africa 4.5% Australia TZFC 7.0% GMAB 6.0% TZF 4-5% GMAB (Guelbs 2) Silicate rate exceeds benchmarks. Similar Guelbs2 processing, is necessary to maintain competitiveness SNIM current portfolio 8

10 Launching of new capacities before ~ , big risks of over capacity beyond. Million tons, equivalent rich mineral Expected bending of global demand of iron ore from Annual capacity of production based on the levels of certitude +x% TACM Level of certitude to achieve projects by 2020 Low to middle High to middle High % % % x2 1, ~4,000 1, , Offer Rise up depletion 2010 of the current production C1 C2 C3 C4 C5 Capacity

11 Wet processing to be generalized to all lean ores Total production cost, USD/t Dry processing Semi-dry processing Wet processing - Iron content postprocessing 64-66% 67-68% 68% Magnetite TS Magnetite TH Magnetic separation <65% Magnetic separation Magnetic separation 65% Wet processing of magnetite is feasible and more economical, offering sinter-feed with a higher iron content n/a Magnetic separation Spirals Hematite (BHQ) n/a n/a ~66% Wet processing is feasible, and necessary to enrich low-grade hematite (pellet-feed product) Flotation 1 1 Flotation coupled with high-intensity magnetic separation and spiral gravity separation 10

12 Water pipeline carrying desalinated water from Nouadhibou to Zouerate Zouerate Water Pipeline - Distance: 650 km - Carrying Mm 3 /year - Gradient of 400 meters - Technical parameters in principle favorable, compared to cross-border projects - Capex estimated at $1.3bn for 36 Mm 3 /year (incl. desalination) 11

13 Massification of production complexes can generate economies of scale and accelerate the development Economical dimension HR dimension Operational dimension Complexe size 1-2 Mtpy Total cost of production USD / ton Mine Processing Supply. ch HR needs of complexe #FTE/Mtpy 367 Delivery / Project Management ~12 complexes to be developped Lead time min 15~20 years Managerial complexity Extrem logistic complexity Heavy organisation 4-5 Mtpy 267 ~5 complexes Lead time min 10~15 years ~10-12 Mtpy 207 ~2-3 complexes to be delopped Lead time 5~10 years Possible Streamlining of logistic flows Lean organisation -15% -22% 12

14 2 possible competitive mining orientations for long-term development: Kedia BHQ and Northern Guelbs magnetite Hematite pellets Kedia BHQ Commercial ore resources bn tons 20 ~30 Total production cost (incl. amortization) USD/t Total normalized cost USD/t 2 possible competitive orientations Preliminary analyses show that magnetite of Guelbs Nord is the most competitive orientation Northern Guelbs 1.4 SNIM needs to subsequently confirm the geological data and refine its processing models Magnetite sinter-feed Western Guelbs 0.2 Eastern Guelbs 0.1 Competitive ceiling 13

15 Must act simultaneously on three dimensions for sustainable improvements Optimization of production system : working in harmony of ressources (human, equipement, etc.) by minimazing losses and wastages Standardized work Maintenance to ensure availability and reliability of tools Operating Systems Management Infrastructure Mindsets, skills and behaviors Management performance to overcome differences and develop operational excellence Managerial routines Detection of gaps from standards (visual management, audits, reviews) Solving problems Organization, infrastructure of continuous improvement Kaizen : change to enhance operating standards, flows and technical Integrated programming/planning Rewards, meritocracy Adhesion in time Communication Culture of result, teamwork, behaviours, values Skills 14

16 Operational excellence a key axis for accelerating and consolidating the industrial strategy Scope of operational excellence Intervention approach Pit operations, processing plants, logistics Maintenance from end to end of the chain Supply chain planning Operating systems Management infrastructure Mindsets, skills and behaviors Expected impacts Extra 2-3 Mtpa capacity by end 2013 Capex saving of $ m Opex saving of 3-4 $/ton 15

17 An ambitious capacity plan, taking SNIM to 40 Mtpa by 2024 Capacity, million tons/year M2 M1 Guelb 1 Mine H1 Tazadit MH Guelb 2 Fderik TO Magnetite Project for additional 28 Mtpa of magnetite in 2 lots: M1: 14 Mtpa M2: 14 Mtpa Hematite Entry into service of magnetite plant M1 (+14Mt) Entry into service of magnetite plant M2 (+14Mt) 16

18 Financial sustainability No debt requirement in the base scenario, but up to $3-4.5bn needed under extreme stress-test conditions Operational cash flow (after tax) Investment cash flow Stress test level Operational and investment cash flows (US$m) Sufficient self-financing Base Case Integrated Stress tests Insufficient self-financing

19 A major change for SNIM : revenue and EBITDA by 3 vs PLT ambition (18 Mtpy) A major development of main economic indicators compared to the PLT ambition Revenue, US$ millions % Revenue / ambition 40 MT Revenue / ambition PLT ( 18 Mt) EBITDA, US$ millions EBITDA/ ambition 40 MT % EBITDA / ambition PLT ( 18 Mt) 18

20 Attractive option of downstream integration in DRI, through partnerships Mauritania can be positioned competitively on the DRI steel market A potential cost of production around $ / t Breakdown of costs, $ / t slab / steel (including costs of DRI, EAF and slab) Combustible (gas) Iron ore (pellets) Electricity included 1 HR and others Total Key hypothesis Gas Cost : range from $ 3 to $ 9/MMBtu ($ 1-2/MMbtu in Saudi Arabia) Pellet cost: save of $ 25 / t freight vs. CFR market price Electricity: $ 0.07/kWh 0% scraps Electricity consumption : 700kWh / t of steel for the EAF Positioning of the cost potentially competitive for Mauritania Cost curve based on the data available of steel manufacturing through EAF, in $ / t slab Production cost $/t of slab FOB Gas at $3/MMBtu 50 Gas at $9/MMBtu COST CURVE NON-EXHAUSTIVE Capacity of production Millions tons slab * Electric Arc Furnaces (EAF) often developed near the DRI 19

21 DRI Profitability IRR of DRI steel project : 15-17% Mauritania has an interest in developing this project with the aim of monetizing its gas reserves at an attractive rate and furthering the country s industrial development Partners could be brought in to: Finance the project Supply technical expertise 20

22 Planning Project phase Implementation phase CSD axis Geological research Capacity increase Operational efficiency Skills promotion Market positioning 6 Partnership development Dossiers Organization of the Geology function Geological research Magnetite Geological research Hematite Long-term maintenance of hematite capacity Expansion of magnetite capacity Alignment of logistics capacity Alignment of utilities Productivity of industrial assets Performance management system Training/coaching Optimization of operational organization Requirement planning HR management policies Organization of the HR function Culture and communication Social modernization Improving knowledge of the markets Better customer targeting and commercial positioning Optimizing the pricing policy Optimizing the product portfolio Commercial organization and processes Partnership strategy Finalization of existing partnerships Organization Deal sourcing and execution

23 Each CSD axis is divided into 3 planning levels: dossiers, projects, activities STRATEGIC PLANNING STRUCTURE CSD axis Dossiers Projects Activities (for first 6 months) Axis structure 1 Geological research CSD axis 2 Capacity increase Operational efficiency Each axis comprises several dossiers Dossiers 4 5 Skills promotion Market positioning Each dossier is made up of several projects, with deadlines and KPIs Projects - KPI 1 - KPI 2 - Partnership 6 development Total: Each project contains several activities, some of which are to be launched during the first 6 months of implementation Activities 22

24 Organization and governance for the execution and monitoring of CSD projects Roles CSD Steering Committee General oversight of CSD execution Meets every 4 weeks to track progress and make key arbitration decisions, notably on the budget PMO Coordinates the strategic program, reporting on progress to the CSD Steering Committee with the preparation of KPI charts Assesses the pertinence and efficiency of decisionmaking at axis/project level Provides support to Axis Pilots (e.g. problem solving) Axis Pilots Pilot 1 Geological research Pilot 2 Capacity increase Pilot 3 Operational efficiency Pilot 4 Skills promotion Pilot 5 Market positioning Pilot 6 Partnership development Provide weekly updates on progress relative to a detailed schedule Inform PMO members proactively about critical events Involve the PMO in all important decision processes Decision point every 2 weeks with unit ( pole ) and PMO directors Project Manager Project Manager Project Manager Encouragement/assistance with decision-making at project level Close monitoring of execution and proper implementation of decisions Management of critical processes (e.g. purchasing) Pool of technical experts Supply of resources to support and assist Axis Pilots / Project Managers with technical aspects Introduction of management tools for the project implementation phase (e.g. execution schedule, budget tracking, etc.) 23

25 1 Vision & CSD 2 Industrial strategy 3 Impacts 24

26 3 Impacts 3.1 Sales & Revenue 25

27 3.2 Jobs opportunity Need (direct and indirect) about jobs 26

28 3.3 Industrial & socio-environmental Transport water from Nouadhibou to Zouerate: potentially significant impacts for region Industrial major potentially implications for industrial development in the case of a water supply "abundant" at a reasonable price : - possible different processing (lower cost and / or better quality) (eg, full wet magnetic processing of TS) - possibility to process new resources (eg, poor hematite?), today not beneficiated with dry process Water improve working conditions (eg, dust reducing, watering trails ) and the productivity. Securing access to water for the population brought to grow significantly in the coming years, Social Reducing the effects of the drought Developing a potential activity of agriculture with high value Preservation of water table in the region of Zouerate Environmental Opportunity to develop renewable energy for desalination. Attention regarding the saline water waste. 27

29 Thank you for your attention 28

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