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					                                                 26 July 2007




 “The Art of Project Development: The
Mmamabula Energy Project case study”

  By: Gregory Kinross, CEO of CIC Energy Corp.
     Botswana Resource Sector Conference
                                Forward-Looking Statements
This presentation contains certain “forward-looking statements”. All statements, other than statements of historical fact, that address activities, events or
developments that CIC believes, expects or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements are often, but not
always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect”, and “intend” and statements that an event or result “may”,
“will”, “can”, “should”, “could”, or “might” occur or be achieved and other similar expressions. These forward-looking statements reflect the current internal projections,
expectations or beliefs of CIC based on information currently available to CIC. Forward-looking statements are subject to a number of risks and uncertainties that may
cause the actual results of CIC to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially
realized, there can be no assurance that they will have the expected consequences to, or effects on CIC. Factors that could cause actual results or events to differ
materially from current expectations include, among other things, volatility of and sensitivity to market prices for coal and prices (market or otherwise) for electricity,
changes in equity markets, uncertainties relating to the availability and costs of financing needed in the future, the ability of CIC to conclude a power purchase
agreement with South Africa’s state owned electricity utility (Eskom Holdings Limited), capital and operating costs varying significantly from estimates, delays in the
development of the project, inability to secure sufficient water timeously, procurement of required capital equipment and operating parts and supplies, equipment
failure, unexpected geological or hydrological conditions, political risks arising from operating in Africa, imprecision in resource estimates, success of future exploration
and development initiatives, competition, operating performance of facilities, environmental and safety risks including increased regulatory burdens, seismic activity,
weather and other natural phenomena, failure to obtain necessary permits and approvals from government authorities, changes in government regulations and policies,
including tax and trade laws and policies, risks relating to labour, and other exploration, development and operating risks.
Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, CIC disclaims any intent or
obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although CIC believes that the
assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue
reliance should not be put on such statements due to the inherent uncertainty therein.
Resource figures included in this presentation are estimates and no assurances can be given that the indicated levels of coal will be produced. Such estimates are
expressions of judgment based on knowledge, mining experience, analysis of drilling results and industry practices. Valid estimates made at a given time may
significantly change when new information becomes available. While CIC believes that the resource estimates included in this presentation are well established, by
their nature resource estimates are imprecise and depend, to a certain extent, upon statistical inferences which may ultimately prove unreliable.
The extent to which resources may ultimately be reclassified as proven or probable reserves is dependent upon the demonstration of their profitable recovery. The
evaluation of reserves or resources is always influenced by economic and technological factors, which may change over time. No assurances can be given that any
resource estimate will ultimately be reclassified as proven or probable reserves.
If CIC's resource estimates for its coal properties are inaccurate or are reduced in the future, this could have a material adverse impact on CIC.
Mineral resources are not mineral reserves and do not have demonstrated economic viability. Measured and indicated resources are sufficiently well defined to allow
geological and grade continuity to be reasonably assumed and permit the application of technical and economic parameters in assessing the economic viability of the
resource. Inferred resources are estimated on limited information not sufficient to verify geological and grade continuity or to allow technical and economic parameters
to be applied. Inferred resources are too speculative geologically to have economic considerations applied to them to enable them to be categorized as mineral
reserves as there is no certainty that mineral resources can be upgraded to mineral reserves through continued exploration.
Conditions of Presentation
This presentation does not constitute, or form part of, a prospectus relating to CIC, nor do they constitute or form part of, any offer or invitation to sell, allot or issue or
any solicitation of any offer to purchase or subscribe for, any securities in CIC nor shall it (or any part of it) or the fact of its distribution form the basis of, or be relied
upon in connection with, or act as any inducement to enter into, any contract or commitment for such securities.
The information in this document is subject to verification and completion and change. Accordingly, no representation or warranty, express or implied, is made or given
on behalf of CIC or any of its members, directors, officers or employees, or any other person as to the accuracy, completeness or fairness of the information or opinions
contained in this document. Neither CIC nor any of its directors, officers or employees, nor any other person accepts any liability whatsoever for any loss howsoever
arising from any use of this document or its contents or otherwise arising in connection therewith.




                                                                                                                                                                                     2
                 Introduction and Overview
 CIC is focused on the Mmamabula Energy Project, a proposed major, two phase
  integrated coal mine and power station; Phase 1 of which comprises:
     Mine of approximately 8.5mtpa, supplying
     Power Plant of approximately 2,400MW
     Phase 1 project will cost in excess of US$6bn

 The Project is located in southeastern Botswana

 Electricity to be sold under long-term Power Purchase Agreements (“PPA”) (currently being
  negotiated) to Eskom Holdings (for the majority) and Botswana Power Corporation

 First COD targeted for Q1, 2012

 CIC has concluded an agreement with International Power plc, regarding the purchase of
  50% of Phase 1, and co-development and operation of Phase 1 power station and mine

 CIC Energy Corp. is a listed company which commenced trading on the Toronto Stock
  Exchange in March 2006 and on the Botswana Stock exchange in June 2006

 The Project represents the largest undeveloped high-quality coal asset in Southern Africa
  not under the control of a major mining company
                                                                                              3
 New projects now under investigation include Coal-to-Liquids
           Tau Capital Corp.

Tau Capital Corp. is a Canadian-based resource finance & services company with
a strong track record in advising on the exploration and development of major
projects in the resource sector
Tau Capital Corp. has been instrumental in creation of the following companies:

           CIC Energy Corp.   TSX: ELC, BSE:CIC ENERGY
           Mmamabula Energy Project, Botswana

           Talon Metals Corp.      TSX:TLO
           Precious and Base Metal Exploration, Brazil

           Saber Energy Corp.        (Private)
           Coal and Gas Exploration, Africa

           AfriOre Limited Formerly TSX/AIM:AFO
           Sold to Lonmin plc in January 2007 for approx. CDN$500M

           Platexco Inc. sold to Impala Platinum (Implats) in 2000
           South African platinum project sold for CDN$191M



                                                                                  4
                       International Power plc

One of the world’s leading Independent Power Producers (“IPPs”)
FTSE 100 company
       • Market capitalization (approx): US$11.2bn*
       • Listed on the London and New York Stock Exchanges
Operations in 20 countries worldwide
       • North America, Europe, Middle East, Australia and Asia
Total installed capacity in excess of 18,900MW (net)
Robust operational and financial performance
       • 2005 profit from operations (PFO): U$1,045 million
       • 2006 nine month PFO: US$1,099 million
Negotiations ongoing to reach Definitive Agreement to co-develop the Phase
 One power station and mine
International Power would be responsible for ongoing operation and
 maintenance of the power plant

*As at March 23 2007


                                          www.ipplc.com
                                                                              5
                  Botswana – An Economic Success Story
                                                                                              Tunisia                                               Source:
 Political and financial stability                                                                                                              WMRC Country Risk

     •   Multi-party democracy                                Sahara               Algeria
                                                                                                        Libya
                                                                                                                         Egypt

     •   Average GDP growth of 6% p.a. since 1999
                                                           Mauritania

     •   Low inflation rate (4–7%)                                          Mali              Niger
                                                                                                            Chad
     •   Significant foreign currency reserves
                                                                                                                                                      Djibouti
                                                                                                                          Sudan
                                                                        Burkina Faso
                                                            Guinea
                                                                                   Benin
                                                                                             Nigeria                                      Ethiopia
 Favorable foreign investment climate
                                                    Sierra Leone
                                                                 Ivory Coast
                                                            Liberia       Ghana                         Central African Rep.
                                                                                                                                                      Somalia
                                                                                Togo             Cameroon
     • No exchange controls                                                 Equit. Guinea                                       Uganda
                                                                                                                                          Kenya
                                                                                                        Congo
     • Low tax rate
                                                                           Sao Tome &           Gabon                          R.
                                                                             Principe                              DRC
                                                                                                                               B.
                                                                                                                                     Tanzania

 A2 Credit rating by Moody’s (better than                                                                                                        Comores

  Japan’s)                                                                                               Angola                     Malawi
                                                                                                                                         Mozambique



 Australian Publication “Resource Stocks”                                                                               Zimbabwe
                                                                                                                                                  Madagascar
                                                          Political Risk
  rated Botswana as having the lowest                        Profile
                                                                                                        Namibia
                                                                                                                   Botswana
                                                                                                                                                                 Mauritius


  country risk for mining globally
                                                                           <2.0                                                      Swaziland
                                                                                                                South Africa    Lesotho
 Transparency International rates Botswana                                2.0-2.5
  as having one of the lowest corruption                                   2.5-3.0
  indexes in the world                                                     3.0-3.5
                                                                           3.5-4.0
                                                                           >4.0
                                                                                                                                                                             6
                                                      Business Case
          Significant peaking power shortages occur on a frequent basis in Southern Africa

          Major new baseload capacity is required in the coming years - particularly with
           increased GDP growth forecasts for South Africa & newly announced energy-intensive
           projects

          New capacity expansion requirements in Southern Africa are in excess of 2,000 MW per
           annum for the next 20 years, of which more than 1,500 MW in South Africa

          Major public and private sector investment in power generation and distribution is
           required to meet demand in the region
                  Potential Capacity Serving South Africa Market 2005 - 25
                                                                                                                                                                                                                                                                                                                                      Mmamabula is
                                                                                                                                                                                                                                                                                                                                      one of the few



                                                                                                                                                                                                                                                                                                                NEW RENEWABLES ??
50,000



                                                                                                                                                                                                                               LOAD MANAGEMENT
                                  PUMPED STORAGE




                                                                                                                                                                                                                                                                        ENERGY EFFICIENCY
45,000
                                                                                                                                              IMPORTED HYDRO


                                                                                                                                                                                       INTERRUPTIBILITY



40,000

35,000
                                                                                                                                                                                                                                                                                                                                    major projects that
                                                                                                            LOCAL HYDRO




                                                                                                                                                                                                                                                                                                                                       can meet the
           COAL




30,000
                                                                  NUCLEAR




25,000

20,000                                                                                                                                                                                                                                                                                                                              urgent demand for
                                                                                   GAS




                                                                                                                                                                                                                                                                                                                                      new baseload
15,000

10,000

 5,000

    0    Co a l       P u m e d
                           p                       N u c le a r             Ga s                      d
                                                                                         L o c a l H y ro                 Im o rte d H y ro
                                                                                                                            p           d                      In te rru p tib ility                      L o a d Ma n a g e m n t
                                                                                                                                                                                                                              e                  E n e rg y E ffic ie n c y                 N e w R e n e w a b le s
                                                                                                                                                                                                                                                                                                                                        capacity in
                  Current
                                                                                                                                                                                                                                                                                                                                     Southern Africa
                                                                            * Source: ABSA Presentation “The African Power Market”
                  Forecast

                                                                                                                                                                                                                                                                                                                                                          7
        South Africa power demand
        scenarios (Source: Eskom)


GDP growth p.a.   Electricity growth     Total capacity    Annual capacity
                         p.a.          required 2005-25   required 2005-25

     3.0%               1.4%             11,772 MW            620 MW

     4.0%               2.3%             20,824 MW           1,097 MW

     5.0%               3.2%             32,257 MW           1,698 MW

     6.0%               4.4%             47,252 MW           2,485 MW




                                                                             8
                           Eskom’s generation expansion options

  Research                     Opportunity                                                                  Feasibility, Business                            Build
                                                                          Pre-feasibility
                               Identification                                                               Case, Contract
       165                                                                                                  Concluding
                      4500
      PBMR
                                          3500
                New Coal Supply                                 1600

       350                               Oscar                                   1150
                   1200                            1775        Yankee                                                      1500
                                                                                                                                                       100     1332   961
                                                                                                    1600    600
      UCG
                                                                              Tango                                        Lima
                Discard Coal        1200         November                                                                                       RenewableIngula Komati
                                                                                                    Sierra India                                   1
       100                                                                                                                                                     1520    1128
                                    Victor         6000                                      900                   2400                 3000
                     100
Concentrating
                                                                                                                   Papa            Nuclear 1                 Camden Grootvlei
   Solar                                           Mike                   4500          Co-Gen 1
                    Gas 2          500
                                                                                                                            1050                                        300
                                                   400                   Foxtrot                                   1000                                      4500
                                   Zulu                                                                                                   2400
Cogeneration                                                                            0                                  Quebec                                      Arnot
                    500                          Hwange                                                                                                  Medupi
                                        1000                                                                       Echo                                               P1&P2
                                                                                   HVDC 1           4500
                                                                                                                                          Delta
Hydro             Coal 1                                   0
                                    Hydro 1                                                                                       600
                                                                                                     Golf                                      4500           1050     1050
Nuclear                                                   CBM                               10000
                                  350
                  2000                                                                                              1300      Juliett          Bravo         Gas 1    OCGT
                                                                 500                    Nuclear n
Gas                           Non Eskom           1000
                 Coal 2                                                                                             Kilo
                             Generation 1                      Whiskey
                                                 Hydro 2
Coal
                                                                                                                                                                      765kV
                                                                                                                                                             400kV
Solar

Transmission                     26 125 MW                                   22 650 MW                              18 350 MW                                11 941 MW

Renewables
                * Red outer circle indicates – out of Borders project        Source: Eskom presentation to Parliamentary Portfolio Committee on 23 May 2007
                                                                                                                                                                        9
                 Mmamabula Project Location

 The Project is located in
  Botswana’s Mmamabula Coal
  Fields - the extension of South
  Africa’s Waterberg Coal Fields
 Waterberg contains in excess of
  40% of South Africa’s coal
  reserves
 Waterberg is host to Exxaro’s 16
  Mtpa Grootegeluk coal mine
  and Eskom’s 3,690 MW
  Matimba power station
 Waterberg is also host to
  Eskom’s recently approved
  approx. 4,500MW Medupi
  power station (previously known
  as “Alpha” and “Charlie”)
 Ideal location with proximity to
  South African grid
 Excellent access and
  infrastructure
                                              10
                    Mmamabula East & South
To date CIC has drilled in excess of
100,000 metres in over 1,000 holes




Resources currently total 2.3 billion tonnes (measured and indicated) (previously 1.29 billion tonnes) - coal
qualities represent good power station feed, with raw calorific values (“CV”) of approximately 21 to 23 MJ/kg   11
      Transmission
      Solution



Tight integration
with Eskom and
BPC networks in
 South Africa &
   Botswana




                     12
               Water – a conjunctive use solution
               Shashe Dam (23 Mm3)                                  Dikgatlhong Dam (62 Mm3)*



               Letsibogo Dam (24 Mm3)


                                                    Selebi Phikwe

                                                                         Thuni Dam (5Mm3)*
    NSC2 Pipeline (345-km)*
                                                                    Lotsane Dam (6Mm3)*


                                          NSC1 Pipeline (360-km)

Kudumatse
Well field*
                                                  Small Dams (4.4 Mm3)*


                                                 Mmamabula Energy Project


                                     Masama Well field (5-10            * Planning / Development
    Gaborone                         Mm3)*
                                                                                                13
                Bankable Feasibility Study

Being completed at a cost in excess of US$45mill, performed inter alia, by:
 Snowden Mining Industry Consultants - Resource modeling & mine planning

 Black & Veatch - Technical power station design & choice of technology

 Environmental Resource Managers (“ERM”) and Digby Wells and Associates - Groundwater and
  Environmental Studies

 Gibb Africa – Surface water

 Dowding, Reynard and Associates (Pty) limited – Infrastructure

 Biggen Africa – North-South Carrier II (“NSC2”)

 ABSA Capital (an affiliate of Barclays Capital) – Financial Advisor

 Clifford Chance – Project Legal Counsel

 Marsh Limited - Insurance Consultant


 BFS to be finalized once EPC costs and PPA are agreed

                                                                                             14
                Major Milestones Achieved
 Key Memoranda of Understanding (“MoU”) signed:

          • CIC-Eskom MoU
          • Inter-Governmental MoU
          • CIC-Government of Botswana MoU
          • Inter-Utility MoU
 Agreement signed with International Power plc
 Major expansion of Management Team, including the acquisition of SAD-ELEC and the
  establishment of Bon-Terra Mining (Pty) Ltd.
 Application for Mining Licence submitted to Government of Botswana
 Final EIA reports submitted to GoB
 Excellent progress on the PPA negotiations with Eskom and BPC
 Issued formal tender for the award of Engineering, Procurement & Construction contract
  for the Phase One power station to pre-qualified international contractors, with
  negotiations ongoing
 Very positive response from the international and local financial market

                                                                                           15
               Planned Project Development Timeline
                                                                                            Q1/12
                                  Q2-Q4/07
                                                                               •Commencement of Phase One
              • Complete Botswana Implementation Agreement with
                             Government of Botswana                                 Commercial Operations
             • Issuance of Power Generation & Coal Mining Licences             (rollout of one unit per half year)
          • Finalize Engineering, Procurement & Construction Contract
              • Complete terms of Power Purchase Agreements with
                                    Eskom & BPC
                       • Finalize Bankable Feasibility Study
                                  • Financial Close
VALUE




                                        Phase One
                                       Construction to
                                        Commence




        2005       2006         2007           2008          2009       2010      2011            2012         16
              Executive Management Team and Key Advisors

              CIC has assembled a highly experienced mining &
                power station development & operations team
                                            Consultants
Gregory Kinross, President & CEO            • Jan de Beer, Project Manager - Power Plant
Warren Newfield, Co-Chairman                  BFS (former CEO of Eskom Enterprises)
Tore Horvei, COO (former SAD-ELEC CEO)      • Arnot Hepburn, Transmission & Integration
                                              (former Head Transmission Planning:Eskom)
Gibbs Johnson, General Counsel
                                            • Pieter du Toit, EVP Coal-to-liquids
Jennifer Feinberg, VP Corporate Finance
                                            • Kym Morton, Hydrogeologist


Energy Team (via acquisition of SAD-ELEC)   Mining Team
• Mike Page, VP Projects                    • Wynand Marais, CEO
• Stefan Regard, VP Projects Analysis       • Jock Nel, Operations Director
• Les Kugel, VP Legal & Regulatory          • Ronnie van Eeden, Commercial & Legal
                                              Director
• Cosmas Gutu, VP Operations
                                            • J.N. (Jacob) van der Merwe, Technical
                                              Director
                                                                                           17
          Board of Directors
• Reuel Khoza, Co-Chairman (South Africa)
  - Chairman, Nedbank; former Chairman, Eskom
• Warren Newfield, Co-Chairman (Canada)
  - President & CEO, Tau Capital Corp.
• Blackie Marole (Botswana)
  - Managing Director, Debswana
• Mandla Gantsho (South Africa)
  - Governor, African Development Bank
• Len Konar (South Africa)
  - Director, South African Reserve Bank
• Sandra Cowan (Canada)
  - Partner & General Counsel, Edgestone Capital Partners
• Adrian Meyer (Barbados)
  - President, Cidel Bank and Trust Limited
• Gregory Kinross (South Africa)
  - President & CEO, CIC Energy Corp.
                                                            18
       Financial Information (approximates only)

          TSX:ELC, BSE:CIC ENERGY
• Shares issued:                              48 M

• Shares fully diluted:                       54 M

• Cash (as at 31 May 2007) (approx.)      CDN $54 M

• Share Price (as at 20 July 2007):      CDN $17.20

• Market Capitalization:                 CDN $830 M




                                                      19
                Top 10 ingredients that have facilitated the
                excellent progress on this significant project

1.    Capital: Significant risk capital available and committed
2.    Management: Strong and proven capabilities in:
            I.      Mineral Resource development (exploration)
            II.     Power Plant development
            III.    Mining
            IV.     Power Plant operations
            V.      Project finance skills
            VI.     Business experience
            VII.    Electricity market knowledge
            VIII.   Credibility with key stakeholders
3.    Market: Willing and able buyers (Eskom and BPC) and fundamental need for electricity
4.    Proven fuel source: Major coal resource
5.    Private sector project: Quick decisions, rapid development and time to market
6.    Project finance: Long term PPA to facilitate project finance
7.    Jurisdiction: Strong and stable host country
8.    Political will: Excellent support from Governments of Botswana and South Africa
9.    Legal & regulatory framework: Ability to negotiate and create specific IPP framework
10.   Relationships: Transparent and honest relationship with key stakeholders
                                                                                             20
Thank you




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