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Although technically orientated, the resources sector operates within

a business and economic framework which requires adequate

knowledge of economic, financial, management, legal, regulatory,

political and social environments. The mineral economics discipline

therefore combines the technical knowledge of exploration, mining and

processing with economic input parameters to produce a monetary

value for projects.

Valuation

The value enhancement of mining projects typically takes on the

shape of an S-curve during the different stages of the resource

upgrade, from the discovery of the deposit through to the mineral

project commissioning stage.

(Include the diagram that is currently on the website.)


	Compliance and Corporate Reporting Team
	The methodologies used in valuing a project differ depending on

whether the project is at the exploration or production stage. The

following three valuation methodologies are internationally acceptable

methods of valuing mineral projects and are the methodologies used

by Minxcon:

· Historical cost method: Used to value early-stage exploration

projects (“moose pasture” with a few boreholes drilled and

encouraging results obtained);

· Comparative value approach: Used to value middle-stage results)

exploration projects (several boreholes drilled with encouraging

with a declared resource statement; and

· Discounted cash flow method: Used to value late-stage

exploration projects through to operating mines.


		Johan Odendaal: Director, Mineral Economics

		B.Sc (Geology), B.Sc Hons. (Mineral Economics), M.Sc (Min. Eng)

		Johan has 24 years’ experience in the mining and financial industry. This includes 7 years as an independent
		mining consultant specialising in the valuation of mining projects and 12 years as a mining analyst at two major
		stockbroking firms. During this time, he was rated one of the top platinum and gold mining analysts and became
		a globally recognised industry specialist. Regular contact with the mining, corporate and investment community
		has allowed him to build an extensive network of contacts around the globe specialising in the valuation of
		mining companies.

		Johan possesses a great deal of knowledge concerning both local and international mining companies. As a former
		employee of a global investment bank, he was actively involved in financial companies. As a former employee of a
		global investment bank, he was actively involved in financial analysis and advising mining companies and investment
		bankers on corporate mining transactions.


	Pascale Petit: Mechanical Engineer and Techno-Financial Analyst

	Pascale has 11 years’ experience in mechanical mining engineering and four years’ involvement in the techno-
	economic valuation of mining and processing projects. She has worked with clients ranging from small entities
	to listed corporations. Her involvement in several engineering consulting companies has resulted in a broad-
	based understanding and execution of various levels of studies for engineering, estimating and valuations,
	trade-off analyses and optimisation research. Her knowledge is focused on platinum and extends to gold, coal,
	base metals, ferrous metals, steel and cement.


	Minxcon’s Core Values

	At Minxcon, we strive to:

	· Utilise vastly experienced technical staff with high professional standards; · Maintain our unquestionable independence; · Act with integrity at all times; · Provide innovative solutions; and · Offer the highest quality of service.

	Minxcon’s ability to provide services and advice from the project inception stage, throughout the listing period, all the way to production and mine closure
	makes us an exceptionally diversified advisory company.