investor presentation may 2013
DESCRIPTION
TRANSCRIPT
2
Disclaimer:The contents are not to be reproduced or distributed to any third party, including the public or press. Theinformation contained herein, while obtained from sources which we believe are reliable, is not guaranteedas to its accuracy or completeness. The company is a development stage mineral resource explorationcompany and many of its mineral projects have yet to be proven to be economic. Certain information setout herein in relation to the Company’s advanced projects is based on technical reports that are incompliance with NI 43-101 that are not yet final. The reader is cautioned that such information is subject tochange, although management does not anticipate any material deviations.
The contents of this presentation is for informational purposes only and does not constitute an offer to sellor a solicitation to purchase any securities referred to herein.
Forward looking statementsThis presentation includes certain forward-looking statements about future events and/or financial resultswhich are forward looking in nature and subject to risks and uncertainties. Forward-looking statementsinclude without limitation, statements regarding the company’s plans, goals or objectives and futurecompletion of mine feasibility studies, mine development programs, capital and operating costs,production, potential mineralization, resources and reserves, exploration results and future plans andobjectives of MBAC. Forward-looking statements can generally be identified by the use of forward-lookingterminology such as "may," will," "expect," "intend," "estimate," "anticipate," "believe," or "continue" or thenegative thereof or variations thereon or similar terminology. There can be no assurance that suchstatements will prove to be accurate and actual results and future events could differ materially from thoseanticipated in such statements. Important factors that could cause actual results to differ materially fromexpectations include risks associated with mining generally and pre-development stage projects inparticular. Potential investors should conduct their own investigations as to the suitability of investing insecurities of MBAC Fertilizer Corp.
3
To be a significant integrated producer of phosphate and potash fertilizers and related products in the Brazilian and Latin American markets
BRAZIL
SANTANA
PHOSPHATE
High grade phosphate depositstrategically located near theborder of Para and Mato Grossostates. Meeting animal feedphosphate and fertilizer demand inthe Center-West Brazil.
PFS completed
ITAFÓS
PHOSPHATE
Itafόs Arraias SSP Project is aunique project located in the centreof Brazil’s largest agricultural regionthat will provide near-term cash flow
Excellent logistical advantage.
Construction 94% complete ARAXÁ
PHOSPHATE /REE/Nb
High grade Phosphate and RareEarth Elements/Niobium deposit.
PEA completed
São Paulo
Rio de Janeiro
PA MA
PI
BA
GO
MTTO
AM
MG
SP
Brasilia
New Agricultural Frontier
4
2013Year of transition
2015+Period of growth
Lessons learned & applied Itafós – Construction completed Itafós – First SSP deliveries Santana – Definitive Feasibility Study
Itafós – 1st full year of commercial production Itafós – Capacity reached
Itafós – Ongoing production Santana – Production launched Integrated, multi-mine producer
2014Year of value realization
2012Year of progress
Itafós – Project advancement Santana – Pre-feasibility Study Araxá – Prelim Economic Assessment
5
Current Capital Structure
Research Coverage
Symbol/Exchange TSX: MBCShares Outstanding 152.0MOptions 9.2M
Fully Diluted 161.2M
Management & Directors ~13%Current Share Price $2.1552 wk High/Low $3.94-$1.90Market Capitalization ($ millions) $326.8
BMO Capital Markets Joel JacksonCanaccord Genuity Keith CarpenterParadigm Capital Spencer ChurchillRaymond James Steve HansenGMP Securities Anoop PriharSalman Partners Andrea RubakovicNational Bank Financial Robert Winslow
Peter Marrone Chairman and Founder
Denis Arsenault, CA Director
Alexander Davidson Director
Brian Hayward Director
Eduardo Ledsham Director
David Nierenberg Director
Hon. David Peterson Director
Leonardo Marques da Silva Director
Antenor Silva CEO, Vice-Chairman and Founder
Roberto Busato Belger President and Chief Operating Officer
Carlos Braga VP, Technical Services
Rodrigo Pinto, CA VP, Finance and CFO
Steve Burleton VP, Corporate Development
Antônio Nagle VP, Administration
Directors & Management
1.8
2.2
2.6
3.0
3.4
3.8
4.2Stock Chart 52 Week (MBC.TO)
6
Brazil is fast becoming the “bread basket” to the world
Agribusiness sector continues to be major driver of Brazilian economy
Brazil is 4th largest in Agribusiness exports globally
Grain prices remain at high levels relative to historical prices
Key driver of fertilizer prices
Source: ANDA; Ministry of Agriculture; MBAC team analysis
0
100
200
300
400
500
600
700
90 92 94 96 98 00 02 04 06 08 10 12
US$
/ Met
ric T
onne
Historical Soybeans & Maize Prices
Soybeans Maize (corn)
Land used for cropping in Brazil has increased 2.6% per annum over the past 7 years
7
Fertilizer demand in Brazil continues to grow at a faster pace than developed countries
Consumption has grown at CAGR 5.6% from 20 to 29.5 million tonnes between 2005 and 2012
Imports supply ~70% of the demand
New Agricultural Frontier (MaPiToBa) continues to lead the growth in agriculture in Brazil
Fertilizer consumption grew between 2005 and 2012 at CAGR of 10.4%
Transportation costs continue to rise in Brazil
Due to decreased fuel subsidies and increased regulations
Strengthens logistic advantage for our projects
Source: ANDA; Ministry of Agriculture; MBAC team analysis
0
5
10
15
20
25
30
35
2005 2006 2007 2008 2009 2010 2011 2012
Milli
on T
onne
s
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
2005 2006 2007 2008 2009 2010 2011 2012M
illion
Ton
nes
Fertilizer Delivered to Customers in Brazil Fertilizer Delivered to Customers in MaPiToBa Region
SSP TARGET MARKET OVERVIEW(BRAZIL)
8
Itaquí Port
Fortaleza Port
GO
Paranaguá Port(Main fertilizer Port in BR)
Santos Port
Scale: in Kilometeres
1000
PI
PA
MT
TO
AMMA
AratuPortMG
BA
Legend
Other Domestic Competitor
Closest Competitor
Domestic Supply Import Supply
Araxá Project New Agriculture Frontier
Source: MBAgro
Both MBAC phosphate projectshave a significant competitiveadvantage resulting fromlogistics
Closest competitor ( ) has totransport its rock from over1,000 km to its industrial site
Other domestic competitors arelocated at minimum of 700 kmaway
Closest ports are more than1,000 km away
Inland transportation costs ofapprox. 6 - 7 cents per tonne km
expected to increase – newregulations / decreased fuelsubsidies
Araxa
2000
Santana
Itafos
500
Km
1000Km
750 Km
4,702,2014,234,959
5,033,885 5,363,485 5,067,000
300,753225,391
312,533612,072
671,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
2008 2009 2010 2011 2012
Tonn
es
SSP Consumption in Brazil
Production Imports
9Source: ANDA; MBAC team analysis
Brazil consumes approximately 5 – 6 million tonnes of SSP per annum It is estimated that the MBAC target region consumed approx. 1.2 million tonnes in 2012 This is expected to grow to 1.8 million tonnes by 2020 representing a CAGR of over 4% per year
Fertilizer product deliveries in the Company’s target region have lagged year to date Unusually dry conditions experienced in the first quarter of 2013
SSP prices have weakened in line with global decline in phosphate fertilizer prices Brazilian soybean production is still forecasted to hit record levels in 2013 Fertilizer will continue to strengthen over the next several months
11
Mine construction and preparation have been completed and is operational
Ore extraction has started with ~225,000 tonnes stockpiled (average grade of 8% P2O5)
Beneficiation plant has been commissioned and operations have commenced
Operating licenses for the mine, water dam, tailings dam, pipelines and beneficiation plant received
Powerline has been completed and is operational
Water dam has reached the water level necessary for water supply to the plants
Water/tailings dams have been completed and are operational
All major equipment has been delivered to site
All key personnel needed to operate plants are in place
Physical progress of the construction to date is approximately 94% completed
Work CompletedTo Date
12
Updated technical report dated March 27, 2013
47% increase in proven and probable reserves
Proven and probable reserves of 64.8 million tonnes
Average reserve grade of 5.1% P2O5
Revised project economics
Annual production of over 500,000 tonnes per year of SSP
19 year mine life
Capex cost of $323 million
After-tax NPV10% of $254.2 million
− Based on an SSP price of US$280/tonne in 2013, US$325/tonne in 2014 and adjusted for 2% inflation thereafter
After-tax IRR of 21%
After-tax Payback period of 4.5 years
After-Tax NPV10% of
$254 million
64.8 million tonnes of reserves at
5.1% P2O5
Over 500,000 tonnes of SSP annually
19 years life
13
Current capital cost estimate is $323.1 million (25% increase from September 2012 estimate)
Renegotiation with the primary electro-mechanical erection contractor
Poor engineering work and planning deficiencies
Unexpected transportation costs
Replacement of civil works contractor
Brazil is a developing country and faces significant cost pressures and skill shortages
Project Capex
Escalation (%)
Delay (months)
Serra Sul (Vale, Iron ore) 72 54
Onça Puma (Vale, Nickel) 158 27
Salobo (Vale, Copper) 179 30
Minas Rio (Anglo, Iron Ore) 52 12+
Source: Company information, Anglo American, Broker notes
Cost for civil works, labor, and availability oflabor has led to capex escalation
Most projects have been plagued by severedelays to cope with the strains of theBrazilian economy
Itafós Project is toward the lower end of theincreases experienced in Brazil
• Cost overrun ~ 50%• Delay ~ 10 months
14
Project Risk Mitigation
A number of important measures have been taken to de-risk the project
All detailed engineering including scopechanges has now been completed
All equipment has been delivered to site
Since the renegotiation significant improvementsin the pace of the electro-mechanical erectionworks
Firm quotes and delivery dates in place for theparts and supplies required for completion ofconstruction (such as pipes, cables, hoists andsteel platforms)
Corporate Risk Mitigation
Executive Committee of Independent Directorshas been formed and will have direct oversighton all aspects of the Project
Antenor Silva will dedicate all his time andefforts to the completion of the Itafós Projectand ramp-up
Two new Directors have been added to theboard who add a depth of experience in projectdevelopment, strategic oversight and theBrazilian fertilizer markets
Risk is also mitigated given the project is 94% complete
$10 million - sale of interest in non-core exploration ground in Para state
Asset Sale
$52 million bought deal financing
Board, management and founders committed $10 millionPrivate Placement
$10 million - working capital loan received from Banco ItaúBBA
Bank Loan
15
Reviewing “non-dilutive” alternatives to provide additional cash cushion:
MBAC is actively pursuing additional debt financing alternatives
MBAC is looking for sale of non-core assets
16
Roberto Busato Belger will dedicate 100% of his time to work with the sales team
MBAC is focused on “industrial sales” (traders, blenders, distributors, large farm co-ops)
Source: ANDA; MBAC team analysisNote: (1) States of PA, MA, PI, BA, TO, MT and GO
(2) Western BA; Northern GO; Southern PI and MA; and TO State
Industrial Sales Philosophy - Advantages
Upstream Sales StrategyMid-to-long term contracts will guarantee maximization of production capacity and
minimization of “seasonality“ impact
Low Risk of CreditFocus on few large customers, providing easier
access and ability to pay cash for products
Lean Sales Team RequiredNegotiation will be held by top managers and will be conducted on specific dates during the
year, increasing product margins
17
Negotiations with large potential customers are well advanced.
The Company has received commitments for 35,000 tonnes of SSP for July/Aug delivery fromtwo buyers (both include option to increase)
• Received payment for 15,000 tonnes The Company has received non-binding LOI’s for up to 200,000 tonnes
Overview of Customers
• Significant Potential CustomersYara, Bunge, Heringer (2nd largest blender inBrazil) and Fertilizantes Tocantins (largest blenderin TO State)
• Customer LocationsIn negotiation with potential customers who havetheir blending plants and/or their warehouseslocated close to the Itafós site ( )
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Completion of electro mechanical erection
Ramp up mineral processing plant (processing/beneficiating ore)
Obtain final operating licenses for chemical plants
Commissioning of chemical plants
Start of operations
Focus on operations management with an objective of efficient use of working capital
Focus on sales – specifically 2014
19
Primary Crusher
Floatation Cells
Ball Mill
Thickener
20
Sulphuric Acid Plant Electric Substation
Water Dam Granulation Unit
22
Santana contains one of the highest grade phosphate resources in Brazil
Flexibility to produce higher value-added products (TSP, MAP and DCP)
Project target area is one of the largest agriculturalmarkets in the country
Mato Grosso state is the largest fertilizerconsumer in Brazil
The municipality of São Felix do Xingu (PA)has the largest number of cattle in Brazil
Prefeasibility Study completed in June 2012:
Reserves: 44.9 Mt (12.1% P2O5)
Production: 500,000 t SSP
Capex $393 million
NPV: $407 million
IRR: 22%
Project Location
PAMA
MT
TO
GOBrasilia
23
Completion of Definitive Feasibility Study in mid-2013
Executive Committee will carry out a detailed review of the project
Will undertake detailed engineering prior to giving its formal approval of the project
• Reduce scope changes
• Provide greater certainty on capex
• Better evaluate funding options
Board will provide construction decision after detailed review
Discussions with lenders and financial institutions for project financing will be finalized
24
CBMM MINE
Araxá Project
VALEMine
Araxá, MG
Project Location
REE Deposit
Itafos
Santana
A high grade REE/Niobium/Phosphate project
M&I of 6.3 Mt @ 5.0% TREO and 1.02%Nb2O5
One of the highest grade REO deposits in theworld
Advantaged location
Area is surrounded by two large operations:
• Vale fertilizer mine/plant
• CBMM Niobium mine/plant
Developed infrastructure
PEA completed in October, 2012 Production
Phase I 8,500 tonnes per year
Phase II 17,500 tonnes per year
Capex $406 million
NPV $967 million
IRR 30%
25
Phase 2 pilot plant tests for bulk concentrate expected to be completed by mid-2013
Have produced a 98% REO bulk concentrate
Continued discussions with potential off-take partners
Will start Phase 3 pilot plant tests for REO separation H2 2013
DFS is expected to be completed in H1 2014
The asset has been determined to be “non-core”
Company is reviewing options to sell all or part of the asset
26
Homogenization Milling and Classification
Drying Process Filter Press REO Filter Cake
Solvent Extraction
Mining3 Mt @
5.4% P2O5
Mill Plant
Sulphuric Acid Plant
Beneficiation
P2O5 Concentrate330,000 t @ 28% P2O5
P2O5 Recovery: 55-58%
Sulphur74,400 t
P2O5 Reactive Phosphate94 kt @ 15% P2O5
P2O5 Recovery: 8.4%
Sulphuric Acid170,000 t
Sulphuric Acid Surplus50,000 t
Electricity6 MW
SSP Powder500,000 t
Market
To be used in the process
+ Water
Tailing
Ore
Waste
Imported
Ammonia6 kt
5% ofRevenues
92% ofRevenues
Market3% of
Revenues
Granulated SSP500,000 t
DCDA(1)
Note: (1) Conventional contact process29
30Note: (1) Neutral Ammonium CitrateAl3+ Aluminum Toxicity
Source: (*) Sinprifert/ANDA
SSP is the most applied fertilizer for the Brazilian soil, especially in the Cerradoregion, MBAC’s target area:
IMPROVED ROOT DEPTHBecause of the lack of Ca and the presence of Al3+ in Brazilian soils, the development of roots is compromised, affecting crops productivity, especially, in a dry season (common in the Cerrado).
The Calcium Sulphate in the SSP solves these soil concerns, improving root depth
REDUCES COSTSCalcium Sulphate is the component required for the supplement of S deficiency in the soil and it is
presented in the gypsum and SSP formulas (1 tonne of SSP = 500 kg of Calcium Sulphate)Using a other sources of P, farmers will incur in extra costs due to the purchase and
application of gypsum
$$$
FORMULA COMPOSITIONMost of Brazilian soils, especially those located in the Cerrado region, are very poor in P, Ca and S.
SSP formula contains Calcium Sulphate (Ca and S) and P
Ca(H2PO4)2.H2O+ S
PHOSPHATE SOLUBILITYThe agronomic efficiency of phosphate products is associated with the solubility of P in NAC(1) + H2O
From the total P contained in SSP formula, approximately, 90% is soluble making it very efficient
NAC+H2O
PPP
P
P
P
31
Source: UN Population Division http://esa.un.org/unpp/index.asplSource: Looking ahead in world food and agriculture perspective to 2050
Population Expansion: History And Projection
Source: UN Population Division http://esa.un.org/unpp/index.asplSource: FAO- Looking ahead in world food and agriculture perspective to 2050
GDP Growth Scenario
0 1,000 2,000 3,000 4,000
2003-2005
2015
2030
2050
Kcal/person/day
Per Capita Food Consumption
Industrial countries Developing countries World
Source: FAO- Looking ahead in world food and agriculture perspective to 2050Source: FAO, OECD
World Cereal Consumption And Future Projection
0
100
200
300
400
500
600
700
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
US$
/ M
etri
c To
nne
Historical Soybeans & Maize Prices
Soybeans Maize (corn)
0
100
200
300
400
1960
1964
1968
1972
1976
1980
1984
1988
1992
1996
2000
2004
2008
2012
Inde
x
Commodity price indices
Energy Agriculture Fertilizer Metal & Minerals
32
Source: http://statistics.amis-outlook.org/data
0
500
1,000
1,500
2,000
2,500
0%
10%
20%
30%
40%
Util
izat
ion
Mill
ion
Tonn
es
Cereals, Grain Utlilization & Stock to Use
Coarse grain (Million Tonnes) Cereals (Million Tonnes)
Coarse grain Stock to Use % Cereals Stock to Use %
0.0
50.0
100.0
150.0
200.0
250.0
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
FAO Monthly food price indices (2002-2004=100)
Source: FAO Source: World Bank Commodity Index
Source: FAO, Indexmundi
33
Arable Land Per Capita
Source: FAOSTAT
Developing Countries With The Highest Land Balance
Source: FAO- Looking ahead in world food and agriculture perspective to 2050
Developing Countries Using More Than 10 Million Ha. Of Arable Land
Source: FAO- Looking ahead in world food and agriculture perspective to 2050
Accounts for 75% of all arable land in developing countries
01,0002,0003,0004,0005,0006,0007,0008,0009,000
Billi
on C
u. M
/Yr
Top 10 Countries With Renewable Water Resources
Source: FAOSTAT
0 20,000,000 40,000,000 60,000,000 80,000,000 100,000,000 120,000,000 140,000,000
USANetherlands
GermanyBrazil
FranceBelgium
ChinaItaly
SpainCanada
US$ Millions
Export Value (2010)
Brazil is a leading producer of agricultural commodities:coffee (#1), oranges (#1), sugarcane (#1), beef (#2) andsoya (#2)
Agribusiness is a significant part (~25%) of the Brazilian economy
0%
5%
10%
15%
20%
25%
30%
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Mill
ions
R$
Agribusiness % of GDP
Agribusiness GDP Brazil %Source: CEPEA
34
Source: FAOSTAT
Brazil Agribusiness is the Fourth Largest in the World
Source: FAOSTAT
Brazil’s is a leading exporter of agriculture goods and commodities
0 100,000 200,000 300,000 400,000 500,000 600,000
ChinaUSA
IndiaBrazilJapan
NigeriaTurkeyFranceRussia
Indonesia
US$ Millions
Gross Production Value (2011)
0
1,000
2,000
3,000
4,000
5,000
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012N
utir
ents
in 0
00 T
onne
s (P
2O5)
Historic Brazil Phosphate Data
Production Imports Consumption
35
Source: ANDA, IFA
Source: ANDA
0%
50%
100%
150%
200%
250%
300%
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Historic Global vs Brazil Phosphate Consumption
Global BrazilSource: ANDA, IFA
15,000,000
17,000,000
19,000,000
21,000,000
23,000,000
25,000,000
27,000,000
29,000,000
31,000,000
2001 2003 2005 2007 2009 2011
Tonn
es
Fertilizer Consumption in Brazil
Fertilizer Consumption
Source: ANDA
Currently imports 70% of its NPK fertilizers, Phosphate> 50%
0%
20%
40%
60%
80%
100%
120%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Phosphate Fertilizer Imports
Production % Imports %
36
Current capital cost estimate is $323.1 million (25% increase from June 2012 estimate)
Renegotiation with the primary electro-mechanical erection contractor
Poor engineering work and planning deficiencies
Unexpected transportation costs
Replacement of civil works contractor
$225 $258 $276
$323
$33 $3 $5 $10 $4 $8 $15
$20
CAPEX(Feb-2011)
ConstructionLabour/Inflation
CAPEX(June-2012)
Owner Cost Pre-operatingCost
ErectionLabour
CAPEX(Jan-2013)
Logistics of moving
Equipment to site
Termination of Civil Contract
Renegotiation with Erection
Contractor
Additional Parts and Supplies
CAPEX(Apr-2013)
Itafós Arraias SSP Project CAPEX Escalation
37
High grade ore results in a greater quantity of LREE’s and HREE’s comparable to leading global REE producers
Category Measured Indicated
Cut-Off % TREO 2% 2%
La2O3 1.5% 1.4%
Ce2O3 2.8% 2.4%
Pr2O3 0.3% 0.2%
Nd2O3 0.8% 0.7%
Sm2O3 0.1% 0.1%
LREO 5.5% 4.7%
Category Measured Indicated
Cut-Off %TREO 2 2
ppm
Eu2O3 182 158Gd2O3 371 322Tb4O7 38 33Dy2O3 153 129Ho2O3 22 18Er2O3 44 36Tm2O3 3 2Yb2O3 23 18Lu2O3 1 1Y2O3 622 502
HREO (ppm) 1463 1217
REO La2O3 CeO2 Pr6O11 Nd2O3 Sm2O3 Eu2O3 Gd2O3 Tb4O7 Dy2O3 Y2O3
Araxá REO
Basket Value
Nb2O5
$/Kg FOB China (Sep 2012)
$19 $19 $105 $100 $53 $2,020 $92 $1,800 $920 $75 $45
% 27.80% 49.80% 4.60% 13.90% 1.40% 0.30% 0.70% 0.10% 0.30% 1.10%US$/Kg $5.28 $9.46 $4.83 $13.90 $0.74 $6.06 $0.64 $1.80 $2.76 $0.83 $46.31
38
Mineral Resource Grade Tonnage Report – June 1, 2012Cut-Off
(% TREO)Tonnes
(Mt)TREO
%LREO
% *HREO % **
P2O5%
Nb2O5%
Al2O3%
Fe2O3%
Measured Resource Category0 1.33 5.62 5.48 0.15 7.89 1.25 3.31 34.232 1.33 5.62 5.48 0.15 7.89 1.25 3.31 34.234 1.10 6.05 5.89 0.16 7.84 1.32 3.42 34.576 0.37 8.46 8.23 0.23 9.13 1.72 5.18 33.97
Indicated Resource Category0 5.02 4.85 4.73 0.12 8.54 0.96 5.68 32.762 5.02 4.85 4.73 0.12 8.54 0.96 5.68 32.764 3.29 5.58 5.44 0.14 8.69 1.07 5.69 32.366 0.88 7.75 7.57 0.19 10.25 1.35 8.17 29.32
Measured and Indicated Mineral Resource (2% Cut-Off TREO)2 6.34 5.01 4.88 0.13 8.40 1.02 5.19 33.06
TREO includes La2O3, Ce2O3, Pr2O3, Nd2O3, Sm2O3, Eu2O3, Gd2O3, Tb2O3, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3 and Y2O3*LREO (97.6% of TREO) includes La2O3, Ce2O3, Pr2O3, Nd2O3 and Sm2O3**HREO + Y2O3 (2.4% of TREO) includes Eu2O3, Gd2O3, Tb2O3, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3 and Y2O3.
SNSoil Colluvial/alluvial
39
Cross section showing ore types and grades of REO reaching over 20%
Saprolite
Lateritic Halo (Fe)