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Port Pirie: success or failure?
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Port Pirie Redevelopment Located on the eastern shore of the Upper Spencer Gulf in South Australia, approximately 230 kms north of Adelaide, the Smelter Port Pirie smelter has been in constant operation for 127 years. There is an adjacent dedicated port facility where concentrates are received, with final products dispatched by road and rail. Nyrstar signed a binding agreement for the final funding and support package for the redevelopment of the Port Pirie smelter to an advanced polymetallic processing and recovery facility. The investment in Port Pirie is unique and allows Nyrstar to extract increased value from high margin metal bearing feed materials. The Port Pirie Redevelopment will have a significant positive long-term effect on Nyrstar’s operations and deliver a substantial earnings uplift. Additionally investment in proven state of the art technology will deliver step change reductions in airborne metal, dust and sulphur dioxide emissions resulting in significant reductions in community blood lead levels. In parallel, Nyrstar and the South Australian Government have agreed to further improve the community health through the establishment of a new Targeted Lead Abatement Program (TLAP). State Of The Art Furnance Technology The furnace is enclosed ensuring all metal fumes and offgas are recovered. Blended feed materials and flux is fed through the roof of the furnace. Core to this technology is the lance that injects air and oxygen at a high rate into a high lead slag bath. This ensures that oxygen is so well mixed with the slag and blended feed material, that the required reactions occur at a high rate and high temperature and means they are operated very close to equilibrium. These aspects enables the feeding of a wide variety of feed materials making it one of the most flexible pyro metallurgical furnace operations available. The Port Pirie Top Submerged Lance (TSL) process will produce lead bullion and a high lead slag suitable for further treatment in the Blast Furnace. The lead bullion settles to the bottom of the furnace which is batch tapped from a water cooled tap-hole, while the slag will continuously overflow via a weir. This means the slag bath level remains constant ensuring the lance immersion in the slag is controlled very closely. This is important as it controls the slag that is splashed upwards in the cylindrical shaft of the furnace in a controlled manner and very importantly leads to coating the outer surface of the lance with the slag. The slag is refractory in nature that protects the lance from burning through prematurely due to the high temperatures inside the furnace. This feature with the complete refractory lined furnace ensures a highly flexible process and high availability. Focus On Acid Plant The Acid Plant will take the off gas from the Outotec Ausmelt TSL Furnace after being cleaned and conditioned, and will convert the sulphur dioxide contained in the gas to concentrated sulphuric acid which will be sold to the market. The Acid Plant footprint will be approximately 60m x 50m and stand 30m high. The new Acid Plant stack will be 60m high. The capacity of the Acid Plant will increase significantly from the current approximately 200 T/day to approximately 1000 T/day.
Project Update - Port Pirie Redevelopment The Company has undertaken a comprehensive review of the Port Pirie Redevelopment project to ensure that the scope, flow sheet and commissioning will provide Port Pirie with industry leading performance. Management's review has confirmed that the Port Pirie Redevelopment is the right strategy for the Company as it will have a significant positive long-term effect on Nyrstar's operations and deliver a substantial earnings uplift. However, the review also identified that rework is required to the fabrication of key module components, delaying the start of hot commissioning. Also as part of the review, a number of engineering improvements have been identified that will unlock additional value. Port Pirie is at a stage where the identified improvements can still be implemented effectively ahead of the hot commissioning milestone. Consequently, the TSL furnace hot commissioning will be postponed by 6 months to September 2017. This time will be primarily used to do the rework referred to above and to enhance the slag tapping process on the TSL furnace. Ancillary benefits include the completion of further advanced training of plant personnel as well as improved start-up sequencing of the TSL furnace and tie-in to the existing operations. To further reduce ramp-up risk, the Company intends to continue operating the existing sinter and acid plants in parallel with the ramp-up of the TSL furnace and new acid plant. The total estimated cost to complete the project is expected to increase from AUD 563 million to AUD 660 million, an increase of approximately EUR 70 million. The review has confirmed that the incremental EBITDA uplift from the redevelopment, using 2016 as a basis, will increase from the previous full ramp-up guidance of EUR 80 million per annum and is expected to be in the region of EUR 40 million in 2018, EUR 100 million in 2019 and EUR 130 million per annum from 2020. The modelling specifics for the Port Pirie Redevelopment EBITDA uplift are disclosed in the Company's "Introduction to Modelling" presentation available on the Company's website. Commenting on the revised guidance for the Port Pirie Redevelopment, Hilmar Rode, Chief Executive Officer, said: "The Port Pirie Redevelopment is a large, complex project which absolutely remains the right strategic decision for the Company. The revised furnace start-up date will not only ensure the successful completion of the project, but also deliver improved returns of approximately EUR 130 million per annum, compensating for the increased capital cost and more prudent ramp-up schedule."
GROUP FINANCIAL OVERVIEW Revenue for the first nine months 2017 of EUR 2,628 million was up 33% on 9 months 2016, driven by higher zinc and lead prices which were up 42% and 27% respectively, benefit of a marginally stronger US dollar against Euro in 9 months 2017 versus 9 months 2016 and increased production volumes in zinc smelting and mining. Group underlying EBITDA (continuing operations) of EUR 162 million in 9 months 2017, an increase of 35% on 9 months 2016, due to higher commodity prices and stronger US dollar, partially offset by lower treatment charges, lower production from Port Pirie and Budel and the opportunity cost of the strategic zinc price hedge which reduced free metal price exposure. Capital expenditure (continuing operations) was EUR 267 million in 9 months 2017, representing an increase of 49% period-on-period driven by a EUR 65 million increase in Metals Processing due to the large planned maintenance shuts in the first nine months of 2017 at Budel, Balen and Hobart and EUR 25 million capex increase in Mining with the restart of the Middle Tennessee mines and Myra Falls mine. The total capex remains in-line with full year guidance provided for FY 2017 (EUR 275 - EUR 340 million). Net debt at the end of September 2017, excluding the zinc metal prepay and perpetual securities, was 15% higher compared to the end of H1 2017 at EUR 1,138 million (EUR 986 million at the end of H1 2017), predominantly due to amortisation of the silver prepays, working capital outflow due to higher commodity prices and capex expenditure in-line with guidance. The net debt inclusive of the zinc metal prepay and perpetual securities at the end of September 2017 was EUR 1,387 million, up 12% compared to the end of H1 2017. Cash balance at the end of September 2017 was EUR 65 million compared to EUR 95 million at the end of H1 2017 with proforma liquidity at the end of September 2017 of EUR 600 million.
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