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Investor Presentaiton

PFS OPERATING UNIT COSTS Taylor's unit costs are expected to be in the first quartile of the industry's cost curve(a) Zinc total cash and sustaining costs curve CY29(a) USC/lb, real 1 January 2021, net of credits 200 -200 -400 Taylor AISC(b) III SOUTH32 Potential opportunities to further reduce operating costs during feasibility include: • Optimisation of the mining schedule, power consumption and comminution circuit • Potential to supply smelters in the Americas, realising a material reduction in shipping and transport costs Emerging technology and automation opportunities to be further tested, targeting enhanced productivity Notes: a. b. Based on Wood Mackenzie Zinc Mine Normal Costs Curve (2021 Q4 dataset), and is calculated as the sum of direct costs, indirect cash costs, interest charges and sustaining capital expenditure. Based on Taylor all-in sustaining cost (AISC) during steady-state operations (FY30 to FY44) of approximately US$(0.13)/lb Zn Eq. SLIDE 18
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