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A Clear strategy for Growth

IRC is a vertically integrated
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This glossary contains definitions of certain terms used in this report in connection with the Group and its business. Some of these may not correspond to standard industry definitions.


Board The Board of Directors
Cayiron Cayiron Limited, a wholly owned subsidiary of Petropavlovsk and the immediate controlling shareholder of the Company
CFR INCOTERM Cost and Freight
CIM The Canadian Institute of Mining, Metallurgy and Petroleum
CNEEC China National Electric Engineering Company Limited, the principle EPC contractor at the K&S Project
Company Shareholders Shareholders of the Company
Concentrate The clean product recovered from a treatment plant
DAP INCOTERM Delivery at Place
Deposit Mineral deposit or ore deposit is used to designate a natural occurrence of a useful mineral, or an ore, in sufficient extent and degree of concentration
Directors The directors of the Company
Direct Reduction or DR An alternative route of iron making developed to overcome some of the difficulties of conventional blast furnaces
DRI An abbreviation of “Direct Reduced Iron”, being iron produced using the DR method
DSO Direct shipping ores. Ores that are economic due to their high grades and therefore limited requirement for upgrading and processing before sale to end users. Raw material for iron ore concentrate, isometric mineral, 8Fe
EAO Jewish Autonomous Region, an oblast of the Russian Federation
EPC Engineering, Procurement and Construction contract
Exploration Method by which ore deposits are evaluated
Fe The chemical symbol for iron
Feasibility study An extensive technical and financial study to assess the commercial viability of a project
Flotation A mineral process used to separate mineral particles in a slurry, by causing them to selectively adhere to a froth and float to the surface
FOB INCOTERM Free on Board
Geophysical Prospecting techniques which measure the physical properties (magnetism, conductivity, density, etc.) of rocks and define anomalies for further testing
Geotechnical Referring to the use of scientific methods and engineering principles to acquire, interpret, and apply knowledge of earth materials for solving engineering problems
Grade Relative quantity or the percentage of ore mineral or metal content in an ore body
Haematite An iron mineral with the formula Fe2O3; found as an accessory in igneous rocks, in hydrothermal veins and replacements, and in sediments, generally high grade (>60% iron)
HK$ Hong Kong dollars, the lawful currency of Hong Kong
HKEx Hong Kong Exchanges and Clearing Limited
Hong Kong The Hong Kong Special Administrative Region of the PRC
ICBC Industrial and Commercial Bank of China Limited, a company listed on the Stock Exchange (Stock code: 1398)
Ilmenite Iron titanium oxide; a trigonal mineral, chemical formula FeTiO3
JORC code The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (2004 edition), as published by the Joint Ore Reserves Committee, as amended from time to time.
K&S A magnetite development project in the Company’s portfolio consisting of the Kimkan deposit and the Sutara deposit
LTIFR Lost time injury frequency rate, the number of lost time injuries per million man hours worked
Magnetite 8FeOFe2O3; major mineral in banded iron formations, generally low grade (1.5-40% iron)
Manganese Grey-white, hard, brittle metallic element; chemical symbol Mn
Metallurgical Describing the science concerned with the production, purification and properties of metals and their applications
Micon Micon International Limited has provided consulting services to the international mining industry since 1988, with particular focus upon mineral resource estimations, metallurgical services, mine design and production scheduling, preparation of pre-feasibility and feasibility studies, independent reviews of mining and mineral properties, project monitoring, independent engineer roles, financial analysis and litigation support. Micon’s resource estimate complies with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) standards and definitions, as required by Canadian National Instrument 43-101 (NI 43-101)
Mill Equipment used to grind crushed rocks to the desired size for mineral extraction
Mineralisation Process of formation and concentration of elements and their chemical compounds within a mass or body of rock
NI 43-101 Also referred to as National Instrument 43-101, the (Canadian) Standards of Disclosure for Mineral Projects, including Companion Policy 43-101 as amended from time to time
Open-pit A large scale hard rock surface mine; mine working or excavation open to the surface
Optimisation Co-ordination of various mining and processing factors, controls and specifications to provide optimum conditions for technical/economic operation
Ore Material from which a mineral or minerals of economic value can be extracted profitably or to satisfy social or political objectives
Ore-field A zone of concentration of mineral occurrences
Ore body Mining term to define a solid mass of mineralised rock which can be mined profitably under current or immediately foreseeable economic conditions
Precious metal Gold, silver and platinum group minerals
Primary Characteristic of or existing in a rock at the time of its formation; pertains to minerals, textures etc.; original
Processing Methods employed to clean, process and prepare materials or ore into the final marketable product
Recovery Proportion of valuable material obtained in the processing of an ore, stated as a percentage of the material recovered compared with the total material present
Run-of-mine or ROM Recovered ore, as mined with dilution, before any pre-concentration or other form of processing
Russian Far East Refers to the Far Eastern Federal district of the Russian Federation, which covers the area of Russia between Lake Baikal in Siberia and the Pacific Ocean. The Far Eastern Federal district includes the Amur Region, EAO, Kamchatka Krai, Magadan Region, Primorsky Krai, Sakha Republic (Yakutia), Sakhalin Region, Khabarovsk Krai, and Chukotka Autonomous District
Shareholder(s) Holder of the Share(s)
SRP Steel/Slag Reprocessing Project
Stock Exchange The Stock Exchange of Hong Kong Limited
Strike The longest horizontal dimension of an ore body or zone of mineralisation
Tailings Material that remains after all metals/minerals considered economic have been removed from the ore
TiO2 Titanium dioxide. A fine white powder. Used in paints, plastics or paper, it provides for maximum whiteness and opacity
Titanomagnetite Concentrate which is a variation of a magnetite concentrate typically with a high vanadium and titanium content
Treatment plant A plant where ore undergoes physical or chemical treatment to extract the valuable metals/minerals
Tonne/t I metric tonne (1,000 kg)
US Dollar or US$ United States Dollar

List of Abbreviations

°C degrees Celsius, a thermal unit equivalent to Kelvin+273.15
CaO chemical symbol for calcium oxide or quicklime
Fe chemical symbol for iron
Femagn total iron in the ore originating from magnetite
Fe(total) total amount of iron content
Fe2O3 chemical symbol for haematite
kg kilogramme, the SI unit of mass
km kilometres, a unit of length equivalent to 1,000 m
km2 square kilometres, a unit of area equivalent to 1,000,000 m2
Kt thousand tonnes
Ktpa thousand tonnes per annum
kV kilovolts, one thousand volts, a unit of electromotive force
Kwh kilowatt hour, a unit of energy
m metres, the SI unit of length
m3 cubic meter, a unit of volume
mm millimetres, unit of length equivalent to 0.001 m
Mt million tonnes
Mtpa million tonnes per annum
mWt megawatt, one million watts, a unit of power
nm not measured
sq.m. square metre, a unit of area
t a metric tonne, a unit of mass equivalent to 1,000 kg
tpa tonnes per annum
TiO2 chemical symbol for titanium dioxide
V2O5 chemical symbol for vanadium pentoxide