Nsr Factors Calculation Example 13236p
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NSR Factors Calculation Example Author Updated
George McIsaac, Ph.D., ing., P.Eng March 3, 2011
Spreadsheet describing the steps for the calculation of the Net Smelter Return and NSR factors for copper-zinc ore sent to a mi copper and a zinc flotation circuit
In this example, detailed calculations are done for estimating the NSR factors of each metal sold for each concentrate and smel overall NSR factors of each metal is then calculated and the value of the ore is estimated. The mill sells the copper concentrate to two smelters, 35% to Smelter A and 65% to Smelter B and all the zinc concentrate is sold to Smelter C
This spreadsheet is provided as an educational tool and is believed to be free of errors. It is intended to b used as an example of how to calculate a Net Smelter Return. The author will not be held responsible for improper use or abuse, or for errors resulting from its application. The is encouraged to understand principles described here and to develop his or her own spreadsheet. Worksheet
Description
met bal
metallurgical balance: estimation of quantities and quality of the concentrates produced from a given mill feed.
individual smelters
estimation of the NSR factors for each metal sold to the smelters
NSR factors
estimation of the overall NSR factors for each metal. Also, sensitivity of the NSR factors as a function of metal prices
NSR
Estimation of the value of the ore.
flowsheet
flowsheet of ore and concentrates
ctors for copper-zinc ore sent to a mill with a
sold for each concentrate and smelter. The
rB
ee of errors. It is intended to be will not be held responsible for its is encouraged to understand the
lity of the concentrates produced
e smelters
Also, sensitivity of the NSR
Tailings
Cu Zn Au
Copper Concentrate Smelter A Smelter B Zinc Concentrate
Smelter C
Metallurgical Balance
Tonnes
Cu (%) (tonnes)
Au (g/t) (ounces)
275,000
2.32% 6,380
2.55 22,546
85%
73%
21% 5,423
19.93 16,549
Mill Feed Grades Metal Contained Copper Concentrate Mill Recovery Tonnes of ore per tonne of concentrate Grades Metal Contained
10.65 25,824
Zinc Concentrate Mill Recovery Tonnes of ore per tonne of concentrate Grades Metal Contained
15% 10.35 26,571
3.96 3,382
Zn (%) (tonnes) 5.69% 15,648
90%
53% 14,083
Copper concentrate sold to Smelter A Copper Gold Tonnes of Conc. 25,824 tonnes Metal in Conc. 5,423 tonnes Metal per Tonne of Conc. 0.21 tonnes 463 Lbs
16,549 ounces 0.64 ounces 19.9 grams
Copper concentrate sold to Smelter B Copper Gold 25,824 5,423 0.21 463
tonnes tonnes tonnes Lbs
16,549 ounces 0.64 ounces 19.9 grams
Zinc Concentrate sold to Smelter C Zinc Gold 26,571 14,083 0.53 1169
tonnes tonnes tonnes Lbs
3,382 0.13 4.0
ounces ounces grams
Metal Deduction
24.26
Lbs
2.5
grams
24.26
Lbs
2.5
grams
0
Lbs
1
grams
Payable Metals
439
Lbs
17.4
grams
439
Lbs
17.4
grams
1169
Lbs
3.0
grams
Metal Price Value of Metal
1.50 658
$ / lb $ / t. conc.
$925 518
$ / oz $ / t. conc.
1.50 658
$ / lb $ / t. conc.
$925 518
$ / oz $ / t. conc.
0.50 584
$ / lb $ / t. conc.
Copper concentrate sold to Smelter A Copper Gold 658 $ / t. conc. 518 $ / t. conc.
Value of Metal Deduction and Charges Treatment Charge (T/C) Transport Loading & Representation Penalties (As, Sb, Bi, Hg) Price Participation Subtotal Deductions Refining Charges (R/C) Value After Deductions and Refining
75 34 5 0 0 114
$ / t. conc. $ / t. conc. $ / t. conc. $ / t. conc. $ / t. conc. $ / t. conc.
0.075 33
$ / lb $ / t. conc.
6 3
511
$ / t. conc.
515
tonnes of ore per ton. conc.
10.65
Value per tonne of Ore
48.01
Grade of Ore
2.32%
NSR Factor
20.69
80 45 5 0 0 130
$ / t. conc. $ / t. conc. $ / t. conc. $ / t. conc. $ / t. conc. $ / t. conc.
$ / oz $ / t. conc.
0.08 35
$ / lb $ / t. conc.
6 3
$ / t. conc.
493
$ / t. conc.
515
10.65 $ / t. ore
$/%
Copper concentrate sold to Smelter B Copper Gold 658 $ / t. conc. 518 $ / t. conc.
10.65
48.37
$ / t. ore
46.30
2.55
g/t
2.32%
18.97
$/g
19.96
$/%
$ / oz $ / t. conc.
Zinc Concentrate sold to Smelter C Zinc Gold 584 $ / t. conc. 88
$ / t. conc.
135 26 3 0 0 164
$ / t. conc. $ / t. conc. $ / t. conc. $ / t. conc. $ / t. conc. $ / t. conc.
$ / oz $ / t. conc.
0 0
$ / lb $ / t. conc.
6 3
$ / oz $ / t. conc.
$ / t. conc.
420
$ / t. conc.
85
$ / t. conc.
10.65 $ / t. ore
$925 88
10.35
48.37
$ / t. ore
40.61
2.55
g/t
5.69%
18.97
$/g
7.14
10.35 $ / t. ore
$/%
8.18
$ / t. ore
2.55
g/t
3.21
$/g
NSR Factors Concentrate
Smelter
Relative sales
Copper ($ / % Cu)
Gold ($/gram)
Copper
A
35%
20.69
18.97
Copper
B
65%
19.96
18.97
100%
20.22
18.97
Copper Zinc
C
100%
Total NSR factors
20.22
Zinc ($ / % Zn)
3.21
7.14
22.17
7.14
Sensitivity to metal prices $1.50 $/lb
Copper price ($/lb)
NSR factor ($/%) $20.22 $11.34 $15.78 $20.22 $24.66 $29.10 $33.54 $37.98
Gold base price Gold price ($/oz)
700 725 750 775
$925 NSR factor ($/%) $22.17 $16.72 $17.33 $17.93 $18.54
$35.00 $30.00
Copper
$25.00 $20.00 $15.00 $10.00 $5.00 $0.00 $1.00
$1.50
$2.00
Copper Price ($/lb)
($/oz)
$30.00 $27.50 Gold NSR factor ($/gram)
$1.00 $1.25 $1.50 $1.75 $2.00 $2.25 $2.50
$40.00 Copper NSR factor ($/%)
Copper base price
$25.00 $22.50 $20.00
Gold
$2.50
Gold price ($/oz)
$0.40 $0.50 $0.60 $0.70 $0.80 $0.90 $1.00
$0.50 NSR factor ($/%) $7.14 $5.15 $7.14 $9.12 $11.11 $13.09 $15.08 $17.06
$20.00 $17.50 $15.00 $12.50 $10.00 $700
$800
$900
$1,000
$1,100
Gold price ($/oz)
($/lb)
Zinc NSR factor ($/%)
Zinc base price
$19.14 $19.75 $20.36 $20.96 $21.57 $22.17 $22.78 $23.39 $23.99 $24.60 $25.20
Gold NSR factor ($/gram)
800 825 850 875 900 925 950 975 1,000 1,025 1,050
$18.00 $16.00 $14.00 $12.00 $10.00 $8.00 $6.00 $4.00 $2.00 $0.00 $0.40
Zinc
$0.60
$0.80
Zinc price ($/lb)
$1.00
Value of Ore Copper
Gold
Zinc
Mill feed grade
2.32%
2.55
g/t
5.69%
NSR Factors
20.22
$/%
22.17
$/g
7.14
$/%
Value per tonne of ore
46.90
$ / t.
56.54
$ / t.
40.61
$ / t.
Net Smelter Return
144.06 $ / tonne
George McIsaac, Ph.D., ing., P.Eng March 3, 2011
Spreadsheet describing the steps for the calculation of the Net Smelter Return and NSR factors for copper-zinc ore sent to a mi copper and a zinc flotation circuit
In this example, detailed calculations are done for estimating the NSR factors of each metal sold for each concentrate and smel overall NSR factors of each metal is then calculated and the value of the ore is estimated. The mill sells the copper concentrate to two smelters, 35% to Smelter A and 65% to Smelter B and all the zinc concentrate is sold to Smelter C
This spreadsheet is provided as an educational tool and is believed to be free of errors. It is intended to b used as an example of how to calculate a Net Smelter Return. The author will not be held responsible for improper use or abuse, or for errors resulting from its application. The is encouraged to understand principles described here and to develop his or her own spreadsheet. Worksheet
Description
met bal
metallurgical balance: estimation of quantities and quality of the concentrates produced from a given mill feed.
individual smelters
estimation of the NSR factors for each metal sold to the smelters
NSR factors
estimation of the overall NSR factors for each metal. Also, sensitivity of the NSR factors as a function of metal prices
NSR
Estimation of the value of the ore.
flowsheet
flowsheet of ore and concentrates
ctors for copper-zinc ore sent to a mill with a
sold for each concentrate and smelter. The
rB
ee of errors. It is intended to be will not be held responsible for its is encouraged to understand the
lity of the concentrates produced
e smelters
Also, sensitivity of the NSR
Tailings
Cu Zn Au
Copper Concentrate Smelter A Smelter B Zinc Concentrate
Smelter C
Metallurgical Balance
Tonnes
Cu (%) (tonnes)
Au (g/t) (ounces)
275,000
2.32% 6,380
2.55 22,546
85%
73%
21% 5,423
19.93 16,549
Mill Feed Grades Metal Contained Copper Concentrate Mill Recovery Tonnes of ore per tonne of concentrate Grades Metal Contained
10.65 25,824
Zinc Concentrate Mill Recovery Tonnes of ore per tonne of concentrate Grades Metal Contained
15% 10.35 26,571
3.96 3,382
Zn (%) (tonnes) 5.69% 15,648
90%
53% 14,083
Copper concentrate sold to Smelter A Copper Gold Tonnes of Conc. 25,824 tonnes Metal in Conc. 5,423 tonnes Metal per Tonne of Conc. 0.21 tonnes 463 Lbs
16,549 ounces 0.64 ounces 19.9 grams
Copper concentrate sold to Smelter B Copper Gold 25,824 5,423 0.21 463
tonnes tonnes tonnes Lbs
16,549 ounces 0.64 ounces 19.9 grams
Zinc Concentrate sold to Smelter C Zinc Gold 26,571 14,083 0.53 1169
tonnes tonnes tonnes Lbs
3,382 0.13 4.0
ounces ounces grams
Metal Deduction
24.26
Lbs
2.5
grams
24.26
Lbs
2.5
grams
0
Lbs
1
grams
Payable Metals
439
Lbs
17.4
grams
439
Lbs
17.4
grams
1169
Lbs
3.0
grams
Metal Price Value of Metal
1.50 658
$ / lb $ / t. conc.
$925 518
$ / oz $ / t. conc.
1.50 658
$ / lb $ / t. conc.
$925 518
$ / oz $ / t. conc.
0.50 584
$ / lb $ / t. conc.
Copper concentrate sold to Smelter A Copper Gold 658 $ / t. conc. 518 $ / t. conc.
Value of Metal Deduction and Charges Treatment Charge (T/C) Transport Loading & Representation Penalties (As, Sb, Bi, Hg) Price Participation Subtotal Deductions Refining Charges (R/C) Value After Deductions and Refining
75 34 5 0 0 114
$ / t. conc. $ / t. conc. $ / t. conc. $ / t. conc. $ / t. conc. $ / t. conc.
0.075 33
$ / lb $ / t. conc.
6 3
511
$ / t. conc.
515
tonnes of ore per ton. conc.
10.65
Value per tonne of Ore
48.01
Grade of Ore
2.32%
NSR Factor
20.69
80 45 5 0 0 130
$ / t. conc. $ / t. conc. $ / t. conc. $ / t. conc. $ / t. conc. $ / t. conc.
$ / oz $ / t. conc.
0.08 35
$ / lb $ / t. conc.
6 3
$ / t. conc.
493
$ / t. conc.
515
10.65 $ / t. ore
$/%
Copper concentrate sold to Smelter B Copper Gold 658 $ / t. conc. 518 $ / t. conc.
10.65
48.37
$ / t. ore
46.30
2.55
g/t
2.32%
18.97
$/g
19.96
$/%
$ / oz $ / t. conc.
Zinc Concentrate sold to Smelter C Zinc Gold 584 $ / t. conc. 88
$ / t. conc.
135 26 3 0 0 164
$ / t. conc. $ / t. conc. $ / t. conc. $ / t. conc. $ / t. conc. $ / t. conc.
$ / oz $ / t. conc.
0 0
$ / lb $ / t. conc.
6 3
$ / oz $ / t. conc.
$ / t. conc.
420
$ / t. conc.
85
$ / t. conc.
10.65 $ / t. ore
$925 88
10.35
48.37
$ / t. ore
40.61
2.55
g/t
5.69%
18.97
$/g
7.14
10.35 $ / t. ore
$/%
8.18
$ / t. ore
2.55
g/t
3.21
$/g
NSR Factors Concentrate
Smelter
Relative sales
Copper ($ / % Cu)
Gold ($/gram)
Copper
A
35%
20.69
18.97
Copper
B
65%
19.96
18.97
100%
20.22
18.97
Copper Zinc
C
100%
Total NSR factors
20.22
Zinc ($ / % Zn)
3.21
7.14
22.17
7.14
Sensitivity to metal prices $1.50 $/lb
Copper price ($/lb)
NSR factor ($/%) $20.22 $11.34 $15.78 $20.22 $24.66 $29.10 $33.54 $37.98
Gold base price Gold price ($/oz)
700 725 750 775
$925 NSR factor ($/%) $22.17 $16.72 $17.33 $17.93 $18.54
$35.00 $30.00
Copper
$25.00 $20.00 $15.00 $10.00 $5.00 $0.00 $1.00
$1.50
$2.00
Copper Price ($/lb)
($/oz)
$30.00 $27.50 Gold NSR factor ($/gram)
$1.00 $1.25 $1.50 $1.75 $2.00 $2.25 $2.50
$40.00 Copper NSR factor ($/%)
Copper base price
$25.00 $22.50 $20.00
Gold
$2.50
Gold price ($/oz)
$0.40 $0.50 $0.60 $0.70 $0.80 $0.90 $1.00
$0.50 NSR factor ($/%) $7.14 $5.15 $7.14 $9.12 $11.11 $13.09 $15.08 $17.06
$20.00 $17.50 $15.00 $12.50 $10.00 $700
$800
$900
$1,000
$1,100
Gold price ($/oz)
($/lb)
Zinc NSR factor ($/%)
Zinc base price
$19.14 $19.75 $20.36 $20.96 $21.57 $22.17 $22.78 $23.39 $23.99 $24.60 $25.20
Gold NSR factor ($/gram)
800 825 850 875 900 925 950 975 1,000 1,025 1,050
$18.00 $16.00 $14.00 $12.00 $10.00 $8.00 $6.00 $4.00 $2.00 $0.00 $0.40
Zinc
$0.60
$0.80
Zinc price ($/lb)
$1.00
Value of Ore Copper
Gold
Zinc
Mill feed grade
2.32%
2.55
g/t
5.69%
NSR Factors
20.22
$/%
22.17
$/g
7.14
$/%
Value per tonne of ore
46.90
$ / t.
56.54
$ / t.
40.61
$ / t.
Net Smelter Return
144.06 $ / tonne
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