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Guidance

2019 PRODUCTION FORECASTS

Production volumes 2019
Guidance
Year-to-date actual at
June 30, 2019
Updated Guidance for 2019
Moa Joint Venture (tonnes, 100% basis)      
Nickel, finished(1) 31,000 - 33,000 16,732 31,000 - 33,000
Cobalt, finished(1) 3,300 - 3,600 1,682 3,300 - 3,600
Ambatovy Joint Venture (tonnes, 100% basis)      
Nickel, finished(2) 40,000 - 45,000 16,192 40,000 - 45,000
Cobalt, finished(2) 3,500 - 4,000 1,408 3,500 - 4,000
Oil – Cuba (gross working-interest, bopd) 3,800 - 4,100 4,432 3,800 - 4,100
Oil and Gas – All operations (net working-interest, boepd)(3) 1,800 - 2,100 1,648 1,600 - 1,800(1)
Electricity (GWh, 33⅓% basis) 650 - 700 353 650 - 700

2019 UNIT COST FORECASTS

Unit operating costs 2019
Guidance
Year-to-date actual at
June 30, 2019
Updated Guidance for 2019
NDCC (US$ per pound)      
Moa Joint Venture(1)(3) $3.40 - $3.90 $4.19 $4.00 - $4.50(1)
Ambatovy Joint Venture(1)(2) $3.80 - $4.30 $5.61 $4.80 - $5.30(1)
Oil and Gas - Cuba (unit operating costs, $ per barrel) $25.00 - $26.50 $20.56 $23.00 - $24.50(1)
Electricity (unit operating cost, $ per MWh) $25.25 - $26.75 $18.27 $20.00 - $23.75(1)

2019 SPENDING COST FORECASTS

Spending on capital (2) (US$ millions) 2019
Guidance
Year-to-date actual at
June 30, 2019
Updated Guidance for 2019
Moa Joint Venture (50% basis), Fort Site (100% basis)(3) US$40 (CDN$54) US$16 (CDN$22) US$30 (CDN$39)
Ambatovy Joint Venture (12% basis) US$10 (CDN$14) US$4 (CDN$5) US$10 (CDN$14)
Oil and Gas US$21 (CDN$28) US$13 (CDN$17)  US$21 (CDN$28)
Power (33⅓% basis) US$1 (CDN$1) US$1 (CDN$1) US$1 (CDN$1)
Spending on capital (excluding Corporate) US$72 (CDN$97) US$34 (CDN$45) US$62 (CDN$82)

(1) Updated June 30, 2019

(2)  Excludes right of use assets recognized on adoption of IFRS 16. Refer to note 4 of the condensed consolidated financial statements for the three months ended March 31, 2019 for additional information.

(3) Spending is 50% of US$ expenditures for the Moa JV and 100% expenditures for Fort Site fertilizer and utilities.