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Guidance

2019 PRODUCTION

Production volumes Guidance for
2019
at June 30, 2019
Year-to-date actual at
September 30, 2019
Updated Guidance for 2019
Moa Joint Venture (tonnes, 100% basis)      
Nickel, finished 31,000 - 33,000 25,010 31,000 - 33,000
Cobalt, finished 3,300 - 3,600 2,554 3,300 - 3,600
Ambatovy Joint Venture (tonnes, 100% basis)     
Nickel, finished 40,000 - 45,000 25,250 34,000-36,000(2)
Cobalt, finished 3,500 - 4,000 2,158 2,800-3,000(2)
Oil – Cuba (gross working-interest, bopd) 3,800 - 4,100 4,306 3,800 - 4,100
Oil and Gas – All operations (net working-interest, boepd) 1,600 - 1,800(1) 1,496 1,600 - 1,800
Electricity (GWh, 33⅓% basis) 650 - 700 550 650 - 700

2019 UNIT COST

Unit operating costs Guidance for
2019
at June 30, 2019
Year-to-date actual at
September 30, 2019
Updated Guidance for 2019
NDCC (US$ per pound)      
Moa Joint Venture $4.00 - $4.50(1) $4.25 $4.00 - $4.50
Ambatovy Joint Venture $4.80 - $5.30(1) $5.32 $4.80 - $5.30
Oil and Gas - Cuba (unit operating costs, $ per barrel) $23.00 - $24.50(1) $20.83 $23.00 - $24.50
Electricity (unit operating cost, $ per MWh) $20.00 - $23.75(1) $16.89 $20.00 - $23.75

2019 SPENDING ON CAPITAL

Spending on capital (3) (US$ millions) Guidance for
2019
at June 30, 2019
Year-to-date actual at
September 30, 2019
Updated Guidance for 2019
Moa Joint Venture (50% basis), Fort Site (100% basis)(4) US$30 (CDN$39) (1) US$20 (CDN$27) US$30 (CDN$39)
Ambatovy Joint Venture (12% basis) US$10 (CDN$14) US$6 (CDN$8) US$10 (CDN$14)
Oil and Gas US$21 (CDN$28) US$17 (CDN$22) 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$62 (CDN$82) US$44 (CDN$58) US$62 (CDN$82)

(1) Guidance updated June 30, 2019.

(2)  Guidance updated September 30, 2019.

(3) 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

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