Powder Nickel BUSINESS PLAN (Summary) Presentation - Indonesia PDF

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Summary of
CVMR®
Business plan
For Operations in
USA & Indonesia
2013
© Confidential
1. TABLE OF CONTENT
1. TABLE OF CONTENT .......................................................................................................................................................1
2. TABLE OF FIGURES .........................................................................................................................................................2
3. TABLE OF TABLE .............................................................................................................................................................3
4. SUMMARY ..........................................................................................................................................................................4
4.1 PREAMBLE ................................................................................................................................................................................................ 4
4.2 CVMR® CENTRE OF EXCELLENCE FOR POWDER METALLURGY ................................................................................................... 6
4.3 CVMR® (USA) INC. BOARD OF DIRECTORS...................................................................................................................................10
4.4 EXECUTIVES IN CHARGE OF THE US-INDONESIAN PROJECTS ........................................................................................................16
4.5 SENIOR TECHNICAL STAFF ...................................................................................................................................................................18
4.6 CONSULTING ENGINEERS .....................................................................................................................................................................33
4.7 FINANCIAL ADVISORS ...........................................................................................................................................................................33
4.8 ACCOUNTANTS .......................................................................................................................................................................................33
4.9 AUDITORS ...............................................................................................................................................................................................33
5. THE AMALGAMATED ACCOUNTS FOR THE REFINING / MANUFACTURING OPERATIONS IN USA
AND INDONESIA ...................................................................................................................................................................... 34
5.1 PHASE 1, USA ........................................................................................................................................................................................34
5.2 PHASE 2, USA ........................................................................................................................................................................................35
5.3 PHASE 3, USA ........................................................................................................................................................................................35
5.4 PHASE 1, INDONESIA .............................................................................................................................................................................35
5.5 PHASE 2, INDONESIA.........................................................................................................................................................................36
5.6 PHASE 3, INDONESIA ............................................................................................................................................................................36
6. ECONOMIC EVALUATION OF CVMR® PRODUCTS .................................................................................................. 38
6.1 PRICE FOR IRON POWDER ....................................................................................................................................................................38
6.2 IRON POWDER AND DRI MARKETS ...................................................................................................................................................38
6.3 MARKET OPPORTUNITIES FOR CARBONYL FE POWDER ..................................................................................................................39
6.4 THE NICKEL CARBONYL POWDER MARKET .......................................................................................................................................40
6.5 HIGH DENSITY CARBONYL NICKEL POWDERS ...................................................................................................................................42
6.6 FILAMENTARY NICKEL POWDERS .......................................................................................................................................................46
6.7 COMPARISON OF NICKEL PRODUCED BY CVMR®’S PROCESS AND OTHER NICKEL PRODUCTS AVAILABLE IN THE
MARKET .........................................................................................................................................................................................................47
6.8 EVALUATION OF PROCESSING OPTIONS.............................................................................................................................................49
7. CVMR® PROCESS DESCRIPTION FOR MANUFACTURE OF SPECIAL PRODUCTS FROM LATERITE ORES
....................................................................................................................................................................................................... 50
7.1 INTRODUCTION ......................................................................................................................................................................................50
7.2 CHEMISTRY OF THE PROCESS ...............................................................................................................................................................50
7.3 PRODUCTION OF METAL POWDERS USING CVMR®’S TECHNOLOGY............................................................................................51
7.4 EXTRACTION OF NICKEL, IRON AND COBALT FROM THE FEED MATERIAL ...................................................................................54
7.4.1 Separation of carbonyls ........................................................................................................................................................ 57
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7.4.2 Decomposition of carbonyls ................................................................................................................................................ 58

7.4.3 Passivation of metal powders ............................................................................................................................................. 60
7.5 CVMR®’S CARBONYL PROCESS ..........................................................................................................................................................60
8. SPECIAL PRODUCT FOR PHASE 1, 2 AND 3 OF THE PROJECT ............................................................................ 65
9. CVMR® MINI REFINERIES ............................................................................................................................................... 79
10. COMPARISON BETWEEN CVMR®’S AND ACID LEACHING, SMELTING AND NPI PROCESSES ............... 80
11. APPENDIX 1 ....................................................................................................................................................................... 82
11.1 CVMR USA PLANT CAPITAL AND OPERATING COSTS ............................................................................................................82
12. APPENDIX 2 ....................................................................................................................................................................... 86
12.1 CVMR INDONESIA PLANT CAPITAL AND OPERATING COSTS ................................................................................................86
2. TABLE OF FIGURES
FIGURE 1: CVMR® PROPERTY DESIGNATED FOR THE CVMR® CENTRE OF EXCELLENCE IN VAPOUR METALLURGY INNOVATION
IN PADUCAH, MCCRACKEN COUNTY, KENTUCKY, USA. 201 ACRES OF GREENFIELD SITE, RAIL SERVED, 4,100 FT. FROM
OHIO RIVER, WITH EXCELLENT UTILITY CAPACITY. ............................................................................................................................ 9
FIGURE 2: CVMR CORPORATION CHART.......................................................................................................................................................17
FIGURE 3: US PLANTS SITE IN PADUCAH, KENTUCKY..................................................................................................................................34
FIGURE 4: INFRASTRUCTURE OF THE US SITE ...............................................................................................................................................35
FIGURE 5: CASH FLOW FROM IRON POWDER SHIPMENTS ............................................................................................................................38
FIGURE 6: METAL INJECTION MOLDING HERMETICALLY SEALED PARTS UTILIZING FINE .......................................................................40
FIGURE 7: TOTAL HIGH PURITY NICKEL POWDERS PRODUCTION. ............................................................................................................41
FIGURE 8: PRODUCTION OF DIFFERENT NICKEL POWDERS.........................................................................................................................42
FIGURE 9: AUTOMOTIVE PARTS PRODUCED BY POWDER METALLURGY. ...................................................................................................44
FIGURE 10: SNP-800 POWDER ......................................................................................................................................................................45
FIGURE 11: SNP-80S POWDER.......................................................................................................................................................................45
FIGURE 12: FNP -900 POWDER .....................................................................................................................................................................47
FIGURE 13: FNP -300 POWDER .....................................................................................................................................................................47
FIGURE 14 BROOK HUNT FORECAST OF LME NI PRICE..............................................................................................................................49
FIGURE 15: NICKEL NANO POWDERS ARE FORMED DURING THE FIRST 0.3 SEC. OF DECOMPOSITION OF NICKEL CARBONYL IN THE
GAS PHASE AND FORM A CRYSTALLINE PARTICLE STRUCTURE ........................................................................................................51
FIGURE 16: FILAMENTARY NICKEL POWDERS ...............................................................................................................................................52
FIGURE 17: SPHERICAL POWDER FORMED WITH DOPING AND WITHOUT DOPING ..................................................................................52
FIGURE 18: POWDER DECOMPOSER, SIZE 10M X 2M ..................................................................................................................................53
FIGURE 19: POWDER DECOMPOSER (WITH FILTERS) AND POWDER TRANSFER SYSTEM.......................................................................53
FIGURE 20: PRODUCT BINS AND POWDER DECOMPOSER DURING MANUFACTURING. CVMR®'S 2,000 TONNES OF NICKEL
POWDER PLANT. ......................................................................................................................................................................................54
FIGURE 21: VALE (INCO) PRESSURE CARBONYL PROCESS FLOW DIAGRAM. ...........................................................................................56
FIGURE 22: PARTICLE GROWTH RATE FOR 5% V/V NICKEL CARBONYL IN CO AT ATMOSPHERIC PRESSURE. ..................................59
FIGURE 23: TORONTO PLANT, POWDER DECOMPOSER, REACTOR AND PLANT VIEW ..............................................................................61
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FIGURE 24: DEPOSITION SECTION OF GERMAN PLANT ................................................................................................................................62

FIGURE 25: OVERVIEW OF THE CVMR®'S CHINESE PLANT DURING THE CONSTRUCTION (SEPTEMBER 2005). ...........................63
FIGURE 26: LAYOUT OF THE INDONESIAN PLANT.........................................................................................................................................64
FIGURE 27: CASH FLOW FROM NICKEL AND IRON METAL SALES. PHASE 3 .............................................................................................80
FIGURE 28: GANTT CHART................................................................................................................................................................................92
3. TABLE OF TABLE
TABLE 1: AMALGAMATED ACCOUNTS FOR CVMR® USA/INDONESIAN PROJECT................................................................................37
TABLE 2: IRON POWDER MARKET IN 1,000 ..................................................................................................................................................38
TABLE 3: COMPARISON OF CVMR®'S NICKEL SPECIFICATIONS WITH VALE CHEMICAL GRADE NICKEL ...........................................48
TABLE 4: COMPARISON NPI – CVMR® PROCESS.......................................................................................................................................50
TABLE 5: COMPARISON OF NPI AND CVMR® PROCESSES ........................................................................................................................80
TABLE 6: CAPEX - PHASE I OF US PLANT ....................................................................................................................................................82
TABLE 7: OPEX - PHASE I OF US PLANT .......................................................................................................................................................83
TABLE 8: CAPEX - PHASE II OF US PLANT ..................................................................................................................................................84
TABLE 9: OPEX - PHASE II OF US PLANT .....................................................................................................................................................85
TABLE 10: CAPEX - PHASE I OF INDONESIAN PLANT ................................................................................................................................86
TABLE 11: OPEX - PHASE I OF INDONESIAN PLANT ...................................................................................................................................87
TABLE 12: CAPEX - PHASE II OF INDONESIAN PLANT...............................................................................................................................88
TABLE 13: OPEX - PHASE II OF INDONESIAN PLANT .................................................................................................................................89
TABLE 14: CAPEX - PHASE III OF INDONESIAN PLANT .............................................................................................................................90
TABLE 15: OPEX - PHASE III OF INDONESIAN PLANT................................................................................................................................91
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4. SUMMARY
The following document is a condensed business plan that contains proprietary technical
and financial information. Please keep the information contained herein confidential.
4.1 PREAMBLE
CVMR® is a privately held Canadian Corporation. It refines metals directly from raw
ore, scrap metals, concentrates and mattes in order to manufacture metal powders, nano-
powders, net shapes of various kinds, mostly in nickel and iron, cobalt, PGE, tantalum,
molybdenum and vanadium. Over the past 30 years, it has developed unique series of
processes and technologies for refining of Transition Metals from which metals it
manufactures various metal products. CVMR®’s technology is based on a proven
method that was invented some 100 years ago and which supplies about 20% of world’s
nickel today.
CVMR® refines various metals by chemically vaporizing them at very low pressure and
relatively low temperatures. It simultaneously manufactures various metal powders and
metal parts, as part of the same process, for the end user markets. The process does not
melt the metals as is done in the usual smelting processes. CVMR® plants are pollution
free and completely neutral to the environment. They create no air, water or soil pollution
of any kind. CVMR®’s plants are hermetically sealed and all gases used in the process
of vaporizing the metals are recycled.
All CVMR® refining/manufacturing plants are built on a modular basis, enabling a

substantial degree of flexibility, allowing a plant to be built and to grow in size gradually,
in different phases. Each phase is self sufficient and pays off its own capital cost in less
than three years and continues to operate as a module within the larger, fully integrated
operation for the entire life of the plant, estimated to be well over 35 years. Each module
is capable of processing different ores, concentrates or metal scraps and hence
manufacturing various metal products, for diverse markets.
CVMR®’s refining/manufacturing process is capable of producing pure metal products

with very high degree of purity. Moreover, it produces products for final consumption
without a need for further enhancement, e.g. various metal powders for use in batteries,
3D Printing, aerospace and automotive parts manufacturing, nano-powders, net shapes,
medical instruments, computer parts, electronic parts, moulds and tools, super alloys,
sophisticated net shapes for use in the defence and space industries, etc.
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All such output, inevitably attract highly valued sophisticated industries with high paying
industrial jobs as secondary industries that CVMR®’s products can feed into, enhancing
the country’s economy far beyond the value added to the mined and recycled metals. It
creates an export market for value added products and establishes long term professional
jobs in various regions of the country, help expand many industries and create new ones.
The political leverage and economic benefits that CVMR® investment would provide to
the State of Kentucky and Province of South East Sulawesi have allowed CVMR® to
negotiate substantial concessions from these governments. The advantages CVMR®
operations bring to Kentucky and South East Sulawesi, such as the manufacture of high
value finished products, the technical training and employment of high paying
professional engineers and technicians, as well as the creation of many high-tech
secondary industries, based on the product output from the CVMR® plants, are quite
substantial in scope, economic impact and generation of a broad base of income for these
governments. In return, CVMR® has been able to receive tax holidays, dedicated roads
for access to its sites, railways, ports, discounted electricity, sewer, and other concessions
from these governments, worth in excess of US $95 mil., in Kentucky alone. The
concessions from South East Sulawesi government might be higher, but at the time of
writing this document those allowances are not officially finalized.
Thus motivated and reassured by the governments of Kentucky in the United States, and
South East Sulawesi in Indonesian, CVMR® has decided to build two plants for the
manufacture of metal powders and net shapes, at tandem, one in the United States and the
other in Indonesia, in three stages, such that the Indonesian plant will manufacture the
metal products that are needed in the major markets of China, Taiwan, South Korea and
Japan, and also supply some of the raw materials, in the form of concentrates to the
CVMR® plant in the United States for the manufacture of similar products for sale in the
North American and the European markets. The US plant in its Phase III will emphasize
the production of super alloys and highly sophisticated net shapes for use in the defence,
aerospace, telecommunication and computer industries.
CVMR® has also sourced substantial quantities of metal scraps, tailings, and sulfides,
containing substantial quantities of nickel, iron, cobalt and other metals, which mitigates
large volumes of concentrates being shipped from Indonesia, substantially reducing cost
of operations in the United States.
CVMR® will build its refining/manufacturing units in three phases with the final
capacity in the second phase to produce 38,000 tonnes of high value nickel and iron
powders in USA and 60,000 high value nickel and commodity nickel and 2,000,000
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tonnes of iron products per year in Indonesia. The output of the third phase plant in the
United States and the nature and form of the products to be produced by CVMR® will be
driven by the demand for defense related materials, space and computer industries. The
third phase in the United States will be financed by means of a second IPO.
The US and Indonesian projects will be managed separately and coordinated through the
holding company based in the United States. IPO for each project will be coordinated at
tandem and listed in different exchanges in the Far East, North America, and Europe
according to market conditions at the time. The IPOs are planned to be listed in the fourth
year from the start of the projects.
The supply of raw ore and concentrates for the CVMR® plants in US and Indonesia have
been secured to the tune of 8.5 million tonnes of nickel ore per year for 35 years through
off take agreements with 7 suppliers. This translates to an output in excess of 100,000
tonnes of Nickel products and 4,000,000 tonnes of Iron products per year. The surplus,
high grade, feed can be sold easily to various buyers in other countries creating extra cash
flow for the operation. These off take agreements are available for examination by
potential investors during their due diligence procedure. CVMR® refineries are capable
of refining low-grade nickel ore, at 1.2% Ni, from the limonite overburden. This allows
the high-grade saprolite ore to be sold directly in the market to enhance the cash flow of
the operation further. This extra income has not been calculated in the following cash
flow projections. The high-grade ore can also be turned into concentrates for shipment to
the United States during the third phase of the Project.
4.2 CVMR® CENTRE OF EXCELLENCE FOR POWDER METALLURGY

The high-tech nature of CVMR® process requires constant development and substantial
investment in R&D. To reduce the cost burden to the company and at the same time to be
able to take advantage of the developments outside CVMR®, to have free access to new
industrial developments and corporate requirements, CVMR® has established CVMR®
Centre of Excellence for Powder Metallurgy Innovation, in Paducah, Kentucky.
United Sates’ global economic competitiveness depends on making new discoveries and
transforming them into products, services and processes that improve the lives of its
citizens. To meet this challenge in a focused area relevant to the activities and business of
CVMR®, the Centre of Excellence for research, development and innovation in vapour
metallurgy was created for common benefit as well as for providing valuable information
and assistance, for growth and development, to CVMR® and its future market potential.
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The Centre offers a suite of programs that mobilize Unites States’ best research,
development and entrepreneurial expertise and focuses them on specific issues in
strategic areas related to Vapour Metallurgy.
The Centre of Excellence is established under CVMR® banner with the intention of
bringing research, development and to sustain innovation in vapour metallurgy at a high
level of international standard in the United States. The Centre is affiliated with top
universities, premier independent research institutes and corporations that would directly
benefit from such innovations.
The Centre is fully supported by the institutions listed below. West Kentucky Community
and Technical College has provided a fully equipped, large laboratory and all the
auxiliary facilities, including lecture halls, for the Centre of Excellence. The Centre will
start its operations early in 2014 with full cooperation of the following institutions:
The City of Paducah,
Paducah Economic Development,
University of Kentucky,
Murray State University,
West Kentucky Community and Technical College,
US Department of Energy (DOE),
Allegheny Technology Inc.,
Areva Inc.,
Areva Federal Services LLC,
Argonne National Laboratory,
Oak Ridge National Laboratories,
National Renewable Energy Laboratory (NREL),
General Motors,
NASA,
DARPA,
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US Department of Defense
US Bureau of Engraving and Printing
US Mint
Excerpts from the Centre’s constitution:
1. “The CVMR® Centre of Excellence For Innovation in Vapour Metallurgy is an

international institution under the auspices of the Government of Kentucky and
CVMR® Holding Company in US. The basic funding for the Centre is provided
by its member corporations and institutions, the State and Federal Governments of
the United States.
2. The main objectives of the Centre are to establish time-limited research programs
that conduct targeted, focused, long-term research of high international caliber,
where research and training would be an integral component of the program.
Scientific merit and the ability to commercialize such developments are the main
criterion in the selection of the programs.
3. A Centre of Excellence is a time-limited research center affiliated with research
institutions and corporation that are responsible for the center’s activities,
hereafter known as the ‘host institution.’Host institutions may be universities
(including Technical and training Community Colleges), independent research
institutes or corporations that have the resources needed to fulfill the requirements
set out for the Centre. The host institutions must serve as the funding partner, and
act as Project Owners in formal contractual agreements signed with the Centre in
which the ownership and participation in the intellectual properties, specifically
developed for and in conjunction with a Project Owner organization, are clearly
delineated, stating the practical, scientific and financial responsibility for the
establishment, operation and conclusion of each research and development
program and their subsequent commercialization.”
CVMR® has invested in a fully serviced property to be developed as the Centre’s main
headquarters. Please see the picture below.
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Figure 1: CVMR® property designated for the CVMR® Centre of Excellence in Vapour Metallurgy
Innovation in Paducah, McCracken County, Kentucky, USA. 201 Acres of Greenfield site, rail
served, 4,100 ft. from Ohio River, with excellent utility capacity.
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4.3 CVMR® (USA) INC. BOARD OF DIRECTORS
1) Kamran M. Khozan (www.khozan.com) is the Chairman and CEO of CVMR®

(USA) Inc., and founder and major shareholder of a number of highly successful
multinational corporations, among them:
CVMR® Corporation; Deutsche American Metal Forms; Americas Foundation for

the Manufacture of Net Shapes; all using vapour metallurgy as the foundation of their
manufacturing process.
Mr. Khozan is the Chairman of Secure Environment Services (“SES”), a leading

provider of homeland security, non-weaponry defense equipment and risk management
systems, manufactured at its own facilities in North America and Europe, as well as those
manufactured by its industry-leading strategic partners. SES provides a complete
continuum of security, defense and risk management products and support services to
various governments and the private sector. (www.secures.ca)
He serves on the board of directors of 17 corporations in USA, Canada, Switzerland, UK,

UAE, Kenya, South Africa, China and Sri Lanka, as well as overseeing the Khozan
family’s multifaceted and diverse investment portfolio.
From 1984 to 1992, Mr. Khozan was the Commissioner for the Canadian Federal
Government’s Lead Project Centers of Excellence. During this period, he established
some 24 Centers of Excellence in various fields of science and technology in Canada,
which continue to function successfully to date. These Centers act as the focal point for a
variety of state-of-the-art technologies and are a successful example of co-operation
between various industries, three levels of government and universities in Canada.
From 1992 to 1998 he served with the Canadian Federal Department of Justice and
the Ontario Ministries of Solicitor General and Community Safety and Correctional
Services and Chaired a number of Commissions within those Ministries.
He is a graduate of McGill University, with Honours, cum laude, in Economics, and

attained his Master’s degree in Jurisprudence, as a Distinguished Scholar, from
University of Toronto.
Kamran M. Khozan has over 40 seminal patents in vapour metallurgy, all of which are
in practical use. He has over 25 years of experience in conducting seminars at various
colleges and universities in Canada on entrepreneurship, corporate law, conflict
management, office politics, and management. He has many published articles, on
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various topics concerning business administration and international trade. He is an

honorary member of the Chippewa Ojibwa North American Native Band in Canada and a
Political Consultant to that Band.
2) Mr. Michael Hargett, is the President and a member of the Board of Directors of
CVMR® (USA) Inc. Mr. Hargett has been a director of CVMR® for over 23 years.
Some of Mr. Hargett’s work experience include:
Director of Business Development, at Teledyne Brown Engineering - Environmental

Programs.
At the US Department of Defense he provided the market research, planning,

representation, and the proposal for a $7.5 Billion utility market within the DOD,
successfully.
He was Director of CBRNE Technologies for QinetiQ, (formerly Foster Miller, Inc.)
and was responsible for strategic technology programs including mitigation of
Improvised Explosive Devices (IEDs) and Chemical Biological, Radiological, Nuclear
and Enhanced Conventional Weapons (CBRNE), Hydrogen Economy, and Asset
Recovery.
Mr. Hargett was instrumental in developing the strategy for eradication of Weapons of
Mass Destruction through Chemical Weapons Demilitarization programs of seven
nations. He has current knowledge of programmatic, policy and technology initiatives of
the Organization for the Prohibition of Chemical Weapons (OPCW).
OPCW is an international agency, located in The Hague, Netherlands. Its mission is to

promote membership of the Chemical Weapons Convention treaty which entered into
force in 1997 and mandated the elimination of "the scourge of chemical weapons forever
and to verify the destruction of the declared chemical weapons stockpiles within
stipulated deadlines." It organizes inspection procedures to verify compliance with the
treaty, and provides technical support to countries who have inherited a legacy of
chemical weapons stockpiles from previous governments. Coupled with twenty years of
U.S. Department of Energy projects at former and current nuclear sites, Mr. Hargett he
has a complete understanding of the hazards, security issues, and mitigation of Chemical,
Biological, Radiological, Nuclear and Explosives protection (CBRNE).
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Michael Hargett has served as Vice President, of MicroBac International, Austin Texas;
Vice President of Sales and Marketing at Canonie Environmental Services, Dallas,
Texas; Vice President for Remediation Services, Enserch (Ebasco) Environmental
Corporation, Norcross, Georgia. He is a member of the board of directors of 4 defense
related manufacturing companies in the United States, including SES.
Michael Hargett obtained his Bachelor of Science (B.Sc.) degree in 1970, and his Masters
of Microbiology (M.Sc.) in1972 at North Carolina State University Graduate School,
Raleigh, NC.
He has attended numerous Business and Management courses for professional

development at Massachusetts Institute of Technology (MIT), and studied Negotiation, at
Harvard Law School, Wayne State University, and University of North Carolina-Chapel
Hill.
Michael Hargett has current U.S. DOD and DOE Secret Security Clearances, Top
Secret Capable.
3) John R. Finley, QC, is a member of the Board of Directors and Corporate Secretary
to CVMR® (USA) Inc. Mr. Finley has been and continues to be Head of CVMR®
Corporation’s Legal team and Legal Counsel to the Board for the past 25 years.
He was Senior Partner and former Head of the Financial Services National Industry
Group and Toronto Financial Services Department of Gowling Lafleur Henderson
LLP, a leading international law firm based in Canada. He specializes in the areas of
corporate and commercial law including corporate governance, corporate finance,
securities, mergers and acquisitions, corporate restructuring, banking, competition,
advertising, marketing and franchising law.
John Finley was the Managing Partner of Smith Lyons LLP from January 1999 until
its merger with Gowling Lafleur Henderson in 2001.
He is a graduate of University of Toronto. He was called to the Bar of Ontario in 1965.

Mr. Finley has been active in the affairs of the Canadian Bar Association since 1967,
holding a number of federal and provincial positions including President of the
Canadian Bar Association of Ontario in 1982. He is a director of a number of public
and private corporations, and has held various executive positions with the Canadian Red
Cross Society including the Presidency of Ontario Division and membership of the
National Board of Governors.
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4) Anthony Lewis Hannaford has over 35 years experience in the nickel/copper/gold

mining and refining industries, hands on practical experience in concentrating, smelting,
refining and vapour metallurgy.
From1970 to 1974 worked as Plant metallurgist in refining, then concentrator and

smelter, at Trojan Nickel Mine in Rhodesia.
From 1974 to 1990 he was Chief Metallurgist and Metallurgical Manager at O’Okiep
Copper Co in South Africa.
From 1990 to 1995 he held the position of Director of Metallurgy at Newmont Gold Co.
in Denver, Colorado, USA.
From 1995 to 2002 he was Vice President, Metallurgical technology at Falconbridge,

Canada.
From 2002 to 2004 as Vice President in charge of expansion, rationalization and

consolidation of the two merging companies, Noranda and Falconbridge.
Since 2004 Tony Hannaford has been a member of the board of Directors of CVMR®
and advisor to the companies R&D department.
Tony Hannaford graduated from University of Cape Town with a B.Sc. in Chemical
Engineering, in 1969 he is a Chartered Engineer.
Professional Qualifications: Member of the London Institute of Mining and Metallurgy
Member of the American Institute of Metallurgical

Engineers
Member of the S. African Institute of Mining and

Metallurgy
Chartered Engineer
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Patents Held: 1. The replacement of Portland cement by reverberatory

furnace slag in underground backfilling operations.
2. The oxygen-enriched roasting with arsenic fixation of

refractory gold ores.
Both of these patents relate to existing operations and are

not merely theoretical exercises.
5) John D. Wagoner is a member of the board of Directors of CVMR® (USA) Inc.
He started his career as a USA naval officer and was selected for the Naval Reactors
program of the Atomic Energy Commission and assigned to NR HQ in Washington, DC
and Germantown reporting to Admiral H. G. Rickover in December 1965.
In 1968, Mr. Wagoner was assigned to Schenectady, NY at the Knolls Atomic Power
Laboratory as Director of Contracts until 1976.
He resigned from the Navy as a LCDR and continued as a civilian employee in the same
position with the AEC as a GS-15. During this period he was responsible for managing
and overseeing KAPL procurements and negotiating contracts for the acquisition of Navy
reactor cores including the first two-reactor carriers, Nimitz and Eisenhower, class 688
nuclear submarines reactor cores, and the first Trident submarine cores.
From 1976 to 1982 Mr. Wagoner held various positions at the US Department of
Energy, initially as the first Assistant Project Manager for Contracts of the Clinch River
Breeder Reactor Plant Project in Oak Ridge, TN.
He negotiated two multi-billion dollar contracts for coal liquefaction and accepted a
position in DOE Headquarters reporting to the Under Secretary as Director of the
Interim Synthetic Fuels Project until the Synthetic Fuels Corporation could start its
operation.
He worked with the Congress and DOE Nuclear Energy managers, OMB, CBO, etc. to
develop a plan which was submitted to the Congress. This involved Committee hearings,
testimony and public hearings.
In May 1990, at Secretary Watkins request, Mr. Wagoner assumed the position of
Manager of Richland Operations (Hanford Site Manager). He was responsible for the
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management of the entire site including PNNL, FFTF, all site operations and
maintenance, and environmental restoration and waste management. He managed
19,000 employees with a budget of $3 billion. He has worked directly with DOE
Secretaries Watkins, O’Leary, Pena, and Richardson.
He joined the Archimedes Technology Group in San Diego as its Vice President for
Nuclear programs, in August 2002. Archimedes developed a supplemental technology to
separate high level waste isotopes from high level defense waste at Hanford’s Waste
Treatment Plant or SRS’s HLW based on technologies developed for fusion energy
applications. General Atomics acquired the Archimedes technology and consulted with
them to continue marketing the technology until mid-2007.
Mr. Wagoner is a member of the External Independent Review Team of National

Nuclear Security Administration NNSA MOX Project.
He serves on the board of a number of multinational corporations in the United States.
John D. Wagoner attended Purdue University, School of Science, and obtained his B.Sc.
in June 1962, in Industrial Economics. Subsequently, he attended Harvard Kennedy
School Senior Management courses from 1986 to 1988.
6) Ms. Heida Mani is a member of the Board of Directors of CVMR® (USA) Inc. She
has over 23 years of experience in the nickel, Copper, PGMs and iron mining, refining
and marketing businesses. Her work experience include:
From 2008 to 2013 Ms. Mani was the Director, Markets at Vale/Inco.
During this period she was responsible for negotiating and operationalizing all nickel ore
commercial transactions, overseeing all technical and commercial aspects of the
contracts. She led the industry wide competitive intelligence gathering and analysis team
in support of strategic planning, and composed the annual/long-term nickel supply
outlook and price forecasts for Vale.
From 2005 to 2008 she was Manager of Copper and Nickel Raw Materials at
Vale/Inco, Responsible for long-term contract negotiations and management of all North
American copper and nickel intermediate products.
From 2003 to 2005 Ms. Mani was Marketing Manager at Inco, she led multiple
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projects relating to efficiency and efficacy of marketing operations examining

opportunities and challenges.
From 1998 to 2003, she was Manager of Marketing Supply Chain at Inco, responsible
for global Nickel Sales & Operations Planning, ensuring timely sales with minimized
inventories. Interfaced with refining operations globally and acted as the liaison between
operations and marketing.
From 1990 to 1998 Ms. Mani was Process Mineralogist at Inco’s Research
Laboratory, examining Cu, Ni, PGM bearing ores and various intermediate products
from all exploration sites/mines and operations globally to define their mineralogical and
metallurgical characteristics and to make recommendations for processing improvements.
She obtained her MBA from Rotman School of Business – University of Toronto, in
2000; Board Education (CBDC) in 2013; MSc in Mineralogy from the University of
Alberta in 1990; FGA, Professional Gemologist in 1993; BSc with Honors in Geology
at the University of Alberta in1987.
4.4 EXECUTIVES IN CHARGE OF THE US-INDONESIAN PROJECTS
Ms. Heida Mani, President, CVMR® Holdings (USA)
Michael Hargett, President, CVMR® (USA)
Anthony Lewis Hannaford, President, CVMR® (Indonesia)
Dr. Kurt Scheuneman, President, CVMR® Centre of Excellence
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Figure 2: CVMR Corporation Chart

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4.5 SENIOR TECHNICAL STAFF
Dr. Dmitri Terekhov, Senior Vice President, R & D
Dmitri Terekhov is the Executive Vice President in charge of Research and Development
at CVMR® Corporation, Toronto, Canada (www.CVMR.ca). He has been with CVMR®
since 1998. During this period Mr. Terekhov has lead a number of scientific and defence
related projects with the US Department of Defence, Department of Energy, and the
Treasury, piloting projects with Falconbridge, Allegheny Technology, Jilin Nickel,
JNMC, BWX Technologies, Braemore Platinum Ltd. and many other projects. He was
involved in CVMR®’s negotiations in several projects including Jilin Nickel 2004,
Braemore Platinum Ltd. 2008, Exxaro Sands Ltd. 2009, BMM resources 2010, Sylvania
Resources 2011, Rusnano 2011. He has over 50 patents in related areas to his name.
Mr. Terekhov is a director of a number of corporations affiliated with CVMR®.
Area of expertise: Chemical Vapour Deposition, Chemical Vapour Refining, Metallurgy,

Metal Organic Chemistry, Material Science, Metal coatings and surface engineering.
PROFESSIONAL EXPERIENCE:
Mar 98- Present Vice President, Research & Development
CVMR® Corporation and Chemical Vapour Metal Refining Inc.

Research and development in field of Chemical Vapor Deposition
and Metal Organic Chemistry, Metal extraction and purification.
Supervision of R&D programs in the company.
Jun 96- Mar 98 Manager, Research & Development
Mirotech Inc. Research and development in field of Chemical

Vapor Deposition. Design and development of process and
equipment for the new application of Chemical Vapor Deposition
of Nickel (Ni CVD), co-deposition of Ni with other metals and
modification of deposition parameters by doping process. Design
and construction of new facilities for Ni CVD (USA, Germany).
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Jul 95 - Jun 96 Project Manager
Mirotech Inc. Design and development of process control and

calibration instruments for Ni CVD process. Process modification
for a new application of Ni CVD
Jan 92 - May 97 Ph.D. Student
York University, Chemistry Department, North York, Ontario

Research Assistance, organic and metalorganic synthesis and
analysis of modern compounds.
May 91 - Dec 91 Project Scientist
York University, Chemistry Department, North York, Ontario

Organic synthesis and analysis of mononuclear and binuclear
Phthalocyanines used in electrochemical catalysis and photo
therapy of cancer.
Jan 90 –Oct 90 Analytical Chemist
Analytical Laboratory of University Professor Dr. W. Wruss

"Umwelt & Technologie" (Environmental and Technology),
Vienna, Austria
Analysis of soil and water samples using GC, GC-MS, HSGC,
HPLC, UV/IR Spectrophotometry, for PCB, Herbicides,
Pesticides, Aliphatic, Aromatic and Polyaromatic compounds, and
POX gas, My work at the company also comprised special
GC-MS scanning analysis for customs office and forensic
chemistry.
Aug 85 - Dec 89 Project Scientist
Institute of Macromolecular Compounds, USSR Academy of

Science, St.Peterburg (Leningrad) (Russia).
Research Laboratory of Biological active Polymers. Organic and
Enzyme synthesis of new polymers and monomers, Analysis using
GC, GC-MS, LC, HPLC, TLC, GPC, Ion-exchange
chromatography and NMR, UV/IR Spectroscopy.
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EDUCATION:
1992 –1997: Ph. D. degree in Organic Chemistry

York University, Toronto, Ontario, Canada,
Thesis title: “The synthesis of halogenated phthalonitriles and their
use for the synthesis of mononuclear and binuclear
phthalocyanines”.
1983 - 1985: M. Sc. degree in Organic Chemistry

St.Peterburg (Leningrad) State University, Russia,
Thesis title: " Alninkanon-based Synthesis ".
1980 - 1983 B.Sc. in Chemistry

St.Peterburg (Leningrad) State University, Russia
PATENS:
1. Process for producing nickel carbonyl, nickel powder and use thereof
US Patent 7198770, September 4, 2007
2. Purification of PGM Species from Mixtures Thereof

Canadian Patent 2007202596, 2005
3. Process for producing nickel carbonyl, nickel powder and use thereof
US Patent 2004/0109810 A1, Jun. 10, 2004
4. Cobalt recovery process

US Patent 6428601, August 6, 2002
5. Closed loop carbon monoxide self-contained nickel carbonyl deposition process

US Patent 6048578 , April 11, 2000
AND ALSO:
1. CAN 2,206,217;
2. CAN 2,307,036:
3. USP 6,048,578;
4. USP 6,132,518;
5. CAN 2,411,796;
6. South African Patent No. 2003/8460;
7. GB Patent No.2395203;
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8. USP 7,044,995 B2;

9. Australian Patent No. 769,886;
10. CAN 2,391,939;
11. USP 6,428,601 B2;
13. CAN 2,379,491;
14. Australian Patent No 201188;
15. CAN 2,461,624;
16. GB Patent No 2,399,815;
17. GB Patent No 2,425,130;
18. USP 7,198,770 B2;
26. Australian Patent No 2005234713.
SCIENTIFIC PUBLICATIONS
Direct extraction of nickel and iron from laterite ore using carbonyl Process
Mineral Engineering, 54, 124-130 (2013)
Direct extraction of nickel and iron from laterite ore using Carbonyl Process
MEI Conferences: Nickel Processing '12, Cape Town, South Africa 2012
Process Development Studies for Zirconium Recovery/Recycle from used

Nuclear Fuel Cladding
Procedia Chemistry, 7, 72-76 (2012)
Recycle of Zirconium from Used Nuclear Fuel Cladding: A Major Element of

Waste Reduction
WM 2011 Conference, February 27 – March 3, 2011, Phoenix, AZ
Chemical Vapour Metal Refining of Platinum Group of Metals, Metallurgical

Plant Design and Operating Strategies, Sydney, NSW, April 15–16, 2002
Recycling metals via the MOCVD process,

Proceedings Fourth International Symposium on Recycling of Metals and
Engineered Materials (2000), 487-491, TMS Fall
Extraction and Process Metallurgy Meeting, TMS Pittsburgh (2000)
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Syntheses of octaalkynylphthalocyanines from halophthalonitriles

Journal of Porphyrins and Phthalocyanines, 3, 406 (1999).
Spectrochimica Acta Part A: Molecular and Biomolecular Spectroscopy

54, 305-317 (1998).
Synthesis and NMR studies of a single isomer of an alkynyl substituted binuclear

phthalocyanine
Journal of Porphyrins and Phthalocyanines 1, 135-140 (1997).
Synthesis of 2,3,9,10,16,17,23,24-Octaalkynylphthalocyanines and the Effects of

Concentration and Temperature on Their 1H NMR Spectra
Journal of Organic Chemistry 61, 3034-3040 (1996).
Multisubstituted phthalonitriles, naphthalenedicarbonitriles, and

phenanthrenetetracarbonitriles as precursors for phthalocyanine Syntheses.
Canadian Journal of Chemistry 73, 435-439 (1995).
Selective Amination of Nucleotides and N-aminated Polyribonucleotides.

(Published in the book of Abstracts of the ESOC-6, Belgrade 1989).
Synthesis & Investigations

of -N- (2',5'-anhydro-D,L-xylo-3',4'- dihydroxypentil)-5-fluorouracil.
Journal of General Chemistry, USSR, 2124-2130 (1988).
Xylitanilic Derivatives of 5-fluorouracile and 6-fluorotimine.

(Published in the book of Abstracts of the 11th Conference of the
Institute of Macromolecular Compounds, Leningrad 1988).
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Nanthakumar Victor Emmanuel, P. Eng., Vice President, Production
PROFESSIONAL EXPERIENCE:
Aug 12 - Present Vice President, Operations
-Managing projects in Indonesian/USA/ Philippines
Sep 07 – Jul 12 Director, Operations and New Technologies
-Developing CVMR®’s Carbonyl technology for various

application such as laterite ore refining, CVMR® Iodide
technology for recycling Zirconium from used nuclear fuel
cladding, CVMR®’s Carbo-Chlorine technology for
Titanium/Vanadium industries.
Jul 04- Aug 07 Director, Business Development, CVMR® Corp

-Creating market niche for CVMR® specialty products, and
technologies
-Project Management of various international projects (e.g. Nickel
Refining Plant in China)
-Engineering Principal
-Marketing liaison for CVMR®’s Power Manufacturing
Mar 02- Jun 04 Manager, Research & Development, CVMR® Inc
-Supervised several Piloting work at CVMR®

-Developed new technologies for base metal and PM group metals
refining.
-Design and Engineering of Pilot Plants for various clients
-Safety Coordinator (TSSA certification, HAZOP analysis)
Dec 99- Feb 02 Process Engineer, CVMR® Inc

-Building Pilot plants
-Mass balance and Energy balance development
-Flow Sheet and P&ID development
-Operating Pilot Plants and developing SOP.
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EDUCATION:
1994 –1999: B.Sc. Degree in Chemical Engineering
Ryerson University
Toronto, ON, Canada
PUBLICAITONS:
Recycle of Zirconium from Used Nuclear Fuel Cladding

http://info.ornl.gov/sites/publications/Files/Pub30650.pdf
Direct Extraction of Nickel and Iron from Laterite Ore using the Carbonyl Process
http://www.sciencedirect.com/science/article/pii/S0892687513002264
PATENTS:
Apparatus and process for making high purity nickel

o South Africa Patent ZA200703370
Purification of PGM species from mixtures thereof

o United States Patent US2010043598
Method of treating Metalliferrous Materials

o United States Patent WO2009132460
Selective reduction of Ni, Co and Cu from a mixed metal oxide and production of
activated Ni.
o Uruguay Patent GB2449280
Production of ultra fine transition metal powders

o Canada Patent CN1830607
Process for producing nickel carbonyl, nickel powder and use thereof
o United States Patent US2004109810
.
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AND ALSO:
1. CAN 2,206,217;
2. CAN 2,307,036:
3. USP 6,048,578;
4. USP 6,132,518;
5. CAN 2,411,796;
7. GB Patent No.2395203;
8. USP 7,044,995 B2;
9. Australian Patent No. 769,886;
10. CAN 2,391,939;
11. USP 6,428,601 B2;
13. CAN 2,379,491;
14. Australian Patent No 201188;
15. CAN 2,461,624;
16. GB Patent No 2,399,815;
17. GB Patent No 2,425,130;
18. USP 7,198,770 B2;
26. Australian Patent No 2005234713.
Serge Kovtun, Manager, Equipment Construction and Assembly;
EXPERIENCE
 Research and development in the field of chemical vapour metal refining and
metalorganic vapour deposition for over nine years. Running R&D programs and
assisting with the development. Assisting with development of new products and
applications for the CVD process for refining and deposition of transition metals
and platinum group metals.
 Testing equipment and processes and logging results.
 Development of the new process P&ID, new equipment and new procedures and
co-deposition of Ni with other metals and modification of deposition parameters
by doping process.
 Design and development of process control and calibration instruments for Ni
CVD process.
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 Process modification for new applications of Ni CVD and refining of metals.

 Implementation of process and environmental controls into the PLC system.
PROFESSINAL EXPERIENCE
Senior Manager, New Technologies

CVMR® Corporation, 2008 - Present
Manager, New Technologies

CVMR® Corporation, 2005-2008
Senior Research Engineer

Chemical Vapour Metal Refining Inc, 2002-2005
Chemical Engineer
CVD Manufacturing Inc., 2000-2002
Lead Chemical Engineer

Kiev Institute of Automatics Corporation, 1998-2000
Scientist / Researcher
New Techniques and Implementation Dept, Globe Ltd, Kiev, 1995-1998
Chemical Process Engineer

Dept of Industrial Pollution Problems, Technical University of Ukraine, 1990-1195
Chemical Engineer
Manuilski Scientific & Research Institute, Kiev, 1987-1990
EDUCATION
M.Sc. Chemical Engineering
National Technical University of Ukraine, 1985-1986
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B.Sc. Chemical Engineering, 1979-1985

National Technical University of Ukraine
LANGUAGES
English, Ukrainian, Russian
Mohammad Quayyum, Manager, Electromechanical Engineering;
EXPERIENCE
Handled Electrical component operations of chemical vapour metal refining.
equipment and metal organic vapour deposition equipment for over 14 years.
Installation, Commissioning and maintenance of process instruments and PLC.
Carried out and reported on maintenance and repair of manufacturing and R & D
equipment as required and set out in their maintenance programs.
Designed process P&IDs.
Operation and maintenance of Nickel Carbonyl Production and Deposition
systems.
Implementation and improvement of environmental and safety systems as
required.
EMPLOYMENT
Senior Manager, CVD Process (Electrical components)

CVMR® Corporation, 2008-2013
Senior Manager, CVD Process (Electrical components)

Chemical Vapour Metal Refining Inc, 2003-2008
Manager, CVD Process (Electrical components)

CVD Manufacturing Inc., Toronto, Canada, 1997-2003
Deputy Chief Engineer (Electrical)

The Security Printing Corporation, Bangladesh
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Bio-Medical Equipment Engineer

HIS, Saudi Arabia
Technical Manager
Medical Equipment Maintenance, MOH, Bangladesh
Assistant Instrument Engineer

Zia Fertilizer Co., Bangladesh
EDUCATION
Bachelor of Science (B.Sc.) in Electrical and Electronic Engineering

Bangladesh University of Engineering and Technology
Maintenance of Bio-Medical Equipment

World Health Organization and Bangladesh Government
Derek Xie, Manager, Mechanical Design Engineering;
PROFESSIONAL EXPERIENCE
Lead the design teams in designing 5 pilot plants for R & D, and 3 full scale
plants at CVMR®.
Over 11 years of experience in chemical vapour metal refining at CVMR®.
Installation, Commissioning and maintenance of pilot plants and full-scale CVD
plants.
Designed and development, pressure vessels, steel structure, drawings, flow sheet
and P&ID.
Design and development of local networks.
Operation and maintenance of Nickel Carbonyl Production units.
Implementation and improvement in environmental and safety systems as
required.
Senior Process Engineer,

CVMR® Corporation
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Senior Mechanical Design Engineer,

Chemical Vapour Metal Refining Inc., Toronto, Canada
Mechanical Engineer,
Iron and Steel Institute of Design & Engineering, Liaoning, China
lecturer, Mechanical Department,

University, Liaoning, China
EDUCATION
Master of Science (M.Sc.) in Mechanical Engineering

North Eastern University, Shenyang, China
Bachelor of Science (B.Sc.) in Mechanical Engineering

Dalian University of Technology, Dalian, China
LANGUAGES
English, Chinese
Albert Zhu, Manager, Chemical Engineering;
EXPERIENCE
Over 20 years of operational experience in the field of vapour metal refining.

Extensive experience in metallurgical plant commissioning and process design.
Supervised and trained junior technicians and engineers and built technical teams
safely, in China and in Canada.
Received industrial technical awards for enhance operation proficiency.
Numerous publications in TMS Conference, composed good technical proposals
and reports.
Process Engineer,
CVMR® Corp
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Metallurgist Process Research,

ORTECH, Mississauga, ON
Senior Process Engineer/Deputy Director of Pilot Plant,

Operation Research and Development Centre, CHALCO, China
EDUCATION
Project Management Program

Centennial College, Toronto, ON, Canada, 2003.
B.Sc. in Mineral Processing Engineering

Central South University, Changsha, P. R. China, 1994.
LANGUAGES
English, Chinese
IGOR KOROBEYNIKOV; Manager, Mechanical and Electrical

Engineering
 Troubleshooting and problem solving abilities with different kinds of electrical

control, mechanical, pneumatic and hydraulic equipment
 Designed electrical and mechanical blueprints and schematic drawings at
CVMR®.
 15 years of experience in Installations, wiring, test, repair: electrical panels and
subpanels, breakers, fuse boxes, transformers, push button stations, pilot lights,
emergency lights, fixtures, receptacles, switches, plugs, contractors, overloads,
optical, temperature, pressure control instruments (automatic & programmable)
and AC/DC motors, variable speed drivers
 Maintenance of systems operated by PLC (Allen Bradley, Siemens, Omron )
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EMPLOYMENT

CVMR® Corporation, 1998-present
Mechanic/Electrician
Les Plats du Chef Inc., Concord, ON, Canada, 1996-1998
Mechanical Engineer
SIBNEFT, Oil Refinery Plant (Sibneft-ONPZ), Omsk, Russia, 1994-1996
Mechanical Engineer
FLIGHT Enterprise (NPO bureau “Poljot”), Omsk, Russia, 1990-1994
EDUCATION
Skills for Change & The Electro-Mechanical School, Toronto, ON – Ontario

Construction & Maintenance Electrician Certificate of Qualification Courses
International Management Academy, Omsk, Russia – Diploma in Management
Omsk Technical University, Omsk, Russia – B.Sc. in Mechanical Engineering (
Specialized in Building of Space crafts)
LANGUAGES
English, Russian
GADI GREENMAN, Manager, Process Engineering

Over 8 years of Research and Development in the field of chemical vapour metal
deposition.
Interdisciplinary engineering experience: plant layout and gas cabinets design,
extrapolating and data analysis, quality control and materials engineering.
Developed sketches, specifications, samples, and written analyses of proposed packaging
in order to present equipment design for internal approval.
Developed a variety of complex packaging specifications that clearly communicate
performance requirements.
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Acquired quotes/bids from vendors and contractors for equipment and work procurement.
Coordinate with Mechanical engineering department on new product, equipment and tool
development programs.
Monitored equipment maintenance procedures.
Prepared presentations, including all backup material and quotes, for presentation to
senior management for project approval.
supervised compliance with all safety and quality procedures and policies.
EMPLOYMENT

CVMR® Corporation, 2002-present
Technology Consultant,
Integrity Testing Laboratory (ITL) Inc., 1999-2002
Senior Process Engineer / Mechanical Engineer,

ISCAR LTD. – Cutting tools, 1997-1999
EDUCATION
Master of Science (M.Sc.) in Materials Engineering

Technion -Israel Institute of Technology, Haifa – Israel
Bachelor degree (B.Sc.) in Materials Engineering

Ben-Gurion University, Beer Sheva – Israel
Electronic Technician Diploma

Basmat College, Haifa - Israel
LANGUAGES
English, Hebrew, Russian, basic: French
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4.6 CONSULTING ENGINEERS

Hatch Engineering and Project Implementation (www.hatch.ca)
Contact person: Dr. Christopher Twigge-Molecey; Senior Partner at Hatch.
4.7 FINANCIAL ADVISORS

TD Waterhouse, (www.tdwaterhouse.ca)
Contact: Mr. John Taddeo
Finstoy SA, (www.finstoy.com)
Contact: Mr. Florian Schefer, President and CEO
4.8 ACCOUNTANTS
Baratz Judelman Chartered Accountants, (www.baratzjudelman.com)
Contact: Mr. Michael Pajak, CA.
4.9 AUDITORS
KPMG (www.kpmg.cpm)
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5. THE AMALGAMATED ACCOUNTS FOR THE

REFINING / MANUFACTURING OPERATIONS IN USA
AND INDONESIA
For detailed individual break down of these accounts please refer to Table 1 below.
The operations in each country consist of three Phases:
5.1 PHASE 1, USA

To build a Nickel and Iron refinery/manufacturing in USA with the capacity to refine 10
thousand tonnes of stainless steel scrap or concentrate per year.
The Plant will be designed to produce Nickel and Iron powders and other high values
products. It is expected to pay off its entire capital cost within two years. It will be
commissioned by June 2015. The cost will be US $38.7 million including Scoping and
Pre-feasibility studies (Please see Gantt chart). With an estimated operational cost of US
$18.6 million per annum (including feed material), generating annual revenue of US
$47.7 million. IRR =50.1%. Alternatively, NPI could be used as feed material with
slightly lower IRR of 49.8%
Figure 3: US Plants site in Paducah, Kentucky
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Figure 4: Infrastructure of the US site
5.2 PHASE 2, USA

To expand Phase 1 Nickel and Iron refinery in USA with the capacity to refine 50
thousand tonnes of Nickel scrap or concentrate per year.
It will be designed to produce Nickel and Iron powders and other high values products.
This plant is expected to pay off its entire capital cost within less than two years. It is
estimated that the plant will be commissioned by June 2017. The capital cost will be US
$146.8 million (Please see Gantt chart). With an estimated operational cost of US $77.4
million per annum (including feed material), generating annual revenue of US $220.4
million. IRR =60.7%. Alternatively, NPI could be used as feed material with lower IRR.
5.3 PHASE 3, USA

Subject to market demands, to be determined in year 2019.
5.4 PHASE 1, INDONESIA

Phase 1, Indonesian project is a replication of USA phase 1; NPI will be used as feed
material instead of scrape stainless steel.
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The Plant will be designed to produce Nickel and Iron powders. It is expected to pay off
its entire capital cost within two years. It is estimated that the plant will be
commissioned at the end of 2015, at the capital cost of US $37.5 million including
Scoping and Pre-feasibility studies (Please see Gantt chart). With an estimated
operational cost of US $21.9 million per annum (including feed material), generating
annual revenue of US $51.9 million. IRR =51.3%.

Phase 2 of Indonesian plant is the first part of a full scale refining plant designed as high
value product division of Indonesian operation as well as the demonstration plant to
obtain data for Bankable Feasibility Study for full scale ore refinery.
It will be design to produce Nickel and Iron powders directly from Laterite ore with the
refining capacity of 200,000 tpa of ore. This plant is expected to pay off its entire capital
cost within less than two years. It is estimated that the plant will be commissioned by the
middle of 2017. It will cost US $146.3 million (Please see Gantt chart). With an
estimated operational cost of US $25.0 million per annum (including feed material),
generating annual revenue of US $169.8 million. IRR =61.3%.

Phase 3, Indonesian plant will be a full scale refinery capable of refining 5,000,000 tpa of
ore. It will cost approximately US $1,840 million and will be financed by an IPO in early
2017. The full scale refining plant will be designed to produce commodity metals such as
Nickel and Iron. Construction of the refinery will start in 2017 and plant will be
commissioned in 2019. The total annual revenue of the refinery will be US $2,251
million with OPEX of US $237 million. IRR = 66.0%.
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Amalgamated Accounts for CVMR® USA/Indonesian Project

Year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
CAPEX
USA Phase 1 $288,700,000.00
USA Phase 2 $146,800,000.00
Indonesia Phase 1 $18,750,000.00 $18,750,000.00
Indonesia Phase 2 $73,150,000.00 $73,150,000.00
Indonesia Phase 3 $460,000,000.00 $920,000,000.00 $460,000,000.00
Total $307,450,000.00 $18,750,000.00 $219,950,000.00 $533,150,000.00 $920,000,000.00 $460,000,000.00
Initial investment by CVMR $250,000,000.00
Cash in flow (Investment) $57,450,000.00 $18,750,000.00 $219,950,000.00 $533,150,000.00 $920,000,000.00 $460,000,000.00
OPEX
USA Phase 1 $9,322,500.00 $18,645,000.00 $18,645,000.00 $18,645,000.00 $18,645,000.00 $18,645,000.00 $18,645,000.00 $18,645,000.00 $18,645,000.00
USA Phase 2 $77,400,000.00 $77,400,000.00 $77,400,000.00 $77,400,000.00 $77,400,000.00 $77,400,000.00 $77,400,000.00
Indonesia Phase 1 $21,925,000.00 $21,925,000.00 $21,925,000.00 $21,925,000.00 $21,925,000.00 $21,925,000.00 $21,925,000.00 $21,925,000.00
Indonesia Phase 2 $24,992,000.00 $24,992,000.00 $24,992,000.00 $24,992,000.00 $24,992,000.00 $24,992,000.00
Indonesia Phase 3 $118,413,500.00 $236,827,000.00 $236,827,000.00 $236,827,000.00
Total $9,322,500.00 $40,570,000.00 $117,970,000.00 $142,962,000.00 $142,962,000.00 $261,375,500.00 $379,789,000.00 $379,789,000.00 $379,789,000.00
Gross Income
USA Phase 1 $23,838,500.00 $47,677,000.00 $47,677,000.00 $47,677,000.00 $47,677,000.00 $47,677,000.00 $47,677,000.00 $47,677,000.00 $47,677,000.00
USA Phase 2 $220,360,000.00 $220,360,000.00 $220,360,000.00 $220,360,000.00 $220,360,000.00 $220,360,000.00 $220,360,000.00
Indonesia Phase 1 $51,887,000.00 $51,887,000.00 $51,887,000.00 $51,887,000.00 $51,887,000.00 $51,887,000.00 $51,887,000.00 $51,887,000.00
Indonesia Phase 2 $169,800,000.00 $169,800,000.00 $169,800,000.00 $169,800,000.00 $169,800,000.00 $169,800,000.00
Indonesia Phase 3 $1,125,450,000.00 $2,250,900,000.00 $2,250,900,000.00 $2,250,900,000.00
Total $23,838,500.00 $99,564,000.00 $319,924,000.00 $489,724,000.00 $489,724,000.00 $1,615,174,000.00 $2,740,624,000.00 $2,740,624,000.00 $2,740,624,000.00
Net Cash Flow $0.00 $14,516,000.00 $58,994,000.00 $201,954,000.00 $346,762,000.00 $346,762,000.00 $1,353,798,500.00 $2,360,835,000.00 $2,360,835,000.00 $2,360,835,000.00
Private placement IPO

Market CAP $143,031,000.00 $597,384,000.00 $1,919,544,000.00 $2,938,344,000.00 $2,938,344,000.00 $9,691,044,000.00 $16,443,744,000.00 $16,443,744,000.00 $16,443,744,000.00
Table 1: Amalgamated Accounts for CVMR® USA/Indonesian Project
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6. ECONOMIC EVALUATION OF CVMR® PRODUCTS

6.1 PRICE FOR IRON POWDER
$40.00 14000
Millions
$35.00 12000
$30.00 10000
$25.00
8000
$20.00
6000
$15.00
$10.00 4000
$5.00 2000
$- 0
TPA
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Cash flow from iron powder Iron carbonyl powder sales
Figure 5: Cash flow from iron powder shipments

Iron powder made from Iron carbonyl (Iron Carbonyl Powder ICP) is currently sold at
$6,000 and $7,000 per tonne. During Phase 1, CVMR® plant will be producing 3000
tonnes of ICP.
6.2 IRON POWDER AND DRI MARKETS

Global Iron powder production was approximately 630 kt in 2008. With the economic
downturn in 2008 – 2009, Fe powder shipments were down 25% to 30%, or roughly by
450 kt. As the automotive market recovered in 2009 – 2010, the Fe powder business
rebounded and is now quite strong. In 2011 total Iron powder market was close to 900 kt
per year. Data for 2012 is not available yet, but it is expected to be higher.
2008 2009 2010 2011

Asia 310 285 338 376
North America 320 240 360 370
Europe 160 135 155 160
Table 2: Iron powder market in 1,000
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The vast majority of Fe powder produced is water atomized, with the balance reduced
(sponge) Fe, small quantities of carbonyl Fe and some electrolytic Fe are reported in
China. The Chinese Carbonyl Fe is produced by CVMR® plant in China and by Yuelong
Metal Powders.
The carbonyl process can be used to make fine (< 10 µm), spherical Fe powders. These
powders typically retail for about $9 per kg ($4 per lb.). BASF is the largest producer,
with an estimated 10,000 tonne capacity. International Specialty Powders ( ISP) has an
estimated 2,000 tonne and Yuelong (China) recently upgraded to 3,000 tonne. There are
also some small Russian (Rusal) and other smaller Chinese producers, primarily for
domestic consumption. Most carbonyl Fe powder is consumed in the following markets:
Metal Injection Molding (MIM), food additives, magnetic materials (MR Fluids),
diamond binders, pigments for paints and enamels and diamond catalysts.
6.3 MARKET OPPORTUNITIES FOR CARBONYL FE POWDER
There is limited Fe carbonyl production capacity on a world wide scale, resulting in

relatively high prices during the time of strong growth in the MIM and cutting tool
industries in particular. The ISP manufacturing – its site in the US is leased from
Department of Defence and is reportedly not making investments to maintain production
capability (originally this site was for designated for the production of Ni carbonyl and Fe
powder for the Manhattan project). Customers are looking for alternative supplier and
prefer not to buy from BASF because some customers make their own feed stocks
(polymer + metal powder used for injection molding) and consider BASF a competitor,
particularly in the US.
It is questionable whether BASF would invest in a new carbonyl Fe plant capacity,

although they have approached Inco in the past. When approached earlier this year to
determine interest in making carbonyl Ni powder to fill the void left by Vale Inco, they
declined citing a corporate move away from backward integration and outsourcing their
raw material requirements for which they did not have a technological advantage or IP.
Therefore, it is more likely that they would co-invest / seek a partner to produce powder,
and purchase to order, in order to make feedstock, which is their core proprietary
technology for MIM.
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The MIM industry has averaged 10 to 15% growth over the past 10 years and is expected
to remain strong with ingress into the automotive market. Roughly 6,500 tonne Fe
powder is the estimated demand provided by a leading MIM industry contact.
Figure 6: Metal injection molding hermetically sealed parts utilizing fine

In 2010 the total production of Pig Iron was 935 million tonne per year. DRI production
was 87 million tonne per year. With capacity of 5 million tonne per year CVMR®
Indonesia project will produce close to 2 million tonne per year of Iron or close to 0.2%
of total market product. Therefore CVMR® Indonesia’s iron will not affect Iron prices
and will be easily consumed by the current market. High purity CVMR® Indonesia’s
Iron produced by CVMR®’s technology will be used by Steel manufactures to increase
quality of Steel and produce high end Steel products.
6.4 THE NICKEL CARBONYL POWDER MARKET
Global carbonyl Nickel powder production including carbon coated powders was
reported at 30,000 tonne in 2008. This market was not significantly affected by the down
tern in the economy because of a chronic shortage of Ni powder in the market. INCO
provided between 85 and 90% of carbonyl Nickel powders consumed by the high-purity
carbonyl nickel powder market. Recent changes of ownership at INCO (Vale) and a
prolonged strike of more than 3,000 members of the United Steelworkers union in
Sudbury, Ontario, Canada, created an acute shortage of Ni powder. Many customers
realized that having one supplier of Nickel powder is quite risky and are currently
looking for the second suppliers. Other producers of high purity Nickel powders such as
Norilsk Nickel, CVMR®-JJNI are accounted for only 10%-15% of the market and could
not use this opportunity to increase market shares of the Nickel powder (Figure 7).
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Vale
Norilsk Nickel
JJNI
Others
Figure 7: Total High Purity Nickel powders production.

Moreover, Vale’s decision, subsequent to the above mentioned strike, to close down
several production lines that were producing high premium Nickel powders forced many
of its customers to look for alternative suppliers or alternative materials.
Nickel powders can be made by a number of different processes, including atomization

from melts or precipitation from solutions. However, these techniques tend to give
relatively large particles and can be difficult to control to produce the desired fine particle
sizes. The nickel carbonyl gas process on the other hand tends to produce much finer
particles, and with sufficient production know-how, and the latest computerized process
controls, the particles produced can be precisely controlled to very accurate shapes and
tolerances.
High purity Nickel powder market is divided between two basic types of Nickel powders:
high density round shaped Nickel powders with size below 8 μm and filamentary Nickel
powders with low density with size below 2 μm. There is also a growing demand for
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submicron Nickel powders that are currently produced by high temperature reduction of
Nickel chloride. This process is very expensive and economically not viable.
The main markets for high purity Nickel powders are Powder metallurgy, electronics,
diamond production, battery manufacturing, catalysts and MEMS.
6.5 HIGH DENSITY CARBONYL NICKEL POWDERS
High density nickel powders are enabling manufacturers to make strong, dense auto parts
more economically than those crafted from wrought iron or stainless steel. These
powders increase density, improve flexibility, and provide greater strength and hardness
in powder metal parts.
Inco Special Products (ISP), a division of Inco Ltd., developed Type 123 nickel powder,
which has been the industry standard since the 1960s. Recently two new powders were
introduced to the market by ISP, Type 110 and 4SP. These powders correspond to
CVMR®’s powder SNP-800, SNP-200 and SNP-80S. Norilsk Nickel produces SNP-800
powder as the only product in Michegorsk;;it is Russia’s Type TU, according Norilsk
specifications.
SNP-800
FNP-900
FNP-300
Other carbonyl
powders
Not carbonyl powders
Figure 8: Production of different Nickel powders
Type SNP powder contains extra-fine, discrete spherical particles of nickel that are
tightly sized in the range of 1 to 8 microns. SNP powder is the finest nickel powder
commercially available for powder metal applications; it is designed for high-
performance applications. The extra-fine particle size provides greater shrinkage
capabilities, which in turn significantly increase the density of the powder metal part. The
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finer particle size also allows for greater diffusion of the nickel, resulting in a more
uniform microstructure with greater toughness and flexibility.
As a result of recent developments in powder metallurgy, the use of powder metal parts
has risen dramatically. Almost any high-volume, intricately crafted part that is highly
stressed and requires a high degree of machining is a candidate for powder metal
production. Auto parts produced using powder metals include gears, gear carriers, clutch
plate holders, rotors, synchronizer hubs, and some ABS components. The average North
American-made sport utility vehicle (SUV) has about 20 kilograms of powder metal
components, and some models contain as much as 30 kilograms. Applications are so
diverse that the automotive industry uses about 70% of all the carbonyl powders
produced.
Products manufactured using powder metals first surfaced about 50 years ago in response
to changes in the automotive industry. Manufacturers were compelled to find ways to
reduce manufacturing costs as competition in the automotive sector increased and profit
margins decreased.
Until the late 1950s, all steel automotive parts were machined using either cast iron or
wrought steel. Even though these parts possessed superior characteristics, such as a fully
dense structure, they were expensive to manufacture, owing to increasing labor costs and
the waste generated in machining the parts. Manufacturers of auto parts responded by
using powders, which were pressed into molds and heated. This proved economical since
a large volume of parts could be created at one time and the capital cost of doing so was
lower than the cost incurred by using traditional methods.
Initially, powder metal parts consisted of iron powder, but as the applications became
more various, other metal powders, including nickel, copper and molybdenum, were
developed and added for special uses. Today, powder metal parts are manufactured using
powders typically containing 96% to 98% iron powder and 2% to 4% nickel, copper
and/or molybdenum powders.
Type SNP powder is combined with iron powder, then pressed and sintered to make low-
density auto parts. It also binds well with tungsten carbide to manufacture diamond tools
and is used as a binder metal with tungsten to manufacture a wide range of other parts.
When used as an alloying element in powder metal parts, SNP improves strength, harden
ability, fatigue characteristics, and resistance to corrosion.
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Improved ductility and increased toughness are also achieved as the nickel powder
defuses into the steel to form nickel-rich phases. It also promotes shrinkage during the
sintering process, which leads to higher density in powder metal parts. And since it
promotes shrinkage, Type SNP, when used in conjunction with iron and copper powders,
can counteract the expansion of copper. As such, nickel powders can provide dimensional
control during the sintering process.
Figure 9: Automotive parts produced by powder metallurgy.

CVMR® currently is producing 2 types of SNP powders including SNP-800, analog of
Vale 123 (Figure 10) and SNP-80S (Figure 11).
The market value of SNP-800 powder increased dramatically during Vale’s strike. Before
strike, the value added margin for SNP-800 was between $0.2/lb for Norilsk powder to
$2/lb for high purity powder. Today’s value added price for SNP-800 is between $0.2/lb
and $10/lb or $8.2/lb and $18/lb at current LME price of $8/lb.
The market value of SNP-80S powder is higher and could reach value added premium of
$8-$12/lb or $16-$20/lb at LME price of $8/lb.
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Figure 10: SNP-800 powder
Figure 11: SNP-80S powder
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6.6 FILAMENTARY NICKEL POWDERS

Carbonyl filamentary Nickel powders are the world’s leading powders for the nickel
battery industry. They are used for the production of sintered electrodes for NiCd, NiMH
batteries and for fuel cell electrodes.
The high surface area of such powders helps diffusion during sintering process and
provides high porosity. Sintered Nickel electrodes have good strength and conductivity
and provide batteries with long lives and high discharge rates.
Type FNP exhibit excellent conductivity due to their ‘bead and chain’ structures typically
2.2-3.3μ cross-section and more than 15μ in length. Apparent Density values range from
0.50-0.95 g/cc and Specific Surface Area values can be varied between 0.6 and 8.0m /g.
These low apparent density powders are tailored to customer specifications, and find
applications in battery and fuel cell electrodes, to render conductivity to non-metallic
materials such as paints and plastics used in Electromagnetic Shielding (EMS)
applications, and as non-magnetic and corrosion-resistant binders in refractory metal
cermets e.g. hard metals.
CVMR® is currently producing two kinds of FNP powders FNP -900 (Figure 12) and
FNP -300 (Figure 13). The market value of FNP -900 is close to $10-$12/lb or $2-$4/lb
value added. FNP -300 price is higher - as bulk density of the powder is as low as 0.3
g/cc - and could reach $20/lb or $12/lb value added price.
Other applications for FNP type powders include electronics, conductive additives,
electronic paints and powder metallurgy.
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Figure 12: FNP -900 powder
Figure 13: FNP -300 powder
6.7 COMPARISON OF NICKEL PRODUCED BY CVMR®’S PROCESS AND

OTHER NICKEL PRODUCTS AVAILABLE IN THE MARKET
Nickel powder made from carbonyl is currently sold by CVMR® at LME + $18 per lb
because of the product shortage or $58,000 per tonne. This price is used for our
calculations in Phase 1 of the Indonesian project. The total production of Nickel powder
in Phase 1 is only 76 tonnes, therefore, it will not affect price of nickel powder. CVMR®
used LME + $10 per lb. or $40,000 per tonne for Phase 2 calculations and LME price of
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$18,700 per tonne for Phase 3. The total production of Ni powder during phase 2 is 475
tonnes with approximate Ni powder market volume of 30,000 tonnes/year or 1.5% of
total market.
Phase 3 of the project will be designed to produce chemical grade nickel. CVMR®
Indonesia’s Nickel will be produced using CVMR®’s technology with the same
specifications as chemical grade nickel produced by Vale today. Specification of Vale
chemical grade nickel is presented in the Table 3.
Product Carbon Sulfur Oxygen Nitrogen Iron Cobalt Other Nickel

% elements
Chemical <0.10 < 50 <0.12% <0.125 <20 <10 <10 Balance

grade ppm ppm ppm ppm
Nickel
CVMR®’s <0.10 < 50 <0.12% <0.125 <20 <10 <10 Balance

Nickel ppm ppm ppm ppm
Table 3: Comparison of CVMR®'s nickel specifications with Vale chemical grade

Nickel
Currently Chemical grade nickel has an add-value of between $250.00 and $2,000.00 per
tonne. The long-term forecast for nickel prices is taken as being 8.5/lb.
The Nickel production of CVMR® Indonesia at 47,500 tonnes of Ni per year represents
about 4% of total Nickel consumption and should not significantly affect Nickel prices.
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Figure 14 Brook Hunt Forecast of LME Ni price

Figure 14 represents Brook Hunt’s Forecast of Ni prices. Brook Hunt’s forecasted Nickel
price for 2010 as US$5.90/lb, the real price of Nickel was close to US$10.00/lb or 40%
higher. Nevertheless, CVMR® is using the conservative value of US$8.50/lb of Ni over
22 years. Nickel comprises about 51% of total cash flow of the CVMR® Indonesia’s
plant.
6.8 EVALUATION OF PROCESSING OPTIONS
Compared to Nickel Pig Iron, which has been the craze in the Far East region in the past
8 years and, leaching process and various smelting methods, CVMR®’s technology has
the following advantages:
It allows realization of full value of an ore by refining all the major metal elements that
exist in an ore compound. Acid and ammonia leach processes aim to refine mainly Nickel
metal, with some additional credits from Cobalt and Copper. Iron is left as waste material
and instead of creating an additional income for the refinery, creates a long term, costly
problem of controlling Iron tailings.
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Production of ferronickel from laterite ore does not achieve separation of Nickel and
Iron; nevertheless, Iron in ferronickel is used by the stainless steel industry and helps
increase the cash flow from the operation. For this reason production of ferronickel by
the Nickel Pig Iron method has made the leaching process uneconomical. CVMR®
process takes this one step further by refining Nickel and Iron separately and achieving
the maximum value of each major element in an ore.
Energy Coal
consumption per consumption CAPEX per OPEX per Income per
tonnene of Ni per tonnene of tonnene of tonnene of tonnene of
metal (mW/h) Ni metal Ni metal Ni metal Ni metal
NPI 100.74 22.34 $17,283.64 $10,079.19 $14,004.56
CVMR 55.95 28.59 $39,324.10 $6,592.60 $28,384.90

Table 4: Comparison NPI – CVMR® Process
7. CVMR® PROCESS DESCRIPTION FOR

MANUFACTURE OF SPECIAL PRODUCTS FROM
LATERITE ORES
7.1 INTRODUCTION
Production of Nickel, Iron, Cobalt and alloy Nano powders in gas phase is a well
understood process. Metal carbonyl gas is decomposed to pure metal powder and carbon
monoxide in the gas phase. The initial nucleation occurs during the first 0.3-0.6 seconds
of the reaction and produces Nano powders with sizes ranging between 30 to 60 nm.
When powders are further exposed to temperatures and vapours of metal carbonyl, the
particles are grown into filamentary or spherical metal powders. When powders are
quickly removed from the heating zone, growth of the particles is prevented, resulting in
formation of Nano powders.
7.2 CHEMISTRY OF THE PROCESS

There are a number of metal carbonyls which are formed at high vapour pressure. Nickel,
Iron and Cobalt carbonyls are the only three, which are formed at mild conditions from
reduced metal powder feeds by direct action of carbon monoxide without a liquid media.
Nickel carbonyl is liquid with boiling point of 43oC. Nickel carbonyl is readily
decomposed at temperature above 130oC. Iron forms a volatile carbonyl, Iron-
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pentacarbonyl, Fe(CO)5, has a freezing point of -20.5 oC and a boiling point of 103oC.
Cobalt forms Co2(CO)8, which melts at 51oC and decomposes at 52 oC to form
Co4(CO)12, but both are solids at lower temperatures with low volatility. Formation and
decomposition of carbonyls are presented in the Equation.
Ni + 4CO ↔ Ni(CO)4
Fe + 5CO ↔ Fe(CO)5
2Co + 8CO ↔ Co2(CO)8
Equation 1: Formation and decomposition of metal carbonyls
The formation of carbonyls is an exothermic reaction, therefore, in order to promote the
reaction, metal carbonyl reactors are cooled down. Decomposition of metal carbonyl is an
endothermic reaction and requires heat.
7.3 PRODUCTION OF METAL POWDERS USING CVMR®’S TECHNOLOGY

Thermal decomposition of metal carbonyl is one of the main methods of production of
metal powders today. This method allows precise control of the size of powder particles
and also to change the shape of the powders.
Detailed investigation of deposition of Nickel carbonyl in the gas phase forms Nano
powders during initial 0.1 – 0.5 sec of heating the Nickel carbonyl/carbon monoxide
mixture. All particles are in crystalline form and have an overage particle size of between
30 and 60 nm.
Figure 15: Nickel Nano powders are formed during the first 0.3 sec. of
decomposition of Nickel carbonyl in the gas phase and form a crystalline particle
structure
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Figure 16: Filamentary nickel powders
Figure 17: Spherical powder formed with doping and without doping
CVMR® has developed several types of powder decomposers to produce Nickel, Iron,
Cobalt and alloy powders. The typical powder decomposer comprises of hot-wall
decomposition chamber, with four to five heating zones, cooled injection nozzle and
powder collector. Drawings of powder decomposer are presented in the Figure 18.
Produced powder is dropped to the collector, purged and transferred to product bines by a
screw conveyor. Formed powder has to be passivated with low oxygen/nitrogen mixture,
screened and packed into barrels.
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Figure 18: Powder decomposer, Size 10m X 2m
Figure 19: Powder decomposer (with filters) and powder transfer system
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Figure 20: Product bins and powder decomposer during manufacturing. CVMR®'s 2,000
tonnes of nickel powder plant.
7.4 EXTRACTION OF NICKEL, IRON AND COBALT FROM THE FEED

MATERIAL
CVMR® is planning to use Indonesian ore such especially the low grade Limonite ores.
Indonesian Laterite nickel ores contain Nickel and Iron as the main components with
only small amounts of Cobalt.
The process of refining nickel and iron by the carbonylation process has a 100 years
history. A quick historical review is presented below:
The Inco Nickel refinery at Clydach, Wales, began operation in 1902 using the
Lange/Mond atmospheric pressure Carbonyl process. Originally the plant treated Nickel
copper matte, but it now processes a granular Nickel oxide, produced by fluidized-bed
roasting of Nickel sulfide at Inco’s Copper Cliff smelter, which typically analyzes 74%
Ni, 2.5% Cu, 1.0% Co, 0.3% Fe, and 0.1% S.
The refinery still uses the basic Lange/Mond process but the operation has been greatly
increased in efficiency over the years. The first three steps in the process, i.e., reduction,
sulfide activation, and volatilization, are now carried out in rotary kilns. The Nickel
Oxide is first reduced to metal at 425oC by counter-current contact with preheated
hydrogen gas. The metal is then sulfided in a smaller kiln to activate it, before being
contacted counter-currently with carbon monoxide at 50-60oC and atmospheric pressure,
in a third kiln. About 95% of the Nickel volatilizes under these conditions but Iron and
cobalt are not carbonylated. The residue from the volatilizers is returned to Canada and
forms part of the feed to the converters at the Copper Cliff Nickel refinery.
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The off-gas from the volatilizer kiln, which contains about 16 %vol Nickel carbonyl, is
fed to a pellet decomposer where it is contacted with preheated Nickel granules at 200 oC.
The Nickel Carbonyl decomposes, releasing carbon monoxide and depositing a layer of
metallic Nickel on the granules, which steadily increase in size.
The decomposer is filled with about 30 tonnes of pellets which flow downwards by
gravity and are re-circulated to the top of the vessel by an enclosed bucket elevator. As
the pellets pass downwards they are heated to 200oC before contacting the carbonyl-
containing gas introduced at the bottom of the decomposer. The motion of the pellets
prevents them from adhering together. Nickel powder is added periodically to nucleate
new pellets, and market-size pellets (8mm) are automatically segregated from the smaller
materials and discharged. The off-gas from the decomposer contains ~93% vol carbon
monoxide. Nickel pellets from the Carbonyl process typically contain 99.97% Ni and
less than 0.001% Co. In addition to Nickel pellets, Carbonyl Nickel powder is also
produced at Clydach in electrically heated powder decomposers and accounts for 20% of
the refinery’s Nickel output.
The increased pressure stabilizes the Carbonyl and thus permits the process to be carried
out at high temperature, which further increases the rate of reaction. As a result,
activation of the Nickel feed material is no longer necessary, and a wider range of feeds
can be processed.
BASF in Germany operated a high-pressure Carbonyl Nickel refining process from 1932
until 1964. The feed materials were Nickel Copper matte or Nickel scrap and residues.
The feeds were melted and the composition was adjusted to provide just enough sulfur to
combine with copper as Cu2S and with part of the Iron. The molten feed was granulated
and reacted with carbon monoxide at 230oC and 20 MPa. Over 95% of the Nickel was
extracted as Nickel Carbonyl in a three-day batch treatment. Some Iron was also
carbonylated. Pure Nickel powder was obtained by fractioning of the liquid carbonyls,
and rapid heating of Nickel Carbonyl vapour to 280-300 oC. Currently BASF is operating
an Iron Carbonyl plant to produce Iron powder for powder metallurgical applications and
food industry.
Inco uses Carbonyl refining in the treatment of a Nickel-containing feed material in its
Nickel refining complex at Copper Cliff, Ontario, which was commissioned in 1973.
This plant has a nominal capacity of 57 000 tpa of refined Nickel. The refinery consists
of two operating plants: the converter plant and the pressure Carbonyl plant. The
converter plant produces granulated metallic Nickel with controlled sulfur content, using
two top-blown rotary converters (TBRC’s). The pressure Carbonyl plant produces
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45 000 tpa of Nickel pellets, 9000 tpa of Nickel powder, and 2200 tpa of Ferro-Nickel
by-product from the granulated, sulfided Nickel feed.
Figure 21: Vale (INCO) pressure carbonyl process flow diagram.

The principal feed materials supplied to the refinery by the Copper Cliff smelter are the
metallic fractions from the matte separation process and the less pure portions of the
Nickel oxide made by roasting the Nickel sulfide concentrate as well as various other
Nickel-bearing residues and intermediates. The novel feature of this process is the
preparation of a Nickel feed material, which could be carbonylated at moderate pressure
without the need for a separate activation step.
Norilsk Nickel refining by the Carbonyl process has been in operation since 1988. It has
a capacity of ~ 4000 tpa for the production of Nickel powders. The process is similar to
INCO’s in Copper Cliff. It has a very high pressure production process.
The CVMR® Carbonyl methodology, while using the same chemistry, is very different
in its technology to the processes used by INCO, Norilsk or BASF. The CVMR®
process uses lower pressure and the technology is more effective in producing a high
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yield of pure Nickel; it is cheaper to operate; it requires less capital investment; and it is a
highly automated process.
CVMR® designed, built and commissioned a 2,000 tonnes per year Nickel powder plant
in Jilin province, China in February 2007 – (CVMR®-Jilin Jien Plant). The plant was
designed to produce Nickel powders from several feed materials including high grade
matte, Nickel carbonate, Nickel hydroxide and Nickel oxide.
The CVMR®-Jilin Plant includes 3 sections, two of these are relevant to the project:
1. Reduction
2. Carbonylation
Reduction kiln was designed by CVMR® and purchased in USA. The continuous
reduction system is capable of handling roasted high grade matte, Nickel hydroxide,
carbonate or oxide. It is designed to reduce 3,000 tonnes per year of feed material and is
directly linked to the Carbonyl plant.
The carbonyl plant is designed to produce 2,000 tonnes of Nickel powder per year.
CVMR® chose to use an atmospheric pressure continuous process system. Reduced feed
material is activated and continuously supplied to rotational atmospheric pressure
carbonylation reactor using two feed bins. Produced Nickel Carbonyl is decomposed in a
single decomposer (2.2 m X 11 m) and the produced Nickel powder is transferred to the
product bins for decontamination and packaging.
CVMR®’s carbonyl facility in Toronto was built in 1987 and was designed to produce
Nickel net shapes and perform R&D and piloting work. In 1999 a powder production unit
was built and commissioned to produce Nickel powder samples and to do pilot work. In
2003 CVMR® designed, engineered, built and commissioned a full scale piloting facility
in Toronto for production of Nickel powders. The designed capacity of the facility was
close to 200 tonnes of Nickel powder per year. The facility was changed to a production
facility in 2006, producing powders with different morphologies and properties. In 2008
CVMR® added a pilot powder production unit with the capacity of 50 Kg per day to
produce various powder samples including Nanopowders for customers and to carry out
research work in the field of Nickel, Iron, Cobalt and alloy powder production.
7.4.1 SEPARATION OF CARBONYLS

During the formation the reaction of feed material with carbon monoxide, Nickel and
Iron carbonyl are distilled out from the reactor with the stream of carbon monoxide,
Cobalt carbonyl left in the reactor. Nickel and Iron carbonyl are liquefied and distilled in
a separation column. The significant difference in the boiling point (43 oC to 103oC) and
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the very low energy used for vaporization of carbonyls, make this process very efficient.
The maximum contamination of Iron in Nickel is less than 50 ppm and Iron produced
with nickel and cobalt contamination less than 500 ppm.
7.4.2 DECOMPOSITION OF CARBONYLS

Metal carbonyls are easily decomposed to metal and carbon monoxide. The temperature
of decomposition depends on the ratio of CO and metal carbonyl. For example Nickel
carbonyl is not stable at room temperature. There are two types of decomposition
reaction: heterogeneous and homogenous. The heterogeneous decomposition needs less
energy. The initial nucleation reaction followed by the heterogeneous reaction, rather
than by nucleation and coagulation. The particle growth rate is calculated from kinetic
mechanism. The expression for particle size increases by chemical reaction. It is shown
as Equation 2, below. In this expression, dp is the particle diameter, v1 is atomic volume
of the condensed species, Nava is Avagadro’s number and r1w is surface rate of nickel
deposition in units of mole/m2/s.
ddp/dt = 2 v1 Nava r1w
Equation 2
There are several factors have to be considered in the process – rate of diffusion of
precursor to the surface, absorption and desorption of CO. The absorption and desorption
are fast reactions, therefore, the surface growth is controlled by vapour diffusion
(transport) or by chemical reaction. Surface reaction mechanism can be used to calculate
the increase of a particle’s size by surface growth. If diffusion of the vapour to the
particle surface is slow relative to the chemical reaction, then it will be a limiting factor
for surface growth. An expression for the rate of particle growth by diffusion in the free
molecule regime (FMR) is shown as Equation 3.
ddp/dt = 2PNC v1/(2πm1kT)1/2
Equation 3
PNC is particle pressure of chemical precursor (Nickel Carbonyl), dp is particle diameter,
m1 is molecular mass. In order to estimate which of these phenomena are controlling,
both of these equations can be plotted as a function of temperature. This has been done
for atmospheric process and concentration of Nickel carbonyl in CO of 5% v/v and
particle size below 0.3 μm Figure 22.
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Figure 22: Particle growth rate for 5% v/v Nickel Carbonyl in CO at atmospheric
pressure.
For temperatures below 450oC the process will be reaction limited and for temperatures
above this value the process will depend on delivery of precursor. The CVMR®’s pilot
decomposer has four thermocouples in the reaction zones. The first reaction zone
temperature is below 450oC, therefore, size of particles could be calculated using
Equation 4. From experience we know the minimum temperature of nucleation is
approximately 150oC. When gas mixtures of metal carbon and carbon monoxide are
interring the decomposer it is approximately 50oC. The first thermocouple is located
about 20 cm from the cooled nozzle and indicated temperature close to 180oC. Therefore,
the residence time of precursor can be calculated in order to produce particles with
designed diameter. Calculated and observed diameter of the particles were close to 35nm
for 0.07sec residence time and 70 nm for 0.5 sec residence time. Very similar values were
observed for Iron Carbon, Cobalt Nitrosocarbonyl and mixture of Iron and Nickel
carbonyls.
There are several doping agents that are used for production of nickel powders including
NH3, O2 and B2H6. Usage of these doping agents is changing the shape of powders. For
example, addition of Oxygen promotes formation of Nano chains. Addition of ammonia
decrease size of metal crystals and produces smooth surface particles. Different
techniques are used by CVMR® to produce metal powders according to clients’ request,
including changing temperature, composition of precursor stream and doping with
different gases.
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The major side reaction during the decomposition of metal carbonyls is production of
CO2 according Equation 4.
2CO = C + CO2
Equation 4: Decomposition of Carbon monoxide.

Carbon is incorporated into metal powders. This reaction is temperature dependent. With
increase in temperature the rate of reaction increases dramatically. For example for
Nickel powder produce at 350oC the concentration of carbon is close to 0.1% and for
Nickel powder produced at 450oC concentration of carbon is close to 0.4%. Iron and
Cobalt promote this reaction, therefore increasing carbon contamination. For example,
Iron powder produced at 450oC will have concentration of carbon close to 1%.
Contamination by carbon can be reduced by adding ammonia doping gas. Iron powder
produced under the same conditions, indicated above, with addition of ammonia will
have lower contamination of carbon (0.4%). Several applications are carbon sensitive,
mostly in powder metallurgy. Therefore, CVMR® produces low carbon powders for
clients with such requirements.
Formed carbon dioxide is removed from the system by bleeding the reaction gas after
decomposer with rate of 0.1-0.3% depending on parameters of powder production.
7.4.3 PASSIVATION OF METAL POWDERS

A special procedure is designed to slowly oxidize metal powders to introduce an oxide
layer. Otherwise the powder will spontaneously ignite in contact with air. This procedure
is done in the product bins and is different for different types of metal powders.
7.5 CVMR®’S CARBONYL PROCESS

The CVMR® carbonyl technology, while using the same chemistry, is very different in
its technology to the processes used by INCO, Norilsk or BASF. The CVMR® process
uses lower pressure and the technology is more effective in producing a higher yield of
pure nickel; it is cheaper to operate; it requires less capital investment; and it is a highly
automated process.
CVMR®’s carbonyl facility in Toronto was built in 1987 and was design to produce
Nickel net shapes and perform R&D and piloting work. In 1999 a powder production unit
was built and commissioned to produce Nickel powder samples and to do pilot work. In
2003 CVMR® designed, engineered, built and commissioned a full scale piloting facility
in Toronto for production of Nickel powders. The designed capacity of the facility was
close to 200 tonnes of Nickel powder per year. The facility was changed to a production
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facility in 2006, producing powders with different morphologies and properties. In 2008
CVMR® built an additional powder production unit with the capacity of 50Kg per day to
produce samples for CVMR® clients and to carry out research work in the field of Nickel
powder production. In August of the same year, CVMR® started piloting work for a
South African facility including its Feasibility Study. The plant included powder
production units for production of Iron, Cobalt and ferronickel powders.
Figure 23: Toronto plant, powder decomposer, reactor and plant view
CVMR® designed, engineered, built and commissioned a Nickel deposition plant in
Lahr, Germany in 1998. The plant was designed to produce nickel net shapes for the
automotive industry. It comprised from nickel carbonyl production system and deposition
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system. Two batches, high pressure reactors for production of nickel carbonyl are design
to produce 1 tonne of nickel carbonyl per day. The plant has two deposition chambers
that are used to produce inserts for slash and injection molds.
Figure 24: Deposition section of German plant

CVMR® designed, built and commissioned a 2,000 tonnes per year Nickel powder plant
in Jilin province, China in March 2007. This plant was designed to produce Nickel
powders from several feed materials including high grade matt, nickel carbonate, nickel
hydroxide and nickel oxide.
The CVMR®-Jilin Jien plant consists of 3 sections:
Roasting
Reduction
Carbonylation
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Figure 25: Overview of the CVMR®'s Chinese plant during the construction
(September 2005).
The roaster is designed to convert high grade matt containing 60% Ni, 15% Cu, 5% Fe,
1% Co and 20% S to a mixture of metal oxides. Piloting work for roasting high grade
matt was done in Hazen Research in Bolder, Colorado and designed by CVMR® for
production capacity of 3,000 tonnes per year. The roaster was design for continuous
operation, was built in China and continues to operate today at 1000-1100oC.
The reduction kiln was designed by CVMR® and purchased in USA. The continuous
reduction system is capable of handling roasted high grade matt, Nickel hydroxide,
carbonate or oxide. It is designed to reduce 3,000 tonnes per year of feed material and is
directly linked to carbonyl plant.
The CVMR®-Jilin Jien carbonyl plant is designed to produce 2,000 tonnes of Nickel
powder per year. CVMR® chose to use atmospheric pressure continuous process.
Reduced feed material is activated and continuously supplied to a rotational atmospheric
pressure carbonylation reactor using two feed bins. Produced nickel carbonyl is
decomposed in the single decomposer (2.2 m X 11 m) and produced Nickel powder is
transferred into product bins for decontamination and packaging.
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Figure 26: Layout of the Indonesian plant.
The plant will also have thermal oxidizer to decompose gases during purge and bleeding
and Gas plant.
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8. SPECIAL PRODUCT FOR PHASE 1, 2 AND 3 OF THE

PROJECT
PROJECT PRODUCT VS. SIMILAR PRODUCTS COMPARISON TABLES
Table 1. - Nickel discrete Nano powder size 40-80 nm
Metric values
As of the Project end (year

Current
2014)
Metric1 Analogue Best analogue
Nickel Nickel
discrete Ni Nano discrete Ni Nano
nanopowder powder Nano powder powder
CVMR® “NTbase” CVMR® “NTbase “
NNP-80S NP-N502 NNP-80S NP-N502
Maximum level of < 1000 NA <1000 NA

Carbon, ppm
Powder purity, % >99.8% 99.6 >99.8 99.6
Density, g/cc 2.3 - 3.9 0.6 -0.7 2.3 - 3.9 0.6-0.7
Particle size, nm 40 - 80 40-70 40 - 80 40-70
Surface spherical semi- spherical Semi-

morphology spherical spherical
Maximum level of <20 NA <20 NA

Iron, ppm
1- Main application of this powder is in Catalyst and electronics

2- Nano Technology base, NP-N50, Nano Ni powder from
NTbasehttp://ntbase.net/eng/sub/sub2_2_5.htm
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Table 2: - Nickel filamentary Nano powder size 40-80 nm
Metric values

Current
2014)
Analogue
Metric1 Nickel Best analogue
Ni Nano Nickel
filamentary Ni Nano
powder filamentary
Nano powder “Nano
“Nano Nano powder
powder Technology
Technology CVMR®
CVMR® Inc.“
Inc. ”
NNP-80F NTi2 NNP-80F NTi2

Carbon, ppm
Powder purity, % >99.8% 99.9 >99.8 99.9
Density, g/cc 0.3 - 0.9 NA 0.3 - 0.9 NA
Particle size, nm 40 - 80 70-100 40 - 80 70-100
Surface filamentary filamentary filamentary

morphology filamentary

Iron, ppm
1- Main application of Nano filamentary Ni powder is in catalyst and magnetic

applications
2- Nano Technology Inc.
Korea,http://nanocorp.en.ec21.com/GC00649493/CA00649495/Metal_Nano_Pow
der--649493.html
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Table 3: - Nickel discrete Nano powder size 80-300 nm
Metric values

Current
2014)
Analogue Best analogue

Nickel
Metric1 Ni Nano Nickel Ni Nano
discrete
powder discrete powder
Nano
“NaBondT Nano powder “NaBond
powder
echnologies CVMR® Technologies
CVMR®
Co.” Co.“
NNP-200S NaBond NNP-200S NaBond 20-

20-300nm 300nm Ni2
Ni2

Carbon, ppm
Powder purity, % >99.8% >99 >99.8 >99
Density, g/cc 2.3 - 3.9 1.5-2.1 2.3 - 3.9 1.5-2.1
Particle size, nm 80 - 300 20-300 80 - 300 20-300
Surface spherical semi- spherical Semi-


Iron, ppm
1- Main application of this powder : electronic, magnetic fluids, catalyst, conductive

ink/paste, sintering additives
2- NaBond Technologies Co. Limited- www.nabond.com.
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Table 4- Nickel filamentary powder 80-300 nm
Metric values

Current
2014)
Metric1 Nickel Ni Nano Ni Nano

powder Nickel powder
filamentary
Nano “Changsha filamentary “Changsha
Langfeng Nano powder Langfeng
powder
Metal CVMR® Metal
CVMR®
Materials Co Materials Co.
” “
NNP-300F FTN-Ni2 NNP-300F FTN-Ni2
Maximum level of < 4000 <4000 <4000 <4000

Carbon, ppm
Powder purity, % >99.5% >99.5 >99.5 >99.5
Density, g/cc 0.3 - 0.9 0.2-0.3 0.3 - 0.9 0.2-0.3
Particle size, nm 80 - 300 80-120 80 - 300 80-120
Surface Filamentar Filamentary Filamentary Filamentary

morphology y
Maximum level of <20 <20 <20 <20

Iron, ppm
1- Main application of this powder : Battery, filters, porous structures, electronics,

magnetic fluids, catalyst, conductive paste, sintering additives, hard alloys, PM,
welding materials, cermets, metallurgy, machinery, textile industry, aviation, etc.
2- Changsha Langfeng Metal Materials Co. China, http://www.cslfjs.cn .
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Table 5: - Nickel discrete powder size 300-1000 nm
Metric values

Current
2014)
Analogue
1
Best analogue
Metric
Nickel Ni powder Nickel Ni powder
discrete “ discrete “Henan Huier
powder HenanHuie powder Nano
CVMR® r Nano CVMR® Technology
Technology
Co. “
Co.”
NNP-400S Ni-4002 NNP-400S Ni-4002
Maximum level of < 1000 NA <1000 <10

Carbon, ppm
Powder purity, % >99.8% >99.9 >99.8 >99.9
Density, g/cc 2.3 - 3.9 1-1.6 2.3 - 3.9 1-1.6
Particle size, nm 300 - 1000 300-500 300 - 1000 300-500
Surface spherical spherical spherical spherical

morphology

Iron, ppm
1- Main application of this powder: electronics in multi layer ceramic capacitors,

magnetic fluids, and conductive paste, sintering additives, PM.
2- Henan Huier Nano Technology Co. China, http://nanohuier.com. Produced by
Plasma Technology.
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Table 6: - Nickel discrete powder size 1-6 µm
Metric values

Current
2014)
Nickel Nickel
Metric 1 discrete discrete
Analogue Analogue Best analogue
powder powder
CVMR® CVMR®
SNP-800, Designation Ni Type SNP-800, Ni Type 123

SNP-80S 123 2 2
Norilsk SNP-80S
powder type
UT
Maximum level of < 1000 <1000 <1000 <1000 <1000

Carbon, ppm
Powder purity, % >99.8% >99.8% >99.7 >99.8 >99.7
Density, g/cc 2.3 - 3.9 1.9-2.6 1.6-2.6 2.3 - 3.9 1.6-2.6
Particle size, nm 1-6 2-6 3.5-4.5 1-6 3.5-4.5
Surface spherical spherical Spiky spherical Spiky

Maximum level of <20 <30 <50 <20 <50

Iron, ppm
1- Main application of this powder : PM, metal binder, hard alloys, steels, sintering
additives, magnetic applications
2- http://nickel.vale.com/products/pdf/Nickel_Powder_Type_123_Genericen.pdf
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Table 7: - Nickel filamentary powder size 1-2 µm
Metric1 Metric values
Current As of the Project end (year

2014)
Nickel Analogue Analogue Nickel Best analogue

filamentary filamentary
powder powder Ni powder
CVMR® CVMR® “Vale “
FNP-300, Designation Ni Type FNP-300, Ni Type 2552

FNP-900 Norilsk 2552 FNP-900
powder Type
S-20
Maximum level of < 4000 <2800 <2000 <4000 <2000

Carbon, ppm
Powder purity, % >99.5% 99.7% >99.5 >99.5 >99.5
Density, g/cc 0.3 - 0.9 0.5-0.65 0.5-0.65 0.3 - 0.9 0.5-0.65
Particle size, µm 1-2 1.8-2.2 2.2-2.8 1-2 2.2-2.8
Surface Filamentary Filamentary Filamentar Filamentary

morphology Filamentary y
Maximum level of <20 <20 <100 <20 <100

Iron, ppm
1- Main application of this powder : Battery, electronics, magnetic fluids, catalyst,

conductive paste, sintering additives, hard alloys, PM, welding materials,
cermets, metallurgy, machinery, textile industry, aviation, etc.
2- http://nickel.vale.com/products/pdf/Nickel_Powder_Type_255_Genericen.pdf
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Table 8: - Iron discrete Nano powder size 40-80 nm
Metric values

Current
2014)
Metric1 Iron Fe Nano Fe Nano

powder Iron discrete powder
DiscreteNan
“Chengdu Nano powder “Chengdu
o powder
Nuclear857 CVMR®® Nuclear857
CVMR®®
New New Materials
Materials ” “
NIP-80S Nano Fe- NIP-80S Nano Fe-502

502

Carbon, ppm
Powder purity, % >99.5% >99.2 >99.5 >99.2
Density, g/cc 2.3 - 3.9 5-7 2.3 - 3.9 5-7
Particle size, nm 40 - 80 30-50 40 - 80 30-50
Surface Spherical Spherical Spherical Spherical

morphology

Cobalt, ppm
1- Powder metallurgy and catalyst, ferro fluids, magnetic applications

2- Chengdu Nuclear857 NewMaterials Co., Ltd,
http://nuclear857.en.busytrade.com/
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Table 9: - Iron filamentary Nano powder size 40-80 nm
Metric values

Current
2014)
Analogue
Iron Best analogue
Metric1 Fe Nano Iron
filamentary powder Fe Nano
filamentary
Nano “Nano Iron Nano powder powder “Nano
powder Future Iron Future
CVMR®
CVMR® Technology Technology“
”
NIP-80F Nanofer NIP-80F Nanofer Star2

Star2

Carbon, ppm
Powder purity, % >99.5% 99.9 >99.5 99.9
Density, g/cc 0.3 - 0.9 NA 0.3 - 0.9 NA
Particle size, nm 40 - 80 70-100 40 - 80 70-100
Surface Filamentary Filamentary Filamentary Filamentary

morphology

Cobalt, ppm
1- Water purification, Waste water management, PM,catalyst

2- NANOIRON Future Technology, www.nanoiron.cz
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Table 10: - Iron discrete Nano powder size 80-300 nm
Metric values

Current
2014)
Analogue
Best analogue
Metric1 Iron Fe Nano
Discrete powder Iron discrete Fe Nano
Nano “Guangzho Nano powder powder
powder u CVMR® “Guangzhou
CVMR® Jiechuang Jiechuang
Trading Trading Co. “
Co. ”
NIP-300S Fe -1002 NIP-300S Fe-1002

Carbon, ppm
Powder purity, % >99.5% >99.8 >99.5 >99.8
Density, g/cc 2.3 - 3.9 NA 2.3 - 3.9 NA
Particle size, nm 80 - 300 80-120 80 - 300 80-120
Surface Spherical Spherical Spherical Spherical

morphology

Cobalt, ppm
1- Single electrode transistor, probe of fundamental magnetic interactions, magnetic

fluids, magnetic data storage, environmental applications, biomedical applications
2- Guangzhou Jiechuang Trading Co. Ltd. , China, www.xuzhounano.com
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Table 11: - Iron filamentary Nano powder size 80-300 nm
Metric values

Current
2014)
Metric1 Iron Analogue Best analogue

Iron
filamentary
Fe Nano filamentary Fe Nano
Nano
powder Nano powder powder
powder
“CNPC ” CVMR® “CNPC “
CVMR®
NIP-300F Nano Fe2 NIP-300F Nano Fe2

Carbon, ppm
Powder purity, % >99.5% 99.2 >99.5 99.2
Density, g/cc 0.3 - 0.9 NA 0.3 - 0.9 NA
Particle size, nm 80 - 300 70-130 80 - 300 70-130

morphology

Cobalt, ppm
1- Powder metallurgy, sintering additive, alloying, hard alloys, magnetic fluids,

abrasive and wear resistant parts
2- CNPC Powder Group Ltd. , China, www.cnpcpowder.com.
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Table 12: - Iron discrete powder size 1-6 µm
Metric values

Current
2014)
Metric1 Iron Analogue Best analogue

Iron discrete
Discrete
Analogue Fe powder powder Fe powder
powder
“BASF” CVMR® “BASF“
CVMR®
SIP-800/ Designatin BASF- CIP SIP-800/ BASF- CIP 3

3
Sintez-CIP
SIP-80S Ltd.2 SIP-80S
Maximum level of < 4000 <1000 <200 <1000 <200

Carbon, ppm
Powder purity, % >99.5% >99% 97-99.5 >99.8 97-99.5
Density, g/cc 2.3 - 3.9 3-4.5 NA 2.3 - 3.9 NA
Particle size, µm 1-6 1-6 <10 1-6 <10
Surface spherical spherical Spherical spherical Spherical

morphology
Maximum level of <20 NA NA <20 NA

Cobalt, ppm
1- Powder metallurgy, inductive components, metal powder injection molding,

diamond tools, binder, catalyst for diamond synthesis, microwave absorbing
material, iron supplement, as well as other applications in military industry.
2- Sintez CIP Ltd. Russia, http://www.sintez-rusmim.ru/index.php?id_page=1
3- BASF, Fe carbonyl production,
http://www.inorganics.basf.com/ca/internet/en/content/Produkte/Metallsysteme/CIP/Tech
nology
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Table 13: - Iron filamentary powder size 1-6 µm
Metric values

Current
2014)
Analogue
Best analogue
Fe powder
Metric1 Iron “ Iron Fe powder “
Discrete filamentary
LinYiGelon LinYiGelon
powder powder
New New Battery
CVMR® CVMR®
Battery Materials
Materials Co.,Ltd“
Co”
FIP-300 SR-1 2 FIP-300 SR-1 2
FIP-900 FIP-900
Maximum level of < 5000 <200 <5000 <200

Carbon, ppm
Powder purity, % >99.4 >98.5 >99.4 >98.5
Density, g/cc 0.3 - 0.9 0.8-1.2 0.3 - 0.9 0.8-1.2
Particle size, µm 1-6 2-5 1-6 2-5

morphology

Cobalt, ppm
1- Thermal battery application, hard alloys, electric conductive materials, magnetic

fluids
2- LinYiGelon New Battery Materials Co., www.battery-materials.cn
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Table 14: - Alloy Nano powders 40-80 nm (C coated Nano Ni powder)
Metric values

Current
2014)
Metric2
powder powder
CVMR® “NaBond CVMR® powder
” “NaBond “
NCN-80 C-nano Ni3 NCN-80 C-nano Ni3

Carbon, %
Powder purity >99.9% 99.9 >99.9 99.9

(metal based), %
Density, g/cc 0.3 - 3.9 0.1-1.8 0.3 - 3.9 0.1-1.8
Particle size, nm 40-80 30-60 40-80 30-60
Surface Spherical, Spherical, Spherical, Spherical ,

morphology Filamentary filamentary Filamentary filamentary
Maximum level of <100 <100 <100 <100

Iron, ppm
1- There are more alloy products based on Nano Ni, Fe and Co that can be produced
in carbonyl process. Carbon coated Ni powder is only one example of alloyed
Nano powder products.
2- Carbon coated Nano Ni powder is used in the same applications of Nano Ni
powder where extra C is not a problem in the process and coated Ni surface is
protected. It helps the dispersion of powder in organics and assists handling and
further wet processing.
3- NaBond Technologies Co. Limited- www.nabond.com.
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9. CVMR® MINI REFINERIES

Indonesian geography creates numerous small patches of nickel/iron laterite ores on
many small islands. These small operations become less profitable for the mining
community as the raw ore has to be accumulated in numerous jetties in order to be
shipped to an appropriate place. Alternatively the mining companies might resort to
smelting of pig nickel iron on a small scale, which is hazardous, economically and
environmentally damaging to the corporations involved and the country mining industry
and to the environment. The process is highly inefficient, environmentally damaging and
such damages are irreversible. From the economic point, the practice of manufacturing
PNI keeps the price of nickel artificially low. It benefits the importing countries and
arms the exporters.
The small fields on remote islands will require a high market price to be brought into
production. The small production cannot sustain the infrastructure investment in
electricity, roads, railway, jetties, etc. to get the raw ore to a refinery. The high cost of
transportation and insurance alone can cripple such operations.
CVMR®’s Mini Refinery, proven technologically with new proprietary CVMR® know-
how and procedures, offers an excellent solution for a series of low-cost investment in
small refineries that can produce high value products in situ, or very close to the source.
The CVMR® Mini Refineries are modularly built. Each modular unit has the capacity to
process 5,000 tpa to 8,000tpa of raw ore and to produce high-value products for the end
user markets.
A standard Mini Refinery module has the following dimensions for its battery foot print
1,200 square meters uses a common generator with 1mW capacity. The generator could
use local coal. One module can be built in 8 months and commissioned in two months. It
requires 20 operators and will cost approximately $25 mil. If the operator wishes to
expand its operation, he can simply increase the number of modules.
CVMR® offers the Mini refineries, on a turnkey basis, including training of the staff.
They can be built adjacent to the mines with minimum infrastructure. Land requirement
is less than 4,000 m2, built in modular forms allowing for rapid expansion of capacity.
These units can be mobile. Mobile units give the owners the flexibility for relocation.
They produce high quality products at low cost. They carry 10 years of manufacturer’s
warranty. At the owner’s discretion, CVMR® can carry out the Mini Refinery’s
maintenance for a small fee, on a quarterly basis.
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10. COMPARISON BETWEEN CVMR®’S AND ACID

LEACHING, SMELTING AND NPI PROCESSES
CVMR®’s process allows realization of full value of an ore by refining all the major
metal elements that exist in an ore compound. Acid and ammonia leach processes aim to
refine mainly Nickel metal, with some additional credits from Cobalt and Copper. Iron is
left as waste material and instead of creating an additional income for the refinery,
creates a long term, costly problem of controlling Iron tailings. As shown in the Figure 27
below cash flow from sales of Iron metal in CVMR®’s process is almost the same as that
of Nickel metal.
60.0%
50.0%
40.0%
30.0% Fe
Ni
20.0%
10.0%
0.0%
Fe Ni
Figure 27: Cash flow from Nickel and Iron metal sales. Phase 3
Therefore, by ignoring Iron value, ore leach process undervalues an ore’s potential for
generating revenue and halves its cash flow.
Energy Coal
consumption per consumption CAPEX per OPEX per Income per
tonne of Ni metal per tonne of Ni tonne of Ni tonne of Ni tonne of Ni
(mW/h) metal metal metal metal
NPI 100.74 22.34 $17,283.64 $10,079.19 $14,004.56
CVMR 55.95 28.59 $39,324.10 $6,592.60 $28,384.90
Table 5: Comparison of NPI and CVMR® processes
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Production of ferronickel from laterite ore does not achieve separation of Nickel and Iron,
nevertheless, Iron in ferronickel is used by the stainless steel industry and helps increase
a cash flow from the operation. For this reason production of ferronickel by the Nickel
Pig Iron method made leaching process uneconomical in the present market conditions.
CVMR® process takes this one step further by refining Nickel and Iron separately and
achieving the maximum value of an ore.
In order to compare Nickel Pig Iron and CVMR®’s process one has to consider that
mostly high grade saprolite ore is used for production of NPI. On the contrary, CVMR®
process is capable of refining low grade limonite ore as well as to high grade saprolite
ore. Moreover, high grade coal is used for reduction and operation of an NPI process,
CVMR®, on the other hand, uses low grade, high moisture coal for hydrogen and
electricity production. The Table 5 above, the CVMR® and NPI processes are compared,
based on one tonne of Nickel metal content in ore. The values for NPI process are taken
from the data available at the China Metallurgical Planning Research Institute for RKEF
process.
As shown in the table 5 above CVMR®’s income per tonne of Ni metal is double that of
NPI process, with lower OPEX and energy consumption. Coal consumption is similar to
NPI process, but CVMR® process is using low grade high moisture coal. CAPEX for
CVMR®’s process is higher because the process includes refining and purification of
both major metals that exist in laterite ores.
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11. APPENDIX 1
11.1 CVMR USA PLANT CAPITAL AND OPERATING COSTS
CAPEX - Phase I US Plant

MATERIAL LABOR TOTAL COSTS
Direct Costs
Purchased Equipment $ 11,300,000.00 $ 11,300,000.00
Equipment Installation $ 700,000.00 $ 300,000.00 $ 1,000,000.00
Skids $ 300,000.00 $ 250,000.00 $ 600,000.00
Insulation $ 100,000.00 $ 20,000.00 $ 100,000.00
Instrumentation $ 2,800,000.00 $ 700,000.00 $ 3,500,000.00
Heat Tracing $ 100,000.00 $ 40,000.00 $ 100,000.00
Piping & Ducting $ 1,400,000.00 $ 300,000.00 $ 1,700,000.00
Valves $ 1,100,000.00 $ 100,000.00 $ 1,200,000.00
Design & Engineering $5,700,000.00 $ 5,700,000.00
Total Direct Costs $ 25,200,000.00
Indirect Costs
Scoping study $ 2,500,000.00
PFS $ 3,500,000.00
Training and Certification $ 300,000.00
Manuals and Procedures $ 200,000.00
Commissioning and Start
up $ 1,800,000.00
Travel Expenses $ 250,000.00
Vendor’s Representative $ 250,000.00
Freight and Insurance $ 900,000.00
Total Indirect Costs $ 9,700,000.00
Contingency 15% $ 3,800,000.00
Total Capital Costs $ 38,700,000.00

Table 6: CAPEX - Phase I of US Plant
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OPEX - Phase I US Plant

LABOUR COST
US $ 000 % OF
ITEMS STAFF COST Total TOTAL
Supervision 5 man years @ 100.00 500.00 2.08%
Technical 8 man years @ 80.00 640.00 2.66%
Operators 28 man years @ 65.00 1,820.00 7.57%
Maintenance 20.00 20.00 0.08%
Analytical, Engin. Research 20.00 20.00 0.08%
Consumable 20.00 20.00 0.08%
Legal and accounting 20.00 20.00 0.08%
SUB-TOTAL FIXED COSTS 3,040.00 12.64%
Variable and Utilities cost
UNIT CONSUMPTION PER YEAR % OF
QUANTITY
VARIABLE COSTS UNITS COST PER TONNE ($US 000) TOTAL
Carbon monoxide m3 150,000 0.40 15.00 60.00 0.25%
3
Nitrogen m 1,000,000 0.05 100.00 50.00 0.21%
Product drums (250Kg) each 26,740 5.25 2.67 140.39 0.58%
Labels Rolls 100 162.50 0.01 16.25 0.07%
Diesel t 100 195.00 0.01 19.50 0.08%
Others 25.00 0.10%
Price of feed t 10,000 2,024 20,240.00 84.16%
SUB-TOTAL VARIABLE COSTS 20,551.1 85.45%
UTILITIES COSTS
Electricity Mwh 8,400 50.00 0.84 420.00 1.75%
Gas t 600 60.00 0.06 36.00 0.15%
Water m3 10,000 0.20 1.00 2.00 0.01%
SUB-TOTAL UTILITIES COSTS 458.00 1.90%
OPERATING COSTS 24,049.14 100.00%
CREDITS (6,758.40)
CONTINGENCY 1,354.46 5.00%
TOTAL OPERATING COST 18,645.19
Table 7: OPEX - Phase I of US Plant
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CAPEX - Phase II US Plant

Direct Costs
Purchased Equipment $65,200,000.00 $ 65,200,000.00
Equipment Installation $ 3,900,000.00 $2,000,000.00 $ 5,900,000.00
Skids $ 300,000.00 $ 250,000.00 $ 550,000.00
Insulation $ 100,000.00 $ 20,000.00 $ 120,000.00
Instrumentation $ 6,500,000.00 $2,000,000.00 $ 8,500,000.00
Heat Tracing $ 100,000.00 $ 40,000.00 $ 140,000.00
Piping & Ducting $ 7,800,000.00 $2,000,000.00 $ 9,800,000.00
Valves $ 6,500,000.00 $ 700,000.00 $ 7,200,000.00
Technology transfer
Indirect Costs
up $ 500,000.00
Freight and Insurance $ 5,200,000.00
Contingency 35% $ 36,400,000.00

Table 8: CAPEX - Phase II of US Plant
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OPEX - Phase II US Plant

LABOUR COST
US $ 000 % OF
Technical 24 man years @ 80.00 1,920.00 1.69%
Maintenance 50.00 50.00 0.04%
Analytical, Engin. Research 50.00 50.00 0.04%
Consumable 50.00 50.00 0.04%
QUANTITY
3
Nitrogen m 5,000,000 0.05 100.00 250.00 0.22%
Labels Rolls 500 162.50 0.01 81.25 0.07%
Diesel t 500 195.00 0.01 97.50 0.09%
Others 125.00 0.11%
Price of feed t 50,000 2,024 101,200.00 89.15%
UTILITIES COSTS
Electricity Mwh 35,700 50.00 0.71 1,785.00 1.57%
Gas t 2,550 60.00 0.05 153.00 0.13%
Water m3 212,500 0.20 4.25 42.50 0.04%
SUB-TOTAL UTILITIES COSTS 1,980.50 1.74%
CREDITS (42,240.00)
Table 9: OPEX - Phase II of US Plant
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12. APPENDIX 2
12.1 CVMR INDONESIA PLANT CAPITAL AND OPERATING COSTS
CAPEX - Phase I Indonesian Plant

Direct Costs
Purchased Equipment $ 11,300,000.00 $ 11,300,000.00
Equipment Installation $ 700,000.00 $ 200,000.00 $ 900,000.00
Skids $ 300,000.00 $ 250,000.00 $ 550,000.00
Insulation $ 100,000.00 $ 20,000.00 $ 120,000.00
Instrumentation $ 2,800,000.00 $ 700,000.00 $ 3,500,000.00
Heat Tracing $ 100,000.00 $ 40,000.00 $ 140,000.00
Piping & Ducting $ 1,400,000.00 $ 200,000.00 $ 1,600,000.00
Valves $ 1,100,000.00 $ 100,000.00 $ 1,200,000.00
Indirect Costs
Scoping study $ 2,500,000.00
PFS $ 3,500,000.00
up $ 2,100,000.00
Contingency 15% $ 3,500,000.00

Table 10: CAPEX - Phase I of Indonesian Plant
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OPEX - Phase I Indonesian Plant

LABOUR COST
US $ 000 % OF
Technical 8 man years @ 45.00 360.00 1.67%
Operators 28 man years @ 25.00 700.00 3.25%
Maintenance 20.00 20.00 0.09%
Analytical, Engineering
Research 20.00 20.00 0.09%
Consumable 20.00 20.00 0.09%
QUANTITY
3
Nitrogen m 1,000,000 0.05 100.00 50.00 0.23%
Labels Rolls 100 162.50 0.01 16.25 0.08%
Diesel t 100 195.00 0.01 19.50 0.09%
Others 25.00 0.12%
Price of feed t 10,000 1,824 18,240.00 84.73%
UTILITIES COSTS
Electricity Mwh 8,400 150.00 0.84 1,260.00 5.85%
Gas t 600 60.00 0.06 36.00 0.17%
Water m3 10,000 0.20 1.00 2.00 0.01%
CREDITS (760.00)
Table 11: OPEX - Phase I of Indonesian Plant
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CAPEX - Phase II Indonesian Plant

Direct Costs
Purchased Equipment $58,000,000.00 $ 58,000,000.00
Equipment Installation $ 3,500,000.00 $1,700,000.00 $ 5,200,000.00
Skids $ 300,000.00 $ 250,000.00 $ 550,000.00
Insulation $ 100,000.00 $ 20,000.00 $ 120,000.00
Instrumentation $ 5,800,000.00 $1,700,000.00 $ 7,500,000.00
Heat Tracing $ 100,000.00 $ 40,000.00 $ 140,000.00
Piping & Ducting $ 7,000,000.00 $1,700,000.00 $ 8,700,000.00
Valves $ 5,800,000.00 $ 580,000.00 $ 6,400,000.00
Technology transfer
Indirect Costs
Bankable FS $ 16,000,000.00
up $ 500,000.00
Contingency 35% $ 32,300,000.00

Table 12: CAPEX - Phase II of Indonesian Plant
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OPEX - Phase II Indonesian Plant

LABOUR COST
US $ 000 % OF
Maintenance 50.00 50.00 0.18%
Analytical, Engin.
Research 50.00 50.00 0.18%
Consumable 50.00 50.00 0.18%
QUANTITY
Carbon monoxide m3 3,000,000 0.40 15.00 1,200.00 4.41%
3
Nitrogen m 20,000,000 0.05 100.00 1,000.00 3.67%
Reduction t 50.00 1.00 10,000.00 5.00%
Product drums (250Kg) each 315,120 5.25 1.58 1,654.38 6.08%
Labels Rolls 2,000 162.50 0.01 325.00 1.19%
Diesel t 2,000 195.00 0.01 390.00 1.43%
Others 500.00 1.84%
Price of feed t 200,000 12 2,400.00 8.81%
UTILITIES COSTS
Electricity Mwh 35,700 150.00 0.18 5,355.00 19.67%
Gas t 2,550 60.00 0.01 153.00 0.56%
Water m3 850,000 0.20 4.25 170.00 0.62%
CREDITS (3,800.00)
Table 13: OPEX - Phase II of Indonesian Plant
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CAPEX - Phase III Indonesian Plant

Direct Costs
Purchased Equipment $ 1,047,800,000.00 $ 1,047,800,000.00
Equipment Installation $ 41,900,000.00 $ 10,500,000.00 $ 52,400,000.00
Skids $ 300,000.00 $ 250,000.00 $ 550,000.00
Insulation $ 100,000.00 $ 20,000.00 $ 120,000.00
Instrumentation $ 41,900,000.00 $ 10,500,000.00 $ 52,400,000.00
Heat Tracing $ 100,000.00 $ 40,000.00 $ 140,000.00
Piping & Ducting $ 52,400,000.00 $ 10,500,000.00 $ 62,900,000.00
Valves $ 52,400,000.00 $ 10,500,000.00 $ 62,900,000.00
Design & Engineering $ 78,600,000.00 $ 78,600,000.00
Total Direct Costs $ 1,357,800,000.00
Indirect Costs

up $ 500,000.00
Contingency 35% $ 475,200,000.00
Total Capital Costs $ 1,840,000,000.00

Table 14: CAPEX - Phase III of Indonesian Plant
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OPEX - Phase III Indonesian Plant

LABOUR COST
US $ 000 % OF
Supervision 60 man years @ 60.00 3,600.00 1.15%
Maintenance 50.00 50.00 0.02%
Analytical, Engin.
Research 50.00 50.00 0.02%
Consumable 50.00 50.00 0.02%
QUANTITY
Carbon monoxide m3 75,000,000 0.30 15.00 22,500.00 7.17%
3
Nitrogen m 100,000,000 0.05 20.00 5,000.00 1.59%
Reduction t 30.00 1.00 150,000.00 3.00%
Diesel t 50,000 195.00 0.01 9,750.00 3.11%
Others 12,500.00 3.98%
Price of feed t 5,000,000 12 60,000.00 19.12%
UTILITIES COSTS
Electricity Mwh 35,700 65.00 0.01 2,320.50 0.74%
Gas t 2,550 60.00 0.00 153.00 0.05%
Water m3 21,250,000 0.20 4.25 4,250.00 1.35%
CREDITS (95,000.00)
Table 15: OPEX - Phase III of Indonesian Plant
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ID Task Name Duration Start Finish
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
1 Start up of the project 1 day Mon 04/02/13 Mon 04/02/13
2 Scoping study 4 mons Tue 05/02/13 Mon 27/05/13
3 Pilot work 4 mons Tue 05/02/13 Mon 27/05/13
4 Full scale piloting 6 mons Tue 28/05/13 Mon 11/11/13
5 Design and Engineering Phase 1 4 mons Wed 01/01/14 Tue 22/04/14
6 Procurement Phase 1 USA 9 mons Wed 23/04/14 Tue 30/12/14
7 Construction Phase 1 USA 3 mons Wed 31/12/14 Tue 24/03/15
8 Commissioning Phase 1 USA 2 mons Wed 25/03/15 Tue 19/05/15
9 Ramp up Phase 1 USA 3 mons Wed 20/05/15 Tue 11/08/15
10 Production Phase 1 USA 16 mons Wed 12/08/15 Tue 01/11/16
12 Procurement Phase 1 12 mons Wed 13/08/14 Tue 14/07/15
13 Construction Phase 1 3 mons Wed 15/07/15 Tue 06/10/15
14 Commissioning Phase 1 2 mons Wed 07/10/15 Tue 01/12/15
15 Ramp up Phase 1 3 mons Wed 02/12/15 Tue 23/02/16
16 Production Phase 1 16 mons Wed 24/02/16 Tue 16/05/17
17 Design and Engineering Phase 2 USA 4 mons Wed 12/08/15 Tue 01/12/15
18 Procurement Phase 2 USA 12 mons Wed 02/12/15 Tue 01/11/16
19 Construction Phase 2 USA 3 mons Wed 02/11/16 Tue 24/01/17
20 Commissioning Phase 2 USA 2 mons Wed 25/01/17 Tue 21/03/17
21 Ramp up Phase 2 USA 3 mons Wed 22/03/17 Tue 13/06/17
22 Production Phase 2 12 mons Wed 14/06/17 Tue 15/05/18
23 Design and Engineering Phase 2 USA 4 mons Wed 02/12/15 Tue 22/03/16
28 Production Phase 1 & 2 12 mons Wed 04/10/17 Tue 04/09/18
29 Bankable FS 9 mons Wed 24/02/16 Tue 01/11/16
30 IPO 6 mons Wed 02/11/16 Tue 18/04/17
36 Production Phase 1 - 3 24 mons Wed 13/05/20 Tue 15/03/22
37 Addition of modules to the full scale 24 mons Wed 13/05/20 Tue 15/03/22
Figure 28: Gantt chart
92

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7.4.2 Decomposition of carbonyls ................................................................................................................................................ 58

FIGURE 24: DEPOSITION SECTION OF GERMAN PLANT ................................................................................................................................62

All CVMR® refining/manufacturing plants are built on a modular basis, enabling a

CVMR®’s refining/manufacturing process is capable of producing pure metal products

4.2 CVMR® CENTRE OF EXCELLENCE FOR POWDER METALLURGY

The City of Paducah,

Paducah Economic Development,

Murray State University,

West Kentucky Community and Technical College,

US Department of Energy (DOE),

Allegheny Technology Inc.,

Areva Federal Services LLC,

Argonne National Laboratory,

Oak Ridge National Laboratories,

National Renewable Energy Laboratory (NREL),

US Bureau of Engraving and Printing

Excerpts from the Centre’s constitution:

1. “The CVMR® Centre of Excellence For Innovation in Vapour Metallurgy is an

4.3 CVMR® (USA) INC. BOARD OF DIRECTORS

1) Kamran M. Khozan (www.khozan.com) is the Chairman and CEO of CVMR®

CVMR® Corporation; Deutsche American Metal Forms; Americas Foundation for

Mr. Khozan is the Chairman of Secure Environment Services (“SES”), a leading

He serves on the board of directors of 17 corporations in USA, Canada, Switzerland, UK,

He is a graduate of McGill University, with Honours, cum laude, in Economics, and

various topics concerning business administration and international trade. He is an

Some of Mr. Hargett’s work experience include:

Director of Business Development, at Teledyne Brown Engineering - Environmental

At the US Department of Defense he provided the market research, planning,

OPCW is an international agency, located in The Hague, Netherlands. Its mission is to

He has attended numerous Business and Management courses for professional

He is a graduate of University of Toronto. He was called to the Bar of Ontario in 1965.

4) Anthony Lewis Hannaford has over 35 years experience in the nickel/copper/gold

From1970 to 1974 worked as Plant metallurgist in refining, then concentrator and

From 1995 to 2002 he was Vice President, Metallurgical technology at Falconbridge,

From 2002 to 2004 as Vice President in charge of expansion, rationalization and

Professional Qualifications: Member of the London Institute of Mining and Metallurgy

Member of the American Institute of Metallurgical

Member of the S. African Institute of Mining and

Patents Held: 1. The replacement of Portland cement by reverberatory

2. The oxygen-enriched roasting with arsenic fixation of

Both of these patents relate to existing operations and are

5) John D. Wagoner is a member of the board of Directors of CVMR® (USA) Inc.

Mr. Wagoner is a member of the External Independent Review Team of National

He serves on the board of a number of multinational corporations in the United States.

projects relating to efficiency and efficacy of marketing operations examining

4.4 EXECUTIVES IN CHARGE OF THE US-INDONESIAN PROJECTS

Ms. Heida Mani, President, CVMR® Holdings (USA)

Michael Hargett, President, CVMR® (USA)

Anthony Lewis Hannaford, President, CVMR® (Indonesia)

Dr. Kurt Scheuneman, President, CVMR® Centre of Excellence

Figure 2: CVMR Corporation Chart

4.5 SENIOR TECHNICAL STAFF

Dr. Dmitri Terekhov, Senior Vice President, R & D

Mr. Terekhov is a director of a number of corporations affiliated with CVMR®.

Area of expertise: Chemical Vapour Deposition, Chemical Vapour Refining, Metallurgy,

Mar 98- Present Vice President, Research & Development

CVMR® Corporation and Chemical Vapour Metal Refining Inc.

Jun 96- Mar 98 Manager, Research & Development

Mirotech Inc. Research and development in field of Chemical

Jul 95 - Jun 96 Project Manager

Mirotech Inc. Design and development of process control and

Jan 92 - May 97 Ph.D. Student