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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Bdi Mining | LSE:BMG | London | Ordinary Share | VGG0905F1053 | COM SHS NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 36.50 | - | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
Date | Subject | Author | Discuss |
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14/8/2006 22:10 | No, I think you're correct. Are you American? (skeptic) I was told 1.5M was the crucial figure by a company representative but was shot down when I posted this figure by someone who said 1M was the important figure. | ged5 | |
14/8/2006 21:28 | Ged, Personally I think the recovering share price is simply a function of a seller having been cleared out, but then I'm a repressed optimist morphing into a habitual skeptic :) Seriously, any Woodlark upgrade will be very welcome of course, but I can't see a 10-15% enhanced resource in a far-flung outpost of Indonesia really exciting the market that much. 1m oz is hardly an impressive resource and needs a lot more work - I doubt anyone's going to launch a full feasibility study on that. It's not as though there is established infrastructure next door. Once they can make 2m oz, we're starting to talk. Purely IMO, what we really need is solid Phase II progress at Cempaka, preferably with the additional cherry of encouragement at Bobaris. But hey, I've been wrong before. DD | doobydave | |
14/8/2006 19:30 | 21/3/06 "Hole BKD32 is the first in the 2006 drilling program on Woodlark Island, and was drilled 50 metres to the south of the current resource at Kulumadau. Its aim was to target the southern strike extension of the deposit. BKD32 intersected five zones of mineralisation with the following assay results: - 7m @ 2.09 g/t Au from 97m to 104m downhole - 3m @ 4.64 g/t Au from 177m to 180m downhole - 13m @ 1.53 g/t Au from 205m to 218m downhole (including 4m @ 3.67 g/t Au from 214m) - 13m @ 3.10 g/t Au from 260m to 273m downhole - 10m @ 5.75 g/t Au from 278m to 288m downhole (including 2m @ 24.175m g/t Au from 280m) These results confirm the continuation of the southern strike of the Kulumadau deposit, with additional step-out holes currently being drilled to further delineate the resource. Assays from these holes are expected soon." 3/3/06 "Intersections from BKD33 include 7m @ 23.18 g/t Au from 214m to 221m downhole (including 3m @ 52.69 g/t Au from 214m to 217m downhole, and 1m @ 140 g/t Au from 215m to 216m downhole), and 8m @ 1.47 g/t Au from 165m to 173m downhole (including 1m @ 5.47g/t Au from 171m to 172m)." "We now intend to in-fill drill this southern extension with the aim of adding significant additional ounces to the currently defined resource'." 18/4/06 "BDI Mining Corp. ('the Company') reports that an updated resource assessment of the Company's 100%-owned Woodlark Island Gold project in Papua New Guinea has resulted in an increase in JORC compliant resources to 880,000 ounces of contained gold." and "According to CRM in their assessment, potential exists for additional resources to be outlined on the numerous Woodlark Island deposits, both as extensions to the present resources and in other areas. The recently reported southern strike extension of the Kulumadau mineralisation and recent exploration success immediately to the north and north east of Kulumadau indicate that the current resources reported above can be increased significantly with planned infill drilling." 25/7/06 Drill hole BKRD49 returned 32 metres @ 3.24 g/t Au from 87 to 120 metres downhole, including 1 metre @ 13.0 g/t Au from 92 to 93 metres downhole, and 3 metres @ 11.57 g/t Au from 103 to 106 metres downhole. Additionally, drill hole BKRD50 returned assays of 10 metres @ 3.33 g/t Au from 74 to 84 metres downhole, and 9 metres @ 5.20 g/t Au from 93 to 102 metres downhole (including 1 metre @ 21.83 g/t Au from 95 to 96 metres downhole and 1 metre @ 11.97 g/t Au from 101 to 102 metres downhole). Both drill holes were drilled 50 metres to the west of the previously announced diamond drill holes BKD32 (10m @ 5.75 g/t Au from 278m to 288m downhole) and BKD33 (7 metres @ 23.18 g/t Au from 214 to 221 metres downhole) at the Kulumadau deposit. The two recently drilled holes confirm the following: Significant gold mineralisation can be traced up dip from deeper, high-grade holes demonstrating continuity Confirmation of a 75 metre increase in strike length of the previously defined resource Potential for further shallow mineralisation as the ore body remains open to the south of current drilling The mineralisation is potentially accessible within open pittable mining depths A revision of the current resource estimate of 880,000 ounces of gold (JORC measured and indicated) at the Woodlark Island gold project will be completed shortly. This updated resource estimate will incorporate all recent drilling to the end of June 2006." Holes 34 -48 still to be accounted for! Something is going on here. There has been a big increase in volume recently and it appears the share price was increased today on no volume. Edit just noticed there were a massive 25000 trades!! Increase in share price 0.25p Break out soon! I suspect we will have an announcement very soon that resources at Woodlark will be increased above 1M oz. But I would say that cos I'm blinkered!!!. Any thoughts anybody? | ged5 | |
10/8/2006 13:49 | Just got back from a month (almost) in the sun yesterday. Catching up a little on things but I did notice the increase in volume recently. Not surprised given the update from Woodlark. Thought a little top up was required first thing this morning. Have I got my timing right for once? Some fine points there Greg. ;) | ged5 | |
24/7/2006 12:10 | APPOINTMENT OF JOINT BROKER LONDON - 24 July 2006 - BDI Mining Corp. ('the Company') reports that it has appointed WH Ireland Limited as Joint Brokers to the Company effective immediately. Hichens Harrison & Co PLC will remain as brokers to the Company. | vermilion1966 | |
12/7/2006 14:23 | Large degree of operational gearing. Higher volumes should mean lower costs. Last broker note quoted $20/m3. I assume this excludes overburden, hence on gravels processed... 72k (bcm) producing 9551 Cts --> 7.55 bcm per Ct --> $151/Ct. Costs have probably increased due to fuel price escalation etc. Phase-1 thus not economical. What will happen to costs though on phase-2? | adam | |
12/7/2006 13:49 | and c) Will they reach/maintain their target volume. | unionhall | |
12/7/2006 13:49 | Reading without digesting. Looks like you obtained the answer there. So $206.5/c Bit worrying really since $300/c sales and $200/c costs have been quoted. Perhaps a new broker's note is required. We should be getting news of the 1 million oz of gold very soon. | ged5 | |
12/7/2006 13:36 | Read 251 again. The key questions then seem to be a) What will happen to the price of rough diamonds generally? b) What will be the cost of production after phase-II complete? | adam | |
12/7/2006 13:27 | Adam, thanks for sharing the correspondence. I have to give them full marks for willingness to communicate. The 170 was for mined sales ie 13436.35 carats - 2883 non mined production. Total gross diamond sales $2.14M Wasn't sure the $375829 was included in this figure so I erred on the side of caution and took it away from the $2.14M This gives $167.17/carat Still not sure what the correct figure is since I had a range $130-206.5/carat. Their figure seems to include the 3074.94 carats in the by-products. Not so sure they are gem quality in which case $160/c is about right. | ged5 | |
12/7/2006 12:56 | Dear Mr. Pelled, The figure quoted from our February announcement stated clearly that the US$1.173M received was for diamonds larger than 2mm (+7 DTC screen size). This size fraction is what we refer to as run of mine. Although we recover many fine diamonds (those smaller than 2mm) from mining and processing operations and tender them at the same time as the run of mine, these are considered as by-products. Price per carat received for the quarter was approximate to the figure you stated [$203/Ct]. This difference between this and what has previously been attained at tender is ascribed to present soft market conditions for rough diamonds and many other producers are feeling the same effects. More importantly, our overall price per carat is USD$278, which places the Cempaka production in the higher quality categories of production. Despite current market conditions being less than ideal, the fundamentals of the diamond market long term are widely considered to be robust and we anticipate that the Cempaka operation, especially with the move into Phase II of mining, will continue to produce high quality, high value gem stones to capitalise on this forecasted high demand for diamonds. Kind regards, BDI Mining Corp. Ged5 - How did you get to $170? | adam | |
12/7/2006 10:14 | I make it approx $170/c on the mined sales of gem diamonds. Not good Rain was the excuse in the first quarter. Pans and scrubbers installed September. Good A little earlier than I expected. BDI Mining Corp is targeting an eventual production rate of 100,000 carats per year from Phase II operations at Cempaka, and it is anticipated that first mining will take place in the 4th Quarter 2006. Good A quarter earlier than I expected In addition, there have been notable increases in gold and platinum concentrate recoveries over last quarter. This increase is ascribed to the on-going improvements being made to the gold and platinum recovery circuit. Quite good I suppose. Not too much effect on earnings. Looking forward to Woodlark update which should also be any time now. | ged5 | |
12/7/2006 09:30 | I asked and got an immediate response. Dear Mr. Pelled, Just to clarify, the 13,436 carats sold included by-product sales of -2mm (fine) diamonds. The USD2.1M received in revenue for the quarter was for run of mine (+7 DTC) diamonds. Total average per carat sales for Cempaka diamonds since commercial shipments began currently stand at USD278.00 per carat. Regards, BDI Mining Corp. My response was thus.... Previous announcements were explicit about ROM received prices e.g. 2nd Feb 2006 " Tendered for sale were 4,276.66 carats of run-of-mine gem diamonds larger than 2mm, which sold for US$1,173,148, representing US$274 per carat. " The lack of clarity might risk giving the market the impression of news management. I take it then that the price received in the last reported quarter was $203/Ct, i.e. 10361 ROM sold for $2.1m ? Regards Adam Pelled Aviation Adventures Ltd | adam | |
12/7/2006 08:57 | down to about $150/c ? | unionhall | |
12/7/2006 08:53 | This is ALL good news - its just a matter of time before the markets notice this one, imo. | vermilion1966 | |
12/7/2006 08:52 | CEMPAKA DIAMOND MINE QUARTERLY UPDATE 2nd Quarter 2006 LONDON - 12 July 2006 - BDI Mining Corp. ('the Company') announces its quarterly sales and operations report for its Cempaka alluvial gem diamond mining operation in Indonesia. Significantly, total diamond production from commencement of operations now totals 45,800 carats. Highlights: Diamond production up by 26% on last quarter Significantly higher gold and platinum by-product recoveries Production: Production statistics for the period 1 April 2006 to 30 June 2006: 1 Apr - 30 Jun 2006 1 Jan - 30 Mar 2006 Overburden mined (bcm) 555,356 453,380 Gravels processed (bcm) 72,146 90,118 Diamond production (carats) 9,551.84 7,552.93 Au & Pt concentrates (grams) 9,833.79 5,709.50 Increased diamond production in the quarter is attributed to the mining of higher grade blocks towards the western reaches of the Danau Seran channel. Despite unusually high rainfall for this time of year, production continues at steady-state. In addition, there have been notable increases in gold and platinum concentrate recoveries over last quarter. This increase is ascribed to the on-going improvements being made to the gold and platinum recovery circuit. Sales: During the quarter, a total of 13,436.35 carats of gem-quality diamonds were sold at Tender in Antwerp. Of this, 2,883 carats consisted of non-mine production. Total gross diamond sales (run of mine) for the period amounted to US$2.14M, with by-product sales (including 3,074.94 carats of -2mm diamonds, and 7.2kg of gold and platinum concentrates) totaling US$375,829. Inventory as at 30 June 2006 was 3,076.30 carats of gem diamonds and 3.4 kg of gold and platinum concentrate. Exploration - Cempaka: During the quarter, over 8,200 m of drilling was undertaken using six 'Bangka' drill rigs, at several locations within the Cempaka channel. The main aim of this drilling is to continue to define the channel boundaries in preparation for mining during Phase II. Phase II - Cempaka Expansion: The initial stage of the Phase II expansion at Cempaka has commenced with the foundations for the additional two pans and larger scrubber now completed. The equipment is currently en route from South Africa and is expected to be installed and commissioned in September 2006. The main haul road into the first pit at Cempaka has been completed with initial dewatering activities now also commencing. Phase II production at Cempaka will entail mining operations moving from the smaller Danau Seran channel to the 1.6km wide, 11km long Cempaka Main Channel where a NI43-101 compliant resource of over 1.3 million carats exists. BDI Mining Corp is targeting an eventual production rate of 100,000 carats per year from Phase II operations at Cempaka, and it is anticipated that first mining will take place in the 4th Quarter 2006. -END- | vermilion1966 | |
06/7/2006 07:49 | Here it is; Printer Friendly Version Minews Story Date: July 06, 2006 New Management At BDI Mining Decides Against Spinning Off Gold Operations In Indonesia By Jack Hammer So farewell Chuck Forrest. It's a new broom at BDI, at least at the London end of things, following the departure of chairman Paul Loudon to work on a new African diamond project, BM Diamond Corp. As finance director Chuck was a steady London presence for BDI but events moved beyond his control when the company changed broker to Williams de Broe, didn't appear to like the advice it got, and returned to the Hichens Harrison fold. The central argument between Williams de Broe and BDI tends to vary depending on which side is giving its version. Anyway things have now been patched up, and the BDI board, at least for the time being, is unanimous that in the words of chief executive Lee Spencer, "our expertise is in the Pacific and Asia, and it's where we'll continue to operate". Thus BDI remains a regionally focussed company rather than a specialist in a certain type of mining. It wasn't a clear cut case, though. New BDI director Martin Horgan, fresh in from Barclays Capital, took a trip out to the Woodlark gold project in Papua New Guinea almost as soon as he was appointed. "I tried to kill it," he says, "but it looks pretty compelling. I think Lee's really got something". With both projects still inside BDI the company remains off the radar of many analysts as there are few companies with which it can be compared . The departure of Mr Loudon and Mr Forrest nonetheless heralds a new approach from management to marketing the company in London. Both Mr Loudon and Mr Forrest have strong affiliations to the Loeb Aron stable, and although BDI's corporate affairs chief Reg Spencer (rather muddling all these Spencers. Ed) used to work at Loeb Aron some time ago, all ties are now effectively cut. The new broom is being wielded by the redoubtable Dave Lenigas, the man behind the rise of Asia Energy, and now busy rebuilding the old Lonrho empire from his offices in Arlington street behind the Ritz. BDI moved into Arlington street a couple of weeks ago. Mr Lenigas was instrumental in bringing Mr Horgan onto the BDI management. He also lured Mr Horgan's erstwhile boss Gerard Holden into Arlington street, and now has him chairing Lonrho and Brinkley among other interests. Another new BDI director, Bruce Stewart, formerly of Jeffries, was first introduced to Lee Spencer at a barbecue at Mr Lenigas' house over a year ago. All of this restructuring, it's hoped, will revitalise BDI's London presence, and, in the words of Mr Stewart, get everyone "singing from the same hymn sheet". Meanwhile a short hop from Banjarmasin airport on the island of Borneo, the Cempaka diamond mine continues to throw off healthy amounts of cash. Last year sales hit C$6million, and should go significantly higher this year. The plan is to ramp up to 100,000 carats per year, as the company moves along the extensive paleochannel it's working. Last year's operations were disrupted as contractors and management worked out how best to mine the swamp that Cempaka sits in. This year, with the help of tracks reinforced with coconut palms, problems have been far fewer. The current mine life is ten years, but, according to Mr Spencer, "the volume of diamondiferous sediments is enormous". With fancy yellows making up around 4 per cent of production the company sells its diamonds in Antwerp at an average tender price of US$299 per carat. It also sells around US$50,000 worth of alluvial gold and platinum per month, the circuits for which are clearly visible, spiralling above the plant that nestles in the jungle. Mining in Indonesia is hot work, but there appear to be few other impediments. Cempaka is just fifteen minutes from the airport, the roads are in reasonable condition, and, according to Reg Spencer, power cuts are infrequent. In spite of some initial disagreements the locals appear to know their business. Indeed the biggest problem so far encountered at Cempaka has been all about geology. That was encountered by previous owners, Ashton, who built their dredge in the wrong place and mined in the wrong direction. Lee Spencer has been on the ground at Cempaka for twenty years though. If anyone knows where the diamonds are, he does. Companies featured in this Story Asia Energy Plc (AIM-AEN) BDI Mining Corp (AIM-BMG) | cestnous | |
06/7/2006 07:46 | Thanks rambutan2, Looks like you have to join now to read the articles and the "Join" button on their site doesn't work. Got the gist of the article with the following headline. New Management At BDI Mining Decides Against Spinning Off Gold Operations In Indonesia By the way did you manage to get to the AGM? | ged5 | |
04/7/2006 17:24 | DD, They've only just moved to quarterly reporting. "LONDON - 21 April 2006 - BDI Mining Corp. ('the Company') announces its quarterly sales and operations report for its Cempaka alluvial gem diamond operation in Indonesia. Highlights: Gross diamond and by-product sales of US$2.3M for the quarter Operating costs per carat in line with expectations Increased gold and platinum recoveries Planning for Phase II production expansion at Cempaka now at advanced stage In order to consolidate reporting, BDI Mining Corp will now report Cempaka diamond sales and production data on a quarterly basis, beginning with the period 1 January 2006 to 31 March 2006." I'm not sure that the answer to your other question is in the same RNS. | ged5 | |
01/7/2006 09:40 | Cheers guys. Had forgotten that the company had delisted from ASX - rats. We can forget painstaking quarterly updates from now on. So they're aiming for lower quartile costs, then. With good management after the expensive start-up period, it could be achievable. We'll see. Moving on to the presentation: Looks like Danau seran is now contributing 4,000 carats per month at $300 per carat - $1.2m per month in sales? It is unclear (to me anyway) whether Cempaka is producing diamonds during the upgrade period. If anyone has hard info on this, please share it. The presentation seems to indicate that the upgrade period is nearing completion. The thing that diappoints me is that their own estimates for 2007 production are only 65,000 carats pa. Since Danau seran is currerntly producing at an annualised rate of 48,000 carats and they are targeting 50,000 carats pa at Cempaka, the figures don't tally. Perhaps Danau seran will have been worked out? Returning to Woodlark, the presentation says that BDI have an "immediate target of +1million oz Au (JORC)" - altered font size and color assignation theirs. 3 slides on, they boast, " Simple mineralogy 85% of gold recoverable through gravity methods". That has to be brilliant news for the environmental impact assessment. Let's just hope their aren't any unique or endangered species nearby. All of which neatly concord with Ged and Greg above. Have a good W/E. DD | doobydave | |
01/7/2006 05:29 | Ha, the memory's not quite as bad as I thought. From earlier this year. Thank you for your email. Please find below the answers to your questions. 1. The Company is aiming for under US$250/oz with relation to Woodlark Island production costs. 2. Likely timescale for production at Woodlark Island is 2-3 years 3. The Company is hoping for 2million ounces at some stage during 2006-7 I also found another e-mail which stated that they expect 1m oz to be delineated by the third quarter this year. Anytime now then. | ged5 | |
30/6/2006 11:28 | DD, BDI is no longer dual listed... Also, from what I have been told, the gold at Woodlark is not refractory and most of it can be recovered by gravity methods. | greg jenkins | |
29/6/2006 17:48 | Hi Ged and thanks, It was the hunt for the relevant info that led me to the new presentation on their website, but try as I might, I can't find anything related to metallurgy. Occasionally companies get curious and do some preliminary metallurgy in advance of the prefeasibility study but since it costs money they usually don't. Ancient data might perhaps exist from the historic Woodlark mine and give some indication. However, I'm still a newbie here (bought in last year) - was there anything in the AIM prospectus? I'll trawl through the presentation properly over the W/E milner, Yup; the last quarterly update was announced on 21 April. Hurray for dual listings - we wouldn't be getting quarterly updates if was AIM listed alone! DD | doobydave |
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