|China Nonferrous Gold Ltd
||ORD USD0.0001 (DI)
||EPS - Basic
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China Nonferrous Gold Ltd Share Discussion Threads
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|Quick calculation ...4.72m oz x $1350 per oz / 382.39m shares = $16.66 per share or 12.62 pounds ( 1.32 )
The Mathematicians out there will correct me I'm sure...|
|Old news but states production this month... what price the shares in Nov 2030 I wonder!!
Will keep a watchful eye on Asia Today for any updates.|
|Thanks eke. Very helpful.|
|Taken from ASIA TODAY :-
Production of gold at the Pakrut Gold Project expected to start in August
DUSHANBE, July 28, 2016, Asia-Plus -- Production of gold at the Pakrut Gold Project expected to start next month, according to the Ministry of Industry and New Technologies (MoINT).
An official source at a MoINT says the first samples of affinage gold were received at the Pakrut Gold Project in the autumn of 2015 and that was done for the purpose of testing the equipment.
“It is necessary to stock up 1,000 tons of gold concentrate in order to launch industrial production. The company has the gold extraction plant with annual capacity of 600,000 tons of ore and the affinage plant,” the source said.
We will recall that China Nonferrous Gold Limited, the mineral exploration and mining company currently mining the Pakrut Gold Project in Tajikistan, has announced that the first gold ingots were poured at the Pakrut Gold Project on December 29, 2015.
Pakrut gold mine, located approximately 120 kilometers north-east of Dushanbe, is owned by China Nonferrous Gold (formerly known as Kryso Resources). The mine development is being undertaken in two phases, which are expected to cost $223 million in total.
1,300 people now work for the Pakrut Gold Project and more than 60 percent of them are nationals of Tajikistan.
China Nonferrous Gold Limited (CNG) (formerly Kryso Resources Corporation Limited) is a London Stock Exchange AIM-listed mineral exploration and development company, focused on projects in Tajikistan.
The mining license for the Pakrut Gold Project was issued in January 2012 and is valid until November 2030. Construction of the mine began in September 2012 and operations are expected to commence in 2014. As of March 2014, the main decline was developed to a depth of 600m out of the planned 1,800m. The west ventilation access decline was developed to 285m out of the planned 520m.
According to the Mining Technology site, the mine is estimated to process 660,000t of ore per annum initially and 1.32 million tons per annum from 2017.
The JORC-compliant resources of Pakrut gold mine are estimated at 4.72 million ounces of gold at a cut-off grade of 0.5g/t.
The mine is expected to extract 2,000t of ore per day and approximately 9.8 million tons over its estimated 19-year life.
The reserves of the Pakrut project under the Russian classification system, which total 1,257,454oz Au at a cutoff grade of 0.5g/t, were approved by Tajikistan’s State Committee for Reserves on December 15, 2008.
The Pakrut deposit remains open and is expected to yield further JORC Code-compliant resources over time. Over 42,000 meters of drilling has been carried out to date, including 7,730 meters in 2012.
China Nonferrous Gold Limited is the first foreign company to obtain 100% ownership of a mining and exploration project in Tajikistan.|
|I wonder what happened to Pakrut East|
|Well I like the project and the actual and projected direction of the price but watch the Chinese involvement very nervously.|
|You would probably have needed to take a Chinese interpreter anyway!|
|Unreal how well the share price performed right up to the point that Craig Brown stepped down, and now three years down the line with the company supposedly producing gold, there has been no improvement at all!|
|Did the Directors bother going?|
|Did anyone make the AGM. I'm curious if the Directors bothered to make a presentation and/or answer questions.|
|Video clip of the opening of the plant:
|Last year I went to the AGM and spent an hour questioning the directors in an effort to find some clarity regarding the company`s state of affairs. Clearly this is an experience they do not wish to repeat and having chosen a Friday in mid August they have found a date when I am on holiday. If any one else can make it I am happy to discuss lines to take.|
|Hello all. Anyone managed to come up with a valuation based on the annual report data that they wish to share? Valuing gold stocks isn't my specialty.|
|I think the $300 was when it was going to be an open pit mine only. Back in July 2015 they were saying cash costs, including depreciation and amortisation, were set at $576.|
|And what were the problems they have now overcome from the trial. Only 86 oz of gold produced in the trial which equates to only 921 tonnes processed at 2.66 g/t.
Considering the stock pile was 30,000 tonnes at the end of June and 160,000 at the end of the year i can't understand why so little was processed.|
|Still working on this. Kryso I remember was originally billed as a low cost producer - $300 per oz. Now we are upto $700. Only 10,040 shares traded in the 2 days since the results. That says everything about the clarity of the accounts. No one is any the wiser.|
Many thanks for your analysis. I have not yet completed my detective work as a line by line comparison of the last 2 sets of accounts is required and indeed the latest accounts are even more opaque than the previous. However, note 2 on page 33 of the latest accounts puts the costs per oz. at $694 although doubtless the local exchange is falling against the dollar and having a downward impact in respect of certain costs. If 694 is used instead of 600 there is a 14% reduction in profits to $24m and $38m.
Interestingly the 2014 accounts on page 4 state that production of 2000 tonnes per day was expected to be achieved by the end of October 2015. So they are running about a year behind for largely unexplained reasons. I wonder why they failed to get the HK listing.|
|Courtesy of the Gold: small/mid-cap Stock Comparisons board
EPIC ... £m ... Moz .. AIC .. $/Roz .... g/t ... Prod? ... $/t .. MC/Res . Margin
CNG ... 116 .. 5.18 ..... - .... 31 ... 2.66 .... CY16 ... 171 ..... 23% ...... -
Based on a g/t of 2.66 and assuming current and expected tonneage as detailed below
"Company is on course to reach nameplate capacity for phase one of the project of 2,000 tonnes per day during the fourth quarter of 2016. The plant is currently processing 1,300 tonnes of ore per day."
1300 tonnes at 2.66 g/t = 3458 grammes
3458 grammes @ 31.3 grammes per oz = 110 oz per day
40K oz's per year
2000 tonnes at 2.66 g/t = 5320 grammes
5320 grammes @ 31.3 grammes per oz = 170 oz per day
62K oz's per year
At a gold price of $1300 and a cost of $600 per oz, thats an initial profit of $28M and $44M profit annually.|
|Seems like a good deal on the loan front.
5 year deal, 2.1% plus 3 month libor and a 0.865% annual fee.|
|Any guesses on production based on average grade and tonnes per day going through the mill?|
|And what issues did they have with the trial which they have now overcome? Also, the results doesn't really tell me anything about future production.|
|Started reading accounts. Seem to be somewhat more opaque than previous year and that is an achievement. No longer forecast the number of ozs. that might be produced this year or next. They state that 1,300 tonnes of ore per day is being produced currently and that the nameplate capacity of 2000 tonnes per day will be achieved in 4th quarter. No information as far as I can see regarding ozs. produced year to date.|
|Annual Report and Accountshttp://m.londonstockexchange.com/exchange/mobile/news/detail/12874105.html|
|Results out. Reading now.|
|Any up movement would be nice.|