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Finders Resources Share Discussion Threads
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|Hi engelo. The problem with FND is that it is based in Indonesia, and they move at glacial pace. So here we are, near the end of may still waiting for the gazetting. Although it says in report its a case of when, not if and I have no reason to doubt them.
Since your post we have had the 17th may updated feasibility study and it makes for great reading. The capital costs have gone up a small amount, but everything else was very positive.
It is very likely we have 1 extra years production from improved recovery rates. Kali deposit is bigger than previously reported. Then we have the Meron deposit which they plan to drill 5000m. This has potential to be similar to lerokis, and another 1 year plus production. Not to mention possible gold! 100,000 ounces mentioned in previous documents.
We have agreement to sell all the copper produced. Everything is in place. We are low cost $1.07lb so we can take a hit on the copper price, although not ideal granted.
We have many broker notes ranging from 60c to 80c, which is double share price I have been invested since may 2009, 3 years. And although had a nice profit at 45c, which was for a long time, have now made zilch!!! however i am in no way tempted to leave. the potential is too good, and the cash flows will be to high not to hit 60c plus. My target has been and remains 50p. All the best|
|tarnow: thanks for your summary. We'll do very well here imo, just a matter of time. In these mkts any news with the word 2013 (or greater) in it is taken as the kiss of death :-(
lucky_punter: we're on the same track :-) Never had to wait for a gazetting before: new experience.
How many others out there? Confident that Chip is still in for the long haul :-)|
|Finders Resources' (ASX:FND) progress on its Wetar copper project has been sure and steady at a time when other early stage mine projects have stuttered.
|from Proactive: http://www.proactiveinvestors.co.uk/companies/market_reports/42684/proactive-news-summary-shanta-gold-finders-resources-strategic-minerals-carpathian-borders-southern-petroleum-0000.html
Finders' progress on its Wetar copper project has been sure and steady at a time when other early stage mine projects have stuttered.
Aside from the general global economic uncertainty, Wetar is an island off Indonesia, where the mining environment has become a lot more hostile over the past year.
Finders, nonetheless, has ticked off a string of major milestones in the past six months and now is just awaiting the final procedure of "gazetting" changes to the forestry around the mine before it begins construction in earnest.
The new spatial plan of Maluku, which releases much of the project location from forestry zones, is currently being gazetted; the Minister of Forestry is set to release new maps for formal signing by the Maluku Governor and Regents, so the completion of gazetting should not be long coming.
Progress otherwise has been impressive including the confirmation of US138 million of project finance in December.
Financial heavyweights Barclays Capital, Credit Suisse and Standard Bank will make the money available in 2012 to fund the mine building costs.
The facilities include a term loan of up to US$103 million to fund construction, a cost overrun facility of US$20 million and a working capital facility of US $15 million.|
|Hi Engelo. Yes, I was really pleased when I saw the RNS for the above. I've always liked the ojolali project., and if they can speed things up with it, drill more etc. Then has to be good. You could in a couple of years have a company producing copper, gold and silver. The upside to FND is still HUge IMO. As the company is undervalued from Wetar copper alone. Then you have potential gold from Mekon cap and lerokis on the same island. And gold/silver from Ojolai project. This year and next will be great for FND as they become cashflow positive. Allowing further drilling and resource upgrades|
|Hi Chip, thanks for your views on our common investments. The placing has to be done when sentiment has changed and when/if copper recovers. Then the dilution is less. They shouldn't have to rush it as they can build phase 1, the expanded demo plant from the banks money. The selling of ojolali I wouldn't like. They have a resource of 200,000 ounces and they could easily start up a small operation producing 20,000 ounces per annum. Generating 32 million dollars revenue. Also Tambang has massive silver resources potentially. 40 million inferred ounces, but difficult metallurgy from tests. I would hope they crack on with it. HMB is all about the u/g mine. If that is up and running on schedule, then HMB will re-rate in a big way. VGM you have to believe that eventually the development will be finished and the promised 100,000 ounces with reduced costs can be achieved. Its all about the grades. Vgm is high grade mine and when developed it should produce 25,000 ounces a qtr. Done it for 1 qtr already. The same for HMB 4g/t underground only 1g open pit. The difference in cash costs will be huge. A profit even LOL. All the best Chip. With luck we will be sitting pretty end of 2012. Next year is big for HMB, and VGM. No more excuses. FND is for 2013.|
In their different ways, all three stocks are requiring patience!
FND will take until 2013 to get up to full production. In the meantime there is likely to be a placing to secure the balance of the CAPEX, having secured the debt proportion from a bank syndicate.
The high-grade nature of the Wetar deposits is pretty exceptional these days and the LME grade Cu output from the SX/EW should attract a premium because of their geographical positioning.
The expanded demo plant should be in production in c. 12 months providing some useful early cash-flow. There must also be a likelihood of Ojolali being sold off as it does not seem to fit well with their Wetar set-up.
But much will depend upon the price of copper!
With VGM I am not expecting much for the Sep or Dec quarters but will hope to add to my holding in the Mar quarter as they reach the end of the mine re-development phase.
With HMB, in spite of everything, I remain positive regarding the upside potential to come. Over the shorter term they may be a bit squeezed for working capital so they do need to bring the U/G on-line, on time. A few quarters of cash-flows from the higher-grade production could transform the outlook and the recent additions of the two new project areas would then be a clear path to growth. But as ever with mining companies, there are always a few 'ifs & buts' so I am reserving full judgement until I see clear delivery by the new CEO.
Good luck with your investing.
|Thanks Chip. I am just interested in how you see it now. I have two other shares in common with you HMB and VGM. They are proving very disappointing, and I am sitting on substantial losses on both. But I still feel confident that if, (and it is a big if) they get their act together next year then the potential of both companies is huge. I still see this gold bull market going much higher in the next 3-5yrs. And eventually the juniors will re-rate. FND I don't worry about either, as I like the company and feel that as their costs are very low, even in a crashed copper market they can make money. Combining this with the potential gold/silver resource increases as they drill, which would help it diversify.|
Sorry, I have been very busy lately and have only just seen your post. I will update the summary estimates as soon as possible.
|.. and re-crashed ;-)|
|Harvey: seems to have uncrashed to-day ;-)|
|What the ??!! Price crashing ...|
|Hi Chip. We have had a lot of broker notes recently for FND. With new firms covering the stock. The broker targets for 1 year vary from 60c to 80c depending on share dilution for fund raising. I am interested in your target now as your previous forecasts in post 1 are over a year old. Anyone else please feel free to give their 1 year target price and reasons.|
|Here is the link:
|Company reports it is to raise US$138m to fund Wetar.
ASX announcement today.|
|chip: not before time! Up again to-day and near all time (or at least recent) high.
Was watching DME on your mention somewhere but watching wasn't good enough! Well done.|
|Yes, and DME up a similar amount on big volume on the asx. Looks like the copper stocks are coming into the ascendency at the moment.
|up 6.8% on ASX|
|up 10.5% in OZ
but just noticed on a single 10,000 trade|
|Chip: thanks for BFS. Payback for capital costs in 1 year :-))
Up 14.1% in Oz: looking very good (in contrast to all my other copper stocks)!|
|23 page BFS document released today. It's a summary of course, but so nice to have a company actually release the info!
|Up 6.58% in OZ|
|chip: modest as always! Don't think you miss much. I try to wade through Hotcopper from time to time but find it difficult to find the best posts.
We all needed this to-day! Continued grim elsewhere. A little relative cheer from my Cu stocks overall, WTI honourable exception: what a train wreck there. Have you had a look at CAML? I have bought in recently on a 6 month plus view following a steer from Wassapper on MNC.
|Great news!!!!!!!!!!!!!!!!!!!! I was beginning to doubt this day would ever come. Everything told me it had to be granted, but until it is you can never be sure. The rest of the permits are a formality now |I'm sure. Lets just hope they aren't so slow as the other one. Now for the financing, which I hope will not include hedging. This should now begin its climb to 80 cents. 14% is not as big a rise as I was expecting but the markets are very bearish at the moment. Happy man anyone. Invested big here for me and hoping my patience will be rewarded.|