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AIMR Aim Res.

3.25
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Aim Res. LSE:AIMR London Ordinary Share AU0000AIMAZ6 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 3.25 - 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Aim Res. Share Discussion Threads

Showing 3801 to 3824 of 4125 messages
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DateSubjectAuthorDiscuss
17/7/2008
18:16
ON BLOOMBERG WEBSITE ;-

AIM Halts Perkoa Zinc Mine Development on Price Drop (Update1)

By Rebecca Keenan and Jesse Riseborough

July 17 (Bloomberg) -- AIM Resources Ltd., the Australian developer of a $165 million zinc project in Burkina Faso, stopped construction work after failing to secure funding for the project scheduled to start production early next year.

``Current zinc prices and forecasts have made funding difficult,'' Sydney-based AIM said today in a statement. ``A downturn in both debt and equity markets has also significantly reduced financing opportunities.''

Teck Cominco Ltd., owner of the world's largest zinc mine, and Xstrata Plc were forced to close an Australian operation this week as prices slumped and mining costs increased. Access to debt and equity funding for smaller mining companies is more difficult and costly following a global credit crunch this year, Goldman Sachs JBWere Pty said in an April report.

``A range of alternative funding options has been explored, including strategic industry partnerships, but the company has been unable to secure a deal,'' AIM said. The company will consider restarting development ``when zinc prices are more favorable and funding options improve,'' it said.

AIM dropped as much as 35 percent to 3.1 cents and traded at 3.2 cents at 11:31 a.m. Sydney time on the Australian stock exchange. The stock has dropped 72 percent this year.

Declines in the zinc price, which has dropped 22 percent this year, will prompt further mine closures in the months ahead, Macquarie Group Ltd. analysts said in a July 14 report.

The company said in March it expected to sign sales accords with Xstrata Plc and Boliden AB in May. The Perkoa project was expected to produce 132,000 metric tons a year of zinc concentrate at 53 percent zinc for 12 years, starting in early 2009.

To contact the reporters on this story: Rebecca Keenan in Melbourne at rkeenan5@bloomberg.net; Jesse Riseborough in Melbourne at jriseborough@bloomberg.net
Last Updated: July 16, 2008 22:18 EDT

sagem
17/7/2008
16:18
I do not dispute what you say but I make 2 points. I believe they have cash of 15 million- if that evaporates they will of course become insolvent as unlikely to get investors to put in more money. secondly, the MMs here in Uk simply make their prices ( very wide % spread ) based on closing price in OZ. The rush to the exit took place last night Uk time in OZ when share price dropped to 3.4 cents after hitting 3 cents. Could go either way tonight but unlikely to rally much except through short covering . sad but true . I hope it survives but seems unlikely and hence why UK investors took the 1.5p or slightly more today before MMs marked bid price down to 1.25 ( closed at 1.6p in OZ ).
arja
17/7/2008
15:31
I see no reason why they should become insolvent....the mine has just been put on the shelf until markets improve, they have other assets/mine such as Mumba to consider, we will soon hear news of results from that area and don't forget that BHP BILLITON is involved as well a huge company. I think AIMR is very safe although the market makers do what they always do mark the shares down just in case their is a rush to the exit which I don't think will happen, some sellers will appear.
sagem
17/7/2008
14:57
if it does not become insolvent ! the directors will still take their cut combined with admin expenses and then the asset strippers move in if it goes into liquidation. Let us hope that they have a LITTLE INTEGRITY !
arja
17/7/2008
14:14
Possibly a screaming buy now if you have got any money and wait for it to recover,
the Zinc in the mine if of very high quality and will be in big demand eventually,
what goes round comes round.

sagem
17/7/2008
10:10
With Zinc according to some estimates not to recover unti 2010 I suppose the question is can AIMR mothball for such a lengthy period if so maybe some value otherwise :(
csboyd
17/7/2008
10:05
boxtie Join the club....all red and well down the whole lot. Good times will roll again when, nobody knows
sagem
17/7/2008
07:27
finished at 3,3 cents in oz ( only 1.6p) so may be only 1p on bid tomorrow as may fall further. hopefully it will surprise and rally for those still holding stock . One never knows in markets !
arja
17/7/2008
06:56
may be a good time to buy and just wait......they still have all that high grade zinc....the zinc price will rise again...problem to know what is best
sagem
17/7/2008
06:54
dcroston,
see hoggar's penultimate paragraph. I said some time ago that it was 50:50 chance that AIM would survive.on cash, only $15 million I think and that will barely cover admin expenses in years ahead and greedy directors will also take a big slice of it . These OZ spec stocks are run by crooks ! I saw it first hand when I lived in OZ . If Hoggar is right about asset stripping, there will be little left for shareholders tragically .

arja
17/7/2008
04:43
The aussies certainly do not value the company too highly. Looking at last nights trading it seems everybody wants out at any price.

As predicted six months ago, this project is now mothballed. The next step is a buyer might eventually take some interest, but the offer price will be dismal.

This company is ripe for asset stripping in the months ahead

hoggar
16/7/2008
21:05
Arja,

ok, so thats approx $70m (i.e just above the current Mcap).

Which basically means you value the $57m cash and whatever Mokopane and Mumbwa are worth, and not forgetting the approx $70m already spent on Perkoa as approximately equal to $70m.

Seems rather undervalued when you look at it those terms doesnt it.

If they stopped development now and sold everything we could probably all have our 5p a share back. That would feel like quite a descent compensation at this moment in time.

DC

dcroston
16/7/2008
20:00
dcroston,
I was talking generally about possible scenarios for mining specs . Presumably any T/o offer would be a bit above the share price at that time . looking at long term chart , there seems to be good support in 2006 at just below the 5 cent level - closed at 4.8 last night as you will know . So maybe some hope of a recovery ! I took a loss in AIM quite a while ago and just keep it on my OZ watchlist for possible trade as only .1 cent spread or zero if I go on the bid. ( can not trade it here in UK as MM stock !!! ).

arja
16/7/2008
14:03
We are a pessimistic bunch!
Look on the bright side, if the other lower concentrate zink mines are closed then the zink price will likely rise and we will be in a position to take advantage.
Until the board issues the next update we are all speculating.
Could be a good time to buy as we are as near as damnit to the flotation price and things have improved since then.
Be strong ;o)

humbagash
16/7/2008
11:56
What happens to the shares if it is mothballed?
graze
16/7/2008
11:16
What are the major shareholders thinking at this juncture I wonder?

Anyone know how up to date the list is in the header?

thais
16/7/2008
08:58
A lot of mining juniors are now being priced as if they will never raise finance and their mines will never get built. But some will, some won't.

AIMR is in a difficult position because of the remote location and cost of transportation to get the zinc to smelters.

Falling zinc prices and rising oil prices have clearly put a huge question mark over this project. I don't know if they will get funding to complete the mine or not. It may be mothballed until the economics turn more favourable and finance becomes easier a couple of years down the line.

drewz
16/7/2008
08:47
perhaps this will happen to aimr drewz?
2bodeswell
16/7/2008
00:30
The declining price of zinc and lead has prompted Xstrata (XTA) and its partner Teck Cominco to close their joint venture Pillara mine in Western Australia. Xstrata said operations at the Lennard Shelf Pillara mine will cease, probably in early August, as the mine has become uneconomic. The company said the rise in the value of the Australian dollar plus higher energy and labour costs at the mine had also contributed to the loss of economic viability of the mine.
drewz
15/7/2008
21:41
I wouldn't say the board are throwing their own money behind Perkoa =)

Think their investment in AIMR is something like:

Mr Victor Bradley - Independent non-executive Chairman - has none?
Mr Bill Cash - (acting) Managing Director - has 450,000?
Mr Louis Mnguni - Independent non-executive Director - has 2,000,000?
Mr Scott Lowe - Executive Director - has none?

But don't quote me on that!

serpicouk
15/7/2008
12:06
Does anybody have a list of directors' shareholdings - not options - just ordinaries.
adam
15/7/2008
07:12
20p...................lol
j4kes
15/7/2008
07:04
Arja,

I assume you see value on a t/o basis or you wouldnt have mentioned it so just give us a ball park figure.

dcroston
15/7/2008
06:50
dcroston,
I did not specify a takeover price as who knows what that might be ! Still drifting down in OZ to close at 5.3 after hitting 5.1 . It is almost in freefall but not alone in that as most resopurce stocks on oz market also in freefall ! maybe only those with plenty of cash will survive until better times appear.

arja
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