Antofagasta Share Discussion Threads

[diku] 17/11/2009 16:26

tb3..yes I too was surprised the strength this morning/afternoon despite big gains yesterday...

[thebull3] 17/11/2009 16:17

diku, I think tommorow around 1.30 we might see a sell off if data is bad, until then, I'm going to watch, commodities holding pretty firm depite large recent gains, maybe one last push up in the morning, who knows..... dodgy place to be at the moment I think, decision making getting harder, better to wait than chase, looks like it might fall but i'm not yet convinced

[diku] 17/11/2009 15:35

anybody think a slightly bigger sell off tomorrow?..

[diku] 16/11/2009 21:50

grgkecer...I would think most here are momentum players...be it Long or Short..but thanks for the info..although that's for end 2010...before then we could be in for a double dip...start of the second half of "W"...

[grgkecer] 16/11/2009 19:26

Glad to see you're so well-informed on the company.

Esperanza
The Esperanza project continues on schedule with first production expected by the end of 2010. The project received board approval for its development in June 2007 and an environmental impact assessment was submitted in August of that year. Pre-stripping and other early works began in early February 2008 following receipt of provisional environmental authorisation at the end of 2007. The full environmental impact assessment was received in June this year and the main construction works were initiated at the end of July. A number of key contracts have been assigned, including an engineering, procurement and construction management contract with Aker-Kvaerner for the plant which was signed in June.

Cumulative capital expenditure to the end of June 2008 was US$161.7 million, with approximately 2,000 workers on site. Total capital costs (before working capital and any financing costs) are currently estimated at approximately US$1.9 billion, with an update of project status expected in the fourth quarter of this year with the preparation of a definitive estimate when the detailed engineering is substantially complete. Following the inclusion of Marubeni Corporation as a 30% partner in the project as explained above, the Group intends to continue to examine further options for financing.

Esperanza is a sulphide deposit located in Chile's Antofagasta Region approximately four kilometres south of the Group's El Tesoro mine. It will produce copper concentrate containing gold and silver by-product credits through a conventional milling and flotation process, with ore throughput expected to average approximately 97,000 tonnes per day. In its first ten years of operation, Esperanza is expected to produce approximately 700,000 tonnes of concentrate containing 195,000 tonnes of payable copper, 229,000 ounces of payable gold and 1,556,000 ounces of silver, with molybdenum production expected to start in the fifth year of operation with approximately 2,100 tonnes per year over the following five years.

Esperanza has at present a 15 year mine life, although the adjacent Telegrafo deposit is ultimately expected to utilise the Esperanza plant and facilities well beyond this period. The Esperanza deposit includes an oxide resource of 119 million tonnes with an average copper grade of 0.35% mainly forming part of the overburden to be removed through pre-stripping and which as explained above is expected to be processed through the El Tesoro plant.

Reko Diq, a 50-50 JV with Barrick Gold, is also relevant.

[diku] 16/11/2009 16:16

tb3..unfortunately I don't follow Shares mag or IC and not seen write up on Anto in the media...maybe other posters can enlighten...

a bit of an over raction on today's price...is it the weak dollar again or President Obama's visit to Far East?...

[thebull3] 16/11/2009 15:48

I notice Kaz and Ved not performing as well as Anto today, shares mag last week said something about Anto starting gold production in the future, do you have any info on this?

[diku] 16/11/2009 15:47

Yes..just under your revised figure...

today's price action without any intraday dips....nicely controlled...

[thebull3] 16/11/2009 15:44

sorry diku, my mistake, citigroup, didnt goldman issue target of 1100p or something stupid like that

[diku] 16/11/2009 15:30

tb3...Goodmans have a higher target then the price in your post...I better not post it here for publicity!...

[thebull3] 16/11/2009 15:23

Been away today, just got back, cant believe this, wish i'd gone long when i closed my short, not going short again yet though, this looks like a bubble in the making, think i'll wait to see if we make goldmans price target 990p

Still watching Next, going to wait, want to keep deposit to short this back to reality.

[diku] 16/11/2009 15:10

short at 929p..

Casino turning into a comedy...

[diku] 16/11/2009 13:30

I honestly don't think this is real investment fundies money buying these individual stocks...it's all short term programme trade players playing the casino...

[chillwill] 16/11/2009 12:47

Borrowing to buy risky assets? We'll never learn (says me using margin to short lol, although i keep my long exposure minimal).

Chances of de-leveraging and margin calls increasing then I take it, makes chances of a market crash more likely rather than just a substantial retrace.

Edit: short @ 911.5p, high enough for me

[diku] 16/11/2009 12:25

"Carry Trades" term has started to get a mention in some quarters...this time it's the US...money borrowed at near 0 rates to buy risky assets...2-3 years ago they were mentioning China Carry Trades!...

[chillwill] 16/11/2009 12:10

Just noticed the mining index opened up a 700 point gap this morning, bit crazy and unjustified that it'd rise so much on 1 day where there isn't much economic data out (apart from Japans gdp, but their index barely moved); fair enough if it was oversold but it's already floating round 2009 highs.

Think some decent shorting profits are near...

[omalaha] 16/11/2009 11:26

yes, NXT along with others, looking toppy - have resistance at 2120 so might see if it tries for it before going in.

[diku] 16/11/2009 11:01

tb3...NXT is showing signs of weakness...I was hoping for it to gap up to short around 2040p - 2050p...still think it's due for a correction down to 1920p - 1930p...No Advice Intended...

[diku] 16/11/2009 10:57

CW...Good morning...yes I did look into XTA early this morning and do often take my Q from goings on there...but I don't post on that BB due to traffic...

Head of XTA has cashed his options...and that's no small fry!..

omalaha...you might very well be right on the 925p - 932p...this has the tendency of going around those levels once it passes through the round figure (900p)...

[omalaha] 16/11/2009 10:34

short order set to fill at 925p - will keep an eye on the techs as it nears that 2007 high - FTSE overbought but think they might try and squeeze a bit more out of this rally - if it gets to around 5500ish shorts will be piling in and expect the SB/CFD comps will try and flush out the stops, so could be choppy.

[chillwill] 16/11/2009 10:30

Morning diku, have a look at XTA on the daily trend, from what I see it broken downward, and is currently testing the underside of that trend. Just gone short @ 1073.5 where R3 is.

Wanna try and hold for around 915p for anto me thinks

[diku] 16/11/2009 09:32

I see a lot price teasing going on just under 900p...

[diku] 16/11/2009 09:13

short at 898p..

[chillwill] 13/11/2009 15:04

yeah just closed mine for a decent amount, it was a little bigger than usual so not bothered about holding on for much longer

[diku] 13/11/2009 15:02

834.5p short closed at 854p...loss here can be offset from gains earlier in the week...