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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Bdi Mining | BMG | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
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|---|---|---|---|---|
| 0.00 | 0.00% | 36.50 | 00:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 36.50 | 36.50 |
| Top Posts |
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Posted at 11/4/2007 21:05 by spacecowboy3 Sorry to be pedantic but as I read the offer announcement, I don't think it's quite correct to say that they have 60% irrecoverable undertakings. The relevant details are in section 4 of the fine print -In connection with the Offer, certain BDI Mining Shareholders have entered into irrevocable undertakings with Gem Diamonds ........ representing approximately 42.5 per cent in aggregate of the issued BDI Mining Shares. These irrevocable undertakings will cease to be binding ..... or (iii) an offer is announced by a third party before the Offer becomes unconditional as to acceptances, provided that such third party's offer price is at least 10 per cent. greater than the offer price under the Offer. In addition, William Aldwin Soames, Saad Investments Company Limited, RCM (a company of Allianz Global Investors) and Draganfly Investments Limited have provided letters of intent to Gem Diamonds stating that their current intention is to accept the Offer in respect of their shareholdings of 2,412,000, 3,111,500, 5,756,585 and 2,650,000 BDI Mining Shares, respectively, representing approximately 13.4 per cent. of the issued BDI Mining Shares. In summary, therefore, Gem Diamonds has received irrevocable undertakings and letters of intent to accept the Offer in respect of 61,842,657 BDI Mining Shares in aggregate representing approximately 59.6 per cent. of the issued BDI Mining Shares. So - only 42.5% (plus the Directors 3.7%) actually irrevocable (and even these are not binding if there's another bid that's 10% better) and the rest just letters of intent. Nevertheless, given that the Board have thrown their weight behind Gem it seems unlikely to me that there will be another bid, particularly with BDI's slightly odd mix of assets. Consequently I also sold my holding into the market today. Very disappointing but best to move on and use the money elsewhere IMO. |
Posted at 08/1/2007 21:04 by ged5 Not sure how reliable this is since they've got the share price wrong but it could be the explaination for the fall."Papua New Guinea-listed stocks on the London, Toronto and Australian stock exchanges generally took a battering last week following a big drop in copper prices and weaker gold and oil prices. The Perth-based PNG IndustryNews.net website, which closely follows the country's resources sector, headlined its weekly market watch report: "PNG Resource stocks in the red." It said: "One of the saddest weeks of trading for PNG-focused companies, in line with the fortunes of resources stocks globally, was prompted by the lowest copper price in 10 months. "Positive announcements were conspicuous by their absence as mining stocks were helpless to arrest what they would be hoping is only a brief demise." A related MiningNews.Net website, also run by Perth's Aspermont Group, in an item titled "A day of carnage" suggested resources stocks had been "well and truly smashed as investors freaked out at copper's fall below US$6,000 (K14,781.97) a tonne". Listings of the performances of PNG-related mining and oil companies showed they came off comparatively well on the Australian Stock Exchange were nine out of 13 companies experienced falls. By contrast all three PNG-related stocks on London's Alternate Investment Market (AIM) recorded losses during the week with Rift Oil down 24% to 4.66 pence; BDI Mining down 12.3% to 30.2 pence and Triple Plate Junction down 4% to 25 pence." |
Posted at 23/11/2006 16:24 by skyship Ged - many thanks for that - makes a great read. I am now almost decided to run this as a core holding rather than the intended trade. Even without the potential gold mine, the diamond story alone could well attract significant investor interest over the next few years. Will have to do some number crunching to see what sort of level we might get to in 2007. WENDY - Are you out there - any views? |
Posted at 23/11/2006 12:28 by ged5 And now the second pageBDI has also reported signifi cant progress at its Woodlark Island gold project, its other hot prospect alongside Cempaka, where a recent scoping study demonstrated the feasibility of an 80,000 oz/y open pit mining operation in one of the world's brightest areas for gold copper deposits. The company is currently preparing the way to carry out a bankable feasibility study on the project which it believes it can turn into a successful open pit operation with an initial mine life of four to fi ve years. "When we press the button we want to hit the ground running," says Mr Spencer. Meanwhile, Cempaka has moved smoothly through to producer status, notching up its fi rst diamond sale in September 2005 and moving towards an annual production target of 100,000 ct/y. Veteran explorer Mr Spencer, who has worked in the region for more than 30 years, is also excited about the quality of the stones coming out of Cempaka which, he says, are already making a reputation in their own right. "The quality of the stones we're getting are excellent," he says. "Because of the unusual geology and the regular shape of the stones, the manufacturers are getting quite a high yield. For every stone they buy they get a very consistent recovery rate once they have cut them." To cater for the growth in production of what are predominantly high quality gems rather than industrial diamonds, the company is also doubling the capacity of its processing plant to 50,000 bench cubic metres (bcm). "Once this kicks in," says Mr Spencer, "we'll also see diamond production doubling up." Phase two mining of the Cempaka main channel has now commenced. The channel is a 1.6 km wide, 10 km long palaeochannel containing more than 1.3 Mct. According to Mr Spencer, "there is potential for resources in the region to exceed 3 Mct." With US$2.45 million worth of sales over Q3, the Cempaka mine has become self-sustaining and Mr Spencer sees no let up in the type of diamond the mine is able to produce. "The most encouraging analysis I've seen from an investor's point of view is that of [diamond analyst] James Picton of WH Ireland. He's pointed out that there is a huge market shortfall until 2015." In fact, Mr Picton predicts that output from diamond mines worldwide is likely to fall 2% by 2015 even though production has increased by about 9% in the past fi ve years. The search for better quality diamonds and better recovery is clearly the order of the day. To highlight the point and to meet it head on Cempaka has produced its own brochure, a celebration of the Cempaka diamonds in prospect, and of a region that is the second oldest source of diamonds after India. The Cempaka diamonds are considered to be extremely well formed having what is known as a 'sawable' shape, while over 30% of them are recognised as being white in colour, one of the most valuable diamond colours. There is also some insight into what kind of company makes a project like Cempaka work. When Rio Tinto inherited the project as part of its purchase of Ashton Mining in 2001 it deemed it too small to warrant further development, so in came BDI Mining. As Cempaka continues to make its mark, there is no reason why Woodlark Island should not ultimately turn BDI into a two-mine company, says Mr Spencer. "At the moment," he says, "we've built the camp and done over 25,000 m of diamond core drilling. We're currently evaluating funding options to support the further development of the project." The aim, he says, is to complete a bankable feasibility study in 2007, continue to expand the resource currently 1.02 Moz - and then look towards developing mine number two. "We're also advancing the logistics by doing a little bit of infrastructure development. When we press the button we want to hit the ground running." In this case the advantages of island-mining over the mainland include better access and more cost eff ective logistics, generally, than the mainland. "There's a deep water harbour and we're only an hour and a half's fl ight out of Port Moresby. You can bring all the gear in relatively easily and compared with some of the large operations on the mainland it's pretty much a dream-turn," says Mr Spencer. "We also have a very cooperative local population who want development." Anyone who knows the island and wants mining will be encouraged by its history. The island was one of the fi rst recognised goldfi elds in PNG and produced around 180,000 oz of gold during colonial times. Previous explorers on the island had defi ned a resource of 368,000 oz of gold and there are numerous untested targets on the island which BDI believes off er excellent potential to increase the resource base ahead of a potential mining operation. Mr Spencer maintains that the company has more than justifi ed its September 2004 listing on AIM which secured additional capital to develop Cempaka and Woodlark, both of which are helping to turn BDI into a strong bet for investors. "The twin listing objectives of doubling the size of Cempaka and increasing resources at Woodlark have both been met, on time and under budget," says Mr Spencer. |
Posted at 29/6/2006 12:28 by doobydave Here's my tuppence...To be honest, I don't see how we can have a sensible stab at mining costs when we know neither the recovery rates nor the appropriate extraction processes. The ore could be refractory for all we know. Epithermal gold generally isn't, I believe, but until metallurgy is done (usually as part of the feasibility study) we are guessing extravagantly. Strip ratios should be low, but reading Ged's comments, I might have missed something here? Personally I'm more bothered by the small matter of a mining permit in an area of outstanding natural beauty. Has anyone noticed the new (June) investor presentation on BDI's website - . Regards, DD |
Posted at 19/5/2006 09:00 by poacher45 I cannot believe this share is so low after even being tipped in the investors chronicle. |
Posted at 27/4/2006 05:19 by ged5 DD, R2, wow,Good stuff thanks for the early alert. The article certainly allays fears about the infrastructure at Cempaka. "Community and government relations as regards the project are good, with none of the well publicised acrimony that afflicts some of Indonesia's other mining operations. The mine's logistical situation is also an excellent one, with marine and air access an easy distance away by sealed road. All this makes Cempaka a high calibre development asset, and the potential for further discovery nearby is the icing on the cake." Also jonwig was worried about the unrest in that part of the world affecting mining operations. "Bonanza grades have already resulted from drilling and Woodlark has a record of historic gold production, as well as handily simple metallurgy. The island is also well away from the fractiousness that afflicts some parts of Papua New Guinea." but most important the reasons to invest:- "All this makes Cempaka a high calibre development asset, and the potential for further discovery nearby is the icing on the cake." "There is a lot of exploration still to be done, and a multi million ounce deposit is definitely not unthinkable, but bizarrely, this project too appears to receive little recognition from the market." "As things stand, BDI is a unique and appealing proposition, and those investors who get in before the market wakes up to this, as one day it must, could be especially richly rewarded." |
Posted at 26/4/2006 23:15 by doobydave New Resource Investor article tonight, folks. To be found and well worth a read.It starts, "BDI Mining's Cempaka diamond mine in Indonesia looks as if it is shaping up into a very serious asset indeed, but the market as yet has no idea. When Cempaka is combined with BDI's Woodlark Island gold exploration project in Papua New Guinea, alert investors are presented with an alluring package." Very positive publicity indeed. "The market as yet has no idea". Well, as the saying goes, they do now, and I expect buying to result. DD |
Posted at 28/3/2006 06:44 by bitterlemontart Feature Story Date: March 28, 2006 BDI Mining Runs Into Problems As A Result Of Selling By Hedge Funds Certain events get the nose of a journalist twitching in all directions. It happens at the most unexpected times, but it would be hard to ignore the fact that AIM listed BDI Mining, which switched its advisers from brokers Hichens Harrison and nomad Ruegg on January 19th to the rather larger firm of Williams de Broe, changed back again almost exactly two months later. No reason was given for the original change of advisers, but chairman Paul Loudon was quite wordy about the progress his company had made since listing on AIM in September 2004. "BDI Mining has successfully made the transition from explorer to producer with the commissioning of the Cempaka alluvial diamond mine in Indonesia. We have also increased gold resources on the wholly-owned Woodlark Island gold project in Papua New Guinea by 75 per cent with additional gold resources to be included in the next resource statement before the end of March, and further step-out and exploration drilling planned for 2006 as the company moves towards its stated target of more than one million ounces mineable. These two projects provide BDI Mining with a significant resource base from which to achieve management's growth ambitions for the company." Paul Loudon was clearly delighted to have got Williams de Broe on board and the expectation was that the company would raise some money for BDI Mining from new investors to accelerate its progress. It is at this stage that things get a bit fuzzy as no one seemed to want to say much about events after that. A look at the share price chart , however, gives a clue. The price was coasting along at around 35p when W de B took over, but soon after that it drifted steadily downwards to the current price of 27.5 p. Some might say that a fall of 21.4 per cent is not a lot, but it can cause a fair amount of chaos if broker and client company are trying to agree a price for a placing at the time. The first question that has to be asked is why the share price fell so consistently as the company itself appears to be doing well. Inevitably the name of RAB Capital comes up as one of several hedge funds which had built up a 25 per cent stake in BDI Mining acquired at the very low price of 8p. The sole object of a hedge fund is to make money so it buys shares as cheaply as possible, preferably when management is a bit desperate at the pre-IPO stage. Nothing wrong with that. The problem is that their time frame is skewed against that of investors who became involved with the company through a placement at 30 p per share in April 2005. This is a good price for anyone in at 8p, so there is the constant problem of an overhang. Another example was Stratex International which listed on AIM at the end of 2005 with a placement at 5p per share. RAB Capital was said to have a holding amounting to 44 per cent of the equity which had been acquired through a pre- IPO at 1.8 p per share. The hedge fund manager could take a nice profit in the 5p to 6p range and that is where the shares sat for the next three months. Bad luck on IPO investors as it is an interesting company with a strategic alliance in Turkey with Teck Cominco, but at least brokers were alerted to the problem and now scan lists of juniors very carefully for hedge fund shareholdings before committing to a funding. Back to BDI Mining which has clearly been bruised by the experience of changing advisers. Agreement could not be reached with Williams de Broe on a price at which a placement could be made as selling meant that it slipped a fraction on an almost daily basis. The company therefore returned to the old team of Hichens and Ruegg and raised a fraction under £5 million virtually straightaway from supportive shareholders through shares at 28p plus some convertible loan notes. Four drills can now be kept moving on Woodlark Island where the company hopes for a resource of 1 million ozs by the end of the year. It was a salutary lesson for all concerned and Paul Loudon resigned as chairman, after ensuring that he left the company in good financial order. The reason given is that he might have a conflict of interest between BDI's diamond interests and a diamond company called Diamondcorp with which he is involved in South Africa, and which will list on AIM later this year. The possibility remains, however, that he shouldered responsibility for the decision to change brokers which must have wasted time and money. At this stage it is as well to reflect on the power of these hedge funds which is growing all the time. RAB Capital is an appropriate example due to its activity in London's junior mining sector. At the end of 2005 it had £1.5 billion under management and that has grown since December to £1.8 billion which compares with the total market capitalisation for the sector of £12.6 billion. This last figure reduces sharply to £8.5 million if just four companies, Bema Gold, First Quantum, Peter Hambro Mining and Yamana Gold are taken out. In 2005 RAB made a pre tax profit of £25.56 million after paying employee bonuses of £28 million. These figures give an idea of the rapidity with which investments are turned over and, of course, it is in the better companies with more liquidity that trading tends to be concentrated. RAB does not confine itself to mining stocks, but it has certainly played a vital role in the growth of AIM's mining sector. Life is all about balance, however for every good there is a bad - and BDI Mining certainly seems to have got the dirty end of this particular stick. |
Posted at 19/2/2006 12:18 by ged5 CEMPAKA DIAMOND MINE QUARTERLY UPDATE4th Quarter 2006 LONDON - 24th January 2007 - BDI Mining Corp. ('the Company') announces its quarterly sales and production report for its Cempaka alluvial gem diamond operation in SE Kalimantan, Indonesia. Highlights: • Revenue from diamond sales up 40% over Q3 • Mining operations commence at Cempaka Main Channel • Encouraging valuation for Main Channel Production • Potential for resource increase at Danau Seran BDI Mining is a small company which has been producing diamonds at Cempaka since August 2005 and is about to increase production early next year to about 8000 carats per month. There is also another site at Martapura which is similar to Cempaka and Bobaris which is said to be the source area for the alluvial deposits at Cempaka. There have been rapid developments at Woodlark Island which has measured, indicated and inferred 1million ounces of gold. Home Website: First Minesite Presentation: Latest Minesite Presentation: Resource Investor article 26/4/06 As things stand, BDI is a unique and appealing proposition, and those investors who get in before the market wakes up to this, as one day it must, could be especially richly rewarded. Latest Research: Increase of DIAMOND resources at CEMPAKA: BDI Mining Corp. (AIM:BMG) announces that an independent reserve and resource assessment of the Danau Seran and Cempaka Palaeochannels within the original Contract of Work area has resulted in a 91% increase in global resources to 1,412,950 carats. Increase of GOLD resources at WOODLARK ISLAND: LONDON - 24 October 2006 - BDI Mining Corp. ('the Company') reports the completion of an internal scoping study with the use of external consultants to assess the viability of developing a gold mine at the Company's 100%-owned Woodlark Island Gold Project in Papua New Guinea. The study has demonstrated the feasibility of an 80,000 oz per year open pit mining operation with an initial mine life of 4 to 5 years. Average cash costs have been estimated at US$300/oz, with an average open pit grade of approximately 3 grams per tonne. Inclusive of all contingencies, it is estimated that capital costs would be in the region of US$45 million. JUNE 2006 Presentation |
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