Circle Property Share Discussion Threads

[blessings] 22/6/2006 20:01

FEWER said of the root causes of conflict in the country was lack of good governance at local and national levels. "However, this 'accountability' deficit cannot be fixed in a security vacuum," FEWER said, adding, "as the Congolese government and the international community focus their attention on the upcoming elections, the underlying question is how to resolve conflict after elections."

The 30 July general elections will be Congo's first democratic polls in 45 years. FEWER said the DRC has been marked by "structural" failure at all levels, a situation that has been exacerbated by civil and regional war, which has led to the deaths of at least 3.5 million people and the displacement of millions others.

"The initial excitement of a new political dispensation before, during and immediately after the elections can easily be a curse in disguise, as elections are only one small part of the democratic process," FEWER said.

[pinhead3] 20/6/2006 11:19

Info on RMB resources



RMB Resources is the resources merchant banking business of Rand Merchant Bank. One of Africa's leading natural resource players, providing innovative solutions to companies operating in the mining, oil, gas and energy sectors. With a presence in each of the major resource sector capital raising centres, we have an international capability to provide equity, quasi-equity and debt funding and draw on Rand Merchant Bank's entire skills base and financial strength for the benefit of our clients.
RMB Resources (UK) Limited Two London Bridge London SE1 9RA United Kingdom tel [phone] fax [phone] e-mail [Michael Schonfeld
website www.rmb.com.au RMB Resources (Australia) Limited
Level 13, 60 Castlereagh Street
Sydney NSW 2000
Australia

tel [phone]
fax [phone]
e-mail [e-mail]
website www.rmb.com.au
RMB Resources (Australia) Limited
RMB Resources Limited
Level 6, 15 Queen Street
Melbourne VIC 3000
tel [phone]
fax [phone]

e-mail [e-mail]
website www.rmb.com.au

RMB Resources Inc.
Representative Office
143 Union Blvd, Suite 900
Lakewood
Denver CO 80228
USA

tel [phone]
fax [phone]

e-mail Rick Winters
website www.rmb.com.au

[trustman] 20/6/2006 10:56

Thanks Pinhead.....hope there is no slippage! T.

[pinhead3] 20/6/2006 08:01

Trustman

' The IRR is substantially higher than previous estimates and
reflects the beneficial effect of leveraging from the RMB loan....The current IRR and NPV estimates are based on the independent feasibility study announced by CRC on 22 February 2006 ....which have been recalculated by CRC to take into account the leverage from the loan TO BE provided by RMB Resources.'

RMB are going to provide the loan, I'm assuming they are sort of broker or financier.
Yes, they must know what terms the loan is going to be given on otherwise they couldn't have recalculated the IRR of the project to a higher number.

[trustman] 19/6/2006 22:24

CRC "has appointed RMB to arrange a loan".
Does this mean the loan has been arranged or not?
With the company quoting an IRR it suggests it knows the terms etc, but the wording does not seem to confirm the funds are actually there right now.
Can anybody shed any light please? T.

[lovegod] 19/6/2006 16:10

was short but now long

[unionhall] 19/6/2006 14:35

before adding on the additional resource - possibly doubling the contained mineral.

[wassapper] 19/6/2006 14:10

IRR of 96% - says it all really!

[pinhead3] 19/6/2006 13:24

Welcome aboard lovegod, I'm very hopeful that you won't be dissapointed.
Are you in for the short or long term?

[lovegod] 19/6/2006 13:17

just got in

[pinhead3] 19/6/2006 11:54

Beginning to motor now, I wonder if we can get past 80p today.
Results due in the next 9 trading days, looking positive.

[pinhead3] 19/6/2006 11:33

Don't forget the HAIB METS survey & the Hinonba-an bankable schedule are both due in the next 6 months. If all goes to plan & the general markets hold up £2 could easily be reached.

[unionhall] 19/6/2006 11:20

The election methodology and the reports from the independent monitors should give a good indication of how well the elections go - assuming there will be independent monitors.

If they go well this really seems to be ready for, and worthy of, a sustained rise....

[pinhead3] 19/6/2006 11:14

Unionhall
Agreed the political situation in DRC is the biggest risk now to the Kinsenda project. Lots of potential upside with higher copper price & longer mine life on Kinsenda alone.
Election due at the end of July but results will take a couple of months to ratify & announce.

[unionhall] 19/6/2006 11:09

"No further equity financing will be required....."

"US$1.25/lb long-term copper price"

Music to my ears...


Lets hope the elections go relatively smoothly now.

[pinhead3] 19/6/2006 10:48

Excellent news, 96% IRR with no additional equity funding.

'Copper Resources Corporation Appointment of RMB Resources
Immediate Release 19 June 2006

COPPER RESOURCES CORPORATION

APPOINTMENT OF RMB RESOURCES TO PROVIDE US$32 MILLION LOAN FOR RESTART OF
KINSENDA COPPER PROJECT IN MID-2007

LONDON, United Kingdom - 19 June 2006.

Copper Resources Corporation (AIM: CRC.L) ("CRC"), is pleased to announce that
it has appointed RMB Resources Limited to arrange a loan facility of US$32
million for Minière de Kinsenda et Musoshi sarl ("MMK"), its 75%-owned
Congolese (DRC) subsidiary. Proceeds of the loan will be used to restart the
Kinsenda copper mine in mid-2007. CRC does not anticipate that any further
equity financing will be required for the Kinsenda Restart Project.

The projected financial return to CRC of the Kinsenda copper project is highly
favourable with an estimated IRR of 96% and a NPV of US$147 million at a
discount rate of 10%, based on a "base case" using a US$1.25/lb long-term
copper price. The IRR is substantially higher than previous estimates and
reflects the beneficial effect of leveraging from the RMB loan. The high rate
of return also reflects the extremely high grade of Kinsenda's reserves (5.1%
copper) coupled with the project's low capital costs of US$36 million (plus
working capital and financial costs). The current IRR and NPV estimates are
based on the independent feasibility study announced by CRC on 22 February 2006
that was prepared by Mineral Engineering Technical Services Pty Ltd ("METS") of
Perth, Australia, and which have been recalculated by CRC to take into account
the leverage from the loan to be provided by RMB Resources.

The mine will treat 1.2 million tonnes of ore annually, yielding, at full
capacity, 54,000 tonnes per annum of contained copper in the form of a rich,
45% concentrate at an average total cash operating cost of US$0.68/lb. The
mine's reserve life is 13 years based on the currently defined reserves.
However, a new exploration target recently identified by FinOre Mining
Consultants ("FinOre") of Perth, Australia as reported in CRC's announcement of
4 April 2006, could lead to a substantial increase in the estimated Kinsenda
resource and extend the mine life beyond 13 years.

Mitchell Alland, CRC Executive Vice Chairman stated: "The Kinsenda Restart
Project is proceeding on schedule with mining operations scheduled to commence
in mid-2007. Our appointment of RMB Resources will facilitate the timely
closing of the project financing."

Note: FineOre and METS are independent mining consultancy firms that are not
shareholders in CRC or any associated party.'

[pinhead3] 16/6/2006 21:05

'Results will be released by the end of June' not much to go on but company confirmed it, 30th June is the deadline anyway.

10 trading days until 30th June so not long to wait now although real action will start when METS survey is released next quarter & Hinoba-an bankable survey is released 'by December'.

[stegrego] 16/6/2006 19:15

when are the results out?

[pinhead3] 16/6/2006 15:07

Stemis
Yes, I'd expect to see some decent revenue produced from the Musoshi stockpile.
However I doubt much has been produced since the acquisition at the end of November to be included in the December accounts.
Should have a positive comment in the outlook though.

[stemis] 16/6/2006 12:27

Thanks Pinhead.

Presumably the results will update us on progress on "producing 4,000 tonnes per annum of copper matte (95% copper content) by treating existing ore stockpiles through the Musoshi arc furnace that is currently in operation.".

8m lb Cu per annum should generate gross revenues of $24M at $3/lb. Must be at least a few million quid pa in it for them?

[pinhead3] 15/6/2006 12:55

'SteMiS - 14 Jun'06 - 11:29 - 293 of 294

Shouldn't we be expecting some news from Haib and Hinoba-an about now?'

Stemis
The METs report on Haib has been delayed until the next quarter, had a response by the company by email.
I expect an update on Hinoba-an to be released with the results which will be by the end of June. Dewatering of Kinsenda was due to take six months from February so probably won't completed until end of August but might get a progress report this month.

[stemis] 14/6/2006 11:29

Shouldn't we be expecting some news from Haib and Hinoba-an about now?

[addas99] 13/6/2006 15:04

blessings, play the self-righteous preacher man all you wish you loathsome hypocrite, from now on you're filtered.