Discov. Met Share Discussion Threads

[connor23] 12/4/2010 20:42

The Standard said Soros has bought in here as well. I'm torn between this and FND as my copper play. The market seems to be recognising the potential here more, but FND nearer to production. Hmmm......

[georgio44] 12/4/2010 19:01

Touted as a Buy in London Evening Standard, so will get in work early on Tues to take a bit of profit from XPP and stick it on DME.

[chipperfrd] 12/4/2010 18:40

Worth noting that there is a new note from Blackswan on the DME site:



Bit conservative - but then they always are!

[euclid5] 09/4/2010 22:04

Thanks for the link Chipperfrd - question is Citigroup Nominees have bought - but why would RFC sell at this crucial time just weeks before the BFS & the resource upgrade - & where can we see that these shs will belong to a Sorus fund?

[jonny flame] 08/4/2010 11:14

Copper Market to Move Into Deficit in Fourth Quarter, GFMS Says
April 07, 2010, 8:40 PM EDT

[chipperfrd] 07/4/2010 22:42

Sorry Euclid5, I should have provided the link.

[euclid5] 07/4/2010 22:24

I can't locate the RNS on their website!

hope we can expect a few broker upgrades from their resourse upgrade news today!

I wonder why RFC would sell their entire holding anyway?

[chipperfrd] 07/4/2010 14:28

Yes, the holdings RNS would appear to indicate that Citigroup have picked up the entire 21.237m shares from Resource Cap.

[euclid5] 07/4/2010 13:39

Looks like Fairfax's report dated 07/04/2010 says RFC sold out & Sorus Fund has invested - gives us alot of faith & confidence

[pro_better] 07/4/2010 12:56

yep. broker report also works it around these levels.

[chipperfrd] 07/4/2010 12:50

Pro_Better,

That would be nice!

I am roughly working it as follows:

CAPEX required ~ $150m (under the original PFS/BFS)
Cash in hand ~ $57m
Balance ~ $93m
Debt % ~ 60%
Debt ~ $55.6m
Balance from Equity ~ $37m (£24.4m)
If placing @ 50p then 49m new shares required
That would be at a ratio of 1:5.2 to current shares in issue.

[pro_better] 07/4/2010 12:05

chipperfrd

around 10% dilution i would say...

[gimme sunshine] 07/4/2010 12:01

Cheers chipperfrd

I will do se Reading but looks like a worthwhile investment.

[chipperfrd] 07/4/2010 11:21

Gimme Sunshine,

According to the release, they have received the technical reports for the BFS and management are expecting to release the results of their deliberations by the end of April.

It would look likely that they will opt for the larger 3mtpa thoughput immediately and this will probably add a bit to the required CAPEX. But I doubt they will have much trouble raising the funding given the strong fundamentals of this first project.

Worth noting that with the recent placing to the off-taker, cash held and options due to be exercised, they already have c. US$58m towards the CAPEX. Debt is likely to make up 60% so the remaining equity portion will be c. US$37m (£24.5m). With the stronger share price the placing may well be of the order of 50p or higher so relatively few new shares (c. 49m) will need to be placed. Which all adds to the potential EPS once into production.
Chip

[jonny flame] 07/4/2010 11:10

ss - got DME & AAAM in my portfolio for chips comp, should be a good week for me :)

[gimme sunshine] 07/4/2010 10:01

Morning all new to this today, looks like a good one for the next few months, is that right the the bfs will be complete this month

[soulsauce] 07/4/2010 09:59

Ahh yes nice one Peter, this has been a cracker for you, nearly as good as my ANR ;-)

Shame you have not put it in this months compo.

[p3dr036] 07/4/2010 09:48

Well that's pretty impressive!!! The Market Cap. yesterday was £119.3M. At today's current 54p bid it is now £138.5M and I expect there's much more to come over the coming months.
While I see that there has already been some profit taking today at 56p or so, these stay firmly in my ISA!!

[jonny flame] 07/4/2010 09:16

Nice, continuing to deliver.

[chipperfrd] 07/4/2010 08:51

A really great step forward that will probably result in a move towards the 3mt throughput option for first mining.

I was watching the ASX as the share moved up 10% but had not seen the release by the time I went to bed.

Here is a more readible copy of the RNS:


Exciting times ahead for shareholders!
Chip

[johnrxx99] 07/4/2010 07:30

Excellent update. Makes yesterdays topup well times for once.

[danielsimmons] 07/4/2010 07:22

Looks amazing, I should have got in when I read about this one EVERY week in shares magazine, hope I am not too late today

[littlemadam] 07/4/2010 07:07

I do not hold here, but just seen the rns. Is this as good as I think it is?
If so, wakey wakey guys!
Someone please post - before 8 a.m.

[blue85] 06/4/2010 15:28

will do....thanks again