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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Metminco | MNC | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 0.325 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 0.325 | 0.325 |
| Top Posts |
|---|
Posted at 04/10/2018 11:32 by scotty666 I don’t hold these but have an investment in one of the companies selling the nickel asset to MNC - for those that do still hold this may be useful; |
Posted at 30/8/2018 08:16 by christy41 T.C.M.C ...Hopefully that will get concluded and am quite hopeful certainly now with Nick Winer onboard.Still the chance also of offloading Chilean assets as well.The project just keeps getting better and better but bad sentiment from the past seems this is completely ignored over here still plus general small cap malaise Lots of chat on the hotcopper site and that's where I post now. Certainly seems that they believe the copper is there and with Nick Winer coming on board with his Nuevo Chaquiro connections at Anglo Gold seems very coincidental. MNC at Mining 121 in London and New York shortly and will also be at the Columbian Gold Symposium later in the year.Mining 121 presentations normally get uploaded onto site a couple of weeks after the event. |
Posted at 24/7/2018 07:49 by christy41 Taken from Marcs11 on the hotcopper site.At just 0.55p a share, Metminco (LSE:MNC) has so far struggled to capture the market’s imagination since refinancing, shaking up its board, and shifting its strategic focus onto Colombia earlier this year. With the business expecting drill results from a potentially gold porphyry-bearing prospect in August and concluding negotiations on two more sites, could now be a good time to get in ahead of a news-driven re-rate? Here, Metminco’s executive chairman Kevin Wilson tells us what Colombia has to offer and how the firm plans to make the most of it. New Steps Since Wilson, an experienced geologist, joined Metminco in March, the business has undergone a strategic shift away from mine development and onto exploration. Specifically, it wishes to demonstrate the potential of its Colombian gold exploration assets. It is also freeing up additional cash by reducing operating costs and financial liabilities. Indeed, it has already reduced the size of its board and is looking at ways to divest its two non-core assets in Chile. A significant development came in April when Metminco carried out a AUD5.6m (c.£3.1m) rights issue. After paying off most of its creditors to limit debt exposure, the company was left with around A$3m (c.£1.6m) cash to launch a high impact exploration programme in Colombia. Wilson told us the rights issue was crucial in enabling Metminco to pursue the first steps of its new strategy: ‘The success of April’s rights issue has given us the funds to begin our exploration strategy and get our foot in the door in an area with real potential.’ Emerging environment Metminco’s 100pc-owned Colombian assets are collectively called the Quinchia portfolio and found in the country’s prospective Cauca Belt. The area hosts more than 60Moz gold and is home to many large gold porphyries, the best known of which is perhaps AngloGold’s 28.5Moz La Colosa deposit. Economically, Colombia is currently in a sweet spot, boasting 4.7pc GDP growth a year in the decade to 2017. It also contains plenty of infrastructure and massive gold reserves. However, it has been historically underexplored thanks to decades of political instability and warfare. Thankfully, this appears to be changing, with Colombia’s government and its largest rebel group, FARC, signing a landmark peace treaty in 2016, majorly reducing security risk. Things took another step forward in June this year when the country’s presidential election managed to pass without any violence, with social conservative Ivan Duque emerging as victor. According to Wilson, political developments like these represent a visible step change in Colombia’s stability as an operating environment. He told us: ‘When you think the country is coming out of a very long era of conflict and polarisation, the fact that nearly everyone accepted the result of the election is a credit to the nation, its democratic institution and the steps forward they have made. I look forward to seeing this continue.’ The positive implications on Colombia’s mining sector can already be seen, with the country taking in$10bn of foreign investment last year alone. With the government planning to expand port and railways by 2020 as part of a $70bn mining infrastructure program, the good times are primed to continue. Drilling programme The first stop in Metminco’s exploration drilling programme at Quinchia is a prospect called Tesorito. Three holes drilled by the prospect’s previous owner intersected more than 250m of anomalous gold mineralisation and found higher levels of copper and molybdenum at depth. At the start of June, Metminco began a 1,500m diamond drilling program at the site with the hope of confirming and expanding these intersections, to identify a gold porphyry system. Given the nearby presence of many large porphyries, Wilson is hopeful that assay results from the drilling at Tesorito – expected next month – can trigger a positive re-rate in Metminco’s shares. With a tranche of his performance shares vesting on the delivery of 1MMozs gold from the site by December 2019, a lot is riding on him being right: ‘Previous results suggest there is a lot of gold in the system at Tesorito. We are essentially following up these results which were delivered by the previous owner. At the moment, this is not at all priced into our share price so delivering early drilling results here could get us noticed.’ The second prospect that Metminco plans to drill this year is Chuscal. The opportunity is a significant gold porphyry target that features a large, undrilled gold geochemical anomaly based in an area where artisanal mining has already unearthed encouraging channel sample grades. As it stands, Metminco is in discussions with the current owner to formalise a farm-in/JV agreement over the site and exploration drilling is not expected to begin until later this year when these talks have completed. Based on the value of existing porphyries, Wilson is encouraged by Chuscal’s potential. He believes the site could house a ‘ large deposit’ that may end up being transformational for Metminco: ‘A similar porphyry in Ecuador has an asset value of $1bn, so that is the sort of potential you can get if you hit the right discoveries, and we already know there are a lot of those in this region. Chuscal is about 50km north of AngloGold’s La Colosa porphyry deposit, in the same belt, and not too far from another called Marmato, which contains 8.6Moz gold. These properties can be worth $500m to $1bn. What’s more, because the gold is at surface, the cost of drilling is modest. Chuscal could be a key part of Metminco’s future story.’ Miraflores Metminco will also continue permitting work for its Miraflores project at Quinchia, where it is investigating options for gold production from a proposed mine site. The project contains an 840koz measured and indicated gold resource at 2.8g/t and a 457koz proved and probable gold reserve at 3.3g/t. A DFS completed at the site in late-2017put production at 45koz per year for 9.5 years, giving it an NPV(8) of $72m and all-in sustaining costs of $643/oz at $1,300oz gold With local law requiring a plan of work (POW) and environmental impact assessment (EIA) before work can start, work for gaining these permits has occurred this year. In January, Metminco submitted a work plan for mine development approval to the Colombian Mining Agency. Wilson argues that Miraflores’ resource provides investors with a degree of downside protection. As he put it to us: ‘If you look at any valuation of Miraflores’ resource, you can come up with a number that is in advance of Metminco’s current market cap, and that is without considering cash or giving any value whatsoever to the upside at Tesorito and Chuscal that drilling should produce.So,you have that protection of value as you’re buying in cheap and the potential for a re-rating over the short term- as we have only recently shifted our focus, our story is still becoming known.’ Time for a re-rate? With Metminco’s market cap sitting at just £5m, Wilson’s point about value protection has merit –the resource figures and data released about the business’s assets do not seem to be holding much sway in the market at all. If his instincts turn out to be correct, then it could be sat on two sizable gold porphyries in Tesorito and Chuscal, whose value – based on nearby discoveries – would make its current market cap look paltry. If they turn out to be duds, then Miraflores isn’t even being fully valued into shares based on the company’s calculations. Although it is likely that Metminco will have to raise cash at some point to continue its development, short-term newsflow could make it worth considering a punt at the firm’s current price on the expectation of a re-rate. Author: Daniel Flynn Disclosure: The author does not hold positions in any of the stocks mentioned above Share the knowledge! |
Posted at 14/6/2018 10:59 by the count of monte_cristo What is the market cap of MNC now?WH, what an idiot, I told him via email about 18 months ago to getting drilling at Tesorito as this would add excitement and interest to the stock and if the grades were good it would positively impact the sp, which would then mean that they could raise cash at a better price for shareholders. He told me that they were just focusing on Mira. Didn't work out well for him or any of the shareholders. |
Posted at 31/5/2018 09:40 by christy41 A bit of an MNC write up from a couple of days ago. |
Posted at 17/5/2018 08:04 by melodrama Very well thanks m8, hope you the same, I need to get up to speed on MNC, ffin website in aus seems to contain Malware! Malware Bytes won't let me in lol |
Posted at 05/3/2018 13:26 by christy41 from RFC Ambrian a little while ago.MNC : AU | A¢3.9 | US$3m | Speculative Buy Announces Rights Issue and Restructuring Metminco (ASX:MNC) has announced that it is to undertake a significant restructuring that will include a rights issue to refinance the company, a change of leadership (including a new Board and executive team) and the re-focusing of the company on the exploration of two high-impact targets — Tesorito and Chuscal — near its Miraflores gold development project in Colombia. COMMENT: The restructuring will result in changes in both the direction and leadership of the company. Until recently Metminco had been focused on the development of the Miraflores gold deposit in Colombia, where it announced the results of a feasibility study in late October 2017, and at which work for the completion of the EIA remains ongoing. The current move is to test the large-scale, high-potential Tesorito geophysical anomaly; prior drilling intersected 384m grading 1.0 g/t from surface. This has the potential to generate some much-needed excitement around the company. We continue to recommend Metminco as a Speculative Buy. The company plans to raise A$5.1m though a deeply discounted 7 for 2 rights issue at A$0.01/share and to raise A$190,000 through a placement at the same price. Each of the new shares issued will have one third of an option attached to it, exercisable at A$0.013/share for two years. The rights price of A$0.01/share is at a significant discount to the share price of A$0.039 prior to the announcement, and is at a 32.6% discount to the theoretical ex-rights price of A$0.0148/share. The incoming Board and management will be led by the experienced mining executive Kevin Wilson. In addition to a re-focusing of the company’s attention on the potential of its exploration assets in Colombia, Metminco also plans to divest its non-core assets in Chile and reduce the level of its overheads. The company plans to commence exploration drilling at the Tesorito prospect in April 2018, and at Chuscal — which is under option from AngloGold — later this year. Tesorito is the highest-priority exploration target within the tenements having been identified by limited drilling results, IP imaging and soil geochemistry. All three holes drilled by the project’s previous owner encountered consistent mineralisation and alteration, with the most notable intersection being TS-DH-02’s intercept of 384m at 1.0 g/t from surface. Surprisingly, and despite these results, drilling approached but failed to intersect the 700m x 500m high-chargeability IP anomaly as defined by a 2012 imaging survey. Copper and molybdenum values in TS-DH-02 were elevated towards the end of the hole and the boundary of the anomaly. Testing the main geophysical anomaly remains a priority. The company believes Tesorito has the potential to represent a sizeable gold-copper porphyry system, typical of the host Mid-Cauca porphyry belt, which houses the giant 33Moz La Colosa and 14.5Moz Marmato deposits |
Posted at 11/1/2018 15:22 by christy41 TCMC,two interesting interviews from Kitco on gold price,not that anything seemsto help the MNC share price at the moment. Every $100.00 increase in price of gold adds $20 million to MNC NPV from the Nov 2017 presentation Also from the 14th of Jan,from about 04:30 onwards,gold price with chart. |
Posted at 31/5/2016 10:15 by cantrememberthis2 Metminco - Getting out of Its Bind - Master InvestorBy John Cornford 12 May 2016 Metminco – Getting out of Its Bind Practically all miners saw their shares decimated between 2011 and 2015. Avocet, whom I covered last week, was an extreme example. To look at Metminco‘s (MNC) chart with its shares now at 0.25p against 25p in 2011 might suggest the same. But where I think Avocet is a dead duck (an avocet, unfortunately for my freedom to choose a good headline, doesn’t look anything like a duck), at least in its present form, Metminco is better described as a dozy duck, although it would even better be thought of as a Phoenix in waiting. Unlike Avocet, which wasn’t able to get any shares away at all, Metminco’s shares in issue have quadrupled since it listed in 2010, so its loss of market value isn’t nearly as bad. mnc 2 MNC – 5 yrs to May ’16 You could say that while many shareholders on miners’ bulletin boards castigate their managements for their loss of value, the reality is that most have been the victims of bad luck overtaking previous optimism. (I don’t think one should ever accuse entrepreneurs of ‘over-optimism The trouble is that finding new mines and bringing them to production always was going to take MNC some time. So now that after ten years it has indeed found almost exceptionally good, potential mines and has almost readied them for production, it has fallen foul of the copper price slump bind where it has become stuck. And one more piece of bad luck, though probably not as serious, has also come to hang over it. If it weren’t for copper slumping to hardly more than $2.1/lb now against $3/lb only two years ago, MNC’s hard work would have been rewarded with two potential mines which it has developed to where their economics promise to be at the higher end of world copper producers. Its flagship (if it is the correct term for something still in dry dock) is the world class Los Calatos deposit in Peru, whose economics according to a 2014 study showed over £30bn worth of in-ground copper (at $3/lb) and a more than 30 year mine life at a lower than industry mean cost of only $1.1/lb – but at a capital cost of $1.3bn In contrast MNC’s market cap now is only £8m, despite its Aussie mining specialist broker saying “Los Calatos is one of the few, substantial, copper – molybdenum porphyry projects that has been advanced to a Pre-Feasibility Stage, and is wholly owned by a junior exploration and development company.” If that $1.3bn capex has proved to be too much for a minnow like MNC, it also owns the much smaller but even more profitable Mollacas project in Chile, where a 2014 scoping study showed that for a much lower $47m capital cost it could earn a 37% IRR and a $75m NPV8 on a 7-year mine life – although still at the then $3.1/lb copper price. But unfortunately, if a copper price that is now 1/3rd lower wasn’t enough to render Mollacas (for the moment) almost uneconomic, a landowner has been challenging MNC’s access to (but not ownership of) the mine and has thereby forced its development to be put on hold while MNC negotiates, having taken its case as far as it can in the Courts, and losing. So, while the Mollacas landowner will, surely, be brought round at a cost, it is the copper price that has effectively stopped MNC’s engines. Before copper’s latest lurch downwards, in an effort to reduce the daunting capex for Los Calatos, MNC reworked its mining plan to concentrate on higher grade portions of the original pit design (and to go, more cheaply, underground) so as to halve that $1.3bn capex and in the process achieve a still excellent 16.6% IRR and a $447m 8% NPV. (Although, again, at a $3/lb copper price.) In the present, probably temporarily much worse environment for copper, that capex, also, is too daunting a prospect for MNC to fund, so it is detailed negotiations with a number of larger potential partners to help pay for the further work necessary before Los Calatos can be developed on that smaller scale, which even if involving giving most of it away, might at least release some nearer term value for shareholders. Given the mine could potentially commence in late 2020, such partners might hope to see Los Calatos coming into production at a time when industry expectations are for a shortfall in global copper supplies and therefore a higher price. On top of that, Los Calatos has good further exploration opportunities that will add to its attractions. But even if that isn’t enough, MNC is on the verge of a deal to counter any prolonged copper weakness by diversifying into gold – where there is a plausible case to say that if copper remains weak it will be because the global economy stays weak, engendering desperate stimulatory measures which will increase indebtedness and so stimulate the price of gold. So it makes sense for MNC to be hedging its bets between the two metals. Its agreed deal to pay an initial A$2m (approx £1m) in shares (and, later, up to $7.5m in cash if it decides to mine) to buy the Quinchia portfolio of gold assets in Columbia should be complete by the end of May. Quinchia comprises a late-stage 1.8Moz gold mine at Miraflores, not far from Anglo-Gold Ashanti’s giant 33Moz La Colosa gold mine and others on the same structural trend, and has a number of other deposits and prospects which, so far, total 2.8Moz of gold resource. Miraflores is being acquired on the cheap, after its owner went bust just before completing a feasibility study and after spending $29m. From there a subsequent owner commissioned a more detailed technical report on a mining plan providing for a 12-year mine life recovering an average 42,000 oz of gold per annum at a $682/oz cash and sustaining cost, in return for an initial $83m capex – an amount that currently is more easily funded for gold than for copper. Once the deal completes, taking its shares in issue up from 3.4bn to nearly 4bn, MNC plans to complete the feasibility study, which hopefully will optimise the mine to lower costs and increase production by 30% to 55,000 oz/year, so bringing more cash flow earlier. This will all take more funding of course, but if the gold environment continues to improve there should be no obstacles to MNC raising what it takes to get Miraflores into production and deliver the cash flow it needs to develop its other projects. Of these, Los Calatos has by far the greatest scope with its opportunities for longer term expansion, which are what will attract a funding partner, so that MNC’s challenge will be to keep its various plates spinning in the air, with the Mollacas project as a wild card. The latter is the best prospect to deliver near-term cash flow, and it seems unlikely that the landowner blocking access would spite his nose so severely as to refuse to compromise and allow it to proceed. mnc 1 MNC – 1 year to May ’16 MNC’s shares don’t seem to have reacted much to the Miraflores key to releasing it from its bind – perhaps because there has for long been a perception that its projects having stalled and its share dilution (not as bad as for many other miners) is all MNC’s management’s fault, but also perhaps because recent share placings and options conversions to keep going have released shares onto the market. And further fund raises to keep the plates spinning are obviously on the cards. MNC’s primary listing is on ASX, whose investors are possibly better mining judges than us Brits, so will determine the shares’ medium term performance. The AGM is due next week in Sydney and might deliver more news about the timetables for those plates to stop spinning and come down, unbroken, to earth. But with a good probability that at least one of its three potentially high value opportunities will crystallise into considerably more than its current depressed market cap – albeit not immediately – I think MNC is as good a candidate as any for an investor’s Bottom Drawer, if not for his ‘Pending Soon’ tray. Into the latter could drop at any moment a strategic partner for Los Calatos. |
Posted at 13/5/2016 08:21 by grannysnuffs Metminco – Getting out of Its BindBY JOHN CORNFORD12 May 2016 Metminco – Getting out of Its Bind Practically all miners saw their shares decimated between 2011 and 2015. Avocet, whom I covered last week, was an extreme example. To look at Metminco‘s (MNC) chart with its shares now at 0.25p against 25p in 2011 might suggest the same. But where I think Avocet is a dead duck (an avocet, unfortunately for my freedom to choose a good headline, doesn’t look anything like a duck), at least in its present form, Metminco is better described as a dozy duck, although it would even better be thought of as a Phoenix in waiting. Unlike Avocet, which wasn’t able to get any shares away at all, Metminco’s shares in issue have quadrupled since it listed in 2010, so its loss of market value isn’t nearly as bad. mnc 2 MNC – 5 yrs to May ’16 You could say that while many shareholders on miners’ bulletin boards castigate their managements for their loss of value, the reality is that most have been the victims of bad luck overtaking previous optimism. (I don’t think one should ever accuse entrepreneurs of ‘over-optimism The trouble is that finding new mines and bringing them to production always was going to take MNC some time. So now that after ten years it has indeed found almost exceptionally good, potential mines and has almost readied them for production, it has fallen foul of the copper price slump bind where it has become stuck. And one more piece of bad luck, though probably not as serious, has also come to hang over it. If it weren’t for copper slumping to hardly more than $2.1/lb now against $3/lb only two years ago, MNC’s hard work would have been rewarded with two potential mines which it has developed to where their economics promise to be at the higher end of world copper producers. Its flagship (if it is the correct term for something still in dry dock) is the world class Los Calatos deposit in Peru, whose economics according to a 2014 study showed over £30bn worth of in-ground copper (at $3/lb) and a more than 30 year mine life at a lower than industry mean cost of only $1.1/lb – but at a capital cost of $1.3bn In contrast MNC’s market cap now is only £8m, despite its Aussie mining specialist broker saying “Los Calatos is one of the few, substantial, copper – molybdenum porphyry projects that has been advanced to a Pre-Feasibility Stage, and is wholly owned by a junior exploration and development company.” If that $1.3bn capex has proved to be too much for a minnow like MNC, it also owns the much smaller but even more profitable Mollacas project in Chile, where a 2014 scoping study showed that for a much lower $47m capital cost it could earn a 37% IRR and a $75m NPV8 on a 7-year mine life – although still at the then $3.1/lb copper price. But unfortunately, if a copper price that is now 1/3rd lower wasn’t enough to render Mollacas (for the moment) almost uneconomic, a landowner has been challenging MNC’s access to (but not ownership of) the mine and has thereby forced its development to be put on hold while MNC negotiates, having taken its case as far as it can in the Courts, and losing. So, while the Mollacas landowner will, surely, be brought round at a cost, it is the copper price that has effectively stopped MNC’s engines. Before copper’s latest lurch downwards, in an effort to reduce the daunting capex for Los Calatos, MNC reworked its mining plan to concentrate on higher grade portions of the original pit design (and to go, more cheaply, underground) so as to halve that $1.3bn capex and in the process achieve a still excellent 16.6% IRR and a $447m 8% NPV. (Although, again, at a $3/lb copper price.) In the present, probably temporarily much worse environment for copper, that capex, also, is too daunting a prospect for MNC to fund, so it is detailed negotiations with a number of larger potential partners to help pay for the further work necessary before Los Calatos can be developed on that smaller scale, which even if involving giving most of it away, might at least release some nearer term value for shareholders. Given the mine could potentially commence in late 2020, such partners might hope to see Los Calatos coming into production at a time when industry expectations are for a shortfall in global copper supplies and therefore a higher price. On top of that, Los Calatos has good further exploration opportunities that will add to its attractions. But even if that isn’t enough, MNC is on the verge of a deal to counter any prolonged copper weakness by diversifying into gold – where there is a plausible case to say that if copper remains weak it will be because the global economy stays weak, engendering desperate stimulatory measures which will increase indebtedness and so stimulate the price of gold. So it makes sense for MNC to be hedging its bets between the two metals. Its agreed deal to pay an initial A$2m (approx £1m) in shares (and, later, up to $7.5m in cash if it decides to mine) to buy the Quinchia portfolio of gold assets in Columbia should be complete by the end of May. Quinchia comprises a late-stage 1.8Moz gold mine at Miraflores, not far from Anglo-Gold Ashanti’s giant 33Moz La Colosa gold mine and others on the same structural trend, and has a number of other deposits and prospects which, so far, total 2.8Moz of gold resource. Miraflores is being acquired on the cheap, after its owner went bust just before completing a feasibility study and after spending $29m. From there a subsequent owner commissioned a more detailed technical report on a mining plan providing for a 12-year mine life recovering an average 42,000 oz of gold per annum at a $682/oz cash and sustaining cost, in return for an initial $83m capex – an amount that currently is more easily funded for gold than for copper. Once the deal completes, taking its shares in issue up from 3.4bn to nearly 4bn, MNC plans to complete the feasibility study, which hopefully will optimise the mine to lower costs and increase production by 30% to 55,000 oz/year, so bringing more cash flow earlier. This will all take more funding of course, but if the gold environment continues to improve there should be no obstacles to MNC raising what it takes to get Miraflores into production and deliver the cash flow it needs to develop its other projects. Of these, Los Calatos has by far the greatest scope with its opportunities for longer term expansion, which are what will attract a funding partner, so that MNC’s challenge will be to keep its various plates spinning in the air, with the Mollacas project as a wild card. The latter is the best prospect to deliver near-term cash flow, and it seems unlikely that the landowner blocking access would spite his nose so severely as to refuse to compromise and allow it to proceed. mnc 1 MNC – 1 year to May ’16 MNC’s shares don’t seem to have reacted much to the Miraflores key to releasing it from its bind – perhaps because there has for long been a perception that its projects having stalled and its share dilution (not as bad as for many other miners) is all MNC’s management’s fault, but also perhaps because recent share placings and options conversions to keep going have released shares onto the market. And further fund raises to keep the plates spinning are obviously on the cards. MNC’s primary listing is on ASX, whose investors are possibly better mining judges than us Brits, so will determine the shares’ medium term performance. The AGM is due next week in Sydney and might deliver more news about the timetables for those plates to stop spinning and come down, unbroken, to earth. But with a good probability that at least one of its three potentially high value opportunities will crystallise into considerably more than its current depressed market cap – albeit not immediately – I think MNC is as good a candidate as any for an investor’s Bottom Drawer, if not for his ‘Pending Soon’ tray. Into the latter could drop at any moment a strategic partner for Los Calatos. |
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