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| Share Name | Share Symbol | Market | Stock Type |
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| Mineral Sec | MXX | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
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| 0.00 | 0.00% | 29.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
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| 29.00 | 29.00 |
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Posted at 09/12/2008 12:54 by djalan From HC9/12/08 Analyst wants CopperCo probe 9th December 2008, 7:30 WST Research house Fat Prophets has called on regulators to investigate the collapse of CopperCo two weeks ago, describing the failure as "diabolical". Fat Prophets resources analyst Gavin Wendt says the sudden collapse of the Perth-based producer has raised questions over its disclosure to investors and a late flurry of trading in its shares in the days before it went into a trading halt. The collapse of CopperCo, chaired by Keith Liddell, has been blamed on its failure to refinance $45 million due to Macquarie Bank. The debt was inherited in the merger with Mineral Securities three months ago. Mr Wendt told subscribers to Fat Prophets' latest mining report that CopperCo had never cited the refinancing as a concern. "The situation with respect to CopperCo, which right up until the end was trumpeting its robust financial position and seemingly no mention of its debt position, has us perplexed, angered and continuing to ask many questions of both the company and market regulators," he said. CopperCo completed the merger with MinSec in September. A refinancing deal fell through at the last minute, prompting directors to call in voluntary administrators from McGrath Nicol on November 27. Macquarie then appointed receivers and managers from Ferrier Hodgson to safeguard its $135 million total exposure. The merged group's assets include major stakes in Niplats, Corvette Resources, Platmin and Tianshan Goldfields. Mr Wendt said the Australian Securities Exchange and the Australian Securities & Investments Commission needed to have a close look at the company, including "highly irregular movements in its share price". Shareholder casualties of the collapse include company promoter Tony Barton, Queensland mining magnate Nathan Tinkler and east coast boutique investment bank Lazard Carnegie Wylie. |
Posted at 17/7/2008 10:30 by mr.oz anyone .... any thoughts on this news about TGF I can't make my mind up what to think. EPS dilution, against working capital and enlarged investor involvement Seems early to talk about taking debt too. But this is all evidence of a growning entity full transcript: Tianshan Goldfields mulls HK share sale Bloomberg in Perth Jul 16, 2008 Tianshan Goldfields, an Australian company seeking to mine bullion on the mainland, is considering a Hong Kong share sale to raise funds for the project. The company expects to spend as much as A$70 million (HK$529.54 million) on the project in Xinjiang province before mining starts in the first quarter of 2010, chief financial officer Jason Bontempo said. China's consumption of gold jumped 23 per cent last year, making it the world's second-largest consumer. Gold climbed to a record in March, prompting mining companies to seek deposits. "Raising money through Hong Kong for a mainland project could make a lot of sense," Mr Bontempo said. Tianshan might also sell debt, he said, without giving details. Macquarie Group on July 3 raised its stake in Tianshan Goldfields to 11 per cent, trailing Mineral Securities' 25 per cent holding. Mining companies are asking Hong Kong's stock regulator to relax listing rules so that explorers without proven production prospects could sell shares. Spot gold hit US$987.75 an ounce yesterday, the highest since March 19, before easing to US$985.20 against US$971.20 late in New York on Monday. Falling mine production and the declining US dollar were the main spurs for gold buyers, said Citigroup Global Markets analyst John Hill. "One of the biggest attractions of China is the ability to be a low-cost producer," Mr Bontempo said. "If you are an Australian investor in gold, you are going to have to gravitate to companies with overseas projects. The Australian gold industry is suffering because it's failing to produce at reasonable costs." Tianshan Goldfields has 2.6 million ounces of resources at the Gold Mountain project in Xinjiang and may produce as much as 100,000 ounces annually in the first six years. |
Posted at 16/4/2008 08:59 by a0148009 utwiq Yes I think KPMG and CUO presentations flagged the strength of the merger and the potential and quality of assets. After the merger the size of the company should be more attractive to Institutional investors - at the moment it is the right sector to be in. AO |
Posted at 30/3/2008 22:26 by utwiq I posted this lengthy analysis elsewhere - it may be of interest (although be warned it largely sums up [and updates] my last few posts on this board):With the renewed interest in copper (amongst analysts, investors [witness Grandich's change of heart]), I thought I'd post an account of an ASX-listed company, CopperCo (ASX:CUO). I'm heavily invested (for a minnow such as myself) in a company called Mineral Securities (listed on ASX and AIM in London, ticker MXX), which is a mining house with a major stake in CUO. The two companies are merging. CUO offers very cheap and profitable copper production, MXX offers a very cheap set of listed investments and development projects including one of the most promising new platinum plays (Platmin, London and TSX listed, ticker PPN) and an unlisted 25% stake in a very high grade zince/lead/silver deposit (Xstrata own the rest). Private shareholders in CUO and MXX were both upset with the merger proposal, which to me suggests it is a fair deal. Certainly the new company, which so far is being termed New CopperCo, will be very attractive indeed. Here is the breakdown (all these figures in A$): 761.7m shares (after having taken out MXX's 97m holding in CUO) $388.47m Mcap at $0.51 (current CUO price) $207.37m liquid assets (setting aside CUO cash/debt; this figure does however take into account MXX's $51m cash and $72m debt, so $21m net debt) $181.09m enterprise value (ignore CUO cash/debt) $82.60m (post-tax profit at current 19kt production) $112.23m (post-tax profit at 25kt production [mid 2008]) $136.93m (post-tax profit at aimed for 30kt production [end of the year]) This assumes copper is at US$3.73/lb. The company has hedged 27.5kt over three years at US$3.02/lb equivalent (the hedge is in A$, hence the equivalent bit) but the rest of production will be unhedged. Of the $207.37m net liquid assets, $151.27m is the investment in PPN, which will be a very serious producer from Q1 2009 (shallow, low-chrome platinum ounces - a very attractive company indeed). At 30kt copper the ratio of enterprise value to earnings is 1.322. Just going on MCap, the P/E is 2.84. All post-tax. Mine life is not terribly long at present (7yrs), but there is a great deal of potential to expand this, especially since the merger with MXX brings together a lot of land in Nthern Queensland, which is where the copper operation is. None of the above takes any account of the unlisted assets that MXX brings to the table. They include Vostok (a copper property into which Vale is earning an 85% interest - by funding a feasibility study), Sappes (an 800koz gold property in Greece; feasibility completed in 2006, awaiting permitting [a tricky business in Greece] before production), and the jewel in the crown, Lady Loretta, in which they have a 25% interest (Xstrata holding the rest). Here is the analysis for Loretta: 13.7mt at 17% Zn, 5.8% Pb, and 96g/t Ag. Assuming 90% recoveries, each ton contains 336.6 lb/t Zn, 114.8 lb/t Pb, and 2.8 oz/t Ag. At $0.75/lb Zn this is $252.45/t for the zinc, at $0.50/lb Pb, $57.42/t fot the lead and at $12/oz Ag, $33.45/t for silver. Add it up and you have $343.32/t - at conservative metal prices. Assume $50/t opex and you have $293.32/t margin. Outstanding by any measure. Further assume: 2kt/day (19.6yr mine life) 700kt/annum (350 days) $205.32m operating profit $51.33m (New CopperCo [pre-tax] share) I haven't estimated capex for a 2kt/day operation. There was a technical report from April last year which set out some alternatives (one of which was toll milling through Xstrata's nearby Mt Isa operation: higher opex [although my $50/t was a high stipulation] but much lower capex). I wouldn't think it would exceed $200m, of which the company's share would be $50m, so pay-back in less than one year. Increase the production rate (which is very possible) or up the metal prices and the annual profit leaps accordingly. Very latest metal prices: $1.04 zn, $1.24 pb, $17.79 ag. The value per ton (at 90% recovery, as above) is $542 and the margin $492. MXX's pre-tax annual profit would be $86m. Or increase production to 3kt/day or 4kt/day - pre-tax profit leaps to $77m and then $102.6m. A very nice kicker for the New CopperCo. I think this is screamingly good value. And it gets better. Since the merger plan was announced CUO and MXX have traded in lock step, but they have diverged slightly since then (the deal is 2.2 CUO shares for each MXX share). The last close for CUO was A$0.51. The merger equivalent is $1.122 or 51.83p. MXX closed at A$0.99 (45.73p equivalent) and 43.5p in London. This gives a nice value gap, into an already startlingly cheap proposal. Invest £1 into MXX now and it buys £1.19 in the New CopperCo (this is just 51.83/43.5). If you buy on the ASX your A$1 buys $1.133, so not quite as cheap, although getting an instant 13% uptick into an already absurdly cheap company should appeal. Or buy in London and get an instant 19% free. All this assumes the merger closes, which I expect it will. If it doesn't, and you bought MXX direct, then you just own an astoundingly cheap mining house. I have an interest - I own a lot of this (for a small investor like myself) - because I think the numbers are compelling. This is, in my view, worth a serious look for any copper enthusiast or value investor (especially one who wants to buy a copper producer on a forward P/E of under 3, which effectively comes with platinum production, zinc development and a gold landbank for free). The company websites are quite useful: And the following article may be of interest (although it does contain errors): This crowd have written on MXX before. The comments on management experience and the quality of the team being assembled are worth noting. They also wrote up Platmin (PPN) a few days later: |
Posted at 27/3/2008 07:51 by utwiq pillion - I'm afraid I don't know definitively one way or the other (I may email management as well, I've had useful replies from them in the past, although one often has to wait [busy men, which I appreciate]). My working assumption however is that we are to delist from AIM and be exclusive to ASX. I say this from the stated terms of the merger (which I'd initially just assumed extended to a continued AIM listing) and from the fact that HSBC has indicated that the shares will have to be listed in my own name (rather than in a nominee account) because they cannot hold Australian shares for me. macca42 - not quite sure what you mean? MXX management suspended the deal on PPN because the market sentiment shifted (so that PPN's price stayed too low) and debt wasn't available in that context, or worth spending. CUO is not at all the same. It will spit out cash at an impressive rate and the merged business, per my analysis above, will be very strong indeed. Both sets of shareholders get a very attractive package of assets out of this merger, and for once I think it's fair to say this is a genuinely value-adding proposal for all concerned. Incidentally, CUO closed last night at A$0.505. The merger equivalent is $1.111 or 51.04p. MXX actually ticked down very modestly (although the closing bid/ask was much higher) to $0.95 (43.64p). This gives a nice value gap, into an already startlingly cheap proposal. Invest £1 into MXX now and it buys £1.18 in the New CopperCo (this is just 51.04/43.25). Obviously I'm biased - I own a lot of this (for a small investor like myself) - but value will out! |
Posted at 05/2/2008 16:12 by utwiq nutt - that's a fair point, and my apologies for having initially assumed (from the merger presentation) that this was settled (they may still be deciding?)I hope it'll be AIM listed also, both for the sake of the relevant MXX investors (you and I included), as well as for access to London capital markets however, I wonder if management are thinking liquidity, etc. will be better if they are just ASX-listed; AIM is so awful in this regard that they might be right! |
Posted at 19/11/2007 16:31 by pillion Ripped from Hot Copper-------------------- re: report from proactive investors (tokyojoe) Good article. The most interesting aspect for me was the revelation that management are focused on cash flows in the hope it will be valued on cash flow multiple rather than NPV. Just to clarify the valuation. That 1.70 - 1.95 valuation is in pounds sterling. At current exchange rates thats AUD$3.90 - AUD$4.48 So today's close at AUD$1.60 is a huge 60-65% discount to their fair value calculations. |
Posted at 19/11/2007 10:45 by aim_trader "Mineral Securities - The Keith/Robert combo still looks good18-Nov-2007 Minsec currently trades at a 50% discount to its NPV - is there a posse of value investors forming as I write?" Looks like a solid investment |
Posted at 16/9/2007 23:37 by pillion From Hot CopperPlatinum miner tests our appetite by Paul Garvey extract from The Australian Financial Review 12/09/07 The latest billion-dollar offering from the founder of Aquarius Platinum is poised to list on the Australian Stock Exchange. Platmin, established by Aquarius founder Keith Liddell, has been listed on the Toronto Stock Exchange and London's AIM board for just over a year. However, Platmin's South Africa-based chief operations officer Terry Holohan told The Australian Financial Review the company was testing the appetite of the Australian sharemarket ahead of a major capital raising. Platmin, which is capitalised at $C825 million ($950 million), will seek to raise about $US120 million ($145,85 million) in equity as part of the $US380 million it requires to develop its flagship Pilanesberg metals project in South Africa. Mr Holohan said the company was hoping to allocate a portion of the equity raising to Australia as part of a listing of the ASX and that a number of Australian fund managers has indicated their support. Australian institutional investors were among the big winners from Mr Liddell's previous foray into the South African platinum business. Aquarius took innovative Australian mining techniques to the world-famous Bushveld province of "An Australian listing would add more liquidy to Platmin" South Africa and they proved a remarkable success. Between 1999 and 2005, shares in the company climbed from less than $2 to just over $8. Since then, Aquarius shares have rocketed to more than $40 each. Mr Halohan said he hoped Aquarius's success would work in favour of Platmin if it pursued an Australian listing, which would also bring the company closer to the base of two of its major shareholders, Liddell's Mineral Securities, which recently completed a merger with Robert Champion de Crespigny's Scarborough Minerals, is listed on the ASX and holds an 18 per cent stake in the company. The African Lion fund, which ASX-listed Lion Selection Group runs, holds 11 per cent of Platmin. Mr Holohan said he hoped an Australian listing woule add more liquidity to Platmin, which now has only 14 per cent of its shares in public hands. The rest of the company's shares are tied up in a 33 per cent holding by Britain's government-owned Commonwealth Development Corp and a 24 per cent stake held by a major platinum producer Lonmin, which swooped on Platmin soon after its listing. Platmin recently completed a bankable feasibility study over its most advanced project, Pilanesberg, on the Bushveld's western limb, which found the asset could support a 250,000 ounce a year platinum group metals mine. The price of platinum, which accounts for about 60 per cent of Pilanesberg's contained platinum group metals, has risen from less than $ Platmin has already secured a black economic empowerment partner as required under South African law. |
Posted at 08/8/2007 17:51 by magnus9 witteklipYes, I'm sure the fact that many small investors are being forced to sell hasn't got anything to do with the sudden collapse in the share price. :) I mean why would anyone want to pick up a few million shares at a 25% discount? I can't imagine the MMs or any of Crespigny's associates would be in the slightest bit interested!!!!!! |
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