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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Monterrico | LSE:MNA | London | Ordinary Share | GB0031695009 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 82.00 | - | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Date | Subject | Author | Discuss |
---|---|---|---|
01/4/2008 11:28 | Now is the time to top up...Watch it bounce from here. | chesty1 | |
01/4/2008 11:28 | there must be a reason for the fall from £3 to £1.00 , what is it, anyone know? | powwow | |
01/4/2008 11:27 | Buy now! If I had cash I would now. | katsy | |
01/4/2008 11:24 | Prescient piece; well possibly. The Economist warns of dangers ahead for Zijin in Peru by The Economist 4th June 2007 When China's Zijin Consortium won its bid for UK-based Monterrico Metals and its Rio Blanco copper project in Peru in April, industry insiders regarded the acquisition as a major coup for the Chinese government's ambitious drive to diversify supplies of strategically important resources. The Rio Blanco project, located in the Piura region close to the border with Ecuador, was believed to be the largest copper mine in the world not owned by a major firm. Monterrico has estimated that, when developed, Rio Blanco will rank among the very largest quarries in South America, yielding up to 25m tonnes of copper ore annually. What added more buzz to China's acquisition was the fact that Zijin's winning bid was far below the expectations of Monterrico's shareholders. China offered to pay US$182.3m for Monterrico, while the company's largest shareholder, Frankfurt-based Wermuth Asset Management's Greater Europe Fund, had insisted its fair value was between US$500m and US$1bn. But luckily for Zijin, the takeover bid was made amid continued protests against Monterrico's exploration activitiesin Peru. That kept its share price low and ultimately helped push the company into the hands of its new owner. The Chinese consortium is led by Zijin Mining Group- the country's biggest gold miner -Tongling, a copper miner, and Xiamen C&D, a trading and property conglomerate. Although the Rio Blanco acquisition appears to be a success for China in securing a foothold in copper-rich Piura, it could still turn out to be a rash decision. Take Monterrico's troubled history in the region. The company, which mainly identifies, explores and designs stages of mineral-project developments, has faced continual uproar during its four years of operations in Piura. Violent clashes between the police and local farmers protesting against the project have occurred in 2004, 2005 and 2006. A report by UK-based Peru Support Group (PSG) says the use of tear-gas grenades and rocks have resulted in two deaths, several cases of injury and arrests. The conflicts have attracted considerable media attention both inside thecountry and abroad, forcing Peruvian authorities to launch an investigation into the conduct of Minera Majaz, Monterrico's wholly-owned subsidiary responsible for overseeing the Rio Blanco project. Rio Blanco's concession lies on land belonging to peasant communities, or campesinas, which in Peru possess a degree of authority over how land can be used. Local farmers have alleged that Monterrico did not obtain the proper legal permits for site exploration and hasdisregarded their concerns for the environment. Rio Blanco is near the crest of the Andes, located in a fragile cloud forest where endangered species like the Andean spectacled bear live. If the exploration site is converted into a mineral-development project, its habitat could be affected. Despite such concerns, Monterrico had envisaged a larger mining district around Rio Blanco that could incorporate other deposits in the region and on the frontier with Ecuador. Local residents also fear that mining would have an adverse impact on the quality and quantity of their water supplies. Much of the Piura region is a desert or semi-desert, and its agriculture is acutely dependent on the quality of water draining from the highlands where Rio Blanco is located. Local peasants are poor even by national standards, and they have put up a stiff resistance to previous attempts to infringe on their land rights by French and Canadian mining companies. "For Rio Blanco to be socially viable it has to be the verybest mining project in Peru, one that ensures that mining fosters development," says the PSG. If Zijin wants its investment to pay off, it would be wise to heed the advice. Otherwise, its bargain purchase could turn into a costly mistake. In the pits? © The Economist Intelligence Unit Limited 2007 | edmondj | |
01/4/2008 11:23 | level 2? please... | armitage_sink | |
01/4/2008 11:22 | It's just taking a breather - back up soon.... | ali00 | |
01/4/2008 11:22 | If this can pop back up from here it really is game on. | chesty1 | |
01/4/2008 11:21 | IHNC.. it'll pop back up in a min | subiaco | |
01/4/2008 11:20 | ihavenoclue... lol :-( for you | katsy | |
01/4/2008 11:18 | IHNC.Never chase.If you cannot get the price leave it be. | gluefactory | |
01/4/2008 11:17 | Managed to get 3000 at 1.58p ... watch it crash now LOL | ihavenoclue | |
01/4/2008 11:14 | tis the tiny free float. There will be plenty looking to buy, and no-one selling..... Roll on £2. | davros006 | |
01/4/2008 11:13 | gave up ... buy price was 142p .. put buy order in at 150p and it wasn't taken | ihavenoclue | |
01/4/2008 11:10 | Going up too fast .. tried to buy at 130 .. then 137 ... the 144 ... wow i am about to give up !! | ihavenoclue | |
01/4/2008 11:08 | Must be an RNS today I can smell it...!! | chesty1 | |
01/4/2008 11:07 | small free float chesty, any large orders and the MM's cant fill em. £1.50 should be a breeze today. | davros006 | |
01/4/2008 11:06 | well done dssloan you owe me a beer... Watch this one move. | chesty1 | |
01/4/2008 11:06 | now where did i put that bungee cord? Whoooooooosh. | davros006 | |
01/4/2008 11:05 | In for 3567 bought on a tip from Chesty1 (on the VOG board) not something I usually do, but quickly scanned the details in the announcements and fall obviously overdone. (I'm afraid I don't intend to be a longholder, just here to recover some losses from a turbulent EEL). prefer to stick to well-researched oilers.. | dssloan | |
01/4/2008 11:05 | There must be news out there OR shorters know there's nothing left for em. | chesty1 | |
01/4/2008 11:04 | should be nosing onto the leaderboard soon. | davros006 | |
01/4/2008 11:00 | Shorters must be running for the hills now!! | simonparker5 | |
01/4/2008 10:59 | Hello the £1.30's.... | chesty1 | |
01/4/2008 10:41 | 35000 at £1.10p could that mark the end of our seller. ??? | chesty1 |
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