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[giant steps] 25/3/2010 08:24

 Last updated 25th March 2010 Merger ENK and RMLA ENK (p) 7.50 7.75   RMLA (p) 5.25 5.75 RML Aust cents 8.90 9.10 RML (p) xrate 1.635 5.44 5.57 Arbitrage window gives 9.94% discount Plus note RMLA does not attract 0.5% stamp duty payment Merger Factor Buy RMLA(p) Equiv ENK Price 4 ENK for every 5 RMLA x 1.25 Buyers comparison 5.59 6.98 (less than ENK 7p placing)

[giant steps] 25/3/2010 06:56

RMLA news > Thursday 25th March 2010



Key Environmental Compliance Certificates granted for Rusina's Acoje nickel-chromite project in the Philippines

Extracts
"
Nickel Heap Leach Project

The nickel heap leach ECC covers the extraction and processing of nickel laterite ore into a mixed hydroxide product. The major components of the project which the ECC covers are as follows:
• Mining - extraction of three million dry metric tonnes of nickel laterite ore per annum by surface mining for 10 years in 400 hectares out of the 3,675 hectares of the Acoje tenement;
• Heap Leach Processing Plant (HLPP) – processing of the nickel laterite ore through a plant comprising of an Agglomerator, Heap Leach Pads with 40 modules of approximately 63,000 cubic metres of ore per module, Five Process Ponds and a Precipitation Plant for the recovery of metals from the pregnant solution;
• Sulphuric Acid Plant – to provide up to 4,545 metric tonnes of 98.5% sulphuric acid for the HLPP as well as to provide steam for the 36 MW power plant;
• Water Storage Dam with a capacity of 1.7 million cubic metres, and
• Various storage and containment facilities as well as road and power access requirements.

Chromite Mining Project

This certificate is an enhancement of and extension to the ECC issued on 22 February 2008 for the nickel Direct Shipping Ore (DSO) operations. The major components of the project are as follows:
• Surface and underground mining rate of 415,800 metric tonnes per annum of chromite ore and 315,000 metric tonnes of chromite laterite ore;
• Processing plant for chromite with a production capacity of 378,000 tonnes per annum;
• Construction of all access roads, storage facilities, tailings ponds and silt traps, mine facilities, power and port as relevant to the chromite project, and
• Extraction of 1 million tonnes of nickel laterite ore per annum for DSO.
"

[giant steps] 24/3/2010 15:13

 Last updated 24th March 2010 Merger ENK and RMLA ENK (p) 7.15 7.50   RMLA (p) 5.25 5.75 RML Aust cents 8.80 9.00 RML (p) xrate 1.635 5.38 5.50 Arbitrage window gives 8.67% discount Plus note RMLA does not attract 0.5% stamp duty payment Merger Factor Buy RMLA(p) Equiv ENK Price 4 ENK for every 5 RMLA x 1.25 Buyers comparison 5.48 6.85 (less than ENK 7p placing)

[dickturnip] 24/3/2010 12:55

hadn't spotted this

Thanks GS

[giant steps] 21/3/2010 16:56

Extract
"
Even those miners with solid projects
have found themselves jumping
through hoops to access debt this year.
European Nickel, for instance, has been
working throughout the year to raise
$350m of government-backed project
finance in China for its Caldag mine in
western Turkey, relying on a string of
mini bridging loans in the interim.
'We've gone from scrabbling around
for $1m to the next minute looking for
$350m, doing a switchover between
two types of finance,' says Lindsay.
And although confident that the
Chinese money will eventually come
through, raising cash in China has
proved an anxious waiting game, as
European Nickel relies on Chinese
intermediaries to communicate with
banks.
Latest estimates are that the loan
will finalise by end-March, after which
development of the mine should move
ahead swiftly, according to Lindsay.
'We wonder what we could have done
to make the Chinese financing happen
more quickly,' he says.
However, although tapping finance
from China has injected some
'uncertainty' into the project, 'we
wouldn't have been able to raise it via
another route.' He notes that this could
change, however, as western banks
continue to recover.
"

[giant steps] 21/3/2010 15:13

21st March 2010



Extract
"
European Nickel said it may get $350 million in loans from Industrial & Commercial Bank of China in the second quarter for development of a mine in Turkey.
"

[pro_s2009] 20/3/2010 03:50

Star of the show so far SCE (Surface Transforms).

Wonder who chose that one :)

[giant steps] 10/3/2010 22:54

Nice observation from metex on the ENK thread indicates why caldag
financing is still an ongoing issue, unresolved legal challenges.


See page 7 from AR2009
Extract
"

During the year, European Nickel
continued to defend both the award
of the Environmental License (ÇED)
and the approval of the forestry
permit. These licences have been
challenged by politically motivated
environmentally active groups and are
going through the court process. The
District Administrative Court rejected
the ÇED lawsuit having considered in
detail the evidence presented by both
sides. The Court also rejected the
injunctive relief claim of the plaintiffs.
The plaintiffs objected to this decision
but the Regional Administrative Court
upheld the District Court's decision.
The case and the injunction request
have now been appealed by the
plaintiffs to the Council of State on
procedural grounds, which having
rejected the injunction request, is still
to hear the case. These challenges
and the resulting favourable rulings
serve to confirm the validity of the
ÇED.

The issue of the forestry permit
was also challenged by the same
groups who also requested an
injunction. Both the challenge and the
injunction were rejected by the District
Administrative Court. These decisions
have been appealed to the Regional
Administrative Court, where the
injunction request was again rejected,
and the challenge case has not yet
been heard.

"

[jimarilo] 27/2/2010 14:36

because of it's weighting against stocks with just the single vote

[giant steps] 24/2/2010 16:14

24 Feb 2010

Rising from the nickel wreckage



Investors flock to listed nickel stocks, as profitability returns to the global sector, and spot prices flirt with multi month highs.

[robo63] 21/2/2010 09:43

You should include PPC, It will surpass them all by year end.

[pro_s2009] 18/2/2010 04:48

Aminex (AEX) remains the best performer so far.

[giant steps] 17/2/2010 07:46

16 Feb 2010

China leads the pack in global mining's new-look financing model



Extract
'
The report points out that "China's expanding appetite for mining and metals acquisitions is a relatively recent phenomenon. Over the past ten years, Chinese entities have successfully completed over 369 deals worth over $50b, with nearly 80% of these taking place since 2008."
'

[giant steps] 15/2/2010 09:12

Reminder 14 Feb 2010



Atlas Consolidated planning to reopen mine in Palawan amid recovery in nickel prices

[giant steps] 15/2/2010 09:11

12 Feb 2010

Palmer plans nickel expansion

[navyan] 07/2/2010 14:13

lol... why are all of your above charts pointing south?

are these all the losers you holding? surely you must hold more losers than just these lot.

p.s read some books, it may help you to lose less money on these mining stocks. haha....

[giant steps] 03/2/2010 11:51

Chip post from ENK thread





chipperfrd - 3 Feb'10 - 11:45 - 1729 of 1730

Just posted this on another board so thought it appropriate to place it here as well.

Comparison of ENK and RML prior to merger and placing announcement.

ENK market cap of £32.9m (470m shares @ 7p).
RML market cap of £16.2m (302m shares @ 5.35p)

Comparing contained nickel (JORC standard only)

ENK total of 866,917t attributable contained nickel. Market value ~ $15.9b
made up from following:

Caldaq (78%) = 293,436t JORC all RESERVE
Acoje (40%) = 220,308t Indicated & Inferred
Zambales (40%) = 110,920t Inferred
Devolli (50%) = 213,500t Measured, Indicated & Inferred
Berong (18.7%) = 28,753t Inferred

RML total of 331,228t attributable contained nickel. Market value ~ $6b
made up from following:

Acoje (40%) = 220,308t Indicated & Inferred
Zambales (40%) = 110,920t Inferred

Status of main projects:

ENK (Caldaq)
Ready for construction
US$150m of CAPEX already spent
Awaiting US$350m loan for build
First production c. late 2011/early 2012

RML (Acoje)
PFS completed
DFS in progress (late 2010/early 2011)
CAPEX requirement US$498m (although TCC could possibly save 15%)
First production c. late 2012/early 2013

ENK had already earned 20% of their attributable stake in Acoje with remaining 20% due on completion of $10m funding for trial heap leach plant.

RML was already relying on ENK HL technology and staff to make the economic case for full scale heap leach production at Acoje - and the project partners were aiming for equal division of project earnings on completion of development.

There are obvious economies of scale and the merged entity looks better able to negotiate with the likely off-taker (JXTC) and the constructor and loan guarantee'er (TCC).

Just my personal view.
Chip