Hey Oly notice how That 18 billion $ off copper in the ground was just that and rest of the commodities was just plus plus plus. All for a pultry $1.90 something.
In reality the 10 year oxide project just mines the skin of one of the biggest base metal inventories in Australia. CMR cites potential to double the 84Mt resource and we think it could be more. The deposit is open along strike and at depths below 300-350m. Beneath the old Whites open cut for example is a 22m intersection of 5.8% copper that remains to be followed up. That 84Mt is worth around $18bn at today’s prices or A$215/tonne, making it one of the highest value ores for a deposit of its size. Even excluding cobalt, the ore is still impressively valued at A$165/tonne. But why exclude it when Hunan’s prime focus is to lock up cobalt for its hardened tool business? The JV contracts stipulate that Hunan will take 100% of the nickel/cobalt chemical produced while CMR will be responsible for sale of 100% of the copper cathode. Taken from Huntley,s 29 11 06
In reality if some company floated to search for more minerals and had this to start with AND a plant 4/5ths built ,ChinesE partners, cash reserves and loans in reserve , and float with about $150 million shares at $1.95 to me would look like a cake walk....Maybe I,m wrong but dont be scared to tell me, except you Buthcherbird picking up my spelling mistakes....good luck all
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