MOO is an emerging minerals company. The company plans to begin commercial production of feldspar, ilmenite and apatite from its Goondicum Industrial Minerals Project in Central Queensland, 100 km south of the port of Gladstone.
Successful trial mining and processing operations provided bulk sample for customers.
MOO will be in production by the end of the year after receiving a favourable feasibility study in 2005.
All required approvals for mine development have been obtained.
The project enjoys robust economics, an updated feasibility study providing a project base case NPV of $86.6m and an after-tax IRR of 23.6%. Significant upside potential from additional high margin products. The current market cap. is $16 Million.
A strong marketing programme has already put in place off-take agreements for 50% of year 1 production, with significant agreements extending up to 5 years.
To finalise funding, In January 2006, the company announced plans to complete the funding through an admission to the Alternative Investment Market (AIM) in London. It is expected to be listed within a few weeks. Company seems confident that the AIM listing will be successful. Only private investors will be participating. Company expects to raise about (AU)$40 million.
Only 49 million shares on issue. Note: Company just completed a share consolidation (1:10 shares).
Directors have been buying shares recently.
Current share price is 33c.
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