analysis - proactive investors

Analysis

Completion of the €10 million debt funding will allow Condor Blanco Mines to bring the Marianas Magnetite Tailings Project into production and complete acquisition of The Duel Hard Coking Coal Project.

It also allows the company to begin the drill-out and feasibility work at The Duel.

Cash flows from Marianas tailings will allow the company to tap further funding to ramp up production at the iron ore project.

The Duel Hard Coking Coal Project is also well advanced given that a full Bankable Feasibility Study is due to commence soon.

Proactive Investors had noted on 13 March 2014 that the company remains lightly rated at its then current share price of $0.006, (market cap of $2 million) if a line is taken through ASX-listed Universal Coal (ASX:UNV) which is now capped at circa $42 million and has commenced first sales from its South African coal project.

Since then, shares in CDB have nearly tripled to an intra-day high of $0.017 today.

So while early days, Condor's coal projects in South Africa look to have potential to put its current valuation to shame.