BigJig, been doing a bit of reading (ok.... too much reading of TAM releases over the past 7 years - it reads like bloody 'Days of our lives' etc. So many highs and lows, and dilution after dilution after dilution, I digress, but if TAM has not mined/operated Coyote and instead got CTP up and running, they would have done a hell of a lot better. I estimate they raised close to $130-150m during the time Coyote was operating.... More than enough to get CTP up and drill the hell out of it). All the U/G mining at Coyote was a total waste of time in the end. So much sunk capital for only a little gold.
This is what I could find about Mine Rehabilitation -
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Found some interesting info on Coyote plant.
In 2009 they state that the plant is capable of 280k tpa.
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Then later state its nameplate capacity of 250k tpa (which def implies that it was always able to achieve higher rates, the issue has most likely been having enough ore to feed the plant. In many quarterlys they state that capacity was never an issue... sourcing the ore was.
Then in 2010, TAM start thinking even bigger. i.e 650k tpa capacity study starts (and gets completed)
aka -
Stage I
1)
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2)
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3)
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How much would this upgrade cost you ask? Well, TAM slows down a little and upgrades certain parts of the plant for $3.4 million in late 2010 which enables the plant to... (
Stage 1 complete)
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This small section provides a clear idea of what ABU would have to spend to get the plant upto 500k tpa+
($8 million minus the already $3.4m spent gives a paltry $4.6 million to massively increase the plants capacity which would only be justifiable if Buccaneers high grade close to surface resources were to be included in mining IMHO)
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Finally, this in early 2011 after the upgrade was completed... just to prove that the plant really should be able to operate at 350k tpa.
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Sorry if some have fallen asleep, but I may as well continue...
Bald Hill as BigJig mentioned has substantial resources sitting there. Sadly TAM did not release their scoping study into a possible underground mining operation for the deposit, but I must assume they got close, so in the future if the stars align, ABU might finish it off. Also, its impossible to know just what is left in the 2 open pits that make up BaldHill (Sandpiper & Kookaburra). As far as I know, TAM only mined 500k tonnes from the total 2m tonnes that made up the resource. Also, the area around Bald Hill is highly prospective.
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Also, it would seem there are other possible avenues for cashflow if ABU do take up their full Western Tanami option.
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Over time, if things go well with Old Pirate etc, ABU can simply do what TAM planed to...
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I wanted to add more. But I buggered
Suffice to say, ABU needs to get professional real quick to start funding proper exploration programs.
