This is written in haste on return to Brisbane so apologise for the dislocated version. The points I gleaned were from the presentation and discussions afterwards drinking coffee.
Fellow attendees - if I have anything wrong please correct me.
Richard Swan - quite impressive.
* Oxides prestripping will start after the Wet next year.(April?) but he warns that an extension to the wet could threaten the Start up. However he commented that NT Wets were "a sunday school picnic to those of Bouganville" where they worked right through.
* Hard standings, foundations & buildings going on now.
* Ball Mill arrived ex Cobar
* Cawse plant ex Kalgoorlie.
* Oxides were once Sulphides.
* Total oxides resource = Browns 3 years plus others for a total of 9-10 years
Gordon Toll. -very experienced and sound.
* Talked about metal prices showing a steady and upward trend over the next few years.
Mentioned Cu $6, Ni $15-16, Pb has gone from 17c to 70 c now.
* The board's objective is inclusion in ASX 200 which would represent a SP of $7.50
* GT going to China next month with the new Minister for Mines. Their man in China arranges all.
* Development in China is going to be mind blowing. He stated there is now more affluent middle class in China than the whole of USA ! China's growth = min 7+% = doubling every 10 years. He said "If you have any grand kids make sure they learn Mandarin"
* He also talked about the potential for new Zn discoveries. (Silver, Lead Zinc combinations) Suggested not big resource or high grades but very profitable.
* Pb & Cu - Millions of cars = huge Cu & Pb requirement
* The metals supply situation is terribly weak ATM with a lack of new mines coming on. Also Freeport and
Brazil (?) is winding down.
* CMR's exploration activities will continue energetically.
GT said "We have a huge mineral district and have only just scratched the surface- the tip of the iceberg"
* Kylie will be next to report but Mt. Minza is still an EL application.
* High hopes for Rum Jungle Creek South- very promising.
* Best of all = all the ore bodies are in Australia.
* In part answer to Oly's question re Canadian listing he tended to prefer London. The 43101 requirements (Canadian JORC) are 300 pages compared to 11 JORC.
"But we could probably handle them "
* Cost of mining Mt Fitch open pit = only about $1/lb ??
* NSW "Stand by for very good geological news"
* Dividends. Unencumbered profits = big dividends.
* HNC. The Yanks moving in made the Chinese finally act. Presumably HNC have been sniffing for some time. They want the Sulphides. In the very unlikely scenario of them pulling out and then coming back in within 4 years there is a break fee of 3x what we have spent.
* GT said the next 1-2 years is going to be very challenging with getting the oxides up and running, fast tracking the uranium and progressing the sulphides. They are putting peolple on all the time. The severe shortage of skills is being amoeliaorated to some degree by the benefits of being close to Darwin. Corporate governance was under review to determine the needs of the board.
*There is a big shortage of Non exec Directors
* The Chinese govt approvals id largely a rubber stamp but the Aussie Govt approvals is painfully slow. They use up all the time they can.
* Hunan has derisked CMR financially.
* He gave me the impression processing the lead was not going to be too difficult. He talked about using a process of Doe Run. (?????????)
* I broached the subject of other U- companies with GT. His opinion is there is not much Sovereign risk for Paladin in Namibia.
* Andrew Mooney told me they intend to contract out the actual mining but (I think) oversee the ore processing themselves.
* Uranium approvals start. AM said his opinion was start of U- approvals process about May next year and takes about 1- 1.5 years. A lot of the work has already been done.
* Rod Elvish said there is now 5 drills working with 2 working double shifts. The problem was finding experienced crews. They were booking rigs now for next year.
* The Cawse plant will not be used to fast track Uranium processing. The process is relatively simple being an ion exchange process. The solvent however was a "pretty nasty " chemical - cant remember the name.
* Payments to Directors. There were some in the audience against big option rewards which were already in the money. This point was recognised but defended by GT who admitted that cash these days was an option - but wasn't in the past.
Finally I regret being unable to meet up with other H/C ites not knowing who you were . I did however catch up with Oly. Alf Fields was sitting behind me.
Cheers Westmoon
- Forums
- ASX - By Stock
- egm
This is written in haste on return to Brisbane so apologise for...
-
- There are more pages in this discussion • 6 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add CMR (ASX) to my watchlist
Currently unlisted public company.
The Watchlist
CCO
THE CALMER CO INTERNATIONAL LIMITED
Anthony Noble, MD & CEO
Anthony Noble
MD & CEO
Previous Video
Next Video
SPONSORED BY The Market Online