http://www.asx.com.au/asxpdf/20080603/pdf/319g37p4g8tv9f.pdfIf...

http://www.asx.com.au/asxpdf/20080603/pdf/319g37p4g8tv9f.pdf


If ever there was a no brainer blue chip miner then AQA is it. If followed and owned AQA for a while. I first came across it when it was sub $4.

Now at $16.60 with an option is a remarkable story.

Ive said it time and time again.

AQA is the next fmg!

AQA own plenty of accerage, land and ironore in the Pilbara. Plenty. IMO, theyre behing only RIO, BHP and FMG. And maybe Clive Palmer but he is the magnetite king.


I own AQA, and also HLX. HLX owns 30% of this JV.

HLX is trading on an Enterprise Value (EV) of $2.65/Fe Per tonne.


Standard convention is to use $10pt. That would value helix at over $1.20 using rough, top of the head figures.

ie, a 4 BAGGER


At these levels (with still numerous other projects) it is a screaming buy.


BTW, anyone know of any other inv banks who are providing coverage of Aquila. I know Charlie Aitken follows closely and himself proclaims AQA as the next FMG, but surely with a $4bn mkt cap the inv banks are onto the AQA.

If not, they are a joke


EV comparisons by ALT78 (ie, copyright):

CUL:
546 Million share @ 15 cents = $82 Million MC
JORC: 30% of 80MT @ 55% = 13.2 MT Fe
EV = 82/13.2 = $6.21/Fe tonne

RHI:
41 Million shares at $7 = $285 Million MC
JORC: 20% of 350.2 MT @ 55% = 40.06 MT Fe
EV = 285/40.06 = $7.11/Fe Tonne

HLX:
131 Million shares at 34 cents = $45 Million MC
JORC: 30% of 112.1 MT @ 50% = 16.815 MT Fe
EV = 45/16.815 = $2.65/Fe Tonne