Well spotted Pixby, I scanned right over those increased market prices for graphite.We have always been a bit in the dark regarding production costs but we know with the previous graphite values the company was basically saying the mine was commercial. I still dont know how profitable that would be but using the new figures that you have pointed out from the recent report, we could add about another $500 per ton to the already profitable price. At 20 mil tons pa production thats a further $10 profit. Getting better as time goes on. I'm not sure I like the idea of selling off the cooper basin assets. They have had problems with farm in partners and it is dear to drill but small finds (say 1 mil barrels) are worth something like $40-50mil and they have many targets. But I'm sure the board know better than me and they seem to be doing great deals so far. They don't actually say what they are prospecting for at Cultana any Myall Creek but there is high concentrations of Uranium at Cultana. I think though they might be after copper and gold. This was the area that got Tony Rechner into trouble some years ago when they were chasing gold. Speaking of the latter I found this article which interested me and may be of interest to others.
Shamed chief in bid for licence Cameron England From: The Advertiser April 13, 2010 6:31PM HE was sentenced to 16 months in jail, fully suspended, for making misleading statements about a Whyalla gold project in 2003. Now Anthony Rechner is back. Mr Rechner's half-owned company Westernx Pty Ltd has been granted an exploration licence covering 296sq km in the Six Mile Hill area about 40km west of Port Augusta.
In September 2007, Mr Rechner was sentenced to jail after he was found guilty in the District Court of Western Australia of four charges of making materially misleading statements.
The charges related to a media release put out by Eagle Bay Resources, of which he was chairman.
"The jury found that comments made by Mr Rechner to the Australian Securities Exchange and in the media release about the presence of copper and gold at the Myall Creek site were not substantiated by the results of a drilling program undertaken four months earlier," the Australian Securities and Investments Commission said in 2007.
Mr Rechner was reported in 2003 as saying the value of the Myall Creek deposit was estimated at $3 billion.
"Our (computer) modelling and the results of our exploration lead us to believe that a healthy and economic deposit similar to that of Olympic Dam and Prominent Hill is within reach, inside the boundaries of our leases," he was quoted as saying in the Sunday Mail at the time.
The company's shares trebled the following day. The company was quick to blame "exaggerated" coverage for the price rise and said the project was "not economic in its current form".
The matter was referred to ASIC by the ASX. When he was found guilty in September 2007, Mr Rechner was automatically disqualified from acting as a company director for five years.
Westernx, which has lodged the latest exploration licence application, is half-owned by Mr Rechner and parties he is affiliated with and half-owned by Mark Muzzin.
Mr Muzzin is the managing director of Strategic Energy Resources, previously known as Eagle Bay Resources.
SER owns an open-cut graphite mine at Uley on the Eyre Peninsula. It said last month it was seeking interested parties to develop the project, with four million tonnes of graphite.
"To date the company has met with and signed confidentiality agreements with a number of key international and local companies to discuss opportunities ranging from joint venture participation to potential outright sale," SER said in a statement.
Primary Industries and Resources SA director, mineral resources group, Ted Tyne said the department did not have a specific policy on directors' fitness, but "undertakes an appropriate level of due diligence on all aspects of applications for exploration licences".
It looks like Tony still has confidence in the area as does our man, Mr Muzzin. Anyhow, SP has drifted a little last few days on lack of info but all seems well and several fuses are lit. It wont be long (IMO) before your 7c Pixby, will just be history as we move up and on. As always I am a SER believer so DYOR. And I am patient I developed patience with a share called AUM. I had 250000 of them and after a long wait sold them fot 39c (breaking even) Not long after they changed their name to Cudeco CDU and I still remember phoning a few friends (who I had given the tip to buy) and suggesting they sell as they had reached $10. I only mention this as I was reading a thread on MEO that mentioned patience alot. I've got other stories like this but what-the umm? :) Finally Caio from me, greetings to all holders fc
SER Price at posting:
1.2¢ Sentiment: Buy Disclosure: Held
(20min delay)