Hi Yaqona,Thanks for highlighting this opportunity on the CFE...

Hi Yaqona,

Thanks for highlighting this opportunity on the CFE thread. This looks really impressive with no brokers following CXM is pretty much 'undiscovered' with company making announcements pending.

Luckily bought before today's spike but keen to confirm the following with you LT holders:

WILGERUP

- 10.5 Mt indicated and 0.5 Mt infered
- Baotou offtake agreement for 5yrs x 600ktpa
- Targeting 1.6 Mtpa production
- Export from Port Lincoln
- First exports June 2010
- Waiting on Ministrial approval to export from PL
- More drilling likely to increase JORC resources

BUNGALOW

- 50:50 JV with Baotou
- $40 mill contribution from Baotou
- Money goes directly to JV (not CXM)
- $8 mill up front + $8 mill + $24 mill in staged payments
- Waiting on FIRB and NDRC approval
- Current est. for 3-5 Mtpa over 'long life'
- Lots of exploration upside to >250Mt JORC resources

WISCO JV

- 40:60 JV (CXM @ 40%)
- $52 mill paid to CXM (not to JV coy, Eyre Iron)
- $10.09 mill paid to CXM for 15% share issue @ 15c
- $26 mill paid to CXM on 1 yr anniversary (not to JV coy)
- 4 x $27 mill payments to CXM if 1.25/1.5/1.75/2Bt JORC targets reached
- WISCO to arrange financing beyond BFS
- WISCO contribute first $75 mill to JV company, Eyre Iron for exploration and studies
- After $75 mill spent by Eyre Iron, CXM and WISCO contribute on pro rata ratio (40:60)
- WISCO cash to CXM ($88.1 - $196 mill) expected to fund CXM share of mine development
- Targeting 2 x 5 Mtpa concentrate operations
- 5-7 years to full production

SHEEP HILL PORT

- 50:50 JV with WISCO
- $150 mill total development costs (CXM share $75 mill)
- Approvals needed
- 27 kilometres of narrow gauge rail spur to link all mines
- Opportunity for 3rd party revenue from grain/ iron/ gypsym/ coal/ manganese
- Cheaper operationally for CXM than Port Bonython

CASH

**Note Yaqona my figures differ a bit from yours here **

CXM cash on hand 30/06/09........$7.5 mill
Payment by WISCO to CXM..........$52.0 mill
Proceeds from share issue........$10.1 mill

Sub Total........................$69.6 mill (short term rec'd)

WISCO 1 year payment to CXM......$26.0 mill
POSSIBLE 4 x $27 mill to CXM.....$108.0 mill

TOTAL POSSIBLE to CXM over time..$203.6 mill

WISCO payment to Eyre Iron.......$75.0 mill
Bautou payment to Bungalow JV....$40 .0 mill

TOTAL POSSIBLE to CXM & JV's.....$318.6 mill

+ ?? operational profits from Wilgerup from June 2010
- $75 mill CXM share of Sheep Hill Port development
+ ?? operational profits from Sheep Hill Port from 2013


CXM market cap of $133 mill

Opportunity for massive LT growth, little ST risk (if approvals given), little market awareness of CXM, lots of ST cash backing.

Let me know if I've got my numbers mixed up. Haven't bothered outlining CXM's other possible assets (eg Cockabidnie)

Thanks again for sharing this Yaqona.

Cheers
john