Laterite thinking WITH the price of Minara Resources moving from about $2.80 in August to over $5.50 within two months, there is some hard thinking being done about a low-key junior that has land surrounding Minara's Murrin Murrin processing plant east of Leonora. GME Resources has 1.2 million tonnes of contained nickel and 75,000 tonnes of cobalt. GME is capitalised at a touch over $75 million, but one broker who has run the numbers reckons the resource is worth about $25 billion at present prices ($US32,652/tonne for nickel on Thursday night). Of course, it's the same laterite nickel that felled Centaur Mining & Exploration and just about did the same to Anaconda Nickel (now Minara). But GME's latest annual report indicates the company is thinking of a novel and cheapish means of treating the laterite - heap leaching. Interestingly, Minara is due to have a heap leach demonstration plant ready next month as an alternative strategy to its complex existing technology. The other problems are that GME's resource is spread over nine deposits and it doesn't have a treatment plant. But our broker believes it can't be long before someone takes a crack at GME to get hold of that resource.
i had a similar though about this if you go bak to my post, looks like it could happen. plenty of opportunities left. this one is a winner :)
GME Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
