I too will save you from monopolisation. Only just spotted the announcement when checking why I had such a green stock on such a red day.
I like the BH increase, always great to get good solid increases like 21% during development (with more already to come from drilling so far in 2011, and yet more expected from drilling after the wet).
I like the POSSIBLE new discovery near PK.
I however LOVE the PK reserves increase. This is still the biggie, the flagship, the aircraft carrier of the fleet, our main cash cow. To get a 20% increase in contained copper, PLUS 2010 production replacement is almost 30% increase for the year, and once again already have some good stuff in the bag for next years reserves statement.
Like the thickening gold plating at PK, and the thickening silver lining at BH as well.
If you take a long term view, other things being equal and the company being resourced to bring the reserves into production, a resource company grows organically at the rate it can grow reserves. On this basis PNA growing organically at near 30% pa ATM.
Seems to me that after expenditure constraints during and before the GFC PNA is finally only now showing true exploration form. Let's hope for another couple of years of powerful organic growth out on the LT horizon.
While our sp well off the post GFC 0.90 AUD high I guess it is pretty close to the high in USD?
REALLY impressed with the reserves report, and think we will get more mileage out of it, esp when it sinks in that another good report is being flagged for next year.
EL
PNA Price at posting:
$3.98 Sentiment: LT Buy Disclosure: Held
