However, metallurgy of URL supergene stuff at sub 1% is a world of difference to CDU's at possibly plus 5% Cu. Have a look at what Anvil can do to upgrade miserable oxide at 3-5%......
Also, URL's native copper was apparently very fine, I think CDU's is much coarser, making gravity option more likely.
All of my investiagations into URL (I was a holder 12 months ago....got out lightly burnt....how burnt....they dont mess about in the crematorium) indicated the Roseby projects looks good from far, but is far from good.
A quick check of NPV vs inground Cu value indicates it is worth more tha 5 times currrent SP when compared with it's peers, but a NPV check with opex/capex etc indicates it has fleas as the net operating cost in terms of grade is similar to the head grade........0.7% Cu.
For the last 12 months, I now only use comparitive in ground value as a guide and now do full NPV's on any that pop their heads up....this usually knocks them down if the grade is average unless mining costs are likely to be very low (shallow high tonnage).
Anyhow, the Xtrata deal looks a bit sad to me.....both CuO and EXS look like better bets....33 cents and I am in to EXS.
Process
URL Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
