Here are some recent broker comments:
28 May, 2008 (PART 1 OF 2)
Long on projects, short on cash - We met with MD Mike Fischer on Monday ahead of today’s AGM.
Since our last comment in early May, Tamaya Resources has announced several material
developments with regards to the company's near-term outlook and progress, namely:
* Plans to raise money via placement on top of shareholder rights issue (est: A$30m total?);
* Announced magnetite intersection at Santa Dominga (492m@21%Fe).
We expect the raising is to be used to pay down debt (>A$50m currently) and for working capital
purposes. The Cinabrio Mine has been overhauled, with 12 new staff including several senior
managers appointed. Re-structuring costs will impact bottom line, and we have further lowered our
profit forecasts.
Mine is regularly hauling >3000tpd, however mill still needs fine tuning (very hard ore, low
recoveries). On track to do 80kt in May, 85kt next month (>900kt for calendar 08). Anticipates open
cut approvals may arrive 3Q08, ahead of previous estimates. Grade should improve, however
costs will take time to track below US$2.00/lb (last Q was >US$2.35) and we do not believe the
operation is yet cashflow positive due to recent underperformance, capitalised costs.
Lichvaz: Poor Metallurgical testwork results meant project was put on hold. Need to separate Cu
from Zn (gold with copper), however sample probably un-representative. Further work ongoing,
including OC and UG drilling. Could not approach banks without Met confidence.
28 May, 2008 (PART 2 OF 2)
Magnetite: Project next door to CMP (private: Company Minera Pacifica) who have a pellet plant,
and are the largest iron ore exporter in the country (5mt pellets, 3mt ore?). They also control the
four ports. Potential for JV?
Other projects: Portugal: Tungsten, Gold. Drilling ongoing, with aim of upgrading resources.
The placement (up to 30% of issued capital + options) is dilutionary, and impacts both our EPS and
current NPV going forward, hence our revision of price target. TMR have been saved by the
copper price, and the Chile assets appear capable of turning around and generating reasonable
cashflow in coming years, provided the copper price
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