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andrewe

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  1. i am on SBR for a few....not as many as you. but i bought most of mine at 8c. I think it has huge potential. i belive the Tsumeb mine which was near by to this ground produced around $20 billion worth of metal (in todays prices) over the life of the mine. It was hugely rich with high grades. if SBR finds another version of that which i think they may then we could be very happy campers. cheers
  2. This article explains how the banks have used the 'credit crunch' and the demise of its competitors to increase its margins on home loans from 1.8% to 3.2% and heading towards 4%. http://www.abc.net.au/insidebusiness/conte...07/s2261579.htm http://www.keepthebankshonest.com.au The above is a campaign to put pressure on the banks to pass on the full cut when the RBA cuts. I believe they wont and this will give them an opportunity to increase their margins again. By the way NAB have already agreed to cut but that doesnt mean they all will. So vote according to whether you think they all will or not. Cheers
  3. Will the banks pass on the full RBA interest rate cut?
  4. In reply to: db76 on Thursday 21/08/08 11:07am Roseberry is one of the lower cost mines and is still profitable at these levels. 27c/lb is very low and it will continue operating profitably for quite a while. i believe people knew this and thats why it has come down from $3.50 to $1.65. ozl now retesting those lows on a day that it really should have busted through easily. i have no definite opinion but they do have $1 billion plus in cash and will survive this period of low prices. the AUD changes have helped us as well recently. Prominent hill expenses out of the way. AGM purchase written down and zinc starting to show a bottom. plenty of zinc mines starting to close. PEM announced today they are putting some stuff on care and maintenance. this will happen the whole world over. imagine the USA mines at 77c/lb....they will sufffer badly...worse than aussie mines as our dollar drops against the greenback. there is cetainly less downside left in zinc than there ever has been. the rpojected surplus will be eaten into substantially by these mines shutting down and also other mines not coming on in this low price environment. cheers
  5. andrewe

    AWD

    In reply to: Sagitar on Monday 11/06/07 07:15pm Sagitar, you converse with Godzilla like you know him and have common interests which would be suprising after 3 posts on this forum. If anyone seriously thinks that anyone is looking at GDN from a TO perspective or to do any sort of business with them then they might want to take up a different pastime. cheers
  6. andrewe

    AWD

    In reply to: sue12 on Wednesday 09/05/07 12:32am hi sue, they disputed on HC that they hadnt applied for the Gas licence. have you resolved that one yet? They seemed certain that they had applied. cheers
  7. andrewe

    UCL

    In reply to: kalmsg on Monday 09/04/07 09:07pm hi kalmsg, you must be spending your ARU fortune surely???? well done on your faithful holding there. you deserve the success. hopefully UCL is next off the rank. cheers andrewe
  8. andrewe

    UCL

    hi guys, doesnt anyone love UCL anymore? The thread is going crazy over at H.C. it seems that the new MD is a local boy from the middle east. obviously this is so that he can manage the project from over there. appointing a new MD seems to be a positive thing from my point of view. he must be fairly convinced the project will go ahead in one form or another. surely he wouldnt take on the project for one year and quit once the money is spent. It was interesting to see the price action on thursday. its possible that the trend will continue on tuesday. i will be an interested on looker. the charts are certainly saying its bottomed. the mehediabad update was positive imo as well. cheers andrewe
  9. andrewe

    UCL

    seals great work. i bought some more oppies because of the good news. if it goes belly up you are losing very little on the options. cheers
  10. andrewe

    UCL

    In reply to: stoker on Tuesday 19/12/06 08:08am seals has rung the company and the news sounds very positive. Rob has said that he will tell anyone who rings the same information. but seals was asked not to post it on internet forums. cheers andrewe
  11. andrewe

    UCL

    In reply to: seals on Tuesday 05/12/06 07:14pm seals it could be a placement. if you remember rightly from the AGM rob was saying that they needed to raise $200 mill and they could get going basically. The iranians are very keen for them to start immediately. An announcement re a placement to raise a lot of money would also be very positive imo. It would mean that another major shareholder is on board and perhaps finance for the next stage. ????? ae
  12. andrewe

    UCL

    In reply to: andrewe on Saturday 18/11/06 12:49am Seals and i attanded the AGM. It was well worth it. a great presentation and plenty of time for questions. Here is Seals summation of what was covered of interest. Hi All As promised, feedback from the UCL AGM today. We had good opportunity to ask questions and covered most if not all of the subjects that people were interested in. Breaking it down into topical sections: Resolution of Ownership Rob was very open about the status of resolution of ownership. There are several points on this topic: i. The meeting to allocate credits from earn in expenditure. This is the step needed to convert and settle the ownership issues. It is not clear exactly when the meeting will occur. The reason this is being held up is apparently that the Government is in the processing of transferring their share from one company structure to another company structure. Once this is completed the meeting can be held. It is a technical formality on that side of things. ii. The level of final ownership on expenditure to date. The company statement has been that we will have in excess of 40% of MZC between starting 25% and convertible notes from earnin to date. We pressed on what in excess of 40% means. Rob explained that not all earn in expenditure will be converted immediately, when it does he estimates UCL ownership will be between 45-48% iii. Future possible ownership levels. It is still possible for UCL to own greater than 50% of MZC depending on how much the government elects to dilute their share. At the moment the government is generally expected to seek to maximize Iranian interest so they may not dilute much. Development of Mehdiabad i. We definitely will not be going with the super project which is really an idealized engineering approach. Interestingly the Iranians came to this conclusion a good time before the company. There was a brief relationship issue out of this as they wondered why UCL would be continuing to explore the super project. ii. The company is advancing several possible ways of getting mining in play sooner. These include: a. Limiting the size of the plant b. Limit the size of the oxide ore process including i. Smaller tank leach or ii. Heap leach. The heap leach options being considered start from a minimum of 30,000 tpa of zinc. The heap leach appears to be a much cheaper way to get cash flowing, has never been done on a commercial scale but appears to have potential. c. Starting with up to 4 separate smaller pits instead of the one large pit to target easily accessible productive zones d. Sulphide ore alternatives. The deposit is open to the north which goes under the hills. This zone is proving to be richer and potentially accessible by underground mining. More drilling needs to be done but it may be possible to have a separate small underground mine commence before the pit. This would probably produce just concentrates to be shipped off to smelters but could produce good cash flows. e. Calamine Deposit. This is a separate high grade zinc deposit that needs further drilling. It has had some historical mining there but is expected to still be productive. More drilling needs to be done but the really exciting this is it is now seen to be an extension of the Black Hill fault. Take note of this point it is clear that the overall deposit extends much further than first thought. f. Copper resource. The copper resource is closely related to the mid west and north of the pit so it would link very will with the multiple pits approach. Copper will be conducive to heap leaching as it is already a common enough approach to copper extraction. Resource expected by Christmas. One issue will be that the exploration license does not currently cover extraction of copper as it was issued prior to there being an awareness of a valuable copper asset. Modifying the exploration license is a straightforward application process. There will hopefully be a copy of today’s presentation on the website next week which shows these things. Relationship with Iran/Iranians The relationship with Iran and Iranian partners is positive. Apparently they are very keen to see the project progress quickly particularly since the recent closure of an important Iranian mine. The Iranian concern is to get the project started whilst UCL’s concern is to do it as professionally as possible. To follow absolute professionalism requires that UCL thoroughly investigates all possibilities. There are no concerns about retention of the project – UCL has a high level of visibility in Iran and credibility. Iran needs to deliver a successful project in order to bolster future success of other projects. (We should be aware and also proud that we are part of a revolutionary process). Politically, actual transfer of the Exploration license to MZC and effective UCL control does need for the govt party to see exactly what course of action to mine is going to be followed. This is essentially a political thing in that we are all treading territory that is new – this is the first privatized project of a national asset in modern Iran and the bureaucrats don’t want to be seen as transferring control where it is not yet clear MZC is in a position to deliver. Finance: The engineers etc have been instructed to work to a maximum budget of US $200 million. It should be stressed that would be a top figure for any of the alternatives to get a multi staged approach moving. The heap leaching, for eg, would be substantially cheaper being much less intensive in infrastructure etc. We asked what would be likely sources of funding. The answer was a mixture of equity and debt is being considered. The expectation is the funding will be sourced in the Middle East. Further the board seems to comfortable about raising the funds as there is plenty of money floating around waiting for the project to get to the point of action. Takeovers/JV Partners interest There has been no take over interest and nor is the company seeking one. What is interesting is that there are apparently a number of parties that would like to become involved in Mehdiabad - when it gets to the point of moving with finance and construction. Lundin We asked Kjell Larsson, Lundin member on board, about Lundin’s possible intentions towards UCL. He was, naturally, very close. Basically the response was that for the time being they will keep doing what they are doing with UCL and will review their plans as things develop. Timing of things: It is estimated it will take up to 12 months to complete all the technical feasibilities around the multi staged approaches. During the early phase of that time the ownership and exploration license will have been resolved. Once completed the project will be in a position to move forward virtually immediately meaning it may be possible to produce within as little as 18 months. Risks. The main risk factor discussed was the international political scene. Sanctions could have an impact depending on the nature. Not clear though if funding comes from the middle east whether they would matter too much in the end. Merrill The selling of shares by Merrill Lynch nominees was discussed in the meeting. No explanation was able to be given in the meeting about that. In separate informal discussions (nothing to do with the official meeting) a very strong line was raised that the shares are held for USA parties whose broker did not realise they are not allowed to do business in Iran under longstanding USA sanctions. Long termers will recall how keenly Merrill Lynch bought in for their clients. The instruction appears to have been to quit the holding as quickly as reasonably possible to address the sanctions problem – clearly at a significant loss. This selling will come to a close soon as the holdings are getting towards the end. The overall impression Clearly we continue to operate under the same risks and UCL remains a project for a long term view however: i. There is an intent to fast track the project ii. Financing is not expected to be difficult for multi staged approach and may be very cheap if the heap leaching method is feasible iii. It will hopefully be around 18 months to production iv. Ownership is not far from resolution with Iranians keen to get things moving v. UCL may be able to secure majority ownership of a big resource that is getting bigger cheers seals
  13. andrewe

    UCL

    In reply to: Toppy on Friday 17/11/06 07:49am Toppy, u r a smart guy. Got it in one. are u from there? andrew
  14. andrewe

    UCL

    In reply to: andrewe on Friday 17/11/06 12:18am had to postthis pic cos it so cute.
  15. andrewe

    UCL

    In reply to: seals on Thursday 16/11/06 08:51pm hi seals and others, it is very significant that he has invested $90,00 of his own money in this company. Is he prone to throwing away good money on a big Punt or is he knowledgableenough to say 'they can get this financed' and therefore have a multibagger of his own on hand. cheers andrew
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