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the company seems to have some good projects/assets that

could look to give good income if they get it going. And also the compnay

finally announced a profit, which is good.

However i dont like the fact that its risen so much it was like 60 cents before

and also there seems to be heaps of cheap options on issue.

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  • 3 months later...

Straits to the top

 

 

 

Thursday, November 25, 2004

FIRED by coal, and with copper to come, Straits Resources has been one of the outstanding performers on the market over the past six months. Since mid-May, Straits has more than doubled in price, rising from 81c to $1.88. Tim Treadgold takes a closer look at this emerging diversified miner.

 

The key for Straits will be commodity prices, as they are for every miner, but with a neat balance of longer-term revenue which comes from a bulk product like coal, and the daily movement of a product like copper, the company has developed a balance that eludes single metal miners.

 

Rounding out the appeal of Straits is the promise of gold from either its 70%-owned Mt Muro project in Indonesia, and /or the Hillgrove prospect in New South Wales, plus an extensive package of tenements acquired from Xstrata when it sold the MIM exploration assets, and a possible salt project at Exmouth.

 

First hint as to how well Straits is travelling since it sold the Nifty copper project in Western Australia last year for $158 million came in August when the company reported a half-year profit of $6.5 million, driven almost entirely by rising coal sales from the 80%-owned Sebuku coal mine in Indonesia.

 

"Sebuku continues to underpin the company's financial performance," Straits chief executive, Milan Jerkovic said.

 

"The forward outlook remains strong as we continue to benefit from buoyant market conditions and as higher price sales contracts kick in."

 

While coal is the engine-room, it is the promise of cash from two new copper projects which will have the market watching most closely over the next six months.

 

First cab off the copper rank is the 100%-owned Whim Creek mine near the north-west coast of WA where Straits has re-assembled a solvent-extraction, electrowinning plant which worked previously at the Girilambone project in NSW.

 

Ore is on the pad next to the plant with commissioning scheduled for November and first metal sales early next year with annual copper output expected to be around 15,000 tonnes.

 

Following is the Tritton copper project in NSW. Straits floated Tritton off into a namesake company but retains a 27% interest which is expected to produce 25,000t of copper over an 11-year campaign.

 

For Jerkovic, the short-time it has taken to re-build Straits since the sale of Nifty is a major achievement which the market (and media) is only now starting to appreciate.

 

Even more interest can be expected if/when Jerkovic gives the thumbs up to one of the gold prospects, or Exmouth salt ÃÆâ€â„¢ÃƒÆ’ƒâ€Â ÃƒÆ’¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒ¢Ã¢â‚¬Å¾Ã‚¢ÃƒÆ’ƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚¢ÃƒÆ’Æâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã‚¡ÃƒÆ’‚¬Ãƒâ€Â¦ÃƒÆ’‚¡ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚¬ÃƒÆ’Æâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Â¦ÃƒƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“ and starts to deliver results from the old MIM exploration package. It is then that the market will realise that in Straits it has a very complete diversified miner with strong growth prospects.

 

 

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  • 2 months later...

Not much comment on SRL - new high today.

 

They're going to have 3 mines in operation by mid year , mining 3 different commodities - coal, copper and gold. Coal mine is a cash cow, Whim copper mine being commissioned, and Mt Muro gold mine expected to start around mid year.

 

market cap $250m

$59m in cash

$25m shareholding in Tritton

 

Their hedging is a bit disappointing though.

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Straits eyes combining WA copper assets

March 15, 2005 - 8:39PM

 

 

Junior diversified mining company Straits Resources Ltd said it was looking at ways of putting its Western Australian copper assets together with its NSW subsidiary Tritton Resources Ltd.

 

Straits owns 26 per cent of Tritton after spinning off its Giralbone copper play in NSW into the company in 2002, ahead of Tritton's listing just over a year later.

 

Tritton is on track to produce 25,000 tonnes a year of copper after beginning operations in January, while Straits' Whim Creek project in WA's Pilbara region is expected to commence next month and produce at an annualised rate of 15,000 tonnes a year.

 

"That's a 40,000 tonnes a year operation," Straits chief executive Milan Jerkovic said.

 

"Our work will now be based on maximising the value of this."

 

Mr Jerkovic said a combined company would fill a gap in the market between the major established producers and the other copper plays, which are some way behind Straits and Tritton in terms of development.

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"We will consolidate our assets so that the market knows what we're doing with our copper assets," he said.

 

"We've started background discussions with Tritton shareholders and others to see where it will go."

 

Meanwhile, Mr Jerkovic said Straits had the balance sheet strength to fund up to $200 million in acquisitions if the opportunity arose.

 

A likely candidate for acquisition will be Netherlands-based Akzo Nobel's Solar Salt Australia operations on WA's north west coast, next door to where Straits plans to spend $100-120 million building its own solar salt operation.

 

And in Indonesia, the Sebuku mid-grade open cut coal operation continues to provide cash flow to underpin Straits' other endeavours.

 

Production is expected to recommence at the Mt Muro gold mine in central Kalimantan, once operated by Aurora Gold Ltd, by mid-2005 at an initial rate of 80,000 to 100,000 ounces a year.

 

ÃÆâ€â„¢ÃƒÆ’ƒâ€Â ÃƒÆ’¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒ¢Ã¢â‚¬Å¾Ã‚¢ÃƒÆ’ƒÆ’¢Ã¢Ã¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã‚¡ÃƒÆ’‚¬Ãƒâ€Â¦ÃƒÆ’‚¡ÃƒÆ’Æâ€â„¢ÃƒÆ’ƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚© 2005 AAP

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In reply to: nosurprises on Tuesday 15/03/05 07:13pm

Hi no,

Few people seem to be onto SRL. It has been a nice little share for me for a while. They certainly are looking at the salt seriously-I've not bothered to check its price volatility, but I think I remember hearing there is a projected shortage of it in the future, so maybe not a bad move. Personally, I reckon we'll all be laughing if SRL can find a few more copper sulfide deposits and sell them off to the Indians, like Nifty. Right, now I've had the vision, finding the deposits and then selling them is up to the others!

Cheers!

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  • 1 month later...

SRL should have made a release to the market - this seems like market sensitive info to me!

 

from The Age / SMH

 

---

 

Mid-tier diversified miner Straits Resources Ltd is thinking about expanding its Whim Creek mine even as it officially opened Australia's newest copper operation.

 

With the first high-grade copper cathode due to be harvested from Whim Creek as early as next week, Straits chief executive Milan Jerkovic said he expected much of the known in-ground copper resources to be upgraded to the mineable reserve category.

 

"If we can convert the resources to reserves and extend the four year mine life by another two to three years, shareholder returns will really roll in," Mr Jerkovic said on Monday at the opening of the mine, near Karratha in Western Australia.

 

Straits is concentrating on the copper oxide ore at Whim Creek, which is relatively simple to treat by crushing and piling into 500 metre long heaps where it is irrigated with sulphuric acid to leach out the copper.

 

But Straits is also weighing its options to treat the sulphide ores on its tenements, which would require construction of an on-site concentrator.

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"In six months time we will have a fair idea if it's do-able," Mr Jerkovic said.

 

With an increase in the oxide reserves and development of the sulphide material, he predicted the Whim Creek mine life could increase to 10 years.

 

Construction of a concentrator at Whim Creek could also see other smaller or marginal deposits in the area brought into production and treated through the facility.

 

Straits also plans to tap into the pipeline that transports gas from the North West Shelf to WA's south west to fire its on-site power generators.

 

It opted for diesel generators when it undertook its feasibility study but the increase in oil prices in the past year has increased the attractiveness of the gas option.

 

Straits shares closed up five cents at $1.70 on Monday.

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