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CCU, COBAR CONSOLIDATED RESOURCES LIMITED
mme
post Posted: Mar 13 2014, 09:17 AM
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Silver play which appears to have been given a lifeline today! Interesting costings and profit margin relative to market cap! biggrin.gif

 
mullokintyre
post Posted: May 7 2013, 02:48 PM
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In Reply To: spats's post @ Apr 4 2013, 01:37 PM

Up 18% today. Wonder why that might be??



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spats
post Posted: Apr 4 2013, 01:37 PM
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In Reply To: spats's post @ Apr 4 2013, 01:33 PM

Oopsy, sorry for 10 posts in a row, not sure how that happened?

TCG

 
spats
post Posted: Apr 4 2013, 01:32 PM
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In Reply To: Roberts5's post @ Apr 3 2013, 11:42 AM

Hmm, 22 now, looking quite sick unfortunately.

Waiting for re entry point and cant seem to see an end to the selling, feel she will head back to .15 as next support level.?

TCG

 
Roberts5
post Posted: Apr 3 2013, 11:42 AM
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In Reply To: mullokintyre's post @ Dec 17 2012, 02:08 PM

Well no sign of a takeover. All silver producers and for that matter gold have suffered a similar fate to their share price. Silver is getting wacked. I suspect in time it wil all come back strongly following the Cyprus nonsense.

June will be the installation of the ball mill and hopefully greater production throughput. At least a portion of the output has been hedged at $30+.

Perhaps not as bad as the share price is suggesting.

 
mullokintyre
post Posted: Dec 17 2012, 02:08 PM
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In Reply To: triage's post @ Nov 28 2012, 09:43 AM

Morning triage,
Back in again.
According to my broker, there is talk on the street that the largest shareholder may make a bid for the lot if the Sp does not improve.
And before anyone jumps in and tells me that brokers are full of it and only want to make money out of you, I completely agree.
However, in my case, our arrangement is that he gets a fixed percentage of the total amount under management, plus a percentage of the profits the fund makes.

Mick



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triage
post Posted: Nov 28 2012, 09:43 AM
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In Reply To: mullokintyre's post @ Nov 27 2012, 07:54 PM

Good response from the company this morning: at this stage no need to adjust down the resources and reserves, but just to be sure they are having a third party double check the bases of those figures, the lower than expected grades from the new pit is not unusual and not necessarily ongoing when beginning a new pit (takes a while to work out where the best stuff runs), the overstatement of the grades of the stockpile was a manual error, this seemingly amounts to a blip rather than an unravelling of the grand scheme, they've got their forward sales under control and appear to have a reasonable cash and bullion buffer.

Again I have to say that the announcement on Monday appears to have beeen poorly managed. Either they should have come out with as much detail then as they have now and / or they should have gone into a trading halt until such time they could come out with more detail. And even today's announcement is considered not price sensitive....strange given how jumpy the CCU share price is on this news.

Wonder who plugged the 60 g / t figure instead of the 45 g / t figure into the calculations regarding the stockpile? I guess someone up the line would have to take responsibility for it not being picked up on review. The assumption easiest to jump to is that it had something to do with the gm operations recently resigning but the company did state that his leaving was for personal reasons so I guess we should take that at face value.



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"The market can stay irrational longer than you can stay solvent." John Maynard Keynes

"The crisis takes a much longer time coming than you think, and then it happens much faster than you would have thought." Rudiger Dornbush

Mozart fixes everything and Messi is a dog
 
mullokintyre
post Posted: Nov 27 2012, 07:54 PM
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In Reply To: triage's post @ Nov 27 2012, 04:44 PM

Howdy Triage,
It seems only a short while ago that they had their Share Purchase Plan. I sent a cheque for my allocation, but got only half what I wanted. I should be grateful.
But the fact that they seemed to be oversubscribed suggested there was confidence in the company.
Confidence misplaced.
Hard to buy into any miners at the moment. They are all being treated with disdain.

Mick



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triage
post Posted: Nov 27 2012, 04:44 PM
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In Reply To: mullokintyre's post @ Nov 27 2012, 02:16 PM

Mick

I kicked the tyres of this one a while back but was too spooked by the thought of watching over another junior trying to convert into a producer so chickened out. No great show of skills by me not to have a dabble just a bout of battle fatigue (I've managed to scrambe out of MCO and AAM and Macmin [though that one was a good while back] and have been badly torched by a few others I am working hard to wipe totally from my memory banks sadsmiley02.gif ).

So I don't know too much about this stock.

But from my position of ignorance the first thing I suspect is that this announcement has been badly handled: why not a trading halt at least until they can put some preliminary figures out? I appreciate you benefited from the stock being allowed to continue trading but clearly the market is having to guess at how bad a stuff up this will turn out to be and trading in the stock is now no better than a game of chance.

And the only other point I'd make is that this is yet another kick in the guts for the reputation of local junior resource companies and even more so for the confidence investors can have in those companies. I watched with dismay how Chuckles Norris at Noble went for months gilding the lilly with regards the reasonable prospects of their mine in Ghana. Perhaps in a similar vein you would have to think that the management of Cobar have been aware for some time about their questionable grades and yet less than a couple of weeks ago they were willing to release a presentation with no mention of any doubts about the grades. And if it turns out that the resources and reserves are overstated what does this say about the reliability of JORC (which was a major fault at AAM and also with Carrick [I think when the new broom took over at Carrick they pretty much threw out most of the JORC statements of the old management as being not soundly based])?

CCU reckon they have enough cash on hand to keep the debt collectors away but I'm not too sure how much they can rely on the Commonwealth Bank not to do the dirty (yes I still remember what those gutless buggers did to the shareholders of Ozminerals back in 2008). If it turns out that the loan was given based on inflated resources then that could be a problem (?).

Anyway my commiserations to any CCU holders who have been caught out by this development.



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"The market can stay irrational longer than you can stay solvent." John Maynard Keynes

"The crisis takes a much longer time coming than you think, and then it happens much faster than you would have thought." Rudiger Dornbush

Mozart fixes everything and Messi is a dog

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mullokintyre
post Posted: Nov 27 2012, 02:16 PM
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CCU hammered after a report showing grades in mine a lot less than drilling originally indicated.
Took my money and a small loss of the table.

Mick



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