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FWL, FERROWEST LIMITED
Fool32
post Posted: Jul 30 2007, 10:05 PM
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In reply to: Fool32 on Tuesday 17/07/07 09:34pm

ok well tomorrow is the last day of the month and after talking to the MD, the PSF will be out tomorrow, so keep a watch out on the sp.

 
Fool32
post Posted: Jul 17 2007, 09:34 PM
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FWL doing very nicely today, with the PFS study out at the end of this month, alot of upside,

 
RADIO
post Posted: Jul 9 2007, 12:59 PM
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user posted image
Recent ShareScene.com Radio Broadcast (02/07/2007 11:00:00):
FWL - Yalgoo Iron Project First Resource Estimate - Mr Brett Manning, MD

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ShareScene.com Radio delivers investor presentations from ASX listed companies. Keep up to date with the latest corporate dealings of the shares you follow. Hear news direct from the source. Listen to directors and investor relations mangers discuss their company, give investor updates and brief on current results. ShareScene.com Radio keeps you informed about company announcements and events, and provides you daily market wraps and industry discussions.
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TouchingC
post Posted: Jul 2 2007, 01:31 PM
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In reply to: ciabatta on Monday 02/07/07 01:03pm

Hey Ciabatta...regarding infrastructure...you may find this good news from today's The Australian online:

"INVESTORS in iron ore players getting up and running in Western Australia's mid-west might soon need to re-crunch their numbers. It had been assumed that companies not near railways would have to build their own and, indeed, Murchison Metals is working on such a study. There is also the Yilgarn Infrastructure Group, which fancies itself as the big port-rail player in the region, but it now faces having its nose put out of joint.

Babcock & Brown Infrastructure Group has entered the picture. It controls WestNet Rail, the 5100km railway network in WA. And it wants to build its own iron ore lines in the mid-west - serving Murchison's Jacks Hill mine near Meekatharra, passing the proposed Midwest Corp Weld Range development, with a branch out to Wiluna where Golden West Resources is working up a resource.

This means B&B would be putting up the capital for rail developments, not the individual mining companies - a huge slice off mine capital costs."




 
ciabatta
post Posted: Jul 2 2007, 01:03 PM
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In reply to: TouchingC on Sunday 01/07/07 05:40pm

Hi TouchingC, you have some interesting stocks there, with considerable potential. These days, I tend towards the conservative end of the market, even though the opportunities for growth, in percentage terms, are much more limited.

In the iron ore area, I hold (apart from FWL) only Gindalbie and Murchison, both of which, as you suggest, are in sight of production. Because GDB does not need any new rail construction, and has port agreements in place, I suspect that it is more securely based - very like the position of FWL. Probably a factor in my increasingly conservative (= lazy?) investing. After all, there's still some truth in the old saying that an investor is just a daytrader who didn't sell soon enough.

Perhaps luckily, the market is so large, and the grades and cost structures so good, that most of the iron ore companies now operating in WA are likely to make money, provided only that they do not cut each other's throats. That's why I like FWL, setting itself up a useful lead in a niche market.

Cheers,
Ciabatta

 
TouchingC
post Posted: Jul 1 2007, 05:40 PM
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QUOTE (ciabatta @ Sunday 01/07/07 02:14pm)

Hey Ciabatta smile.gif ,

You've made some very interesting points.

The point you've made about other companies watching the ITmk3 developments closely is a valid one. However, I can't believe that none of these have looked into pig iron production, and instead prefer to ship good old iron ore. Cape Lambert, with its coastal location would seem ideal

I've been looking at Gindalbie too. However, I genereally don't go for $500million market capped companies. However Gindalbie, with their huge resources, better grades than FWL, may well change my mind.

May I ask which other iron ore companies you hold?

My speccies are:

Polaris (Ashburton is will be gigantic)

Iron Mountain - Only listed in May, but many large size tenements. Early stages again.

Cape Lambert - Capex seems now to be resolved (probably my nearest iron producer)

and of course Ferrowest - asked to look into by a mate. The numbers stack up and as you said ' could well be a nice little earner'. I am annoyed with myself that I chose to buy the heads at 25c rather than the options.

My real concern now is the time to production, and I really need to eliminate some production risk and buy a probable producer within the next 1-2 years. So far Gindalbie seems to be the best value.

Cheers
TC

 


ciabatta
post Posted: Jul 1 2007, 02:14 PM
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In reply to: TouchingC on Saturday 30/06/07 07:55pm

TouchingC, the ITmk3 position is a very interesting one. With Cleveland Cliffs putting their money where their mouth is, by committing to a 500K ton facility, the relatively low impurities in the FWL ore, and the ease of beneficiating magnetite ores, we'd have to think that quite a bit of the risk has been taken out. Certainly Gindalbie, and probably several others, will be watching what unfolds with great interest. They would surely jump at the chance of shipping a higher-valued product, if the whole process proves out, as we hope. The low capex (compared to a blast furnace) of the rotary hearth approach, plus its continuous process characteristics, make it very appealing. I suspect this is true regardless of whether FWL finally adopt ITmk3, or go for FASTMET, or MIDREX, or whatever.

The PFS is something of a conundrum. The delay of a month or so has been attributed to the workload pressures on Perth analytical labs, yet the analyses of the drill samples seem to be all complete. I don't understand what further info they are looking for from this source. Actually, it's hard to see that it matters much. The economics are so robust that the variables could shift a long way, and still end up with a good business case. By my calculations, the same trucks that carry the pig iron down that nice, straight, bitumen road to Geraldton, could comfortably bring all the coal used as a reductant, as backloading, on the return. Location gives FWL some compelling advantages!

Really think you are right about the long-term value. Sure, they will not be a giant, but most of the pieces are falling into place to build what Arthur would certainly call "a nice little earner".

Cheers, Ciabatta

 
TouchingC
post Posted: Jun 30 2007, 07:55 PM
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QUOTE (ciabatta @ Saturday 30/06/07 12:23am)

Thanks Ciabatta for putting me straight on this.

Its' a little embarasing that I didn't figure this out as I hold close to 200K shares and options unsure.gif and anyone hoding this amount should have their finger on the pulse a little more.

I can't wait to find out whether ITmk3 will be a goer, and of course the PFS. Any thoughts on the outcome of the PFS?

I think the only concern to me at the moment is the capex...but I guess that's a hurdle further down the track.

As for the SP it looks as though we're gonna teeter in the late 60's/early 70's until PFS.
I tinker with much of my portfolio, but daren't touch FWL, as the possible rewards are too great.

Cheers
TouchingC

 
hbswrx
post Posted: Jun 30 2007, 05:12 PM
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In reply to: ciabatta on Saturday 30/06/07 01:23am

this sounds so awesome im buying more!!!! lmaosmiley.gif

 
ciabatta
post Posted: Jun 30 2007, 12:23 AM
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In reply to: TouchingC on Friday 29/06/07 08:47pm

The Phase 1 drilling was undertaken over a 9.2 km stretch of the strike, at 400 m centres. The Phase 2 program involved the "in-fill" drilling of four target areas, at 200 m centres. At no stage did they say that the in-fill drilled area, alone, would provide their ore resource. On the contrary, the reports take some pains to emphasize the continuity of the orebody, albeit with varying thicknesses, throughout the 9.2 km drilled in Phase 1. There is a fair amount of satisfaction that they have been able to show a very good correlation between ground magnetic studies, and subsequent drilling. On that basis, FWL claim that major extensions of the orebody are likely, along the strike, including sections with a true width up to twice the largest true width encountered in the first 9.2 km.

In the 12 April 'Project Update', it states:

"The Company believes it will secure this target [75 m tonnes] as a result of the Phase 1 and Phase 2 drilling programmes over a 9 km section of the 27 km magnetite strike length at Yogi."

So it looks like a genuine upgrade from a commendably cautious initial target. And it's hard not to read these reports as implying that we can expect substantial increases in reserves as more drilling is undertaken. Right now, they have more than enough to keep them busy.

Cheers, Ciabatta

 
 


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