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If you visit the Greenland.com website ( the Govt of Greenland. ) you can clearly see that land temperatures are above freezing for the months of mining - remember this is campaign mining where you go in each season and enjoy the 24hr daylight! I would also point to potential customers - Norway has a hard rock Ilmenite mine at 17% ilmenite - possible to supply there? There are sands on the beach, & Delta - plus the operations proposed are for 5 months - giving time for any life to recover. R
I am not interested in the winter months; I am only interested in the warmer months and 24 hours of daylight and that it would seem is the way the company is looking at the project.
Ok try it another way! Pituffik – ‘the place where they tie their boats’ The nature of Pituffik deposit is very different from other mineral sands deposits and experts suggest Pituffik titanium mineral sands grades may rank among world’s highest. Pituffik’s mineralogy is much simpler and the deposit is seen as unusually consistent. Tonnage, consistency and metallurgical evaluation should help confirm potential value of the in-situ deposit. Quality of mineral sands concentrates is critical with Pituffik appearing suitable for sulphate production. Processing, as with all ilmenite, is required to reduce impurities to acceptable levels. Simple removal of silicates improves the ilmenite product and optimisation of the process route will further improve the product. A major bulk sample is planned with which to prepare samples for testing by consumers. Royal IHC, the Dutch dredging company, is supporting work on the dredging of shallow and near shore marine mineral sands. The support of such a major dredging company is a major positive for the company. Demand for ilmenite concentrates should continue to rise as cost and pollution causes China to cut production of titanium from titano-magnetite iron ores. Avannaa acquisition gives the FinnAust team more to look at in Greenland and option value over some potentially large exploration projects. Valuation on 100% of Pituffik: We value the project at an IRR of 43% and a $144m NPV on an 8% discount rate. This give us an NPV per share of 19 pence. Assumptions: Ilmenite production 332,500tpa. Ilmenite price $130/t less a 10% discount reducing the price to $117/t. Shipping $40/t (>$10/t to Canada). Mining and processing $15/t. Capital cost $60m, though preliminary estimates are significantly lower. Royalty rate 2.5%. Corporate tax 30% starting in year 4. Climate: The project is located in the high Arctic limiting mining to between 3-5 months per year. The project will be subject to campaign mining through the summer. The ground is subject to permafrost with the top meter or so thawing through the summer months hence the preference for dredge mining. Location: Greenland should offer relatively simple extraction site with no community to move and relatively few environmental issues. Work continues with the support from Greenland government agencies. Its near-shore, shallow-marine location on the West coast of Greenland means temperatures fall to a relatively mild -29C for the Arctic through January and February. Ilmenite mineral sands should not freeze below sea ice. *We are grateful for the contribution made by Phil Swinfen toward the preparation of the note FinnAust Mining is advancing toward mining titanium rich, ilmenite mineral sands at its 60% owned Pituffik mineral sands project on the coast of Greenland. The company also has other base metal and mineral licenses
SPAngel, Buy note @ 15p http://www.*****************/wp-content/uploads/2016/10/FinnAust_Mining_SP_Angel_Q3_16.pdf
Thank you R
I have already asked myself that question and plenty of others. I am still invested in Finn Aust. I have had a successful investing year so far. Have you?
I used to subscribe to brokerman daniel but after a short while I gave up on the inaccurate reports. Study his report on Finn Aust and go to the end where he deals with comparables. He mentions Sierra Rutile. I held 350,000 shares in Sierra Rutile. Many of us felt that the £215 million bid by Iluka was at a considerable undervalue. Study their half year results released 30th September. Debt of $49 million and bear in mind Iluka are taking that on plus the earnings and assets. Half year loss of $23.5 million - I repeat 23.5 million and Iluka are prepared to pay £215 million or in dollars 60 million. Then have a look at the spin that brokerman daniel puts on the comparison with the value attributable to Finn Aust and ask yourselves what agenda is he running and why has richie posted it with a strong sell message. Everyone to their own. Governments run on propaganda.
The company has a way to go but it seems to me that it has readily available deposits which are capable of being "mined" without a mine in the ordinary sense of the word and processed without a processing plant in the usual sense of a plant. What they need is to ensure that there is sufficient capital to afford to buy or hire the dredgers to dredge the sands and also off take agreements to buy the product. There also remains the question of what the company does with the remaining percentage of the company which is owned by Bluejay.
Hello everyone, without it sounding too much like an AA meeting , I'm a Finn Aust shareholder since the Finland Days - can't time everything right! However it did give us a chance to see Western Areas join at a premium & after some extensive research - came to the conclusion that this company could be one of the good ones. Management aligned, a world class resource in Pituffik funding the greater expansion of a Greenland focussed mining group. The Management have been successful before, - but you all know this ,it's just what is sensible for each investor to put in. As the Directors have large holdings, and the cornerstone investor does too, I would guess that we are on firm ground to add over time. This is just my opinion obviously. The project is shaping up well & with a few more staff, we could start to see offtake agreements perhaps? The Blue Jay & Avanaa deals being finalised would be good and will no doubt be under consideration. There are some good partners in too - I have it on good authority that the Dutch dredging co, is very well thought of & the metallurgy came back as good. Very exciting prospect and for once - not an AIM disaster - the website is constantly being updated & looks good. I like it a lot & have started to add on weakness, however my timing can be suspect & is not any kind of gauge ! As Daramuda points out the studies that are underway are critical & the risk averse should note. Let's see how we go from here. Certainly we seem to be placed well when compared to hard rock miners of Ilmenite our product having been stacked in the delta and shallow water for many thousands of years by the glacier. A bit of a gravity separation, perhaps on board the dredge ship, straight to Arctic class ships in 24 hour daylight. could be a great big pile at the end of a season. Looking forward to updates, which I signed up for on the Website. Good luck to us! R.
Hehehe, daramuda, that is also a way of interpreting the report...
Thank you. I read it and printed it that day. The three things to come are the SIA EIA and the JORC compliant resource (the latter I believe should be very good) Pituffik is an absolutely excellent resource of high grade ilmenite sands. No expensive mine to be financed and built. But this will take time. Thanks again for your help.
Code not recognized? You mean the URL doesn't work? It works fine when all the asteriscs are replaced. The date of the paper is 6th October 2016 (last week) and written by Align Research.
I know what you are trying to say. I am a subscriber to share prophets. What is the date of the article since the code that you have suggested does is not recognised?
hmmm.. the stars should by share prophets (one word)..
http://www.*************.com/file_download/827/FAM.pdf
Mate, look at VALIRX when you have time. October Presentation was out and I posted there, looks really good.
Turbulence pretty much guaranteed!
The JORC compliant resource is not until the end of the year so we have to wait; also should there be a move to complete the option for the remaining 40% (without triggering a Rule 9 offer) there is bound to be dilution since the deal will be done at 2 pence per share (the December 2015 deal). So patience needed.
Not too shabby a day here and a fairly stonking day all round. My pf hit it's year high today (although still under water overall!) V. pleased with SUMM today, and 88e. AST, VAST and SOLG ticking up. Long may it continue. The potential here for seriously low cost mining/processing with a seemingly self-replenishing resource is awesome. It will be great to get some figures put on the resource.
Mate, I'll add more here with SAR or VAL profit.
Both I am interested but I am more interested by the tip off with Obelix. I have just been studying the buying pattern and there seems to be some significant pressure building there. I think some efficacy results have been unearthed hence the rise. Ive seen enough to throw a few K in. Cya for now gents but I will be back.
I will add to the post by Obelix. Read today's FAM RNS carefully in that the processing of the sands is to a large extent done by nature. Thus with sands capable of replenishment (see the company's excellent website) there is little capital expenditure in the conventional sense.
Morning Wreck, I hope you're well and happy to be here at the right time. VAL will present at ESMO - Denmark on Thursday and they are expecting a RNS about Prostate Cancer Trial this week or early next week. If you've a spare cash worth read some RNS there and Buy some. I'm sure You will be happy there as well Mate. Please do your research Mate, and if you feel happy Buy some in VAL and then look at SAR after, but don't forget to Buy more here with profit from both. Have a nice day Mate, and good luck to you. Obelix
Thanks for the tip of obelix. It seems like something has been stirring for a couple of weeks there's hence the 100% up wind in a short space of time. What's the deal? Something big about to be signed?
Good Morning Mate, how are you? I believe you're more than happy to be at low level. Unfortunately, my money is in VAL - SAR and others at the moment, but definite I'll Buy more here soon I get some ££ from there. Have a nice day Mate, and good luck to You. Obelix