focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.
http://atalayamining.com/wp-content/uploads/2017/11/FS-statements-only.pdf
Hardly "unsubstantiated", its based upon an application by Atalaya to the local gov't for a research permit published on 22nd January 2018 with their own supporting documents! http://www.dgicc.cantabria.es/web/direccion-general-industria/detalle/-/journal_content/56_INSTANCE_DETALLE/16626/5674127
Atalaya plans to drill 560 drillings at a depth of 600 meters in two areas divided between the municipalities of Santillana del Mar and Suances , above all, but also in Reoc�n and Torrelavega. At the moment, the company only has the measurements that Asturiana de Zinc made in Queveda in the 1980s, where it is estimated that there may be 8 million tons of ore with a zinc rate of 8.6%. With the current market value - 3,500 dollars per ton - this would mean an income of 2,500 million dollars.
HTTP://www.eldiariomontanes.es/cantabria/empresa-chipriota-suma-20180201214833-ntvo.html
Wrong, there was no draw down of major financing, it was an equity placing..
The loan note agreement with Orion and XGC was altered several times and eventually settled with a share placing as part of a restructured deal. It cannot be compared with the Astor situation.
5m tonnes per annum will produce 25,000 tonnes x 2,200 = 55m lbs at $2.75 gives $150m revenue less costs at $1.56 lb = $64 m profit or £42m x 10 = £420m market cap = £12p. Increase production by 50%, increase the grade marginally and the price of copper to $3 lb, increase the resource and you will be way north of 25p.
That RNS was 2.months ago!!!!
Here's an interview . http://www.brrmedia.co.uk/event/113779/ashar-qureshi-director
Tel, yes more or less sold out at 2p on the takeover, but have been buying back in recently as the rapid ramp up in production should drive the costs down substantially. The underground wont ramp up in a straight line and may well fall back whilst they mine the waste but people will soon realise what HMB is capable of producing over the next few months. Putting an extra 1,200oz of underground ore month thru the mill is nearly a 50% in milled oz in the last couple of months. The newly installed 7th leach tank will improve recovery as well and was planned to take the plant to being capable of milling over 1m tonnes per annum. With a 2m oz resource and u/g grade at 4 g/t the potential is huge.
.....or in May they mined 2,650 from the open pit with no underground contribution. The underground mine became operational in June and in August they mined 1,180oz, from underground, which suggests they are now producing at a combined rate of 3,830 oz per month.
Current equivalent production rate to June 2013 is 25,346 oz (12,673 produced in H1, assume same again H2). Add 1,200 per month underground ore currently being delivered = 14,400 oz per annum equivalent. Add 25,346 + 14,400 = 39,746 current production rate.
Terry, the difference is that those results were based upon production at c 24,000 oz pa. With underground now producing 1,200 oz per month and ramping up, HMB is now producing at an equivalent rate of c.40,000 oz per annum and growing; having already driven down costs by $200 per month without the benefit of underground production, I expect to see further substantial reductions. Without the legacy admin costs it looks like they would have turned a small profit in H1.
Interesting, they bought into HMB about 2 or 3 years ago, maybe more. I believe them to be the vehicle of George Robinson, of Sloane Robinson, very successful hedge fund managers. Mind you, they bought in at a much higher level. Still got a good slug in here, this has caused me to re-think. Do your own research and no advice intended !
Your post from Monday - having spoken with the company they are finding very difficult to operate in Kaz because of the red tape. Therefore if the offer does not get voted for, the sp may fall dramatically and with Kazakh red tape in the way (the u/g mine has already stopped operating because of this) it will be difficult for the company to find a way forward. Now a powerful local family have their eyes on it, I believe the company may find even more difficulties should the offer not proceed. They may even pick it up much cheaper in 6 months time if things look even bleaker.
After further discussions with HMB, I will be offering all my shares at 2p. I don't see any more coming from AR and the downside is too great. Its proving difficult for them to operate in Kazakhsatan. Best of luck to all, but 2p now is better than nothing.
Slav, look on the HMB website. I asked them to update it last week, which they did. Corporate Governance Rule 26
Slav, given that Sabine Anderson, the Director appointed by EBRD voted for the offer, what makes you so sure that the EBRD will not take up the partial offer ?
Total about 40m over the last 3 days (another 10m earlier today). The stake may well turn out to be well over 9%
Plenty of potential Russian (Highland Gold) miners looking for acquisitions in Kaz as well as Chinese - close to both borders.