Member Info for EV_Bull

Worth remembering that Anglo's profit numbers are for their 70% share.
2012: $54 million ($77m / £55.7m 100%)
2011: $120m ($171m / £124m 100%)
Taking Anglo's $171m (100%) profit figure and a P/E of 10 you would get $1.7bn or $1.37bn with a P/E of 8 so it's easy to see where these valuations can be achieved.

The current mine plan would mean that the Amapá Project would produce at steady state production an estimated 4.4 Mt of 65% Fe and 0.9 Mt of 62% Fe per annum.

My estimates at current ore prices (not official numbers, don't take this as gospel):
$118.5/t x 4.4m = $521.4m $103.3x0.9 = $92.97m so total revenue at full production $614.37m (£461m) per annum. (Avg $116/t)
Life of mine OPEX – US$ 21 / tonne - as per June presentation
SG&A 2$/t
Shipping to China $38/t (my estimate)
Capex & Loan repayments $10/t (my estimate)
Cost basis (break even): $71/t
Tax $16/t (35% tax - rough ballpark estimate)
Net Profit $29/t x 5.3m = $153.7m (£115.35m) x 27% = $41.5m to Cadence per year (£31m)
P/E 8 = £248m valuation = £1.60/share (Just for Amapa)

1) I expect Iron ore prices to rise after the Winter Olympics making potential profits much higher.
2) I believe we will achieve a premium to these prices because of the beneficiation process, if we switched to 67% that would be a bigger premium and less material to move.
3) we have the option for 49% which would almost double this number.
4) The BRL/USD has gone in our favour and connecting to the grid for hydro power will also save on operating costs.
5) I expect shipping costs to normalise at a lower rate and the "New Panamax" 100kt ships could be much cheaper than my estimates.

Ore Prices: http://www.custeel.com/en/csi.jsp

https://www.angloamerican.com/~/media/Files/A/Anglo-American-Group/PLC/investors/annual-reporting/2014/annual-report2013.pdf

better link to it with an image of the sampling area:
https://wcsecure.weblink.com.au/pdf/CCZ/02457218.pdf

I would expect an RNS about that CCZ update.

https://www.lse.co.uk/rns/CCZ/option-to-acquire-lithium-projects-extended-ir5ewtauqwn5ajy.html
Simon Paull, Managing Director of Castillo Copper, commented: "The Board has advised the Vendor Group that it is extending the option period to acquire the Litchfield and Picasso Lithium Projects due to ongoing delays in receiving key assay results for both projects. Encouragingly, however, the Board is pleased with the due process undertaken to date and believes both assets have considerable potential to host lithium mineralisation. The Board looks forward to receiving these assays and concluding due diligence shortly thereafter."

Start here if you don't understand reverse splits:
https://help.ii.co.uk/system/templates/selfservice/ii/help/customer/locale/en-GB/portal/402800000001013/content/Auth-2458/What-is-a-Consolidation

There is a big difference (reduction) in workload going from FD to NED.
NEDs usually just attend board meetings and that's about it afaik.

Indeed it is.... FYI:
"On completion of the US$ 6 million investment Cadence will have the right to appoint two members to a five-member board with the remaining three comprising of one member jointly appointed by Cadence and Indo Sino and two appointed by Indo Sino."

This is a good move, Cadence shareholders should be very happy to see this (as I am), I am sure he will have his hands full with Amapa going forward.

P.S consolidations and splits don't affect the value of the company or your holding.

https://www.lse.co.uk/rns/UKOG/board-and-management-changes-i718ftkmz79jg5m.html

Board and Management Changes

UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that following a thorough external recruitment process, Matt Gormley has joined UKOG as the Company's Chief Financial Officer, a non-board position.

Matt Gormley was previously Group Financial Controller of Shanta Gold Limited and an Audit Manager at Grant Thornton UK LLP.

With effect from 1 January 2022 the board will also be restructured. Kiran Morzaria will step down as Finance Director and will become a Non-Executive Director. Allen Howard will move from Non-Executive Chairman to become an Executive Director of the Company on a part-time basis. Nick Marden Taylor will become the Non-Executive Chairman.

Chief Executive Stephen Sanderson commented:

"We are delighted to welcome Matt Gormley into the UKOG team. His fresh perspective from an alternate sector will be particularly valuable as UKOG seeks to expand internationally and diversify into green geothermal and hydrogen energy within the UK."

ORDINANCE No. 283/2021-SETRAP

THE STATE SECRETARY OF TRANSPORTATION OF THE GOVERNMENT OF AMAPÁ, in the use of its powers conferred on it by Decree No. 0795, of 03/26/2018,

RESOLVES:

Article 1 - DESIGNATE the Servers listed below, to travel from the Headquarters of their Macapá/AP attributions, to the Municipality of Serra do Navio, in order to carry out inspection of the buildings, sheds and equipment of the Railway Terminals of the Railroad of Amapá - EFA, in the period from 22 to 26/11/2021.

LAUROMAR SABADINE General Manager of GTTFCDS-03

JOYCE BATISTA DA SILVA General Manager GTTFCDS-02 Subgroup

WOODCHIPS

BorderBob clearly has a vested interest in suppressing the potential of the BCN (and now the JV) and therefore getting BCN holders to accept the deal.

Booobla/Mr.lithium is clearly just a troll perhaps with a screw loose, probably bitter about past losses here.

There are three to sign remember so maybe one or two have already but it's not until all three do that it's going to be announced I expect. The Italian bank was on the ball in the prior approval.

"that can be a new partner going into the asset at the asset level" - could easily be Glencore

CEO Kiran Morzaria has stated the below in a 2020 interview available here: https://youtu.be/mGhDQjFgP7k?t=541

"we'll be looking for project funding on or around 2021 of $24 million, that will be project equity, that can be a new partner going into the asset at the asset level, so we'd still have our 27 percent or of course you know we could go up to 49 percent, it really depends on the economics, the great thing is we have choices here and then you look for one hundred and forty to one hundred and fifty million worth of debt financing which would fund the recommissioning"

Join the dots...
Cadence CEO Kiran Morzaria commented, "We are pleased and proud that the sale and shipment of the second batch of iron ore from Amapa has completed so quickly. That the customer is once again one of the world's largest globally diversified natural resource companies is a clear signal that Amapa is very much back in business, with keen demand for its product."

"We are Glencore, one of the world's largest globally diversified natural resource companies"
https://www.glencore.com/who-we-are/at-a-glance

From the haul:
Contract signed between "DEV Mineração S.A." and “Glencore International AG”

Metal Bulletin; London (Nov 9, 2012).

"At least four bidders are in the running to acquire Anglo American's Amapa iron ore project in Brazil, sources told Metal Bulletin sister title Steel First on Monday November 5.

Bidders include international commodities trader Glencore and Indian investor Pramod Agarwal's mining company, Zamin Group. Russian steel producer Severstal and Australian junior iron ore miner Centaurus Metals have also been named as possible bidders, according to press reports.

Anglo American announced that it was mulling the sale of its 4.8 million-tpy Amapa project in September."

Correction: The past is not necessarily the same as the future.

You're proving my point exactly, the past history weighs it down so it is ignored. The pas is not necessarily the same as the future.
Amapa is a big deal for KDNC and the 20% deal signing could be any day now.

You can't presume that the two are directly related, the banks signing could be any day.