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Interesting. On what kind of trading, has the number of shares traded increased also? Though I would be happier if ACU had gone up by 19%
Well 2012 was a pretty good year for ACU, production record after production record. Though it has been a bad year for the sp, with new low after new low. For 2013, it would seem likely that further production records will come, lets hope the pattern is broken and the sp starts move in the other direction. Hopefully ZCI's neverending strategic review will also be completed in 2013, which is what I believe is holding back the sp in it's current depressed state. Good luck to all.
I did notice it. Maybe there is no legal reason for them to do so, and have realsied it is not worth wasting the time and the money. It has been on going for 10 months, I would hope somekind of negotiations have taken place.
When I buy my son the Guiness book of records, I will check to see if ZCI are in their with the most Cautionary Announcements in one year.
Indeed it is. And the sp should start responding once ZCI's strategic review is out fo the way, one way or another. The uncertainty of how this will play out has done us no favours. It doesn't look like anything will be resolved imminently. However I am happy to hold, as the results where pretty good, with the prospects of lots more improvement to come.
I'm not sure the sp will change imininently as the AIM doesn't work like that any more. But this is now a good solid long term investment, with the possibility of a significant rise when ZCI eventually complete their strategic review, and hopefully bring someone on board who has deeper pockets to start developing the other area's. The full year results should be even better than yesterdays, hopefully we will get a few more 'Production Record' RNS's between now and then. Had we got these results a couple of years ago we would be 10p now, but times and sentiment have changed. Not that I mind, I hope it stays at these prices for a while yet, and I will top up whenever I can.
Recovery (%) 57.8 for six months ending Sept with a target of the % of 80%-90% So with an increaed recovery rate, hopefully an improved price of copper (currently $8100) and hopefully no down time then the full year results should be better again. Outlook "African Copper made excellent progress during this period towards realising the full potential of our assets and achieving operating stability. This lays the groundwork for an excellent second half to the year, as we continue to put our past challenges at the Mowana Mine behind us. At the same time, our exploration drilling programme at Mowana continues to demonstrate extensions to the main ore body - southwards, as announced last year, and now northwards." Seems to be nothing but positives in the half year report, with more positives to come
"Mowana North Exploration Project "We carried out a total of 34,826 metres of combined diamond and percussion drilling during 2011. 62 new holes were drilled and combined with data from 10 holes drilled during an exploration programme by Falconbridge Exploration between 1977 and 1982. At a 0.0% copper cut off grade, Coffey Mining reported an Inferred Mineral Resource of 56.8 million tonnes grading 0.45% copper" "The Company is currently committed to a six-month drill-exploration programme to be carried out in two specific areas of the Matsitama exploration licences: /T/ 1. The Thakadu Near-Mine Licence area including Matsitama West, aimed at locating additional copper-silver resources to supplement the Thakadu Mine reserves. 2. the Greater Nakalakwana Target Zone, aimed at locating viable Iron Oxide-Copper-Gold mineralisation" Looks like there is plenty more of the stuff to dig up also
If true with copper at $8000 a tonnes, is very promising indeed
Seeing as they had Operating costs excluding amortisation of $20,7million and they produced 4,490 I work out costs per tonne of about $4600. Can anyone with better maths then me confrim or refute these figures?
Personally I will top up when ever I can at these levels. Seems a no brainer to me
"Despite our increased revenue, our operating costs declined by 20% compared to the comparative period, reflecting the significant increases we obtained in plant efficiency, and the reduced costs flowing from the greater percentage of sulphide ore." As I have always said, as production goes up, costs will come down. By and large these are a cracking set of results. Plenty of positive stuff in there, and plenty of improvement to come.
"Mowana North Exploration Project We carried out a total of 34,826 metres of combined diamond and percussion drilling during 2011. 62 new holes were drilled and combined with data from 10 holes drilled during an exploration programme by Falconbridge Exploration between 1977 and 1982. At a 0.0% copper cut off grade, Coffey Mining reported an Inferred Mineral Resource of 56.8 million tonnes grading 0.45% copper! We reported revenue of US$27.2 million - Operating costs excluding amortisation $20,7million "African Copper made excellent progress during this period towards realising the full potential of our assets and achieving operating stability. This lays the groundwork for an excellent second half to the year, as we continue to put our past challenges at the Mowana Mine behind us. At the same time, our exploration drilling programme at Mowana continues to demonstrate extensions to the main ore body - southwards, as announced last year, and now northwards."
"Copper produced in concentrate during the six-month period increased by 29% compared to the same period last year, and by 31% compared to the six-month period from 1 October 2011 to 31 March 2012;" "Average recoveries anticipated to continue to increase as mining progresses deeper into the mines and away from more oxidic areas;" "The overall increase would have been even higher if not for the failure of the Mowana mill pinion shaft on 20 May 2012, which caused a 43% decline in ore processed between April and May 2012" "the increasing proportion of sulphide ore brought greater flotation stability and improved recoveries, evidenced by the August 2012 flotation recovery of 69.8%. This progress has also allowed us to reduce the costs of deploying the reagent AM2 (secondary collector) and NASH (Sulphidiser), used to treat oxide ores. Plant efficiency has also benefited from the Larox filter plant we installed this year,"
"African Copper made excellent progress during the six month period ended 30 September 2012 toward achieving stable operations at the Mowana plant and attaining profitability"
I am far more interested in the figures for ACU, particularly the production levels since Sept. We haven't had any 'production record' RNS's for a while. For ZCI we may get a snippet of the strategic review, but I am not getting my hopes up. All in all, hoping for a quick resolution to the strategic review, but happy to wait for longer term strength. I will top up occasionally as long as it stays at these levels.
Has ZCI been suspended on the bourse? If so what is the reason? thanks
The timescale for ZCI's strategic review is now becoming riduculous, and is proving to be strongly detrimental to ACU's own sp, due to the uncertainty. I have no doubt, with the significant improvements to production levels that the SP would be much higher than it is now if we didn't have the strategic review hanging over us. We have a good idea what the production levels should be at the half year results, and again we would normally expect that to prvoide a further boost to the sp, but if the strategic review is still on going, it will have no impact. So we are missing numerous oppertunities for sp improvement. I no longer care if ZCi sell all or part of their holding, I just want this sittuation resolved so we can benefit from the increase in production. All talk of iminent news has so far proved inaccurate, I struggle to fathom how it can possibly take so long. Just as ACU is starting to become the company we thought it could, we are being held back by having the Sword of Damocles hanging over us.
Actually we already know what they have produced in this years half year results, 4,490mt which at an average price of $7500 p/t equates to $33.6m, which is not to shabby when you consider the first quarter was affected by failure of the mill pinion shaft which caused production to be shut down for 15 days. It will be interesting to see if they have managed to beat their current production record of 976
Until they are officialy linked with ACU / ZCI it doesn't affect us one way or another. They should have a queue of potential buyers lined up. We are liable to get the half year results before any sale news.