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Mining giants Glencore, Anglo American and Antofagasta were sprinkled about Tuesday's midday leaderboard. This was a "rare day of not being hit by trade war gloom", said Russ Mould at broker AJ Bell, miners heading upwards on the stock market amid talk that Beijing will increase infrastructure investment.
I'd have a look at Griffin Mining (GFM) if I was you. DYOR.
Hi Sageman. Yes I love reading the annual report - and do so several times a year. Who says Accountants are dull?
It's a new zone within the existing mine and we are all geared up to start production almost immediately a new licence is granted. As others I just wish it would be granted - the local area authority would welcome the tax revenues (and 11.2% interest in the mine?)
I was so close to picking up more shares but we are house hunting so Mrs. Bean wouldn't have been pleased.
Excellent post GS. Just a note on the cash pile. The accounts say $26,518 in cash less $4,406 in finance leases. Not sure when Chinese taxation is payable but $15,219 is payable.
Capex seems to be a little less than depreciation.
PBT was c. $38m in H2 2017. Should be more than this for H1 2018.
Get's me to around your $50m . At $1.31 / £ = £38m
179m shares in issue. 20m options if exercised would bring in £7m
So £45m / 199m shares = 23p per share.
Let's say $55m annual PAT at current zinc price = £42m. £42m / 199m shares = 21p per share
current share price 120p - cash = 97p 97p / 21p = p/e of 4.6x.
How cheap is that?????
As Sageman often says - add in a dividend and a new licence.
Of course production might be much higher than last year due to the new lorry.
That is brilliant. Thank you so much. Whilst desperate for the results - I'm an accountant so have estimated last year and current YTD - it's the words that will move the price. After tomorrow it might not be until August that we hear anything further.
Thank you. I've previously looked at the previous day's closing prices on lme.com. What a rise today - although this probably explains today's rise and is fantastic I am a little disappointed that it's not that some people know something that we don't.
There was a pull back mid morning which didn't last long. I think there will be a dividend as this has been a stated aim of the BoD for several years - being debt free being the catalyst. This will put GFM on the radar of even more Fund Managers. I am struggling hard not to get over excited about the prospects if zinc stays anywhere near the current level. Add in the new licence. I'll post my Noddy expectations of 2017 results soon.