GOLD MINE at a cheap price, anyone? On Mon, Feb 16, 2009 at 1:09 PM, Rei <highwaysta...@gmail.com> wrote:
> Sht....let it be...if they give us 900, we would be very happy!!! > > > On Mon, Feb 16, 2009 at 1:07 PM, SyIFA Fund <syifa.f...@yahoo.com> wrote: > >> Ohh...ML just CAUTIOUS like usual. Underground mining is >> difficult?come on...ML analyst should go to Aceh and Kalimantan and should >> see that underground mining is no longer difficult...just hire the >> Australian to do that. >> And IF you guys carefully read this ML analyst report, you can see too >> many conflicts in her writing. That make me CAUTIOUS also..hehe...PEACE. >> >> >> >> Regards, >> >> >> SF FM >> Where you can trust your fund >> >> --- On *Mon, 2/16/09, simon bolenang <simon_bolen...@yahoo.com>* wrote: >> >> From: simon bolenang <simon_bolen...@yahoo.com> >> Subject: [obrolan-bandar] ANTM (TP Rp900) - Merrill Lynch: Potential >> difficulties offset attractive price >> To: "obrolan-bandar yahoogroups" <obrolan-bandar@yahoogroups.com>, "saham >> yahoogroups" <sa...@yahoogroups.com> >> Date: Monday, February 16, 2009, 5:46 AM >> >> >> >> >> *Muted reaction to recent gold asset acquisition* >> ANTM has signed a Heads of Agreement to transfer ownership of PT Cibaliung >> Sumber Daya (CSD) from Arc Exploration to ANTM. ANTM will settle Arc's >> US$8mn debt to ANZ. The move should effectively make ANTM the sole owner >> of >> the undeveloped Cibaliung gold mine, in which CSD has a 95% stake. While >> we >> think the price is attractive, our reaction is muted given past project >> delays and >> mining difficulty. Mining is by underground cut-and-fill stoping with >> decline access. >> *Cibaliung mining not straightforward, in our view* >> True, ANTM might get Cibaliung for a cheap price: US$8mn for a 95% stake >> in >> Cibaliung, which has 412,000 oz reserves (US$20.4/oz) . And we understand >> Arc >> has spent a substantial amount to develop the mine. However, considering >> project >> commissioning has been delayed for around two years on capex overrun, some >> financing difficulty and some development phase delays, we are now at the >> "wait >> and see" stage. ANTM is targeting to spend an additional US$35-40mn to >> bring it >> into operation in 2H10. >> *ANTM still largely a nickel company after the acquisition* >> We view Cibaliung more as a replacement for ANTM's Pongkor gold mine >> rather >> than a significant addition. As of December 2007, Pongkor gold reserve was >> 742,750 oz, which we estimate can last for another 3-4 years based on >> historical >> peak production. By 2011 we expect ANTM to still be largely a nickel >> producer, >> with nickel contributing about 70% of total revenue. >> *Our stance: still cautious near term* >> We have yet to see a rebound in nickel price with LME inventory still >> creeping up >> and the global economy yet to recover. We await FY08 results to get fuller >> details, >> and indicators to what lies ahead. ANTM has warned of a potential >> derivative loss, >> which we believe could negatively impact its cash position. As of Sep >> 2008, its net >> cash was ~US$260mn. >> >> This message and any attachment are confidential and may be privileged or >> otherwise protected from disclosure. If you are not the intended recipient >> please telephone or e-mail the sender and delete this message and >> all attachments from your system. If you are not the intended recipient you >> must not copy this message or any attachment or disclose the contents to any >> other person. >> >> E-mail transmission cannot be guaranteed to be secure, error-free or >> virus-free. The sender therefore does not accept liability for any errors, >> omissions or consequences which arise as a result of e-mail transmission. >> This message is provided for informational purposes and is not intended to >> nor will it create any binding legal relations. If verification is required >> please request a hard-copy version. This message should not be construed as >> a solicitation or offer to buy or sell any securities or related financial >> instruments. >> >> >> >> >> >> > > > > -- Salam, Korban BUMI? Makan cumi saja!
