Ini bandar sontoloyo asal ngomong, coba dia berani guyur 900 kite Obers borong, kayak kite anak kecil saja mau dibohongin dengan analisa petak umpet, ha.ha.ha udeh nggak jaman boong-boongan kayak anak kecil, ML emang paling bisa pakei tukang riset Tuyul.weleh.weleh.weleh
BT _____ From: obrolan-bandar@yahoogroups.com [mailto:obrolan-ban...@yahoogroups.com] On Behalf Of Rei Sent: Monday, February 16, 2009 1:09 PM To: obrolan-bandar@yahoogroups.com Subject: Re: [obrolan-bandar] ANTM (TP Rp900) - Merrill Lynch: Potential difficulties offset attractive price 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. <mailto:syifa.f...@yahoo.com> 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_bolenang@ <mailto:simon_bolen...@yahoo.com> yahoo.com> wrote: From: simon bolenang <simon_bolenang@ <mailto:simon_bolen...@yahoo.com> yahoo.com> Subject: [obrolan-bandar] ANTM (TP Rp900) - Merrill Lynch: Potential difficulties offset attractive price To: "obrolan-bandar yahoogroups" <obrolan-bandar@ <mailto:obrolan-bandar@yahoogroups.com> yahoogroups.com>, "saham yahoogroups" <sa...@yahoogroups. <mailto:sa...@yahoogroups.com> 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.
