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Dazu passt diese schöne Empfehlung. Stichworte: Konsolidierung der
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Cardero Resources is a "standout
, cheap takeover target",
says Ocean Equities
3:03 pm by Deborah Sterescu
Cardero Resources is a 'standout, cheap takeover target', says
Capital markets firm Ocean Equities said Friday in a research note
that Xstrata’s (LON:XTA) US$500 million cash offer for the Sukunka
project highlights Cardero Resources (TSE:CDU) as a "standout, and
cheap, takeout target".
Earlier this week, Xstrata plc announced the acquisition of the
Sukunka coal deposit from Talisman Energy (TSE:TLM) for US$500
million in cash.
Sukunka is located 60 kilometres south of Chetwynd in the Peace
River Coalfield of North Eastern British Columbia (NEBC), Canada.
The licence covers over 20,000 acres and contains an underground
mineable metallurgical coal deposit that is contiguous with the
First Coal Corp. and Lossan tenements acquired by Xstrata in August
and October 2011 respectively.
Xstrata’s three cash acquisitions in the last eight months for
non-producing, exploration and development deposits in the region,
which are yet to secure infrastructure access, totals C$672
Sukunka has a NI43-101 resource of 236 million tonnes in the
Measured and Indicated categories. Xstrata Coal’s technical studies
indicate the potential to realize further value from the resource,
Ocean said, while "unlocking synergies from its recently acquired
neighbouring assets and providing further regional scale".
In the report, Ocean said: "Consolidation in the global coal sector
continues at a remarkable pace. Following the recent successful $1b
cash takeover of Grande Cache (Alberta, Canada), six acquisitions
in ~15 months involving predominately Peace River projects valuing
the target assets at C$4.73b and resulting in four of the top five
met coal producers now looking to ramp up production in the region,
POSCO’s recent entry into the NEBC coal sector and various
speculation regarding potential offers for Walter Energy, there is
renewed focus on the potential for further consolidation in the
Peace River coalfield."
In this context, the research firm further said that it believes
Cardero is a "standout" and a cheap M&A target.
The company's flagship Carbon Creek asset is one of the largest
deposits in the region with a resource of 333.5 million tonnes,
with 166.7 million tonnes in the measured and indicated category,
and two upgrades expected in 2012.
It is "geologically uncomplicated
", Ocean said, and
"supports the production of high quality met coal products, is
relatively favourably located to existing infrastructure, and is
well positioned from local community groups’ perspective and native
A preliminary economic assessment was recently completed, and
returned a base case $752 million post tax net present value and a
29.3 percent internal rate of return, assuming an average sale
price of $185 per tonne with production of 2.9 million tonnes per
year over a 30 year mine life.
Despite Cardero’s share price rallying 20 percent overnight,
following the announcement of Xstrata’s most recent acquisition in
the region, its market cap still remains only around C$120m, a
significant discount to recent peer group transactions in the
sector and region, Ocean noted.
Based on the US$500 million purchase price, Xstrata is paying
around C$2.10/resource tonne implying a peer group valuation of
about C$525 million for Cardero’s interest in its flagship
Carbon Creek project
, said Ocean.
"While resource multiples are not necessarily the most accurate
method of valuation we believe they are extremely useful in this
case to illustrate Cardero’s significant valuation discount."
The recent announcement of the robust PEA for Carbon Creek is "the
first of a number of identifiable catalysts for Cardero in the
upcoming months", Ocean concluded, including: the announcement of a
new COO, the granting of the remaining tenement application
required to consolidate the Carbon Creek property, Cardero looking
to secure a commercial agreement with Ridley Terminals for port
capacity, a further resource upgrade and coal quality report,
off-take negotiations commencing in the second quarter and, an
updated PEA or preliminary feasibility study.
Cardero is currently changing hands around $1.31.
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