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Aus HC: mps report on cdu On Pg 1 'Martin Place Securities believes the fall in the cdu share price on the release of the updated resource was well overdone' ... In each of the 3 valuation cases, MPS assume CuDeco will mine the high grade zone first over 3‐4 years. MPS also make no allowance for site rehabilitation costs at the end of LoM as these costs are likely to be in the vicinity of the sale price of plant and equipment which MPS also make no allowance for. MPS expects the likely scenario to be that the RC holes have been underreporting true grade. As such, MPS view the base case +40% grade adjustment scenario as our best estimate of the Rocklands deposit. MPS also attributes no value to the high grade results coming from the Wilgar prospect. With further exploration, this prospect is likely to materially add to total resources and the valuation attached to Rocklands. Our optimistic case assumes an average grade over the LoM of 2%. MPS still views this as a possible case as CuDeco has reported large intercepts of high grade chalcocite and native copper. For the reasons discussed earlier, the JORC may have substantially understated these zones. It is anticipated CuDeco will mine these high grade zones first which could substantially add to the early years cash flow. It is also expected that CuDeco will receive a ~10% premium to LME spot for sale of any native copper. Plant CapEx is expected to be around ~A$150m with the company already having an impressive existing fleet of earth moving equipment consisting of 6 x 465 Komatsu dump trucks (55t capacity), 12 x 785 Komatsu dump trucks (90t capacity), 5 x Excavators and a range of smaller service vehicles. The Outlook for Copper The financial crisis experienced in 2008/09 saw copper drop to a low of US$4,000/t. Since then, copper has rebounded strongly and currently sits at US$7600/t (US$3.45/lb). Copper usage follows the industrial and energy sectors and is required for use in construction, infrastructure, power generation and in almost all electronics. Recent US housing market woes played on the minds of the misinformed market participants as the market fundamentals for copper remains very bullish. Demand for the metal is mainly being driven from China, which imports ~70% of its copper, and with other Asian countries account for ~55% of global consumption against ~10% for the US.ing an average LoM Cu grade of 2%. Warum RC-Drilling weniger exakte Resultate liefert als Diamond Drilols: The reverse circulation drills are all truck mounted and so must have good road access to the drill site therefore are no good for remote drill camps. However, the cost of drilling is much less than diamond drilling and the penetration rates are an order of magnitude greater than diamond drills. For this reason, may drill campaigns start with reverse circulation drills and move to diamond rigs if the mineralization warrants it. Unlike diamond drills, RC drills do not produce a core which comes sequentially from the hole. The rock chips created by the drill bit are delivered to the surface generally in the order in which they are produced but not always. Therefore, RC drilling is not as accurate as diamond drilling. There is no way of knowing with certainty where the chips are from. Also there is a tendency for heavier minerals (eg gold) to fall to the bottom of the hole or be caught in elbows and curves in the drill pipe. As a result, assays from RC drill samples may understate the amount of mineralization present in the rock. Nevertheless the relatively higher speed and low cost of RC drilling makes it a popular method for obtaining mineral samples for assaying. Wie bereits gesagt, ich glaube weiterhin an positive Überraschungen. |
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| aus der Diskussion: | CUDECO - the new force in Copper? |
| Autor (Datum des Eintrages): | zopa (07.09.10 09:19:55) |
| Beitrag: | 12 von 58 (ID:40108722) |
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