UMC 0.00% $1.30 united minerals corporation nl

10 things you must know

  1. 1,739 Posts.

    If you couldn't attend the General Meeting - you missed out. It was absolutely fantastic.

    Here is a Top 10 summary of topics which were put forward by the company:

    1. UMC will be the 3rd major producer alongside BHP and RIO in this region of the Pilbara.

    2. UMC wants to begin mining as quickly as possible, possibly by the end of next year. Initial mining could be at-the-gate sales, and future mining could be sales of UMC blended ore. A pre-feasibility study will examine all options over the course of this year.

    3. JORC compliant inferred resource statement should be out around June-July.

    4. The proposed rail line would have huge strategic significance in the region. The line would probably be required to be open access. Companies whose land the rail crosses over include: BHP, RIO, FMG.

    5. Railway ore could fetch a much higher price than ‘standard’ iron ore due to its low impurities. It can be blended with other lower quality ores which allows a producer to increase their overall saleable tonnage.

    6. If BHP were to buy the ore, it is likely they would set up a conveyor belt from UMC tenements to their operations at Area C.

    7. There is $7.5 million in the bank now, which will be spent on drilling and pre-feasibility study this year. There is another $7million coming in July from the option expiry. In other words – they do not have any pressing financial troubles.

    8. More drill targets have been identified. One in particular bears striking similarities to Railway. Diamond drilling is ongoing to delineate JORC at Railway. This will be followed up by RC drilling, at this and other targets.

    9. The directors have consistently delivered on their promises thus far. They are fully committed to rolling up their sleeves and making UMC a major success.

    10. If you’re putting Peking Duck on the menu, make sure you’ve got a duck. (In plain english: The most pressing endeavour is to find out how much they have at Railway before full negotiations can get underway.)

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