AAR 5.71% 9.9¢ anglo australian resources nl

kp developments

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    Since we are not going to hear from AAR for a while, I'll just re-produce some past news items (just to keep myself amused really).

    September 2008 Quartely (30 Oct 2008)
    "Anglo Australian Resources NL (AAR) is pleased to report the Pre Feasibility Study (PFS) of the Koongie Copper Zinc Project in the Kimberly of Western Australia by Holly Mining is now complete. Based on median metal prices that have operated over the past two years (Zn US$1.4/lb, Cu US$3.5/lb and an exchange rate of US$1.00 = A$0.80) the project generates an Operating Surplus (EBITDA) of $100m. The project returns capital in two years due to the early availability of high grade ore, generates an Internal Rate of Return of 21% and an NPV of $15m discounting at 8%."

    So we are approaching Zn US$1.4/lb, Cu US$3.5/lb slowly again; although it would be nice to have visibility of currency and metal price sensitivities in their model, I still think we would be looking at a profitable scenario at todays prices.

    Then we had the resource upgrades during the year:
    "The expansion of the resource model has resulted in an increase of 1.5Mt on the Sandiego 2008 Mineral Resource estimate. This potentially represents an additional 3 years of operation for a mine based on a 500,000 tpa processing plant. The new resource represents 57,000t of contained copper metal (a 93% increase on 2006 Mineral Resource estimates), 145,000t of contained zinc metal (an 18% increase on previous estimates), 2.4 million ounces of contained silver metal (a 23% increase on previous estimates) and 50,000ounces of contained gold metal."

    Ok, that's great - Angus, can we please get the revised model with some sensitivity analysis? It's not that hard!

    Merry x-mas to all.


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