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[url=http://peketec.de/trading/viewtopic.php?p=400247#400247 schrieb:Ollinho schrieb am 15.05.2008, 17:49 Uhr[/url]"]Jep sieht guts aus!
Haben wir auch im Swing-Thread bereits am 9.05. empfohlen! Denke da stehen News an und wie es scheint keine schlechten....
[url=http://peketec.de/trading/viewtopic.php?p=400198#400198 schrieb:
Tena hebt ab!!! 
[url=http://peketec.de/trading/viewtopic.php?p=400275#400275 schrieb:Ollinho schrieb am 15.05.2008, 18:24 Uhr[/url]"]-T5Q- Tenajon Resources
BID in Canada sieht verdammt gut aus! Denke die News lassen hier auch nicht mehr lange auf sich warten!!
May 15, 2008 13:10 ET
Tenajon Announces 75% Increase in Indicated Molybdenum Resources at Ajax Project
Now 98.9 Million Pounds Molybdenum in the Indicated Category
VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 15, 2008) - Tenajon Resources Corp. (TSX VENTURE:TJS) (the "Company") today announced that the incorporation of results from the 2007 drill program has significantly increased the Mineral Resource estimate for the Ajax Molybdenum Deposit. Tenajon Resources Corp. holds a 100% interest in the Ajax Molybdenum Deposit, located 14 km north of Alice Arm, B.C.
Key Point Summary (at a 0.04% molybdenum cut-off):
- Indicated Resources increase by 75.4% over the 2007 resource estimate
- 98.9 million pounds of molybdenum in Indicated Resources
- Inferred Resources increase by 4.2% over the 2007 resource estimate
- 649.8 million pounds of molybdenum in Inferred Resources
- Ajax deposit is still open for expansion laterally and at depth
- Molybdenum is trading at approximately US$33.00 per pound
The upgraded resource estimate was prepared by Giroux Consultants Ltd., an independent consulting firm. Above a cut-off of 0.04% molybdenum ("Mo") Giroux estimates that the Ajax Deposit contains an Inferred Resource of 483.1 million tonnes grading 0.061% Mo, representing 649.8 million pounds of molybdenum, and an Indicated Resource of 69.0 million tonnes grading 0.065% Mo representing 98.9 million pounds of molybdenum. With the current resource base, Ajax is one of the largest undeveloped molybdenum deposits in North America and the deposit remains open laterally and at depth.
The current resource incorporates the results of 48 drill holes totaling 15,359 metres, including 13 holes that were drilled by Tenajon in 2007. Of the 48 drill holes, 22 were completed by Tenajon from 2005 through 2007, and 26 holes were completed by previous operators. Prior to the incorporation of the 2007 drilling, Giroux had calculated the Ajax Deposit hosted an Inferred Mineral Resource of 448.8 million tonnes averaging 0.063% Mo using a 0.04% cut-off and representing 623.4 million pounds of molybdenum. Indicated resources were calculated to be 38.8 million tonnes averaging 0.064% Mo representing 56.4 million pounds of molybdenum (see Tenajon Resources press release dated March 5, 2007 for details and disclosure).
Mineral Resource Estimate
The total contained metal at a 0.04% cut-off is 98.9 million pounds of molybdenum in the Indicated category and 649.8 million pounds of molybdenum in the Inferred category, representing a 75.4% and 4.2% increase over the previous resource estimate, respectively. The following table summarizes the Mineral Resource for the Ajax Deposit at various cut-off grades:
---------------------------------------------------------------------------
Inferred Resources Indicated Resources
---------------------------------------------------------------------------
Cut-off Mo Million Mo Million
Grade (%) Tonnes (%) lbs Mo Tonnes (%) lbs Mo
---------------------------------------------------------------------------
0.04 483,120,000 0.061 649.80 69,000,000 0.065 98.90
---------------------------------------------------------------------------
0.05 421,950,000 0.064 595.50 57,670,000 0.068 86.50
---------------------------------------------------------------------------
0.06 260,260,000 0.069 396.00 41,220,000 0.074 67.30
---------------------------------------------------------------------------
0.07 85,990,000 0.079 149.80 19,940,000 0.084 36.90
---------------------------------------------------------------------------
0.08 32,040,000 0.088 62.20 9,090,000 0.095 19.00
---------------------------------------------------------------------------
0.09 9,270,000 0.100 20.40 5,300,000 0.104 12.10
---------------------------------------------------------------------------
0.10 4,410,000 0.106 10.30 1,930,000 0.118 5.00
---------------------------------------------------------------------------
The Resource Estimate was completed under the direction of Gary Giroux, P. Eng., an Independent Qualified Person as defined by National Instrument 43-101.
Tenajon is currently compiling all data related to the Ajax project and formulating plans for 2008.
Mineral Resources for the Ajax Deposit were based on 48 holes totaling 15,359 metres in length, including 13 that were drilled in 2007. A 3-D model of the zone was created using GEMS ® software. This mineralized domain was largely based on the historical interpretations by previous operator Newmont Mines, resolved in the third dimension and incorporated the most recent drilling. The resulting solid represents an approximately 0.05% Mo grade shell. Assays were then composited for 12 metre intervals and statistical analysis and variography completed for the mineralized domain. Ordinary kriging was then used to interpolate the molybdenum grades into the block model, with individual blocks 50m x 50 m x 24 m high. Due to the density of the drilling as compared to the size of the deposit, most of the Mineral Resource is classified as Inferred.
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Mineral Resource estimates do not account for mineability, selectivity, mining loss and dilution. Inferred Mineral Resources are normally considered too speculative to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is also no certainty that these Inferred Mineral Resources will be converted to Measured and Indicated categories through further drilling or into Mineral Reserves once economic considerations are applied.
Dave Visagie, P. Geo., a Qualified Person as defined by NI 43-101 supervised the Ajax exploration program.
On Behalf of the Board of Directors
TENAJON RESOURCES CORP.
D. Bruce McLeod, President
Tenajon Announces 75% Increase in Indicated Molybdenum Resources at Ajax Project
Now 98.9 Million Pounds Molybdenum in the Indicated Category
VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 15, 2008) - Tenajon Resources Corp. (TSX VENTURE:TJS) (the "Company") today announced that the incorporation of results from the 2007 drill program has significantly increased the Mineral Resource estimate for the Ajax Molybdenum Deposit. Tenajon Resources Corp. holds a 100% interest in the Ajax Molybdenum Deposit, located 14 km north of Alice Arm, B.C.
Key Point Summary (at a 0.04% molybdenum cut-off):
- Indicated Resources increase by 75.4% over the 2007 resource estimate
- 98.9 million pounds of molybdenum in Indicated Resources
- Inferred Resources increase by 4.2% over the 2007 resource estimate
- 649.8 million pounds of molybdenum in Inferred Resources
- Ajax deposit is still open for expansion laterally and at depth
- Molybdenum is trading at approximately US$33.00 per pound
The upgraded resource estimate was prepared by Giroux Consultants Ltd., an independent consulting firm. Above a cut-off of 0.04% molybdenum ("Mo") Giroux estimates that the Ajax Deposit contains an Inferred Resource of 483.1 million tonnes grading 0.061% Mo, representing 649.8 million pounds of molybdenum, and an Indicated Resource of 69.0 million tonnes grading 0.065% Mo representing 98.9 million pounds of molybdenum. With the current resource base, Ajax is one of the largest undeveloped molybdenum deposits in North America and the deposit remains open laterally and at depth.
The current resource incorporates the results of 48 drill holes totaling 15,359 metres, including 13 holes that were drilled by Tenajon in 2007. Of the 48 drill holes, 22 were completed by Tenajon from 2005 through 2007, and 26 holes were completed by previous operators. Prior to the incorporation of the 2007 drilling, Giroux had calculated the Ajax Deposit hosted an Inferred Mineral Resource of 448.8 million tonnes averaging 0.063% Mo using a 0.04% cut-off and representing 623.4 million pounds of molybdenum. Indicated resources were calculated to be 38.8 million tonnes averaging 0.064% Mo representing 56.4 million pounds of molybdenum (see Tenajon Resources press release dated March 5, 2007 for details and disclosure).
Mineral Resource Estimate
The total contained metal at a 0.04% cut-off is 98.9 million pounds of molybdenum in the Indicated category and 649.8 million pounds of molybdenum in the Inferred category, representing a 75.4% and 4.2% increase over the previous resource estimate, respectively. The following table summarizes the Mineral Resource for the Ajax Deposit at various cut-off grades:
---------------------------------------------------------------------------
Inferred Resources Indicated Resources
---------------------------------------------------------------------------
Cut-off Mo Million Mo Million
Grade (%) Tonnes (%) lbs Mo Tonnes (%) lbs Mo
---------------------------------------------------------------------------
0.04 483,120,000 0.061 649.80 69,000,000 0.065 98.90
---------------------------------------------------------------------------
0.05 421,950,000 0.064 595.50 57,670,000 0.068 86.50
---------------------------------------------------------------------------
0.06 260,260,000 0.069 396.00 41,220,000 0.074 67.30
---------------------------------------------------------------------------
0.07 85,990,000 0.079 149.80 19,940,000 0.084 36.90
---------------------------------------------------------------------------
0.08 32,040,000 0.088 62.20 9,090,000 0.095 19.00
---------------------------------------------------------------------------
0.09 9,270,000 0.100 20.40 5,300,000 0.104 12.10
---------------------------------------------------------------------------
0.10 4,410,000 0.106 10.30 1,930,000 0.118 5.00
---------------------------------------------------------------------------
The Resource Estimate was completed under the direction of Gary Giroux, P. Eng., an Independent Qualified Person as defined by National Instrument 43-101.
Tenajon is currently compiling all data related to the Ajax project and formulating plans for 2008.
Mineral Resources for the Ajax Deposit were based on 48 holes totaling 15,359 metres in length, including 13 that were drilled in 2007. A 3-D model of the zone was created using GEMS ® software. This mineralized domain was largely based on the historical interpretations by previous operator Newmont Mines, resolved in the third dimension and incorporated the most recent drilling. The resulting solid represents an approximately 0.05% Mo grade shell. Assays were then composited for 12 metre intervals and statistical analysis and variography completed for the mineralized domain. Ordinary kriging was then used to interpolate the molybdenum grades into the block model, with individual blocks 50m x 50 m x 24 m high. Due to the density of the drilling as compared to the size of the deposit, most of the Mineral Resource is classified as Inferred.
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Mineral Resource estimates do not account for mineability, selectivity, mining loss and dilution. Inferred Mineral Resources are normally considered too speculative to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is also no certainty that these Inferred Mineral Resources will be converted to Measured and Indicated categories through further drilling or into Mineral Reserves once economic considerations are applied.
Dave Visagie, P. Geo., a Qualified Person as defined by NI 43-101 supervised the Ajax exploration program.
On Behalf of the Board of Directors
TENAJON RESOURCES CORP.
D. Bruce McLeod, President
[url=http://peketec.de/trading/viewtopic.php?p=400323#400323 schrieb:Ollinho schrieb am 15.05.2008, 19:21 Uhr[/url]"]Tena hebt ab!!!
[url=http://peketec.de/trading/viewtopic.php?p=400275#400275 schrieb:Ollinho schrieb am 15.05.2008, 18:24 Uhr[/url]"]-T5Q- Tenajon Resources
BID in Canada sieht verdammt gut aus! Denke die News lassen hier auch nicht mehr lange auf sich warten!!
:D komme gerade rein und lese die News bei Tenajon - sehr sehr gut!!!!
allerdings gehen in Canada die Daytrader wieder raus...........warum, das hätte Potential für einen sehr stabilen Aufwärtstrend - na dann geht´s Morgen weiter
allerdings gehen in Canada die Daytrader wieder raus...........warum, das hätte Potential für einen sehr stabilen Aufwärtstrend - na dann geht´s Morgen weiter
Die News sind exzellent! Aber man muss derzeit überall Geduld mitbringen. Was mich zusätzlich bestärkt ist die top Finanzierung vor kurzem mit sehr namhaften Adressen. Und die Finanzierung wurde zu 0,55 Cad $ durchgezogen. Würde mich doch sehr wundern wenn wir nicht zumindest in die Nähe dieser Kurszone laufen würden.
Tenajon ist der Hammer. Auf Ajax nun schon knapp 100 Mio Pfund Moly in der Kategorie "indicated"! Und dazu noch Moly Brook und das Burn Projekt die BEIDE ebenfalls ein weltklasse Potential haben. Langfristig ne traumhafte Chance aber auch kurzfristig ne Menge Potential!
Tenajon ist der Hammer. Auf Ajax nun schon knapp 100 Mio Pfund Moly in der Kategorie "indicated"! Und dazu noch Moly Brook und das Burn Projekt die BEIDE ebenfalls ein weltklasse Potential haben. Langfristig ne traumhafte Chance aber auch kurzfristig ne Menge Potential!
[url=http://peketec.de/trading/viewtopic.php?p=400409#400409 schrieb:greenhorn schrieb am 15.05.2008, 21:39 Uhr[/url]"]:D komme gerade rein und lese die News bei Tenajon - sehr sehr gut!!!!
allerdings gehen in Canada die Daytrader wieder raus...........warum, das hätte Potential für einen sehr stabilen Aufwärtstrend - na dann geht´s Morgen weiter
ich mache mir bei Tenajon auch im Moment nich allzuviele Sorgen - abgesehen von der Erweiterung der Indicated Res. +75% bleibt einfach auch die Tatsache das sie noch mind. 650 Mill Pfund in Inferred haben die noch indicated werden können + die Aussage das einfach noch keine Ende in Sicht ist und das Deposit nach allen Seiten weiter offen iss
bei Bravo scheint richtig was in der Pipline zu sein - Anstieg + hohe Volumina - da ist noch keine Ende in Sicht!
und Largo hat heute noch "pausiert".........
bei Bravo scheint richtig was in der Pipline zu sein - Anstieg + hohe Volumina - da ist noch keine Ende in Sicht!
und Largo hat heute noch "pausiert".........
Nein, hier müssen erst weitere Fortschritte in der Entwicklung kommen. Jeduld!!
[url=http://peketec.de/trading/viewtopic.php?p=400680#400680 schrieb:greenhorn schrieb am 16.05.2008, 11:48 Uhr[/url]"]eigentlich Schade, oder gibt es echte Gründe?
[url=http://peketec.de/trading/viewtopic.php?p=400655#400655 schrieb:dukezero schrieb am 16.05.2008, 11:32 Uhr[/url]"]Bei TJS werden immer direkt Gewinne mitgenommen!
[url=http://peketec.de/trading/viewtopic.php?p=400760#400760 schrieb:Ollinho schrieb am 16.05.2008, 12:41 Uhr[/url]"]-CRR- über 90 k im BID in FFM!
Small iron ore and coal companies good investment bets due to Chinese interest
A senior mining analyst reckons that small mining companies, particularly those with iron ore, will be attractive investments due to Chinese desire to secure future supplies.
LONDON (Reuters)
Small mining companies with iron ore are among the most promising investment bets as mineral-poor China will target them for possible mergers and acquisitions, a senior analyst has said.
A lack of raw materials, particularly iron ore, makes China dependent on other countries to speed its steel and industrial development.
"The best to have is to own companies with commodities that China doesn't have," said senior analyst Andrew Keen at Bernstein Research told a conference call late on Tuesday.
Bernstein Research is a wholly owned subsidiary of the global asset management firm AllianceBernstein, which had around $800 billion in assets under management at end-2007.
"There is going to be significant movement of Chinese capital out towards developing marginal supplies outside of China," Bernstein said.
He believes Chinese capital will gain only modest access to major miners like BHP Billiton or Rio Tinto.
"Strategically Chinese capital will be limited from progressing too far into names like BHP. I think that is going to be limited by government intervention," he said.
"But that does not apply to junior miners," he said.
Iron ore prices are due to rise at least 65 percent under annual contracts, while coking coal prices have almost tripled -- making life even more difficult for the world's top iron ore importer to feed the world's top steelmaking industry.
CHINESE INVESTORS
"You're going to see a significant trend of Chinese interest coming out; either in terms of project financing or in terms of outright acquisitions," Bernstein told the conference call.
To secure much needed iron ore supplies, several Chinese steelmakers started to invest in Australian iron ore projects, with the latest being Sinosteel's revised $1.27 billion hostile bid to increase its stake in Midwest Corp.
"Among the junior iron ore names that we covered, up to 6 of the 10 have agreed strateagic relationships with Chinese interests," he said.
China's demand for raw materials is so strong, Bernstein said, adding that it is likely to offset the impact of a slowdown in the world's biggest economy, the United States.
"Chinese domestic metal demand growth is decoupled from the U.S....For now, coupling remains a theory," he said.
"Approximately 15-22 million people urbanised each year since mid 1990s. This is roughly an additional New York or London being built every six months...This process is not finished," he said.
Thanks to this trend, the country is now key to global demand for industrial metals.
"The slowdown in the U.S. economy will not have the same effect on global metals markets as in the past because demand has shifted substantially," he said.
In the short-term the copper market is set to range between $6,500-8,500 per tonne due to supply disruptions and low stocks versus reluctance of Chinese buyers to accept high prices.
"It is common that Chinese buyers re-emerge...But the main thing driving the market is continued disruption on the supply side," he said.
16.05.2008 13:50
ThyssenKrupp will Preise zum Juli noch einmal kräftig anheben
Der Industriekonzern ThyssenKrupp <TKA.ETR> (News/Aktienkurs) will angesichts der weiter steigenden Rohstoffkosten seine Stahlpreise zum vierten Geschäftsquartal noch einmal kräftig erhöhen. Die Preise für Flachstahl sollten nach den Erhöhungen zum April ab Juli noch einmal im Schnitt um 120 bis 130 Euro pro Tonne angehoben werden, sagte Finanzchef Ulrich Middelmann am Freitag auf der Investorenkonferenz in London. Zudem kündigte er an, bestehende Jahres- und Halbjahresverträge nachzuverhandeln. "Wir bemühen uns sehr darum." Außerdem müsse ThyssenKrupp die Bedeutung eines Kunden in der Zukunft berücksichtigen.
ThyssenKrupp hatte im März bereits neue Preisrunden für April und Juli angekündigt. Zum ersten April wurde der Preis für die Tonne Stahl um 100 Euro erhöht. Die Stahlkocher haben mit dramatisch gestiegenen Rohstoffkosten zu kämpfen: Eisenerz wurde in diesem Frühjahr um 65 Prozent teurer, Kokskohle sogar um 200 Prozent.
Middelmann wiederholte noch einmal, dass ThyssenKrupp in diesem Jahr nicht in der Lage sei, die Anhebungen auf Rohstoffseite komplett an die Kunden weiterzugeben. 60 Prozent der Preisverträge von ThyssenKrupp mit seinen Kunden sind Ein- oder Mehrjahresverträge. Nur zehn Prozent der Verkäufe können über Spotmarktpreise abgewickelt werden./sb/zb
ISIN DE0007500001
AXC0123 2008-05-16/13:49
ThyssenKrupp will Preise zum Juli noch einmal kräftig anheben
Der Industriekonzern ThyssenKrupp <TKA.ETR> (News/Aktienkurs) will angesichts der weiter steigenden Rohstoffkosten seine Stahlpreise zum vierten Geschäftsquartal noch einmal kräftig erhöhen. Die Preise für Flachstahl sollten nach den Erhöhungen zum April ab Juli noch einmal im Schnitt um 120 bis 130 Euro pro Tonne angehoben werden, sagte Finanzchef Ulrich Middelmann am Freitag auf der Investorenkonferenz in London. Zudem kündigte er an, bestehende Jahres- und Halbjahresverträge nachzuverhandeln. "Wir bemühen uns sehr darum." Außerdem müsse ThyssenKrupp die Bedeutung eines Kunden in der Zukunft berücksichtigen.
ThyssenKrupp hatte im März bereits neue Preisrunden für April und Juli angekündigt. Zum ersten April wurde der Preis für die Tonne Stahl um 100 Euro erhöht. Die Stahlkocher haben mit dramatisch gestiegenen Rohstoffkosten zu kämpfen: Eisenerz wurde in diesem Frühjahr um 65 Prozent teurer, Kokskohle sogar um 200 Prozent.
Middelmann wiederholte noch einmal, dass ThyssenKrupp in diesem Jahr nicht in der Lage sei, die Anhebungen auf Rohstoffseite komplett an die Kunden weiterzugeben. 60 Prozent der Preisverträge von ThyssenKrupp mit seinen Kunden sind Ein- oder Mehrjahresverträge. Nur zehn Prozent der Verkäufe können über Spotmarktpreise abgewickelt werden./sb/zb
ISIN DE0007500001
AXC0123 2008-05-16/13:49
LARGO RESOURCES
SPECULATIVE BUY
(LGO - TSXV C$0.58)
12-mo. Target Price: C$1.75
Market Capitalization (Basic): C$66.8 Million
Risk Profile: SPECULATIVE
Potential ROR: 202%
Largo Resources Secures Off-Take Agreement
Event
Largo Resources and Glencore International have inked an off-take agreement for the Maracas vanadium project in Brazil. Glencore is one of the world's largest suppliers of a wide range of commodities and raw materials to industrial consumers including aluminium, zinc, copper, lead, ferroalloys, nickel, coal, oil and agricultural products.
Noble alloys, such as vanadium pentoxide and ferrovanadium, are used as hardening elements in the production of carbon and special steels. Glencore or its subsidiaries supply major steel mills in Europe, Asia and the United States.
The off-take agreement between Largo and Glencore covers all vanadium produced at Maracas for the first six years of commercial production with a renewable option for a further six years.
Details of the specific pricing agreement are confidential and have not been released. What we can say is that the deal is based on a discount to the spot ferrovanadium price. We have produced two tables to show how Largo’s NAVPS changes for different ferrovanadium prices. The current spot price is $US 62/kg.
Analysis
This announcement is an important milestone. Largo has secured a market for at least six years of its vanadium production and can move forward with development of the Maracas deposit. Largo anticipates the production of 5,000 tonnes of ferrovanadium per year starting in 2010. Start-up capital costs are estimated at US$126 million.
Long-term average price expectations for ferrovanadium are $23/kg through 2017. The current price for ferrovanadium is $62/kg. It is important to note that Largo's expected costs are anticipated to be less than $10/kg for ferrovanadium. At current ferrovanadium prices, discounting taxes and CAPEX costs and additional revenue from iron pellets, Largo would net $52/kg of ferrovanadium produced.
The following sensitivity tables outline the variation in our NAVPS7% for the Maracas project in terms of a selection of ferrovanadium prices:
Exhibit 1 - Maracas NAVPS Sensitivity to Ferrovanadium Price at Current Levels
Price
NAVPS
Spot Price
$60.00
$8.60
5% discount to spot
$57.00
$8.03
7% discount to spot
$55.80
$7.80
10% discount to spot
$54.00
$7.46
12% discount to spot
$52.80
$7.23
15% discount to spot
$51.00
$6.89
* NAVPS calculated as per initiating report using 7% discount rate
Source: Fraser Mackenzie estimates
Exhibit 2 - Maracas NAVPS Sensitivity to Ferrovanadium Price at Long-Term Levels
Price
NAVPS
Spot Price
$23.00
$1.59
5% discount to spot
$21.85
$1.38
7% discount to spot
$21.40
$1.29
10% discount to spot
$20.70
$1.16
12% discount to spot
$20.20
$1.07
15% discount to spot
$19.50
$0.94
* NAVPS calculated as per initiating report using 7% discount rate
Source: Fraser Mackenzie estimates
Our NAVPS is based on a 7% discount rate, assuming a fully financed and fully diluted share structure for the Maracas project alone and does not include Largo’s Northern Dancer project. We have assumed Largo will finance Maracas on a 75:25 Debt to Equity basis at an average share price of $1.00.
Our base case model on Maracas is predicated on a conservative long-term price forecast of $23/kg of ferrovanadium. As illustrated in Table 2, a ± 10% change in ferrovanadium price would result in a ± $0.44 change in the NAVPS7%.
If we assume Largo and Glencore have arranged a 10% discount on the spot price of ferrovanadium as an off-take agreement, by applying a spot price of $23/kg of ferrovanadium the chart indicates that Largo’s NAVPS7% for the Maracas project works out to $1.16.
If we assume a higher spot price of $60/kg, closer to the current spot price of ferrovanadium, and a 10% discount our analysis shown in Table 1 suggests the NAVPS7% for the Maracas would be $7.46.
Since Vanadium is a key additive in hardening steel, the driving factor behind vanadium prices will be a strong steel market. If the growth rate and demand profile for high strength steel remains robust, and supply remains tight, as experts predict, continued strong ferrovanadium prices will increase the value of Largo’s Maracas project.
Conclusions
The stock is currently trading around $0.60 which is a significant discount to our stand alone NAVPS7% of $1.59. The Off-take agreement cements Maracas’ position in the ferrovanadium market and reduces the level of investor risk and ultimately supports our investment thesis.
When the NAVPS7% of the Northern Dancer project and the risk-adjusted upside exploration potential are added to the equation on a fully diluted fully financed basis we reach our current target price of $1.75. We reiterate our SPECULATIVE BUY rating and our $1.75 target price.
Thomas Schuster – 604-609-6166 - tschuster@frasermackenzie.com
Andrew Edelberg – 416-995-4777 x239 - aedelberg@frasermackenzie.com
SPECULATIVE BUY
(LGO - TSXV C$0.58)
12-mo. Target Price: C$1.75
Market Capitalization (Basic): C$66.8 Million
Risk Profile: SPECULATIVE
Potential ROR: 202%
Largo Resources Secures Off-Take Agreement
Event
Largo Resources and Glencore International have inked an off-take agreement for the Maracas vanadium project in Brazil. Glencore is one of the world's largest suppliers of a wide range of commodities and raw materials to industrial consumers including aluminium, zinc, copper, lead, ferroalloys, nickel, coal, oil and agricultural products.
Noble alloys, such as vanadium pentoxide and ferrovanadium, are used as hardening elements in the production of carbon and special steels. Glencore or its subsidiaries supply major steel mills in Europe, Asia and the United States.
The off-take agreement between Largo and Glencore covers all vanadium produced at Maracas for the first six years of commercial production with a renewable option for a further six years.
Details of the specific pricing agreement are confidential and have not been released. What we can say is that the deal is based on a discount to the spot ferrovanadium price. We have produced two tables to show how Largo’s NAVPS changes for different ferrovanadium prices. The current spot price is $US 62/kg.
Analysis
This announcement is an important milestone. Largo has secured a market for at least six years of its vanadium production and can move forward with development of the Maracas deposit. Largo anticipates the production of 5,000 tonnes of ferrovanadium per year starting in 2010. Start-up capital costs are estimated at US$126 million.
Long-term average price expectations for ferrovanadium are $23/kg through 2017. The current price for ferrovanadium is $62/kg. It is important to note that Largo's expected costs are anticipated to be less than $10/kg for ferrovanadium. At current ferrovanadium prices, discounting taxes and CAPEX costs and additional revenue from iron pellets, Largo would net $52/kg of ferrovanadium produced.
The following sensitivity tables outline the variation in our NAVPS7% for the Maracas project in terms of a selection of ferrovanadium prices:
Exhibit 1 - Maracas NAVPS Sensitivity to Ferrovanadium Price at Current Levels
Price
NAVPS
Spot Price
$60.00
$8.60
5% discount to spot
$57.00
$8.03
7% discount to spot
$55.80
$7.80
10% discount to spot
$54.00
$7.46
12% discount to spot
$52.80
$7.23
15% discount to spot
$51.00
$6.89
* NAVPS calculated as per initiating report using 7% discount rate
Source: Fraser Mackenzie estimates
Exhibit 2 - Maracas NAVPS Sensitivity to Ferrovanadium Price at Long-Term Levels
Price
NAVPS
Spot Price
$23.00
$1.59
5% discount to spot
$21.85
$1.38
7% discount to spot
$21.40
$1.29
10% discount to spot
$20.70
$1.16
12% discount to spot
$20.20
$1.07
15% discount to spot
$19.50
$0.94
* NAVPS calculated as per initiating report using 7% discount rate
Source: Fraser Mackenzie estimates
Our NAVPS is based on a 7% discount rate, assuming a fully financed and fully diluted share structure for the Maracas project alone and does not include Largo’s Northern Dancer project. We have assumed Largo will finance Maracas on a 75:25 Debt to Equity basis at an average share price of $1.00.
Our base case model on Maracas is predicated on a conservative long-term price forecast of $23/kg of ferrovanadium. As illustrated in Table 2, a ± 10% change in ferrovanadium price would result in a ± $0.44 change in the NAVPS7%.
If we assume Largo and Glencore have arranged a 10% discount on the spot price of ferrovanadium as an off-take agreement, by applying a spot price of $23/kg of ferrovanadium the chart indicates that Largo’s NAVPS7% for the Maracas project works out to $1.16.
If we assume a higher spot price of $60/kg, closer to the current spot price of ferrovanadium, and a 10% discount our analysis shown in Table 1 suggests the NAVPS7% for the Maracas would be $7.46.
Since Vanadium is a key additive in hardening steel, the driving factor behind vanadium prices will be a strong steel market. If the growth rate and demand profile for high strength steel remains robust, and supply remains tight, as experts predict, continued strong ferrovanadium prices will increase the value of Largo’s Maracas project.
Conclusions
The stock is currently trading around $0.60 which is a significant discount to our stand alone NAVPS7% of $1.59. The Off-take agreement cements Maracas’ position in the ferrovanadium market and reduces the level of investor risk and ultimately supports our investment thesis.
When the NAVPS7% of the Northern Dancer project and the risk-adjusted upside exploration potential are added to the equation on a fully diluted fully financed basis we reach our current target price of $1.75. We reiterate our SPECULATIVE BUY rating and our $1.75 target price.
Thomas Schuster – 604-609-6166 - tschuster@frasermackenzie.com
Andrew Edelberg – 416-995-4777 x239 - aedelberg@frasermackenzie.com
May 16, 2008 08:30 ET
Tenajon Significantly Expands Land Position at the Moly Brook Molybdenum Property
Acquires 69 Claims North and Nine Claims East of the Moly Brook Property
VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 16, 2008) - Tenajon Resources Corp. (TSX VENTURE:TJS) (the "Company") today announced that it has entered into two separate agreements to acquire the Moly Brook North and Grey River Gold Properties located 2.5 km from the hamlet of Grey River on the south coast of Newfoundland. Both properties adjoin the Company's Moly Brook molybdenum property where a 6,100 metre drill program is currently underway. Moly Brook North consists of 18 claims which border on the northern side of the Moly Brook Property, while Grey River Gold Property consists of nine claims and borders the Moly Brook Property to the east. In addition the Company has acquired through staking 51 claims immediately to the north of the Moly Brook North claim block.
"With the addition of these new claims, Tenajon now controls 149 claims totaling 3,725 hectares in and around the Moly Brook Property," said Bruce McLeod, President & CEO of Tenajon. "The Moly Brook Property has excellent potential to host a bulk tonnage, high grade and open pittable molybdenum deposit, and we are pleased to have secured a large land position that is in close proximity to and along strike of the Moly Brook Zone. Expanding our claim package around the Moly Brook Deposit also gives Tenajon the flexibility to allow for potential future infrastructure, such as tailings disposal sites, to be located within our mineral claim holdings."
The Moly Brook North Property covers the along strike projection of the Moly Brook Zone, where 2007 drilling encountered consistent, near surface, higher grade molybdenum intercepts over significant widths. There is no record of any work being completed on the Moly Brook North Property. The Grey River Gold Property, which borders the Moly Brook Property to the east, hosts several showings of gold bearing quartz veins. At the Galena #1 Showing, historic exploration found gold bearing veins traced for 8 metres with the along strike extensions being overburden covered. Channel sample results include 13.8 g/t gold over 0.4 metres and 8.97 g/t gold over 1.8 metres. Historic exploration data was collected before the introduction of NI 43-101, and is presented for information purposes only. The Company has no way of verifying the results and the historical data should not be relied upon.
Moly Brook North Property Acquisition
Tenajon has entered into a binding, arms length agreement with the property vendors for the acquisition of 100% of the Moly Brook North Property for the sum of $5,000 and 75,000 shares. The Property will be subject to a 2% NSR of which 1.0% can be purchased by Tenajon for C$1,500,000. The agreement is subject to the approval of the TSX Venture Exchange.
Grey River Gold Property Acquisition
Tenajon has entered into a binding, arms length agreement with the property vendors for the acquisition of 100% of the Grey River Gold Property for the sum of $3,000 and 50,000 shares. The property will be subject to a 2% NSR of which 1.0% can be purchased by Tenajon for C$1,500,000. The agreement is subject to the approval of the TSX Venture Exchange.
A total of $800 in cash consideration and 12,500 shares will be issued as finders fees for the property acquisitions.
On Behalf of the Board of Directors
TENAJON RESOURCES CORP.
D. Bruce McLeod, President
Cautionary Statement Regarding Forward-Looking Information
Tenajon Significantly Expands Land Position at the Moly Brook Molybdenum Property
Acquires 69 Claims North and Nine Claims East of the Moly Brook Property
VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 16, 2008) - Tenajon Resources Corp. (TSX VENTURE:TJS) (the "Company") today announced that it has entered into two separate agreements to acquire the Moly Brook North and Grey River Gold Properties located 2.5 km from the hamlet of Grey River on the south coast of Newfoundland. Both properties adjoin the Company's Moly Brook molybdenum property where a 6,100 metre drill program is currently underway. Moly Brook North consists of 18 claims which border on the northern side of the Moly Brook Property, while Grey River Gold Property consists of nine claims and borders the Moly Brook Property to the east. In addition the Company has acquired through staking 51 claims immediately to the north of the Moly Brook North claim block.
"With the addition of these new claims, Tenajon now controls 149 claims totaling 3,725 hectares in and around the Moly Brook Property," said Bruce McLeod, President & CEO of Tenajon. "The Moly Brook Property has excellent potential to host a bulk tonnage, high grade and open pittable molybdenum deposit, and we are pleased to have secured a large land position that is in close proximity to and along strike of the Moly Brook Zone. Expanding our claim package around the Moly Brook Deposit also gives Tenajon the flexibility to allow for potential future infrastructure, such as tailings disposal sites, to be located within our mineral claim holdings."
The Moly Brook North Property covers the along strike projection of the Moly Brook Zone, where 2007 drilling encountered consistent, near surface, higher grade molybdenum intercepts over significant widths. There is no record of any work being completed on the Moly Brook North Property. The Grey River Gold Property, which borders the Moly Brook Property to the east, hosts several showings of gold bearing quartz veins. At the Galena #1 Showing, historic exploration found gold bearing veins traced for 8 metres with the along strike extensions being overburden covered. Channel sample results include 13.8 g/t gold over 0.4 metres and 8.97 g/t gold over 1.8 metres. Historic exploration data was collected before the introduction of NI 43-101, and is presented for information purposes only. The Company has no way of verifying the results and the historical data should not be relied upon.
Moly Brook North Property Acquisition
Tenajon has entered into a binding, arms length agreement with the property vendors for the acquisition of 100% of the Moly Brook North Property for the sum of $5,000 and 75,000 shares. The Property will be subject to a 2% NSR of which 1.0% can be purchased by Tenajon for C$1,500,000. The agreement is subject to the approval of the TSX Venture Exchange.
Grey River Gold Property Acquisition
Tenajon has entered into a binding, arms length agreement with the property vendors for the acquisition of 100% of the Grey River Gold Property for the sum of $3,000 and 50,000 shares. The property will be subject to a 2% NSR of which 1.0% can be purchased by Tenajon for C$1,500,000. The agreement is subject to the approval of the TSX Venture Exchange.
A total of $800 in cash consideration and 12,500 shares will be issued as finders fees for the property acquisitions.
On Behalf of the Board of Directors
TENAJON RESOURCES CORP.
D. Bruce McLeod, President
Cautionary Statement Regarding Forward-Looking Information
May 16, 2008 09:12 ET
First Majestic Silver Corp.: Record First Quarter Financial Results
VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 16, 2008) - FIRST MAJESTIC SILVER CORP. (TSX:FR)(PINK SHEETS:FRMSF)(FRANKFURT:FMV)(WKN:A0LHKJ) (the "Company") is pleased to announce the unaudited financial results for the Company's first quarter ending March 31, 2008. The full version of the financial statements can be viewed on the Company's web site at www.firstmajestic.com or on SEDAR at www.sedar.com.
Keith Neumeyer, President and CEO commented: "We've had an outstanding start to 2008. Some challenges still exist and several improvements are either underway or planned for 2008. However, the momentum underway at each of the Company's three producing silver mines is extremely encouraging. This first quarter marks the best quarter in the Company's history and is the first quarter that a bottom line earnings per share has been achieved."
First Quarter Highlights
Total Revenue increased by 28% to $12.96 million
Earnings from mine operations increased to $4.7 million
Net Income for the quarter $1.0 million
Operating Cash Flow for the quarter increased to $4.8 million
Total Equivalent Silver increased by 5% over the prior quarter to 1,061,720 ounces
Total Cash Costs per Silver Ounce for the quarter US$6.51
Total Mining Costs per Tonne for the quarter US$45.83
Cash in Treasury at March 31, 2008 $52.8 million
-Cash costs and mining costs per tonne are non-GAAP measures.-Financial information in this news release is based on Canadian GAAP.
Summary of Financial Results
- Sales revenues for the quarter were $12.96 million, an increase of 28% compared to $10.16 million for the quarter ended March 31, 2007.
- Mine operating earnings for the quarter amounted to $4.7 million, compared to $0.4 million for the quarter ended March 31, 2007.
- The Company generated operating income of $1.5 million for the quarter, compared to an operating loss of $1.4 million for the quarter ended March 31, 2007.
- The Company generated its first quarterly net income for the quarter ended March 31, 2008, with net income of $1,065,323 ($0.02 per share) compared to a net loss of $3,061,899 ($0.06 per share) for the quarter ended March 31, 2007. The net income for the year was after deducting a non-cash stock-based compensation expense of $1,108,216.
- The Company has approximately $53 million in its treasury, is generating significant cash flows from operations, and has sufficient capital to support its operating requirements for the foreseeable future provided it does not undertake any major acquisitions, or any major capital projects.
- Total quarterly production consisted of 1,061,720 ounces of silver equivalents, including 895,358 ounces of silver, 240 ounces of gold, and 1,857,897 pounds of lead. Shipments in the quarter totalled 1,019,490 ounces of silver equivalents.
- In the quarter, the Company invested $5,593,433 million in capital expenditures on its mineral properties, and a further $3,694,972 million on additions to plant and equipment.
- Direct cash costs per ounce of silver for the quarter ended March 31, 2008, were $US6.51 per ounce, and averaged $4.38 for La Parrilla and La Encantada combined. Start-up costs of the new flotation circuit, and low grades of the sulphide ore feed to the mill in March at San Martin were responsible for increasing the consolidated cash costs to $US6.51. It is anticipated that due to changes commenced in the first quarter at San Martin, that costs will begin to improve at this operation in the second quarter.
2008 Outlook
As the Company's Reserves and Resources continue to grow, the Company continues to focus on expansion of its mills and mining operations in order to increase output. Management at First Majestic is focused on continuing the ongoing improvements at each operation to achieve production and resource targets for 2008. The Company is targeting 5.3 million of silver equivalent production for 2008, and continued increases in NI 43-101 compliant silver Resources. The Company's primary focus is to build long term sustainable mining operations, and shareholders can be assured management at First Majestic is very focused on growth and profitable mining operations.
Improvements made to date in 2008 include; the completion of the flotation circuit at the San Martin; the replacement of the secondary crusher at the La Encantada; and, the addition of two new filter presses at the La Parrilla.
An important part of improving mining efficiencies and costs, 20 pieces of underground equipment were ordered for delivery in 2008, of which 12 have already been delivered. This new equipment includes scoop-trams, underground trucks and jumbos.
Other improvements that are either in the planning stage or scheduled for the remainder of the year, include: mill expansion plans at the La Encantada anticipated to be launched in the second quarter; extensive geophysics program at the La Encantada property is scheduled; changes underway at the San Martin to increase tonnage and reduce the cost per tonne; expansion of the San Martin mill in the early planning stage; the Chalchihuites project is undergoing an extensive development program which includes diamond drilling in order to release a NI 43-101 report in July; at the Cuitaboca project the exploration and development program will continue through the year for an anticipated release of a NI 43-101 report by year end; updated NI 43-101 reports will be released on of the La Parrilla, La Encantada and San Martin Silver Mines during the year.
Reserve and Resource development remains a top priority for the Company. Presently twenty drill rigs are operating; five rigs at La Parrilla and three at the Chalchihuites, nine rigs at San Martin and three rigs at La Encantada.
The Company's plan for 2008 also includes the completion of over 82,000 metres of drilling and over 46,000 metres of underground development.
First Majestic is a producing silver company focused in Mexico and is aggressively pursuing its business plan to become a senior silver producer through the development of its existing assets and the pursuit through acquisition of additional assets that contribute to achieving its corporate growth objectives.
FIRST MAJESTIC SILVER CORP.
Keith Neumeyer, President & CEO
First Majestic Silver Corp.: Record First Quarter Financial Results
VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 16, 2008) - FIRST MAJESTIC SILVER CORP. (TSX:FR)(PINK SHEETS:FRMSF)(FRANKFURT:FMV)(WKN:A0LHKJ) (the "Company") is pleased to announce the unaudited financial results for the Company's first quarter ending March 31, 2008. The full version of the financial statements can be viewed on the Company's web site at www.firstmajestic.com or on SEDAR at www.sedar.com.
Keith Neumeyer, President and CEO commented: "We've had an outstanding start to 2008. Some challenges still exist and several improvements are either underway or planned for 2008. However, the momentum underway at each of the Company's three producing silver mines is extremely encouraging. This first quarter marks the best quarter in the Company's history and is the first quarter that a bottom line earnings per share has been achieved."
First Quarter Highlights
Total Revenue increased by 28% to $12.96 million
Earnings from mine operations increased to $4.7 million
Net Income for the quarter $1.0 million
Operating Cash Flow for the quarter increased to $4.8 million
Total Equivalent Silver increased by 5% over the prior quarter to 1,061,720 ounces
Total Cash Costs per Silver Ounce for the quarter US$6.51
Total Mining Costs per Tonne for the quarter US$45.83
Cash in Treasury at March 31, 2008 $52.8 million
-Cash costs and mining costs per tonne are non-GAAP measures.-Financial information in this news release is based on Canadian GAAP.
Summary of Financial Results
- Sales revenues for the quarter were $12.96 million, an increase of 28% compared to $10.16 million for the quarter ended March 31, 2007.
- Mine operating earnings for the quarter amounted to $4.7 million, compared to $0.4 million for the quarter ended March 31, 2007.
- The Company generated operating income of $1.5 million for the quarter, compared to an operating loss of $1.4 million for the quarter ended March 31, 2007.
- The Company generated its first quarterly net income for the quarter ended March 31, 2008, with net income of $1,065,323 ($0.02 per share) compared to a net loss of $3,061,899 ($0.06 per share) for the quarter ended March 31, 2007. The net income for the year was after deducting a non-cash stock-based compensation expense of $1,108,216.
- The Company has approximately $53 million in its treasury, is generating significant cash flows from operations, and has sufficient capital to support its operating requirements for the foreseeable future provided it does not undertake any major acquisitions, or any major capital projects.
- Total quarterly production consisted of 1,061,720 ounces of silver equivalents, including 895,358 ounces of silver, 240 ounces of gold, and 1,857,897 pounds of lead. Shipments in the quarter totalled 1,019,490 ounces of silver equivalents.
- In the quarter, the Company invested $5,593,433 million in capital expenditures on its mineral properties, and a further $3,694,972 million on additions to plant and equipment.
- Direct cash costs per ounce of silver for the quarter ended March 31, 2008, were $US6.51 per ounce, and averaged $4.38 for La Parrilla and La Encantada combined. Start-up costs of the new flotation circuit, and low grades of the sulphide ore feed to the mill in March at San Martin were responsible for increasing the consolidated cash costs to $US6.51. It is anticipated that due to changes commenced in the first quarter at San Martin, that costs will begin to improve at this operation in the second quarter.
2008 Outlook
As the Company's Reserves and Resources continue to grow, the Company continues to focus on expansion of its mills and mining operations in order to increase output. Management at First Majestic is focused on continuing the ongoing improvements at each operation to achieve production and resource targets for 2008. The Company is targeting 5.3 million of silver equivalent production for 2008, and continued increases in NI 43-101 compliant silver Resources. The Company's primary focus is to build long term sustainable mining operations, and shareholders can be assured management at First Majestic is very focused on growth and profitable mining operations.
Improvements made to date in 2008 include; the completion of the flotation circuit at the San Martin; the replacement of the secondary crusher at the La Encantada; and, the addition of two new filter presses at the La Parrilla.
An important part of improving mining efficiencies and costs, 20 pieces of underground equipment were ordered for delivery in 2008, of which 12 have already been delivered. This new equipment includes scoop-trams, underground trucks and jumbos.
Other improvements that are either in the planning stage or scheduled for the remainder of the year, include: mill expansion plans at the La Encantada anticipated to be launched in the second quarter; extensive geophysics program at the La Encantada property is scheduled; changes underway at the San Martin to increase tonnage and reduce the cost per tonne; expansion of the San Martin mill in the early planning stage; the Chalchihuites project is undergoing an extensive development program which includes diamond drilling in order to release a NI 43-101 report in July; at the Cuitaboca project the exploration and development program will continue through the year for an anticipated release of a NI 43-101 report by year end; updated NI 43-101 reports will be released on of the La Parrilla, La Encantada and San Martin Silver Mines during the year.
Reserve and Resource development remains a top priority for the Company. Presently twenty drill rigs are operating; five rigs at La Parrilla and three at the Chalchihuites, nine rigs at San Martin and three rigs at La Encantada.
The Company's plan for 2008 also includes the completion of over 82,000 metres of drilling and over 46,000 metres of underground development.
First Majestic is a producing silver company focused in Mexico and is aggressively pursuing its business plan to become a senior silver producer through the development of its existing assets and the pursuit through acquisition of additional assets that contribute to achieving its corporate growth objectives.
FIRST MAJESTIC SILVER CORP.
Keith Neumeyer, President & CEO
Table 1. Scorpio's Estimated Mineral Resources as of May 13/08
Category
Tonnes
(metric)
Grade
Silver (g/t) Gold (g/t) Zinc (%) Lead (%) Copper (%)
Measured
2,689,369 126 0.12 2.69 1.33 0.36
Indicated
1,522,232 137 0.16 2.72 1.25 0.36
Measured + Indicated
4,211,601 130 0.13 2.70 1.29 0.36
Inferred
867,799 168 0.22 3.06 1.39 0.27
Zinc Heads for Biggest Gain Since November as China Cuts Output
By Chanyaporn Chanjaroen
May 16 (Bloomberg) -- Zinc rose in London, heading for the biggest weekly gain since November as the biggest earthquake in nearly six decades in China curbed output. Aluminum also rose.
China's 7.9-magnitude earthquake is affecting as much as 350,000 tons of zinc smelting capacity in Sichuan and neighboring provinces, according to Beijing Antaike Information Development Co. China is the world's biggest producer of zinc used to galvanize steel. The tremor that took place May 12 also affected transportation and power supply.
``If it's a sustained damage, it's going to be a disruption that make markets nervous,'' said Giles Lloyd, a zinc analyst at London-based researcher CRU in London.
Zinc rose $51, or 2.3 percent, to $2,369 a metric ton as of 12:27 p.m. on the London Metal Exchange. That would be a 9.8 percent rise this week, the biggest since November.
Disrupted production in China will probably erode some of the global surplus estimated to be as much as 700,000 tons this year, Lloyd said. A labor strike at Anglo American Plc's Namibian Skorpion mine, Africa's largest zinc operation, is also hampering production as the dispute entered a seventh day.
Skorpion, near Namibia's border with South Africa, has the capacity to produce about 150,000 tons of zinc a year. That's about 1 percent of global mine output forecast at 12.08 million tons this year by the International Lead and Zinc Study Group.
Sichuan Aostar Aluminum Co. and Sichuan Guangyuan Aluminum Co., with a combined capacity of 370,000 tons, face production curbs, the companies said, as transportation in the area was disrupted and there is a shortage of hydropower.
Smelter Problems
``Aluminum and zinc remain supported by Chinese smelter problems,'' said RBC Capital Markets London-based traders Alex Heath and Randy North in an e-mailed report. ``Zinc remains one of the more vulnerable to the upside,'' they said.
Aluminum advanced $20 to $3,030 a ton.
Copper stockpiles earmarked for withdrawal from LME- registered warehouses have soared 84 percent in the past three days to 14,925 tons, accounting for 12 percent of total inventories. A Chilean group representing contract workers at Codelco threatened to resume a strike that affected 41 percent of the company's output last month.
``Every indicator of the copper market, particularly the supply side, is very bullish,'' Neil Buxton, managing director of London-based researcher GFMS Metals Ltd., said today by phone. ``Supply is tight and producers can't increase output at least in the near term.''
Copper gained $56, or 0.7 percent, to $8,352 a ton. That would be a 3.1 percent weekly gain, after two weeks of declines.
LME-tracked copper stockpiles added 375 tons, or 0.3 percent, to 121,225 tons, according to the exchange. Combined with those monitored by exchanges in New York and Shanghai, they totaled 182,493 tons, or 3.5 days of global demand, according to Bloomberg calculations. Last year's average was 4.9 days.
Pay Issue
Glenn Little
Scorpio Mining Corp.
jlconsulting@telus.net
TF: 1888-930-4375
Cell: 778-997-4375
Category
Tonnes
(metric)
Grade
Silver (g/t) Gold (g/t) Zinc (%) Lead (%) Copper (%)
Measured
2,689,369 126 0.12 2.69 1.33 0.36
Indicated
1,522,232 137 0.16 2.72 1.25 0.36
Measured + Indicated
4,211,601 130 0.13 2.70 1.29 0.36
Inferred
867,799 168 0.22 3.06 1.39 0.27
Zinc Heads for Biggest Gain Since November as China Cuts Output
By Chanyaporn Chanjaroen
May 16 (Bloomberg) -- Zinc rose in London, heading for the biggest weekly gain since November as the biggest earthquake in nearly six decades in China curbed output. Aluminum also rose.
China's 7.9-magnitude earthquake is affecting as much as 350,000 tons of zinc smelting capacity in Sichuan and neighboring provinces, according to Beijing Antaike Information Development Co. China is the world's biggest producer of zinc used to galvanize steel. The tremor that took place May 12 also affected transportation and power supply.
``If it's a sustained damage, it's going to be a disruption that make markets nervous,'' said Giles Lloyd, a zinc analyst at London-based researcher CRU in London.
Zinc rose $51, or 2.3 percent, to $2,369 a metric ton as of 12:27 p.m. on the London Metal Exchange. That would be a 9.8 percent rise this week, the biggest since November.
Disrupted production in China will probably erode some of the global surplus estimated to be as much as 700,000 tons this year, Lloyd said. A labor strike at Anglo American Plc's Namibian Skorpion mine, Africa's largest zinc operation, is also hampering production as the dispute entered a seventh day.
Skorpion, near Namibia's border with South Africa, has the capacity to produce about 150,000 tons of zinc a year. That's about 1 percent of global mine output forecast at 12.08 million tons this year by the International Lead and Zinc Study Group.
Sichuan Aostar Aluminum Co. and Sichuan Guangyuan Aluminum Co., with a combined capacity of 370,000 tons, face production curbs, the companies said, as transportation in the area was disrupted and there is a shortage of hydropower.
Smelter Problems
``Aluminum and zinc remain supported by Chinese smelter problems,'' said RBC Capital Markets London-based traders Alex Heath and Randy North in an e-mailed report. ``Zinc remains one of the more vulnerable to the upside,'' they said.
Aluminum advanced $20 to $3,030 a ton.
Copper stockpiles earmarked for withdrawal from LME- registered warehouses have soared 84 percent in the past three days to 14,925 tons, accounting for 12 percent of total inventories. A Chilean group representing contract workers at Codelco threatened to resume a strike that affected 41 percent of the company's output last month.
``Every indicator of the copper market, particularly the supply side, is very bullish,'' Neil Buxton, managing director of London-based researcher GFMS Metals Ltd., said today by phone. ``Supply is tight and producers can't increase output at least in the near term.''
Copper gained $56, or 0.7 percent, to $8,352 a ton. That would be a 3.1 percent weekly gain, after two weeks of declines.
LME-tracked copper stockpiles added 375 tons, or 0.3 percent, to 121,225 tons, according to the exchange. Combined with those monitored by exchanges in New York and Shanghai, they totaled 182,493 tons, or 3.5 days of global demand, according to Bloomberg calculations. Last year's average was 4.9 days.
Pay Issue
Glenn Little
Scorpio Mining Corp.
jlconsulting@telus.net
TF: 1888-930-4375
Cell: 778-997-4375
Läuft 1A duke!
Könnte jetzt auch schnell an die 0,90 laufen!
Und der NI (von dem ich viel erwarte) steht auch vor der Tür!
Könnte jetzt auch schnell an die 0,90 laufen!
Und der NI (von dem ich viel erwarte) steht auch vor der Tür!
[url=http://peketec.de/trading/viewtopic.php?p=401143#401143 schrieb:dukezero schrieb am 16.05.2008, 17:43 Uhr[/url]"][url=http://peketec.de/trading/viewtopic.php?p=400779#400779 schrieb:
so machts Spass! war ne schöne grüne Woche mal wieder - lassen wir rein was vor der Tür steht!
[url=http://peketec.de/trading/viewtopic.php?p=401147#401147 schrieb:Ollinho schrieb am 16.05.2008, 17:46 Uhr[/url]"]Läuft 1A duke!
Könnte jetzt auch schnell an die 0,90 laufen!
Und der NI (von dem ich viel erwarte) steht auch vor der Tür!
[url=http://peketec.de/trading/viewtopic.php?p=401143#401143 schrieb:dukezero schrieb am 16.05.2008, 17:43 Uhr[/url]"][url=http://peketec.de/trading/viewtopic.php?p=400779#400779 schrieb:
Dito
Man konnte in den letzten Wochen vermehrt Investorenkäufe, Beteiligungen, Bought Deals etc. im Sektor sehen. Es wurde sich nach langer Zeit auch mal wieder massiv eingedeckt.
Und prompt sieht man erste Erholungstendenzen. Wobei man sagen muss, dass es wirklich erst Tendenzen bei eingen Werten sind. Dennoch stimmt es mich optimistisch, dass wir uns von den grotesken Tiefs langsam lösen können und "unsere" aussichtsreichen Werte in ersten Schritten das Potential zeigen, dass sie haben.
Auch Tenajon wird kommen! Ich rechne damit, dass die bald "grundlos" nen 50 % Move hinlegt. Nur muss man auch bedenken, dass das Unternehmen noch in einem frühen Stadium ist. Aber Seitenlinie zu stehen bei T5Q würde mich unruhig werden lassen....dafür ist das Potential einfach der Hammer!
Man konnte in den letzten Wochen vermehrt Investorenkäufe, Beteiligungen, Bought Deals etc. im Sektor sehen. Es wurde sich nach langer Zeit auch mal wieder massiv eingedeckt.
Und prompt sieht man erste Erholungstendenzen. Wobei man sagen muss, dass es wirklich erst Tendenzen bei eingen Werten sind. Dennoch stimmt es mich optimistisch, dass wir uns von den grotesken Tiefs langsam lösen können und "unsere" aussichtsreichen Werte in ersten Schritten das Potential zeigen, dass sie haben.
Auch Tenajon wird kommen! Ich rechne damit, dass die bald "grundlos" nen 50 % Move hinlegt. Nur muss man auch bedenken, dass das Unternehmen noch in einem frühen Stadium ist. Aber Seitenlinie zu stehen bei T5Q würde mich unruhig werden lassen....dafür ist das Potential einfach der Hammer!
[url=http://peketec.de/trading/viewtopic.php?p=401153#401153 schrieb:greenhorn schrieb am 16.05.2008, 17:53 Uhr[/url]"]so machts Spass! war ne schöne grüne Woche mal wieder - lassen wir rein was vor der Tür steht!
[url=http://peketec.de/trading/viewtopic.php?p=401147#401147 schrieb:Ollinho schrieb am 16.05.2008, 17:46 Uhr[/url]"]Läuft 1A duke!
Könnte jetzt auch schnell an die 0,90 laufen!
Und der NI (von dem ich viel erwarte) steht auch vor der Tür!
[url=http://peketec.de/trading/viewtopic.php?p=401143#401143 schrieb:dukezero schrieb am 16.05.2008, 17:43 Uhr[/url]"][url=http://peketec.de/trading/viewtopic.php?p=400779#400779 schrieb:
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