# HRS - Hudson Resources



## crazyjimsmith (19 December 2006)

Have I got my math right?     

This from my forum. Can you guys check it as I may have made a mistake.



> OK the Vasse coal project is JORC 116 million tonnes permian coal.
> 
> 
> 
> ...




Is it worth $1?


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## Standrew (11 June 2008)

Is anyone watching HRS???????

. over 91% of s/holding is held by top 20 
. Parent coy have been buying up all available shares
. HRS has announced they are doing a buy back
. owns 66% of Tiaro Coal
. royalty earning from Vasse Coal
. earning income from mineral clays
. recently signed HOA  to develop 4,214 approx sq kilometers of highly prospective bauxite tenements.
. holds a strategic investment 22.5% interest in Hudson-MPA Sdn Bhd. Hudson-MPA is owned by Malaysian Phosphates Sdn Bhd, Ashapura Minechem Ltd (India’s leading producer of bauxite, bentonite and attapulgite) and Safico Sdn Bhd (private Malaysian investor). 
. has top geologist consulting - Jacob Rebek ex Rio Tinto Limited - chief geologist (32 years)
. Parent coy (HGL) recently purchased $9 million odd shares in GUL
. various rumours circulating about news of zinc strategy (Jacob Rebek was involved with Century Zinc Mine)


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## Standrew (5 December 2008)

PURE SPECULATION: Robin Bromby | November 10, 2008 
Article from:  The Australian 
http://www.theaustralian.news.com.au/story/0,25197,24625849-18261,00.html

Hudson in spotlight 

ALMOST a year ago we mentioned Hudson Resources (HRS), a small player that had attracted very little market attention. 

It is still very much under the radar. Planning for a new resources strategy began about 18 months ago, and you can now start to see the shape of it. It has two main thrusts: bauxite under its own banner and metallurgical coal through its Tiaro Coal (TCM). 

There is another point worth considering. Hudson, unlike most explorers, has cash flow. It extracts attapulgite in WA and produces cat litter and industrial absorbents. 

Hudson is now finalising its drilling program, which will start early next year on the bauxite target 20km northwest of the NSW town of Inverell. While this region is better known for its historic tin, silver and base metal mines, bauxite was actually produced there more than a century ago and crushed to make road surfacing. 

The company has engaged two 40-year industry veterans who know their way around bauxite: Jacob Rebek (who joined the former CRA in 1970 and stayed for more than 30 years) and Andrew White, a former chief geologist at Comalco.


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## Standrew (5 December 2008)

Anyone interested in having a look at HRS bauxite strategy.........
http://imagesignal.comsec.com.au/asxdata/20081103/pdf/00899263.pdf

and their investor presentation.......
http://imagesignal.comsec.com.au/asxdata/20081126/pdf/00907236.pdf

and some info on bauxite mining in the Inverell region by another company......
http://www.volcan.com.au/Content_Common/pg-Project.seo#PreviousExplorationandMining


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## slipperymack (21 November 2009)

having been following hudson resources for a few months now and the early closure of their Aust Bauxite IPO looks promising for production of bauxite/alumina to the world


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## ParleVouFrancois (22 August 2010)

I bought into this company recently because I believe it represents extreme fundamental values at 20 cents a share (which implies a market cap of 21.2 million).

My maths is as follows, as per the quarterly report:

31.8 million shares in Tiaro Coal, current market price of a TCM share is 47 cents, thus 31.8 million x 47 cents = *14.95 million*

20 million options in Tiaro Coal usable at 30 cents, thus 47 minus 30 = 17 cents per share implied option value, therefore 17 cents x 20 million = *3.4 million*

55 million ordinary shares in Australian Bauxite Ltd (held in escrow until 23rd December 2012) , market price per share is 53 cents, thus 55 million x 53 cents = *29.15 million*

Their absorptive materials division, nominal value of 1 million dollars.

Royalty & Uplift payments from the sale of their coal tenement.

A property in Geraldton, WA, earning approx 300k a year, so nominal value of 1 million assigned.

Hudson MPA Sdn Bhd, 22.5% shareholding in an operation in Malaysia producing bleached earth, Malaysia is one of the worlds largest users of bleached earth. Value assigned, $400,000 as per their quarterly report.

Plant and equipment for their absorptive materials divison, cost to replace 5 million, but I'll assign a value of 1 million for the purpose of this valuation as I'm personally not very comfortable assigning a higher price.

The company has no debt, has a cash position of 4.7 million (assumed to be 1 million for this valuation as this is an old figure derived from their last annual report and thus would have changed).

Thus 14.95 million (TCM), 3.4 million (TCM options), 29.15 million (ABZ), 1 million (Attapulgite), 1 million (Geraldton low valuation), 1 million (processing equipment), 1 million (low assumption of cash on hand value).

14.95 + 3.4 + 29.15 + 1 + 1 + 1 = 50.5 million in assets

Market cap is 21.2 million. 50.5 - 21.2 = *29.3 million in "free" assets *if you buy in at 20 cents per share. As this my personal calculations the actual value of the company may even be higher! 

As always do your own research, and refer to financial professionals if needed.


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## System (9 July 2014)

On July 7th, 2014, Hudson Resources Limited (HRS) was removed from the ASX's official list following the request of the Company.


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