brerwallabi
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CMX - Climax Mining
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brerwallabi
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Re: CMX another goldie going up?
This has been worth the wait, got back at 9 cents have been waiting patiently for this one it had to go, closed at 15.5 cents up 24%, expect some action next week when the market goes back up. This company has so much potential its worth a good look while still at these low prices a real low cost gold producer - almost.
This has been worth the wait, got back at 9 cents have been waiting patiently for this one it had to go, closed at 15.5 cents up 24%, expect some action next week when the market goes back up. This company has so much potential its worth a good look while still at these low prices a real low cost gold producer - almost.
brerwallabi
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Re: CMX another goldie going up?
News like below is what is going drive this stock, it was a long and winding road to gain FTAA's, years infact - but no stopping CMX now,
"THE major push to attract miners and explorers to the Philippines continued in earnest this week at the Sixth Asia-Pacific Mining Conference in Manila, with President Gloria Arroyo heading a long list of government and local industry representatives singing the praises of the highly mineralised but often difficult-to-operate-in Asian country.
Key to the story being sold was the recent Philippines Supreme Court upholding of the Mining Act, which provides for foreign equity ownership in mining projects of up to 100% via so-called FTAAs - Financial or Technical Assistance Agreements.
The Supreme Court decision is claimed to end 10 long years of uncertainty, with Australian companies Indophil Resources and Climax Mining particularly happy with the ruling given they are party to the only two FTAAs issued so far.
According to various speakers, the three branches of government in the Philippines - the legislative, judiciary and executive - are now "deeply supportive" of mining."
News like below is what is going drive this stock, it was a long and winding road to gain FTAA's, years infact - but no stopping CMX now,
"THE major push to attract miners and explorers to the Philippines continued in earnest this week at the Sixth Asia-Pacific Mining Conference in Manila, with President Gloria Arroyo heading a long list of government and local industry representatives singing the praises of the highly mineralised but often difficult-to-operate-in Asian country.
Key to the story being sold was the recent Philippines Supreme Court upholding of the Mining Act, which provides for foreign equity ownership in mining projects of up to 100% via so-called FTAAs - Financial or Technical Assistance Agreements.
The Supreme Court decision is claimed to end 10 long years of uncertainty, with Australian companies Indophil Resources and Climax Mining particularly happy with the ruling given they are party to the only two FTAAs issued so far.
According to various speakers, the three branches of government in the Philippines - the legislative, judiciary and executive - are now "deeply supportive" of mining."
brerwallabi
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Re: CMX another goldie going up?
Jsut a bit more news - I receieved the annual board report last Friday and its also on the ASX its definately worth a read.
Friday, October 14, 2005
CLIMAX Mining has received the final approval needed to develop its Dinkidi gold-copper project in the Philippines and expects to have financing for the project by the end of the year.
The "Permit to Mine" was received earlier this week, paving the way for the initial $US100 million development that will produce an average of 94,000 ounces per annum and 10,000 tonnes pa of copper.
Climax chairman Jim Askew told MiningNews.net in Manila that the company was talking to potential offtake partners interested in taking equity in the project, and intimated a general equity raising as part of the project financing was unlikely to be needed.
Dinkidi has previously been flagged as a 2Mt per annum mining and processing operation - open cut and underground from year three.
Capital cost were put at $US117 million for the first five years, with cash costs of $US186/oz and production costs of $US207/oz.
Jsut a bit more news - I receieved the annual board report last Friday and its also on the ASX its definately worth a read.
Friday, October 14, 2005
CLIMAX Mining has received the final approval needed to develop its Dinkidi gold-copper project in the Philippines and expects to have financing for the project by the end of the year.
The "Permit to Mine" was received earlier this week, paving the way for the initial $US100 million development that will produce an average of 94,000 ounces per annum and 10,000 tonnes pa of copper.
Climax chairman Jim Askew told MiningNews.net in Manila that the company was talking to potential offtake partners interested in taking equity in the project, and intimated a general equity raising as part of the project financing was unlikely to be needed.
Dinkidi has previously been flagged as a 2Mt per annum mining and processing operation - open cut and underground from year three.
Capital cost were put at $US117 million for the first five years, with cash costs of $US186/oz and production costs of $US207/oz.
brerwallabi
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Re: CMX another goldie going up?
CMX has been on my radar for quite a while, largely goes unnoticed but its doubled in price over 5 months and today closed at 17 cents, I am holding as I still think it has a long way to go. I have done a bit of research on the Philippines and their government is now very supportive towards foreign companies rekindling their mining industries. Climax has excellent potential please read their latest announcements, it is still a long way of from being a producer but the reserves are immense and their cost of operation is very low.
CMX has been on my radar for quite a while, largely goes unnoticed but its doubled in price over 5 months and today closed at 17 cents, I am holding as I still think it has a long way to go. I have done a bit of research on the Philippines and their government is now very supportive towards foreign companies rekindling their mining industries. Climax has excellent potential please read their latest announcements, it is still a long way of from being a producer but the reserves are immense and their cost of operation is very low.
brerwallabi
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brerwallabi
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Re: CMX another goldie going up?
Still moving up again today closed @ 18.5, nice volume today, seems to be picking up some interest now.
Still moving up again today closed @ 18.5, nice volume today, seems to be picking up some interest now.
brerwallabi
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Re: CMX another goldie going up?
Volume was quite strong today, finished strong again today @ 21 cents another 1.5cents up,a lot of buying early on when market opened. This is going make my Xmas a very good one, still believe this has got a bit to go especially with gold being strong again.
Volume was quite strong today, finished strong again today @ 21 cents another 1.5cents up,a lot of buying early on when market opened. This is going make my Xmas a very good one, still believe this has got a bit to go especially with gold being strong again.
brerwallabi
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I think you can say its a break out, closed at 39cps and with the capital needed to develop the mine almost finalised, 200,000 ozs of gold per annum being mined in 2007 at costs below $US200 an oz this is still looking very cheap. This won't be a secret for much longer now.
2.1 million ozs of gold recognized as reserves, if mined with a market price of $US550 an oz thats approximately $US350 of bottom line times the reserves it eguals $US735mil and with say 500million shares that means a $1.47 a share. I am going to keep holding as there is a even further potential with 5.8 mil ozs gold equivelant.
2.1 million ozs of gold recognized as reserves, if mined with a market price of $US550 an oz thats approximately $US350 of bottom line times the reserves it eguals $US735mil and with say 500million shares that means a $1.47 a share. I am going to keep holding as there is a even further potential with 5.8 mil ozs gold equivelant.
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brerwallabi
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CMX holding steady at 37cents the next big jump in gold could see this jump towards the 55 - 60 cent mark, maybe a bit more and I think it might also outdo the other gold miners in terms of share growth. The value to be unlocked in this company is significant.
This is one that I can patiently wait for.
Looks so damn good.
This is one that I can patiently wait for.
Looks so damn good.
brerwallabi
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Wish I we could short this it might go south a while with the current noise in the Phillipines, A change of government might see some environmentalists and a return of non sympathetics in government to mining having more say and delaying the mining opportunists but a return to corruption would not take long. Interesting to see if I will have my holding Monday afternoon, Monday morning even.
brerwallabi
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Seems to be a few people working out the value of Climax, even that little bit of noise in the Phillipines last week could not stop it climbing up. It closed at 40cps on Friday, I don't think this will be to much of a secret for long, as everybody is looking for the best value in the next gold price hike. Climax has not had a great deal of coverage from brokers et al but i'd expect their profile to be significantly raised soon.
brerwallabi
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Broke through 50cps now, I think this will continue to increase, its total reserves and resources could see this well over a $1.00 if gold goes to $650 which it will.
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Hi Brerwallabi,
I have been watching CMX for a while but haven't bought in yet. Do you think this afternoon's announcement will have an immediate effect on the share price.
April 10 2006.
"AUSTRALIA'S Climax Mining has won a major legal battle in the Supreme Court in Manila, clearing the way for it to exploit gold and copper deposits in the northern Philippines.
President Gloria Arroyo hailed the ruling, saying it strengthened the Government's resolve to woo Australian and other foreign resources companies."
I have been watching CMX for a while but haven't bought in yet. Do you think this afternoon's announcement will have an immediate effect on the share price.
April 10 2006.
"AUSTRALIA'S Climax Mining has won a major legal battle in the Supreme Court in Manila, clearing the way for it to exploit gold and copper deposits in the northern Philippines.
President Gloria Arroyo hailed the ruling, saying it strengthened the Government's resolve to woo Australian and other foreign resources companies."
brerwallabi
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I am not aware of any other MAJOR battle that CMX had been undergoing, they have had a series of setbacks over many years and this mine has taken years to get going. They have had to negotiate through a phenomenal amount of government red tape and environmental issues. You need only look back to when the Phillipines Board of Investments late last year finally registered Climax subsidiaries as exporters on a pioneer status, the shareprice then had seemed to move a week beforehand and continued up, from 14.5cps to 20cps in a two week period.
There is no CMX annoucement that I aware of at this stage they deem market sensitive. If you are referring to legal action by an environmental group that was dismissed on the 5th April then the market is already aware and this is already factored into the current price, hence the rise from the mid 30's towards 50cps.
There is no CMX annoucement that I aware of at this stage they deem market sensitive. If you are referring to legal action by an environmental group that was dismissed on the 5th April then the market is already aware and this is already factored into the current price, hence the rise from the mid 30's towards 50cps.
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Re: CMX
Fab, before starting a new general thread on a stock please use the search function (in the navigation bar above) to see if one already exists. That will save myself or one of the moderators from having to merge them and possibly even answer your orginial query.
Fab said:
Fab, before starting a new general thread on a stock please use the search function (in the navigation bar above) to see if one already exists. That will save myself or one of the moderators from having to merge them and possibly even answer your orginial query.
brerwallabi
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Just to keep everyone in the picture with CMX it closed at 69cps on Friday up 5cps on previous day.
Check out the interview with their CEO on their website Fab.
CMX have upgraded their website its a wealth of information on the company so its worth a visit.
Still holding, have the patience with this, gains have been substantial this year.
www.climaxmining.com.au/
Check out the interview with their CEO on their website Fab.
CMX have upgraded their website its a wealth of information on the company so its worth a visit.
Still holding, have the patience with this, gains have been substantial this year.
www.climaxmining.com.au/
