KZL has just broken support IMO. there was a support level around 5.55 but broke that today.
with copper and zinc prices dropping i see the potential downside around next support levels around 4.55 and 4.80 ish i believe.
qtrly brought a net profit that was nowhere near as big as expected and has quickened the pace of the sp slide.
i wish i had access to a CFD platform as i would have shorted many zinc stocks lately.
THIS WEEKS STOCK IS Kagara Zinc Ltd (KZL)
Kagara Zinc Limited (KZL) is a base metals exploration, development and mining company. KZL is primarily focused on base metals production at the Mt Garnet Zinc project, establishment of a second base metals plant near Chillagoe, copper production at Thalanga, development of a large scale underground copper/gold mine at Mungana and assessment of the Admiral Bay lead/zinc/silver deposit.
March quarter copper production increased by 34% while zinc output was reduced by 28% due to heavy monsoonal rains. 70% of this quarter's cash flow was from copper. Zinc production is expected to recover the as the wet season finishes.
2008 zinc prices look like being higher than those of 2007.
I received the following email this morning via email - I hope I am not breaking in rules but this is what I received. I didnt buy, dont hold, and dont plan to.
Kagara Zinc Ltd has been in a trading halt since Friday last week any idea why? the Market depth is showing some person/s putting in buys of 268 amounts of different prices but continuously why would you do that?
I think some one is having a joke with all these 268 buys in perfect 5 cent increments up to $8.35 now whilst the first sell is $6. I honestly think it is some smarty putting in buys for the day only. Almost computer generated if you look at the increase in buys.
Otherwise, someone knows something but odd might be OCD
Kagara Zinc Ltd is pleased to announce that ABRD001, the first diamond drill hole completed by
Kagara at the Admiral Bay zinc lead silver deposit, has returned high grade assay results of
8.3% zinc and 4.9% lead over a 20 metre interval from 1,321 metres to 1,341 metres. This
interval, which approximates a true width, includes a very high grade 6 metre interval from
1,326 metres grading 18.5% zinc and 5.4% lead. Assays for silver and barium are awaited.
Good announcement I think. Shown 2.5 million tonnes at Mungana and King Vol.
With this volume and grade expect a processing plant at Mungana.
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