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MLM - Metallica Minerals

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Ah k maybe $40 mill is a bit much now i take a closer look, from what i can see the plant was worth around $30 mill.

So yes $2 mill is a steal.

I do not know if this plant can be converted easily for use with other ore types eg nickel but even if it cant be just sitting on it until moly prices rise cant hurt as the price for it is so cheap.
 
metrocoal ann out regarding drilling program carried out in may re their UCG project in qld,

cheers
 
reasonable sell-off in this stock since this morning's ann,

sp down almost 17% on above average volume (not a heavily traded stock)

cheers
 
happytown said:
reasonable sell-off in this stock since this morning's ann,

sp down almost 17% on above average volume (not a heavily traded stock)

cheers
Click to expand...
Maybe a case of buy the rumour and sell the fact. This looks like a very good result to me. This is just the start of drilling out their various EPC's all likely to have significant coal.

If they do get an intial resource around their target of 125-155Mt then it would be a good start over just a small area.
 
Chinese Nickel major also ups there stake to 19.95% (see ASX ann today) and the takeover of QOL is a goer.

Things are looking good for MLM...i'm still in zi red but am confident of MLM delivering ($19.4m cash at bank, virtually debt free) in the coming years.
 
Interesting to see KZL has ceased to be a substantial holder in MLM. What do others think of this?
 
KZL cease to be holders due to the Chinese Nickel Major buying their shares directly.

Are you inferring that KZL need money and hence got rid of the shares or that they do not trust the future of MLM? (not attacking just a question )
 
Aargh! said:
Interesting to see KZL has ceased to be a substantial holder in MLM. What do others think of this?
Click to expand...

kzl may see better use for the funds, better synergies elsewhere, an example of this could include their ann today re western areas

just as interesting a question could be what might the intentions be of jilin, the acquirer of kzl's stake

cheers
 
JTLP said:
KZL cease to be holders due to the Chinese Nickel Major buying their shares directly.

Are you inferring that KZL need money and hence got rid of the shares or that they do not trust the future of MLM? (not attacking just a question )
Click to expand...

Just throwing the question out there that's all. KZL have been shareholders for quite some time and noticed they've reduced holdings in MLM and GGY.
 
re qol takeover,

mlm up to 30% of qol shares

oum t/o offer closed at 22.4%

qol announces 1:1 rights issue to raise just under $2M for working capital and to pay off debt to oum, mlm has agreed to take up its allotment of rights issue

one of the reasons mlm gave to sell the t/o to qol s'holders was that mlm could provide working capital and pay off the oum debt

will be interesting to see how t/o pans out

cheers
 
ann out this morning re substantial holding in qol (t/o target), as of 19/05 increased holding to just over 36%

in reponse to qol's recent rights issue mlm stated it would take part only if it secured 40% acceptances by 7pm on 19/05

from today's ann it would appear that mlm has not achieved the 40% and if so will not be taking part in the 1:1 rights issue (which it states would be part of its commitment to providing $1M in funding to qol)

the t/o offer is conditional on achieving 40% by 28/05 (which it appears likely to achieve)

if oum and other shareholders take up the rights issue it will dilute mlm's holding

still playing out

cheers
 
according to smh (hardcopy) the firb in assessing the rio-chinalco tie-up is concerned not just about the implications for iron ore but also qld's bauxite resources with analysts beleiving its possible that they be made to surrender up to a third of their bauxite leases

cape alumina (mlm 32%) has leases directly bordering and surrounding the rio alcan leases at weipa

if analysts are correct an opportunity potentially awaits for cape to pick up some rio/alcan leases

cape is expected to release a resource update by later this month (from 100.8Mt of indicated and inferred)

cheers
 
no ann today (yet) as to holding in qol, takeover ends 28/05, with 40% acceptance required, as of yesterday approx 38.5%

coal resource estimate and bauxite resource update due by late may/early june

cheers
 
There you go, way over 40% now... up to 60.94% after OUM accepted the MLM offer. The offer is still open for 2 more days.
 
ands said:
...

way over 40% now...
Click to expand...

indeed almost 62% as of this am, with the takeover now extended to 9 june, with all who accept by 7pm tomorrow being issued shares by 5 june

what better way to welcome new s/holders than with the release of the coal and bauxite resource anns due by early june

cheers
 
This seems like a good initial resource.

UCG is Chinese to me. Any thoughts?

ASX RELEASE
28 May 2009
INITIAL RESOURCE OF 172Mt ANNOUNCED FOR METROCOAL’S JUANDAH UCG PROJECT

An initial resource of 171.7 million tonnes has been announced for the underground coal gasification (UCG) project being developed by MetroCoal Limited in the Surat Basin northwest of Brisbane.

The JORC-compliant Inferred and Indicated Resource estimate was prepared following a successful 16 hole drilling program completed recently at Juandah Prospect by MetroCoal, an 84% owned subsidiary of, Metallica Minerals Limited (ASX code: MLM).


How do you get a JORC after just 16 holes?
 
kennas said:
This seems like a good initial resource.

...
Click to expand...

agreed, metallica seem to think so to

so first results reveal more than targetted with a lot more still to drill

as to ucg - burn coal underground (insitu) to produce gas that generates electricity etc, their tenements are surrounded by linc, carbon, cougar (ucg'ers) although mdla406 (these results) are further north-west (about 50 kms away)

...

How do you get a JORC after just 16 holes?
Click to expand...
according to metallica

cape alumina (MLM 32%) bauxite resource update due in june

cheers
 
linc eneregy recently opened

the world's forst Underground Coal Gasification (UCG) to Gas to Liquids (GTL) facility

...
Click to expand...
at chinchilla, about 50 kms from the recently drilled and subject of today's mlm ann, mdla406 [see linc energy's 24/04/09 ann]

linc describes ucg as a

proven production process ... a new future for liquid fuels production and power generation.

...
Click to expand...
cheers
 
from metallica's latest presentation the cape alumina resource upgrade is now due to be delivered at the end of june (mlm 32%)

the june qtr should also reveal the possible sale of some of their limestone projects

cheers
 
Whooooooooooooooooooooooooooosssshhh!!! (blows dust off thread).

Howdy all MLM holders. Just thought i'd give this thread a bit of life support and see what's happening.

- Resource Update for Wolfram Creek project due March/April
- PFS study for Nornico nickle mine due June/July

Also:

Nornico Project - Nickle/Cobalt
Greenvale Operations - Nickle/Cobalt
Lucky Break - Nickle
Kokomo - Scandium
Limestone Project
Weipa - Zircon project

33% Stake in Cape Alumina (CBX)
47% Stake in Orion Minerals (ORM)
56% Stake in Metrocoal (MTE)
76% Stake in Planet Metals (PMQ)

Current MC @ 25 cents is $30 million (which includes $10 million in cash).
MC of combined assets and shareholdings - $52.2 million.

What gives?

These guys have me in a daze...so many fingers...so many pies...but no news

Anybody?
 
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